<SEC-DOCUMENT>0000088053-22-000191.txt : 20220301
<SEC-HEADER>0000088053-22-000191.hdr.sgml : 20220301
<ACCEPTANCE-DATETIME>20220301092429
ACCESSION NUMBER:		0000088053-22-000191
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20211130
FILED AS OF DATE:		20220301
DATE AS OF CHANGE:		20220301
EFFECTIVENESS DATE:		20220301

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		22694410

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEUTSCHE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20140811

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR/A
<SEQUENCE>1
<FILENAME>ar113021mit.htm
<DESCRIPTION>DWS MUNICIPAL INCOME TRUST
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">875 Third Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10022-6225</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s Telephone Number, including Area
Code: <U>(212) 454-4500</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Diane Kenneally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">100 Summer Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Boston, MA 02110</U></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt"><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">&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 STYLE="font-size: 10pt">Date of reporting period:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">11/30/2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><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">&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-size: 10pt">(a)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



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

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<DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="margin-left:0.29%;margin-top:0pt;position:relative;text-align:center;">
<IMG src="g614358imge62daada1.jpg" alt=" "> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;left:45%;line-height:11pt;position:absolute;text-decoration:none;text-transform:none;top:88pt;">November 30,
2021</DIV><DIV style="color:#000000;font-family:Arial;font-size:24pt;font-style:Normal;font-weight:bold;left:42%;line-height:25pt;position:absolute;text-decoration:none;text-transform:none;top:152pt;">Annual
Report</DIV><DIV style="color:#000000;font-family:Arial;font-size:24pt;font-style:Normal;font-weight:bold;left:41%;line-height:25pt;position:absolute;text-decoration:none;text-transform:none;top:188pt;">to Shareholders</DIV></DIV> </DIV>
<DIV style="margin-top:80pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:54pt;text-align:center;text-decoration:none;text-transform:none;">DWS
Municipal Income Trust</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">Ticker Symbol: KTF</DIV> </DIV>
<DIV style="margin-top:141pt;width:100%;" type="Block"> <DIV style="margin-top:141pt;text-align:Center;width:100%;">
<IMG src="g614358img0c8f64d62.jpg" alt=" "> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="job__semi_312b3664-c433-4e2b-9fc0-fc46795f1383_toc"></A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Contents</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:20pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">4
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:20pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_1">Portfolio
 Management Review</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">9
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_6faa100a-cebe-48fd-b90b-3ef3fab5c34c_1">Performance
 Summary</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">12
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_d409ef19-679a-47f6-b23e-2aec293444ea_1">Portfolio
 Summary</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">14
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_1">Investment
 Portfolio</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">31
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_67c36a37-78ea-4424-9758-ba107947760e_1">Statement
 of Assets and Liabilities</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">32
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_67c36a37-78ea-4424-9758-ba107947760e_2">Statement
 of Operations</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">33
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_67c36a37-78ea-4424-9758-ba107947760e_3">Statement
 of Cash Flows</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">34
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_67c36a37-78ea-4424-9758-ba107947760e_4">Statements
 of Changes in Net Assets</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">35
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_76320c28-ac28-40ff-beaf-b38a7fc57f8c_1">Financial
 Highlights</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">37
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_83ff6399-1b72-4f35-9812-9ea3c2345089_1">Notes
 to Financial Statements</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">46
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_352a5c43-ee04-4fd1-9fbc-0338c129c7ba_1">Report
 of Independent Registered Public Accounting Firm</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">48
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_1548ecc6-b911-4b5c-a54d-661354112177_1">Tax
 Information</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">49
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_5131a437-5f69-4791-9672-da5bdf7be2e4_1">Shareholder
 Meeting Results</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">50
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_72fa4e00-7c34-492e-9c25-a683b8e9e812_1">Dividend
 Reinvestment and Cash Purchase Plan</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">53
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_750ab627-b725-4b0f-b8ba-e4d308b54dac_1">Advisory
 Agreement Board Considerations and Fee Evaluation</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">57
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_1">Investment
 Objective, Investment Policies and Principal Risks</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">70
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_6df96e63-d014-4240-9714-1bf07cd75f12_1">Board
 Members and Officers</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:5.49%;">76
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:96.63%;"><FONT ><A href="#xx_996aca26-395c-4dfa-8dc4-7e76551be800_1">Additional
 Information</A></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:86pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s investment objective is to provide a high
level of current income exempt from federal income tax.</DIV> </DIV> <DIV style="margin-top:5.5pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">The brand DWS represents DWS Group GmbH &amp; Co. KGaA and any of its
subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">NOT FDIC/NCUA INSURED&nbsp;&nbsp;&nbsp;&nbsp;NO BANK
GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">NOT A
DEPOSIT&nbsp;&nbsp;&nbsp;&nbsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</DIV> </DIV> <DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:40.20%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:5.99%;">2
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:82.32%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_e5903bf9-55c3-4afb-9cf5-436e8132d413_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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. Municipal securities are subject to the risk that
litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer&#8217;s ability to make payments of principal and/or interest. The market for
municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. 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&#8217;s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">War, terrorism, economic uncertainty, trade disputes,
public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse
effects on the Fund and its investments.</DIV> </DIV> <DIV style="margin-top:294.5pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:40.19%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:79.69%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:8.63%;">3
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50%;">Portfolio
Management Review </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:50%;">(Unaudited)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Market Overview and Fund
Performance</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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 visit dws.com for the Fund&#8217;s
most recent month-end performance. Fund performance includes reinvestment of all distributions. Please refer to pages 9 through 11 for more complete performance information.</DIV> <br> <DIV style="width:100%;" type="Block">
<DIV style="background-color:#D9D9D9;"> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:5pt;text-align:center;text-decoration:none;text-transform:none;">Investment
Guidelines</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;padding-left:2.73%;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;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&#8217;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 rated at the time of purchase within the four highest grades (Baa or BBB or better) by Moody&#8217;s Investors Service, Inc.
(&#8220;Moody&#8217;s&#8221;&nbsp;) or Standard &amp; Poor&#8217;s Corporation (&#8220;S&amp;P&#8221;&nbsp;). The Fund may also invest up to 20% of its assets in unrated municipal securities which, in the opinion of the Fund&#8217;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&#8217;s or S&amp;P.</DIV> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:24pt;text-align:left;text-decoration:none;text-transform:none;">DWS Municipal Income Trust returned 4.75% based on net asset
value for the annual period ending November 30, 2021, compared with 1.97% for the Fund&#8217;s benchmark, the unmanaged, unleveraged Bloomberg Municipal Bond Index, and &#8211;1.15% for the broad taxable bond market as measured by the Bloomberg
Aggregate Bond Index, for the same period. The Fund&#8217;s return based on market price was 11.60%. Over the period, the Fund&#8217;s traded shares went from a discount of 10.57% to a discount of 4.72%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">As the period opened, investor sentiment continued to be
supported in the wake of the COVID-19 pandemic by extraordinary measures from policy makers. These included the U.S. Federal Reserve (Fed) maintaining its benchmark overnight lending rate at zero, providing emergency lending facilities and engaging
in broad-based bond purchases. Investors were increasingly optimistic that plans to re-open the economy would limit the magnitude of the coronavirus-driven downturn. Tax-free mutual fund investor flows were positive while municipal bond prices also
benefited from manageable tax-free issuance.</DIV> </DIV> </DIV> <DIV style="margin-top:263.5pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:40.20%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:5.99%;">4
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:82.32%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The first quarter of 2021 saw longer-term U.S. Treasury yields
move higher on rising inflation expectations and fears that the Fed would feel compelled to move forward the timetable for tightening policy. The intermediate portion of the AAA municipal yield curve steepened as the short end remained anchored and
yields rose on longer maturities. Municipal credit sentiment was supported by congressional passage of a $1.9 trillion stimulus package with $350 billion earmarked for supporting state and local governments. In addition, municipals were boosted by
speculation that tax rates would be raised for high earners and corporations to support a large infrastructure package. Against this backdrop, the pace of investor flows into municipal mutual funds approached all-time highs.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">May 2021 saw a bout of market volatility in response to
sharply rising inflation data. In addition, the Fed&#8217;s June &#8220;dot plot&#8221;&nbsp; displaying Open Market Committee members&#8217; expectations for the trajectory of fed funds indicated a modest bumping forward of the timetable for moving
the benchmark overnight lending rate off of zero. However, economic data suggested that growth over the second half of the year would not put undue upward pressure on inflation and interest rates. Credit sentiment remained firm against this backdrop
and yields for longer maturity Treasuries trended lower.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:12pt;font-style:italic;font-weight:Normal;line-height:15pt;margin-top:30pt;padding-left:8.0465pt;text-align:left;text-decoration:none;text-indent:-8.0465pt; text-transform:none;">&#8220;As the
period progressed, municipal market prices continued to be supported by continued historically strong inflows into tax-free mutual funds.&#8221;&nbsp;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:16pt;text-align:left;text-decoration:none;text-transform:none;">As the period progressed, municipal market prices continued
to be supported by continued historically strong inflows into tax-free mutual funds. Within the municipal market, lower-quality issues outperformed as investors continued to seek incremental yield given continued low interest rates, progress in
implementing COVID-19 vaccines and the ongoing reopening of the economy despite rising concerns over COVID variants.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">For the full 12 months ended November 30, 2021, the yield
curve for AAA-rated municipal bonds steepened between 2 and 10 years. Specifically, the yield on two-year issues rose by 9 basis points from 0.15% to 0.24%, while the 10-year yield rose 31 basis points from 0.72% to 1.03%. The 30-year yield rose 7
basis points from 1.41% to 1.48%.</DIV> </DIV> <DIV style="margin-top:20pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:40.19%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:79.69%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:8.63%;">5
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">(100 basis points equals one percentage point. See the accompanying graph for
a depiction of municipal bond yield changes between the beginning and end of the period.) Within the municipal market, lower quality issues generally outperformed for the 12-month period.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">AAA Municipal Bond Yield Curve<FONT
 style="font-size:8pt;font-weight:Normal;line-height:11pt;"> (as of 11/30/21 and 11/30/20)</FONT></DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left"> <DIV style="margin-top:5pt;text-align:Left;width:327pt;">
<IMG src="g614358imgabfd026b3.jpg" alt=" "> </DIV> <HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Source: Refinitiv TM3 as of 11/30/21.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Chart is for illustrative purposes only and does not represent any DWS
product.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Positive and Negative Contributors to
Performance</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s overall stance with respect
to credit quality was the principal driver of outperformance vs. the benchmark. Specifically, the Fund had overweight exposure to issues in the BBB and A quality range and was underweight issues rated AAA, boosting returns relative to the benchmark
as lower quality issues outperformed supported by vaccines, economic reopening and accommodative policy.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Given less attractive yields relative to Treasuries on the
front end of the municipal curve, we looked for opportunities to gain incremental income by maintaining a tilt toward issues in the 20- to 30-year maturity range. This positioning aided performance vs. the benchmark, as longer-term issues provided
higher yields and incremental income, which more than offset price declines due to rising yields. In addition, an overweight stance with respect to overall duration added to performance due to the extra carry, or additional income, it afforded the
Fund.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">In sector terms, overweight exposure to continuing
care retirement communities, hospitals, airports and toll facilities led positive contributions.</DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:40.20%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:5.99%;">6
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:82.32%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Outlook and Positioning</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Market yields may move higher in 2022 as the Fed tapers its
bond purchases and begins raising rates. Nonetheless, we believe the longer end of the municipal yield curve may provide attractive opportunities on the expectation that rate increases will be gradual and the incremental income from longer maturity
bonds will offset the price declines as yields move higher.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Municipal credit fundamentals remain favorable, and we expect
to find value in lower quality issues while remaining vigilant in our credit evaluation. The recently passed infrastructure bill should be positive for the credit quality of many municipal issuers, while further federal legislation containing
provisions with the potential to weigh on the municipal market we believe appears unlikely.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Management Team</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Michael J. Generazo, Senior Portfolio Manager Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund. Began managing the Fund in
2010.</DIV>
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Joined DWS in 1999.</TD>
</TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">BS, Bryant College; MBA,
Suffolk University.</TD> </TR> </table>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;"> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Chad H. Farrington, CFA, Head of Investment Strategy Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund starting October 1, 2021.</DIV>
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Joined DWS in 2018 with 20
years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.</TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Co-Head of Municipal Bond
Department.</TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">BS, Montana State
University.</TD> </TR> </table> <DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:3.64%;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager through September 30, 2021:</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Ashton P. Goodfield, CFA, Head of Investment Strategy Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund. Began managing the Fund in
2014.</DIV>
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Joined DWS in 1986.</TD>
</TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Head of Municipal Bond
Department; Portfolio Manager, Municipal Bond Mutual Funds: Boston.</TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">BA, Duke University.</TD>
</TR> </table> <DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:3.64%;text-align:left;text-decoration:none;text-transform:none;"> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager through November 18, 2021:</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Peter Aloisi, CFA, Portfolio Manager Fixed Income</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund. Began managing the Fund in 2018.</DIV>
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">Joined DWS in 2010 with five
years of industry experience; previously, served as an Associate at Banc of America Securities.</TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">BA and MBA, Boston
College.</TD> </TR></table> <DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:3.64%;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.64%;text-align:left;text-decoration:none;text-indent:1.52%;text-transform:none;"></DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;"></DIV> </DIV>
<DIV style="margin-top:30.5pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:40.19%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:79.69%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:8.63%;">7
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83fa78aa-9c68-4da4-954c-3d319da7de1d_5"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance
is no guarantee of future results. Current and future portfolio holdings are subject to risk.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Terms to Know</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The unmanaged, unleveraged
<FONT style="font-weight:bold;">Bloomberg Municipal Bond Index</FONT> (name changed from Bloomberg Barclays Municipal Bond Index, effective August 24, 2021) 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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The <FONT style="font-weight:bold;">Bloomberg Aggregate
Bond Index </FONT>(name changed from Bloomberg Barclays Aggregate Bond Index, effective August 24, 2021) 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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Index returns do not reflect any fees or expenses and it is
not possible to invest directly into an index.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The <FONT
 style="font-weight:bold;">yield curve</FONT> is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant upward, as bonds with longer maturities typically offer higher yields than short-term
bonds.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Credit spread<FONT style="font-weight:Normal;">
refers to the excess yield offered by a lower quality bond relative to a higher quality bond of comparable maturity. When spreads widen, yield differences are increasing between the bonds being compared. When spreads narrow, the opposite is
true.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Credit quality<FONT
 style="font-weight:Normal;"> is the ability of an issuer of fixed-income securities to repay interest and principal in a timely manner. Credit quality is measured using credit ratings, i.e., assessments of the creditworthiness of a borrower such as
a corporation, a municipality or a sovereign country by a credit ratings agency. Letter grades of &#8220;BBB&#8221;&nbsp; and above indicate that the rated borrower is considered &#8220;investment grade&#8221;&nbsp; by a particular ratings
agency.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Overweight<FONT
 style="font-weight:Normal;"> means the Fund holds a higher weighting in a given sector or security than its benchmark. </FONT>Underweight<FONT style="font-weight:Normal;"> means the Fund holds a lower weighting.</FONT></DIV> </DIV>
<DIV style="margin-top:164.5pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:40.20%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:5.99%;">8
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:82.32%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6faa100a-cebe-48fd-b90b-3ef3fab5c34c_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:60%;">Performance
Summary </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:40%; ">November 30, 2021
(Unaudited) </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:5.5pt;text-align:left;text-decoration:none;text-transform:none;">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 dws.com for the Fund&#8217;s most recent month-end performance.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:5.5pt;text-align:left;text-decoration:none;text-transform:none;">Fund specific data and performance are provided for
informational purposes only and are not intended for trading purposes.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:9pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:99.69%;" colspan="4">Average
 Annual Total Returns<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;as of 11/30/21</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.44%;">DWS
 Municipal Income Trust </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.07%;">1-Year
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">5-Year
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">10-Year
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.44%;">Based
 on Net Asset Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.07%;">4.75%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">5.61%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">6.00%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.44%;">Based
 on Market Price<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.07%;">11.60%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">4.02%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">4.98%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.44%;">Bloomberg
 Municipal<BR> Bond Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.07%;">1.97%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">4.38%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">3.90%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.44%;">Morningstar
 Closed-End Municipal National Long Funds Category<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(c)</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.07%;">5.04%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">5.97%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">6.30%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Growth of an Assumed $10,000
Investment</DIV> <HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left"> <DIV style="margin-top:7pt;text-align:Left;width:326pt;">
<IMG src="g614358imga705a6a44.jpg" alt=" "> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-indent:80pt;text-align:left;text-decoration:none;text-transform:none;">Yearly periods ended November 30</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The growth of $10,000 is cumulative.</DIV> </DIV>
<DIV style="margin-top:98pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:40.19%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:79.69%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.05%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:8.63%;">9
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6faa100a-cebe-48fd-b90b-3ef3fab5c34c_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(a)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.98%;">Total
return based on net asset value reflects changes in the Fund&#8217;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&#8217;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 year ended November 30, 2021 was 1.47% (0.85% excluding interest expense). </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(b)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">The
unmanaged, unleveraged Bloomberg Municipal Bond Index (name changed from Bloomberg Barclays Municipal Bond Index, effective August 24, 2021) 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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(c)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:97.98%;">Morningstar&#8217;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. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:56.33%;">Net
 Asset Value and Market Price </TD>
<TD style="border-bottom:1pt solid #808080;line-height:9.5pt;padding-bottom:3pt;padding-right:8pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:21.68%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:9pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:21.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:56.33%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">As
 of 11/30/21 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">As
 of 11/30/20 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:56.33%;">Net
 Asset Value </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;12.70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;12.68
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:56.33%;">Market
 Price </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;12.10
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;11.34
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:56.33%;">Premium
 (discount) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:18.67pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.68%;">(4.72%)
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.22pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.68%;">(10.57%)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Prices and net asset value
fluctuate and are not guaranteed.</DIV> </DIV> <DIV style="margin-top:173pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">10
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6faa100a-cebe-48fd-b90b-3ef3fab5c34c_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Distribution
 Information </TD>
<TD style="border-bottom:1pt solid #808080;line-height:9.5pt;padding-bottom:3pt;padding-right:9pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:13.47%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:86.23%;">Twelve
 Months as of 11/30/21:<BR> Income Dividends (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$
<FONT style="padding-left:8.89pt;"></FONT>&#8194;.50 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Capital
 Gain Dividend (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$&#8194;.0324
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">November
 Income Dividend (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$
<FONT style="padding-left:4.45pt;"></FONT>&#8194;.042 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Current
 Annualized Distribution Rate (based on Net Asset Value)<BR> as of 11/30/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">3.97%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Current
 Annualized Distribution Rate (based on Market Price)<BR> as of 11/30/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">4.17%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Tax
 Equivalent Distribution Rate (based on Net Asset Value)<BR> as of 11/30/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">6.70%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Tax
 Equivalent Distribution Rate (based on Market Price)<BR> as of 11/30/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">7.04%
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.27%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#8224;</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:99.09%;">Current
 annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on November 30, 2021. 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&#8217;s distribution rate and a marginal income tax rate of 40.8%. Distribution rates are historical, not guaranteed and will fluctuate. Distributions do not include return of
capital or other non-income sources. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:298pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">11
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_d409ef19-679a-47f6-b23e-2aec293444ea_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50.53%;">Portfolio
Summary </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:0.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:49.47%;">(Unaudited)
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:13.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Asset
 Allocation<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:13.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:13.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Revenue
 Bonds </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">78%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:2.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">75%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Lease
 Obligations </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">7%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">General
 Obligation Bonds </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">7%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">8%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Escrow
 to Maturity/Prerefunded Bonds </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">6%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">10%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Variable
 Rate Demand Notes </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">0%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2.12pt;text-align:left;vertical-align:bottom;width:72.25%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:13.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Quality
<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:13.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:13.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">AAA
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">2%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:2.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">5%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">AA
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">32%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">32%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">A
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">47%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">49%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">BBB
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">18%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">12%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">BB
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">0%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">1%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Not
 Rated </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">1%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">1%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2.12pt;text-align:left;vertical-align:bottom;width:72.25%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:5.95pt;text-align:left;text-decoration:none;text-transform:none;">The quality ratings represent the
higher of Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;&nbsp;), Fitch Ratings, Inc. (&#8220;Fitch&#8221;&nbsp;) or S&amp;P Global Ratings (&#8220;S&amp;P&#8221;&nbsp;) credit ratings. The ratings of Moody&#8217;s, Fitch and
S&amp;P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer&#8217;s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute
standards of quality. Credit quality does not remove market risk and is subject to change.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:13.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Top
 Five State/Territory Allocations<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:13.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:13.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">Texas
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">13%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:2.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">15%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">New
 York </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">12%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">Florida
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">California
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:1.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.25%;">Illinois
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">6%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">6%
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:153pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">12
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_d409ef19-679a-47f6-b23e-2aec293444ea_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:13.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Interest
 Rate Sensitivity </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:13.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:13.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:0pt;padding-right:8pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Effective
 Maturity </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.08%;">5.9
 years </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:8pt;padding-top:2.12pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.08%;">6.0
 years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Modified
 Duration </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.08%;">5.4
 years </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.08%;">5.5
 years </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:13.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.25%;">Leverage
<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Total Assets)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:13.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:13.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2.12pt;text-align:left;vertical-align:bottom;width:72.25%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">33.36%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2.12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">33%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:5.95pt;text-align:left;text-decoration:none;text-transform:none;">Effective maturity is the
weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Modified duration is an approximate measure of a fund&#8217;s
sensitivity to movements in interest rates based on the current interest rate environment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Leverage results in additional risks and can magnify the effect
of any gains or losses to a greater extent than if leverage were not used.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio holdings and characteristics are subject to
change.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">For more complete details about the Fund&#8217;s
investment portfolio, see page 14. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Additional Information section on page 76&nbsp;for contact information.</DIV> </DIV>
<DIV style="margin-top:363pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">13
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50%;">Investment
Portfolio </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:50%; ">as of November 30, 2021
</TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:7.5pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Municipal
 Investments 131.7% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Alabama
 0.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Alabama,
 UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,625,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,943,784</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Alaska
 1.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Alaska,
 Industrial Development &amp; Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,783,516
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Alaska,
 Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, &#8220;1&#8221;&#8202;, Series A, 4.0%, 6/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,590,202
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">9,373,718
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Arizona
 2.6% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Arizona,
 Salt Verde Financial Corp., Gas Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 12/1/2037, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,473,693
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.5%,
 12/1/2029, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,817,113
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Arizona,
 State University, Green Bond, Series A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,900,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,433,863
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maricopa
 County, AZ, Industrial Development Authority, Hospital Revenue, Series A, 5.0%, 9/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,229,451
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Phoenix,
 AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,134,833
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">13,088,953
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">California
 13.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Golden State Tobacco Securitization Corp., Tobacco Settlement: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.0%, 6/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,041,251
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.0%, 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,020,540
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Health Facilities Financing Authority Revenue, Commonspirit Health, Series A, 4.0%, 4/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,622,013
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Housing Finance Agency, Municipal Certificates, &#8220;A&#8221;&#8202;, Series 2021-1, 3.5%, 11/20/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,106,203
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,263,574
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;409,311
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,180,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,863,441
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 0.03% (a), 12/1/2021, LOC: Barclays Bank PLC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;170,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;170,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 State General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 11/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,430,406
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">5.25%,
 4/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,295,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,365,932
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:33pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">14
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/31/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,432,544
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/31/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;640,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;762,493
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 6/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;240,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;285,225
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Tobacco Securitization Authority, Tobacco Settlement Revenue, San Diego County Tobacco Asset Securitization Corp., Series A, 5.0%, 6/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;864,386
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Long
 Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,065,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,212,112
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Los
 Angeles, CA, Department of Airports Revenue, Los Angeles International Airport: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 5/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,523,937
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 5/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,125,684
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,512,182
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Diego, CA, Unified School District, Election 2012, Series C, Prerefunded, 5.0%, 7/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,374,110
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Diego, CA, Unified School District, Proposition Z Bonds, Series M2, 3.0%, 7/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,126,081
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Francisco, CA, City &amp; County Airports Commission, International Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 5/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,855,165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 5/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,965,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,632,977
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">69,893,364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Colorado
 6.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,450,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,002,347
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 4.0%, 8/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,149,460
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-2, 4.0%, 8/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,460,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,085,073
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;815,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;954,158
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,305,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,520,539
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, City &amp; County Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,110,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,218,483
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.25%, 11/15/2043 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,608,952
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:73pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">15
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, Health &amp; Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;588,981
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, Health &amp; Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;450,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;521,365
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">30,649,358
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Connecticut
 0.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Connecticut,
 State Health &amp; Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;435,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">512,711</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Delaware
 0.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Delaware,
 State Economic Development Authority, Retirement Communities Revenue, Acts Retirement Life Communities, Series B, 5.0%, 11/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,750,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">2,007,258</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">District
 of Columbia 2.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, International School Revenue, 5.0%, 7/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;606,820
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, KIPP Project Revenue, 4.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,405,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,695,569
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, Metropolitan Airport Authority Systems Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;860,959
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,659,076
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 5.0%, 10/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,205,126
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail &amp; Capital Improvement Project, Series B, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,590,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,801,303
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">10,828,853
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Florida
 11.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Broward
 County, FL, Airport Systems Revenue, Series A, AMT, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;395,130
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Clay
 County, FL, Sales Surtax Revenue, 4.0%, 10/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,650,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,935,836
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Davie,
 FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,993,084
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Florida,
 State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,525,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,900,511
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Florida,
 State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,100,071
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greater
 Orlando, FL, Aviation Authority Airport Facilities Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,791,953
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;965,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,159,944
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:44pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">16
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Hillsborough
 County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,020,365
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Aviation Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,581,424
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 10/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,360,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,816,993
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,062,393
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children&#8217;s Hospital, 5.0%, 8/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,964,178
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Transit Sales Surtax Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,947,364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,816,143
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Osceola
 County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,435,249
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Palm
 Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc., Series A, 5.0%, 11/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,100,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,562,174
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tallahassee,
 FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,045,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,306,164
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tampa,
 FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,615,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,511,280
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">55,300,256
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Georgia
 5.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlanta,
 GA, Airport Passenger Facility Charge Revenue, Series D, AMT, 4.0%, 7/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,321,701
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlanta,
 GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,690,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,696,421
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Cobb
 County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,041,120
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Fulton
 County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,055,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,261,318
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 George L Smith II Congress Center Authority, Convention Center Hotel, Series A, 4.0%, 1/1/2054 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,640,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,862,535
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;549,125
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Main Street Natural Gas, Inc., Gas Project Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.5%, 9/15/2024, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,671,302
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.5%, 9/15/2028, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,647,866
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:52pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">17
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_5"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,010,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,135,649
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Private Colleges &amp; Universities Authority Revenue, Mercer University Project, 4.0%, 10/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,335,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,554,056
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">29,741,093
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Hawaii
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Hawaii,
 State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,695,061</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Illinois
 9.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;971,627
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.5%, 1/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;450,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;560,404
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 6.0%, 1/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;405,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;502,334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, O&#8217;Hare International Airport Revenue, Senior Lien: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 1/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,085,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,456,151
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 1/1/2052 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,538,814
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, O&#8217;Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;395,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;466,840
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, Transit Authority, Sales Tax Receipts Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 12/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;535,643
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;527,423
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 Metropolitan Pier &amp; Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,505,733
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, Bradley University Project, Series A, 4.0%, 8/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,408,139
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, OSF Healthcare Systems: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, Prerefunded, 5.0%, 5/15/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,580,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,614,725
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 11/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,745,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,006,889
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,445,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,972,515
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 6/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,648,350
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 4.0%, 10/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,912,647
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 10/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,970,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,392,497
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 5/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,202,994
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 3/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;416,041
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.75%,
 5/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;735,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;941,600
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Toll Highway Authority: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,326,586
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:41pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">18
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_6"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,535,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,144,845
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Springfield,
 IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;970,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,096,323
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">46,149,120
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Indiana
 4.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,965,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,366,740
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,059,475
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,158,022
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A, 5.0%, 11/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,646,464
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">21,230,701
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Iowa
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Iowa,
 State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;568,900
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;385,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;436,039
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Iowa,
 Tobacco Settlement Authority Revenue, &#8220;1&#8221;&#8202;, Series A-2, 4.0%, 6/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;260,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;301,363
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">1,306,302
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Kentucky
 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Kentucky,
 State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;320,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;373,936
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.25%, 6/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;480,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;567,473
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">941,409
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Louisiana
 3.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;710,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;837,863
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 Public Facilities Authority Revenue, Loyola University Project, 4.0%, 10/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;850,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;969,805
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,937,242
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 State Local Government Environmental Facilities &amp; Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,540,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,886,527
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:56pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">19
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_7"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 10/1/2043, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,020,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,260,893
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 10/1/2048, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,140,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,401,180
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">15,293,510
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Maine
 0.5% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maine,
 Health &amp; Higher Educational Facilities Authority Revenue, Maine Medical Center: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,274,574
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,266,812
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">2,541,386
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Maryland
 1.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Economic Development Corp., Student Housing Revenue, Morgan State University Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 7/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;155,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;187,015
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 7/1/2056 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;270,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;324,372
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;745,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;898,893
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Broadmead Inc.: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,437,848
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,433,450
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group, Series A, 5.0%, 5/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,417,731
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">8,699,309
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Massachusetts
 1.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 Educational Financing Authority, Series C, AMT, 3.0%, 7/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,180,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,189,968
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Series A-2, 4.0%, 7/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,590,156
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,756,985
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">6,537,109
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Michigan
 1.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Detroit,
 MI, Water &amp; Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,120,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,153,289
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Michigan,
 State Finance Authority Revenue, Series A, 4.0%, 2/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,599,191
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">20
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_8"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Michigan,
 State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,441,248
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wayne
 County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,310,668
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">9,504,396
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Minnesota
 3.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Duluth,
 MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 2/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,135,075
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 2/15/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,060,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,988,886
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Minneapolis,
 MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,220,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,493,087
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Rochester,
 MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%, 11/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,200,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,325,729
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">15,942,777
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Missouri
 0.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Missouri,
 State Health &amp; Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">373,248</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Nebraska
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Douglas
 County, NE, Hospital Authority No.2, Health Facilities, Children&#8217;s Hospital Obligated Group, 5.0%, 11/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,330,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,588,105</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Nevada
 1.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Las
 Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,830,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">4,940,067</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 Jersey 5.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlantic
 County, NJ, Improvement Authority Lease Revenue, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2053, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;293,799
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlantic
 County, NJ, Improvement Authority Lease Revenue, General Obligation Bonds, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2047, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;190,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;224,586
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, Economic Development Authority, Self Designated Social Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 QQQ, 4.0%, 6/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;115,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;131,080
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 QQQ, 4.0%, 6/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;115,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;130,573
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Covid-19 General Obligation Emergency Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2030 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;522,905
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;529,332
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:40pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">21
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_9"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;205,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;255,055
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority Revenue, Series BBB, 5.5%, 6/15/2030 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,690,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,287,513
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,372,522
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority, State Government Buildings Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;410,711
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;385,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;455,363
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series B, AMT, 2.5%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;415,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;424,451
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 AA, 4.0%, 6/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;435,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;496,487
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 AA, 4.0%, 6/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,480,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,951,266
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.0%, 6/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,600,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,741,916
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority, Transportation Systems: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,855,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,280,589
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;475,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;582,407
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Turnpike Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 1/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,647,899
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;65,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;79,712
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, Tobacco Settlement Financing Corp.: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,028,944
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.25%, 6/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;440,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;527,018
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">26,374,128
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 York 12.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Metropolitan Transportation Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 4.0%, 11/15/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,149,177
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 4.0%, 11/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,146,518
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 11/15/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,332,473
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, 5.0%, 11/15/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,090,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,170,959
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 11/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,268,297
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C-1, 5.0%, 11/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;140,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;169,724
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.25%, 11/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,321,817
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C-1, 5.25%, 11/15/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;415,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;511,422
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Metropolitan Transportation Authority Revenue, Green Bond, Series A-1, 5.0%, 11/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,428,059
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Port Authority of New York &amp; New Jersey Consolidated, One Hundred Eighty-Fourth: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 9/1/2036 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;205,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;229,436
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:41pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">22
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_10"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 9/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;510,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;569,308
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Dormitory Authority, Personal Income Tax Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 3/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,341,348
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, 4.0%, 2/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,086,289
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;8,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,021,444
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&amp;D Redevelopment, AMT, 5.0%, 1/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;410,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;492,523
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., Income Tax Revenue, Series E, 3.0%, 3/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,109,437
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., Sales Tax Revenue, Series A, 4.0%, 3/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,306,697
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., State Personal Income Tax Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 E, 3.0%, 3/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,475,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,652,134
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 4.0%, 3/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,911,840
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, TSASC, Inc., Series A, 5.0%, 6/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;150,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;174,164
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Utility Debt Securitization Authority, Restructuring Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 TE, 5.0%, 12/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;873,389
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 TE, 5.0%, 12/15/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,091,308
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, NY, General Obligation, Series A, 4.0%, 8/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,098,887
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Port
 Authority of New York &amp; New Jersey, Series 207, AMT, 5.0%, 9/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,234,606
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Port
 Authority of New York &amp; New Jersey, One Hundred Ninety-Third, AMT, 5.0%, 10/15/2035 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;918,257
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">61,609,513
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Ohio
 2.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Buckeye,
 OH, Tobacco Settlement Financing Authority, Series A, 4.0%, 6/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,995,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,257,012
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chillicothe,
 OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,785,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,137,337
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Franklin
 County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,950,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,557,441
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Ohio,
 Akron, Bath &amp; Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,320,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,743,921
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Ohio,
 State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,520,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,721,675
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">14,417,386
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:54pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">23
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_11"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Oregon
 0.8% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Oregon,
 Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">4,067,734</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Pennsylvania
 7.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Allegheny
 County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,090,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,701,219
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Certificate of Participations, Series A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;460,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;549,721
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,560,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,783,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 6/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;750,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;914,504
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;375,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;456,651
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;20,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;23,912
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.625%, 6/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;585,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;589,878
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, 5.0%, 8/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,236,784
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 State Turnpike Commission Oil Franchise Tax Subordina Ted Revenue, Series B, 4.0%, 12/1/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,655,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,070,698
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 State Turnpike Commission Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,030,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,292,535
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,764,385
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B-1, 5.0%, 6/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,386,538
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;960,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,043,002
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, Prerefunded, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,040,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,325,942
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,081,954
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 12/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;585,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;748,300
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 12/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;848,644
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Philadelphia,
 PA, Airport Revenue, Series B, AMT, 5.0%, 7/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;915,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,086,273
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Philadelphia,
 PA, School District, Series B, 5.0%, 9/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,831,733
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">36,736,383
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">South
 Carolina 5.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Charleston
 County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,560,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,096,603
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greenwood
 County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,015,893
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:45pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">24
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_12"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,784,666
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,675,987
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,220,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,893,410
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">26,466,559
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">South
 Dakota 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Lincon
 County, SD, Economic Development Revenue, Augustana College Association Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;278,760
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2056 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;276,288
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2061 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;325,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;356,283
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">911,331
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Tennessee
 1.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greeneville,
 TN, Health &amp; Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,456,982
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,600,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,921,291
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Nashville
 &amp; Davidson County, TN, Metropolitan Government Health &amp; Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,593,743
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">4,972,016
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Texas
 17.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Central
 Texas, Regional Mobility Authority Revenue, Senior Lien: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 E, 4.0%, 1/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,320,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,951,253
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, Prerefunded, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,155,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,338,247
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 E, 5.0%, 1/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;300,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;372,941
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Houston,
 TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,726,346
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">North
 Texas, Tollway Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,060,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,161,272
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 1/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,145,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,357,613
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 4/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,408,042
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 4/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,310,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,610,472
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tarrant
 County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 7/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,715,819
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:35pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">25
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_13"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,054,340
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Temple,
 TX, Tax Increment, Reinvestment Zone No. 1: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2039, INS: BAM </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;165,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;191,784
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2041, INS: BAM </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;232,055
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Dallas/Fort Worth International Airport Revenue, Series F, 5.25%, 11/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,819,344
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Grand Parkway Transportation Corp., System Toll Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">First
 Tier, Series C, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,159,668
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, Prerefunded, 5.0%, 4/1/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,799,522
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, Prerefunded, 5.25%, 10/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,450,688
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Lower Colorado River Authority, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,533,816
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 11/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;295,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;331,890
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 11/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;280,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;313,512
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,606,502
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Regional Mobility Authority Revenue, Senior Lien, Series B, 4.0%, 1/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,565,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,137,318
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,451,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Municipal Gas Acquisition &amp; Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,305,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,812,940
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,235,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,382,712
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Water Development Board Revenue, State Water Implementation Revenue Fund, Series A, 4.0%, 10/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,815,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,292,946
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 University of Texas Revenue, Series B, 5.0%, 8/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,547,296
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">85,759,838
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Utah
 0.6% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Salt
 Lake City, UT, Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;960,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,159,321
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;575,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;690,556
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Utah,
 Infrastructure Agency Telecommunications &amp; Franchise Tax Revenue, Pleasant Gove City Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/15/2041 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;275,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;322,346
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:46pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">26
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_14"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/15/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;340,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;396,085
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;340,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;394,272
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">2,962,580
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Virginia
 0.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Stafford
 County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;464,752
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Virginia,
 Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2056 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,645,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,333,170
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">4,797,922
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Washington
 2.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">King
 County, WA, Water Sewer Revenue, Series A, 4.0%, 1/1/2052 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,600,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,863,210
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 Port of Seattle Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 5/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,935,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,274,148
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 5.0%, 4/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,447,589
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State Convention Center Public Facilities District, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,204,330
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State Housing Finance Commission Municipal Certificates, &#8220;A&#8221;&#8202;, Series A-1, 3.5%, 12/20/2035 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;610,690
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;708,468
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">14,497,745
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">West
 Virginia 0.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">West
 Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,025,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">4,770,003</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Wisconsin
 2.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 Public Finance Authority, Education Revenue, Triad Educational Services Ltd., Series 2021 A, 4.0%, 6/15/2061 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,712,598
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 4.0%, 9/30/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;775,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;855,089
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 4.0%, 3/31/2056 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;715,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;786,312
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,925,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,563,856
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 Public Finance Authority, Retirement Facilities Revenue, The United Methodist Retirement Homes: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 2021 A, 4.0%, 10/1/2041 (b) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;55,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;62,289
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 10/1/2046 (b) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;75,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;84,174
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 10/1/2051 (b) </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;240,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;268,546
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">11,332,864
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:41pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">27
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_15"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Guam
 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Guam,
 International Airport Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, AMT, 6.375%, 10/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;255,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;276,358
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, AMT, Prerefunded, 6.375%, 10/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;280,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;310,121
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Guam,
 Port Authority Revenue, Series A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;315,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;368,482
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">954,961
 </TD></TR>
<TR style="height:13pt;page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Total
 Municipal Investments<FONT style="font-weight:Normal;"> (Cost $600,063,609)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">660,712,811
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Underlying
 Municipal Bonds of Inverse Floaters (c) 16.7% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Florida
 2.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Orange
 County, FL, School Board, Certificate of Participations, Series C, 5.0%, 8/1/2034 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">11,800,134</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Orange County, FL, School Board, Series 2016-XM0182, 144A, 17.84%, 2/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Massachusetts
 4.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Harvard University, Series A, 4.0%, 7/15/2036 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;11,453,785
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0400, 144A, 13.87%, 7/15/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,425,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,311,760
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 17.845%, 1/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">23,765,545
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 York 4.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,196,766
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0580, 144A, 18.305%, 9/15/2025, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A, 5.0%, 7/15/2034 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,165,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,898,112
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.178%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:33pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">28
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_16"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-3, 5.0%, 7/15/2038 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,685,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,325,664
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.248%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">24,420,542
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Texas
 2.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Transportation Commission- Highway Improvement, Series A, 5.0%, 4/1/2038 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">11,715,697</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Texas, State Transportation Commission, Series 2016-XM0404, 144A, 17.87%, 4/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Washington
 2.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State General Obligation, Series D, 5.0%, 2/1/2035 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">12,002,538</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Washington, State General Obligation, Series 2017-XM0477, 144A, 17.87%, 8/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Total
 Underlying Municipal Bonds of Inverse Floaters<FONT style="font-weight:Normal;"> (Cost $76,912,365)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:5.95pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">83,704,456
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.16%;" colspan="2">Shares
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Open-End
 Investment Companies 0.0% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">BlackRock
 Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (e) (Cost $33,015) </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;33,009
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">32,740</FONT> </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:65.15%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.24%;">%
 of Net<BR> Assets </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Total
 Investment Portfolio <FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">(Cost $677,008,989)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">148.4
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4.16pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">744,450,007
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Floating
 Rate Notes (c) </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:3.72pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">(10.5)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:5.95pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(52,700,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Series
 2020-1 VMTPS, net of deferred offering costs </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:3.72pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">(39.6)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(198,490,840)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Other
 Assets and Liabilities, Net </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.39pt;padding-right:1.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">1.7
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:13.05pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">8,315,679
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:10pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Net
 Assets Applicable to Common Shareholders </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">100.0
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:4.16pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">501,574,846
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.06%;">(a)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.31%; ">Variable rate demand notes
are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at
par by the holder through a put or tender feature, and are shown at their current rates as of November 30, 2021. Date shown reflects the earlier of demand date or stated maturity date. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(b)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">When-issued
 security. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(c)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">Securities
 represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:35pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying
notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">29
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_7ee97ffd-9d22-462d-a85f-f0518d6849a1_17"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.06%;">(d)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.31%; ">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.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(e)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">Current
yield; not a coupon rate. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:95.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:100%; ">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">AGMC:
Assured Guaranty Municipal Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">AMT: Subject
to alternative minimum tax. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">BAM: Build
America Mutual </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">GTY:
Guaranty Agreement </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">INS: Insured
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">LOC: Letter
of Credit </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">NATL:
National Public Finance Guarantee Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">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.
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:16pt;text-align:left;text-decoration:none;text-transform:none;">Fair Value Measurements</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3.5pt;text-align:left;text-decoration:none;text-transform:none;">Various inputs are used in determining the value of the
Fund&#8217;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3.5pt;text-align:left;text-decoration:none;text-transform:none;">The following is a summary of the inputs used as of November
30, 2021 in valuing the Fund&#8217;s investments. For information on the Fund&#8217;s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:4.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:44.02%;">Assets
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.48%;">Level
 1 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">Level
 2 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">Level
 3 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:4.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">Total
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.02%;">Municipal
 Investments (a) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.48%;">$
<FONT style="padding-left:0.89pt;"></FONT>&#8201;&#8199;&#8199;&#8199;&#8212; </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">$744,417,267
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">$&#8212;
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">$744,417,267
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.02%;">Open-End
 Investment Companies </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.48%;">32,740
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:9.84pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.55%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8212;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.76%;">&#8212;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:17.55%;">&#8201;&#8199;&#8199;&#8199;&#8199;32,740
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:44.02%;">Total
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.48%;">$32,740
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">$744,417,267
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">$
<FONT style="font-weight:Normal;">&#8212;</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">$744,450,007
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.92%;">(a)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.44%;">See
Investment Portfolio for additional detailed categorizations. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:142pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">30
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_67c36a37-78ea-4424-9758-ba107947760e_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Assets and Liabilities</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">as of November 30, 2021</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.85%;">Assets
 </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt; padding-right:4pt;padding-top:2.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Investment
 in securities, at value (cost $677,008,989) </TD>
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt; padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$&#8194;744,450,007
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Receivable
 for investments sold </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;515,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Interest
 receivable </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;&#8199;8,836,286
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Other
 assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;9,386
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Total
 assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">753,810,679
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.85%;">Liabilities
 </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Payable
 for investments purchased &#8212; when-issued securities </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;409,040
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Payable
 for floating rate notes issued </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;52,700,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Interest
 expense payable on preferred shares </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;203,083
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Accrued
 management fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;325,634
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Accrued
 Trustees' fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;5,802
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Other
 accrued expenses and payables </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;101,434
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Series
 2020-1 VMTPS, net of deferred offering costs (liquidation value $198,750,000, see page 40&#8201;for more details) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.46%;">198,490,840
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Total
 liabilities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">252,235,833
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 assets applicable to common shareholders, at value </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:4pt;"></FONT>501,574,846 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Assets Applicable to Common Shareholders Consist of </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Distributable
 earnings (loss) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;70,249,810
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Paid-in
 capital </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">431,325,036
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 assets applicable to common shareholders, at value </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:4pt;"></FONT>501,574,846 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Asset Value </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Asset Value<FONT style="font-weight:Normal;"> per common share<BR> ($501,574,846 &#247; 39,500,938 outstanding shares of beneficial interest,<BR> $.01 par value, unlimited number of common shares authorized)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:28.45pt;"></FONT>12.70 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:134pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:143pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">31
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_67c36a37-78ea-4424-9758-ba107947760e_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Operations</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">for the year ended November 30, 2021</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Investment
 Income </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Income:
 </TD>
<TD style="border-top:0.5pt SOLID #808080;line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Interest
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">$&#8194;26,177,306
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Expenses:
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Management
 fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">3,868,013
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Services
 to shareholders </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">30,845
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Custodian
 fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:32.45pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">6,497
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Professional
 fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">92,087
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Reports
 to shareholders </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">50,254
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Trustees'
 fees and expenses </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">21,752
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Interest
 expense and amortization of deferred cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">2,895,334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Interest
 expense on floating rate notes </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:23.56pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">359,162
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Stock
 Exchange listing fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">38,464
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Other
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">67,514
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Total
 expenses </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">7,429,922
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">18,747,384
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Realized
 and Unrealized Gain (Loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 realized gain (loss) from investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:23.56pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">645,624
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Change
 in net unrealized appreciation (depreciation) on investments </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">2,526,215
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">3,171,839
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 increase (decrease) in net assets resulting from operations </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">$&#8194;21,919,223
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:195pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:204pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">32
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_67c36a37-78ea-4424-9758-ba107947760e_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Cash Flows</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">for the year ended November 30, 2021</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Increase
 (Decrease) in Cash:<BR> Cash Flows from Operating Activities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:17.92%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt; padding-right:4pt;padding-top:2.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Net
 increase (decrease) in net assets resulting from operations </TD>
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt; padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">$
<FONT style="padding-left:6.67pt;"></FONT>21,919,223 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Adjustments
 to reconcile net increase (decrease) in net assets resulting<BR> from operations to net cash provided by (used in) operating activities: </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.92%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Purchases
 of long-term investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(141,948,915)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Net
 amortization of premium/(accretion of discount) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.56pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">4,913,502
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Proceeds
 from sales and maturities of long-term investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.67pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">139,066,885
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Amortization
 of deferred offering cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:26.23pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">132,510
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">(Increase)
 decrease in interest receivable </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:26.23pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">206,572
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">(Increase)
 decrease in other assets </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:32.90pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(9,386)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">(Increase)
 decrease in receivable for investments sold </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:28.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(65,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Increase
 (decrease) in payable for investments purchased - when issued securities </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:26.23pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">409,040
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Increase
 (decrease) in other accrued expenses and payables </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:24.01pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(264,570)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Change
 in unrealized (appreciation) depreciation on investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(2,526,215)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Net
 realized (gain) loss from investments </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:24.01pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(645,624)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Cash
 provided by (used in) operating activities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">$
<FONT style="padding-left:6.67pt;"></FONT>21,188,022 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Cash
 Flows from Financing Activities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:17.92%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">(Increase)
 decrease in deferred offering cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:28.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(73,302)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Distributions
 paid (net of reinvestment of distributions) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(21,134,682)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Cash
 provided by (used in) financing activities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(21,207,984)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Increase
 (decrease) in cash </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:28.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(19,962)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Cash
 at beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:30.68pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">19,962
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Cash
 at end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">$
<FONT style="padding-left:38.69pt;"></FONT><FONT style="font-weight:Normal;">&#8212;</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Supplemental
 disclosure </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:17.92%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Interest
 expense paid on preferred shares </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">$
<FONT style="padding-left:8.89pt;"></FONT>(2,709,161) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:82.38%;">Interest
 expense paid and fees on floating rate notes issued </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">$
<FONT style="padding-left:15.56pt;"></FONT>(359,162) </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:103pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:112pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">33
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_67c36a37-78ea-4424-9758-ba107947760e_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statements of Changes in Net Assets</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:4pt;text-align:left;vertical-align:bottom;width:65.81%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:34.49%;" colspan="2">Years
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Increase
 (Decrease) in Net Assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">2021
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">2020
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:65.81%;">Operations:
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.25%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.25%;">$
<FONT style="padding-left:0.45pt;"></FONT>&#8194;18,747,384 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.25%;">$
<FONT style="padding-left:0.45pt;"></FONT>&#8194;20,149,041 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Net
 realized gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:24.01pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">645,624
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.11pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">(2,050,688)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Change
 in net unrealized appreciation<BR> (depreciation) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">2,526,215
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">5,149,495
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Net
 increase (decrease) in net assets applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">21,919,223
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">23,247,848
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Distributions
 to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:10.67pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">(21,188,345)
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:10.67pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.25%;">(19,402,867)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Increase
 (decrease) in net assets </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:24.01pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">730,878
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">3,844,981
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Net
 assets at beginning of period applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">500,843,968
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">496,998,987
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Net
 assets at end of period applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">$501,574,846
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">$500,843,968
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Other
 Information: </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:4pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.25%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Common
 shares outstanding at beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">39,500,938
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">39,500,938
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:65.81%;">Common
 shares outstanding at end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">39,500,938
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.25%;">39,500,938
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;</DIV> </DIV>
<DIV style="margin-top:267pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:276pt;text-align:center;text-decoration:none;text-transform:none;">The
accompanying notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">34
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_76320c28-ac28-40ff-beaf-b38a7fc57f8c_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:10.5pt;padding-bottom:0.75pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:49.80%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:50.42%;" colspan="5">Years
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;line-height:10.5pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;vertical-align:bottom;width:49.80%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">2021
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">2020
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2019
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2018
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2017
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="6">Selected
 Per Share Data Applicable to Common Shareholders </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 asset value, beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:5.95pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.35%;">$12.68
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:11.03%;">$12.58
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.50
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.47
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:49.80%;">Income
 (loss) from investment operations: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.35%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 investment income<SUP style="font-size:85%;font-style:Normal;text-transform:none;">a</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:19.28pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.35%;">.47
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:21.53pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">.51
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.50
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.56
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.66
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 realized and unrealized gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:19.28pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.35%;">.08
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:21.53pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">.08
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">(.66)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.16
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Total
 from investment operations </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.28pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">.55
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:21.53pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">.59
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.35
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.10)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.82
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:49.80%;">Less
 distributions applicable to common shareholders from: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.35%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">(.50)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.47)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.52)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.61)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.78)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 realized gains </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">(.03)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.02)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.03)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.01)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.01)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Total
 distributions </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">(.53)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.49)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.55)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.62)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.79)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 asset value, end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:5.95pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.35%;">$12.70
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:11.03%;">$12.68
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.58
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.50
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Market
 price, end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:5.95pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:10.35%;">$12.10
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:11.03%;">$11.34
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.49
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$10.34
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Total
 Return </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.35%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Based
 on net asset<BR> value (%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">b</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">4.75
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">5.33
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">c</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">12.14
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.35)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">6.66
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Based
 on market price (%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">b</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.39pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">11.60
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">3.14
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">c</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">16.69
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.42pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(7.18)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.42pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(2.30)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="6">Ratios
 to Average Net Assets Applicable to Common Shareholders and Supplemental Data </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Net
 assets, end of period ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">502
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">501
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">497
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">465
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">494
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Ratio
 of expenses before expense<BR> reductions (%)<BR> (including interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">d,e</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">1.47
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">1.82
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.21
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.16
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Ratio
 of expenses after expense<BR> reductions (%)<BR> (including interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">d,f</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">1.47
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">1.64
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.21
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.16
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.88
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Ratio
 of expenses after expense<BR> reductions (%)<BR> (excluding interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">g</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.28pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:21.53pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">.71
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.86
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Ratio
 of net investment income (%) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">3.72
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">4.11
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">4.04
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">4.58
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5.20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Portfolio
 turnover rate (%) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:21.51pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">19
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:23.76pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">28
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">18
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">51
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">37
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Senior
 Securities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.35%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Preferred
 Shares information at period end, aggregate amount outstanding: </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:10.35%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Series
 2018 MTPS ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:22.40pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.35%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:24.65pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Series
 2020-1 VMTPS ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Asset
 coverage per<BR> share ($)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">h</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">176,182
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">175,998
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">17,503
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">16,705
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">17,423
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.80%;">Liquidation
 and market price per share ($) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:5.95pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.35%;">50,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">50,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:29pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:36pt;text-align:center;text-decoration:none;text-transform:none;">The
accompanying notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">35
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_76320c28-ac28-40ff-beaf-b38a7fc57f8c_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights <FONT
 style="font-size:8pt;font-weight:Normal;line-height:11pt;">&nbsp;(continued)</FONT></DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> </DIV> <DIV style="margin-top:2.5pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">a</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:98.99%;">Based on
average common shares outstanding during the period. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">b</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Total
return based on net asset value reflects changes in the Fund&#8217;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&#8217;s shares traded during the period. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">c</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Total
return would have been lower had certain expenses not been reduced. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">d</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">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 2018 MTPS and Series 2020-1 VMTPS. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">e</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">The
ratio of expenses before expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 1.06%, 1.30%, 1.57%, 1.52% and 1.35% for the years ended November 30, 2021, 2020, 2019, 2018 and 2017, respectively.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">f</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">The
ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 1.06%, 1.17%, 1.57%, 1.52% and 1.35% for the years ended November 30, 2021, 2020, 2019, 2018 and 2017, respectively.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">g</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">The
ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, excluding interest expense) was 0.61%, 0.50%, 0.61%, 0.61% and 0.62% for the years ended November 30, 2021, 2020, 2019, 2018 and 2017, respectively.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">h</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.99%;">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. </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:271pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying
notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">36
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Notes to Financial Statements </DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">A.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Organization and
Significant Accounting Policies </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">DWS
Municipal Income Trust (the &#8220;Fund&#8221;&nbsp;) is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;&nbsp;), as a closed-end, diversified management investment company organized as a Massachusetts
business trust.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s financial statements
are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;&nbsp;) which require the use of management estimates. Actual results could differ from those estimates. The Fund
qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Security Valuation.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Various inputs are used in determining the value of the
Fund&#8217;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Municipal debt securities are valued at prices supplied by
independent pricing services approved by the Fund&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Investments in open-end investment companies are valued at
their net asset value each business day and are categorized as Level 1.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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</DIV> </DIV> <DIV style="margin-top:20pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">37
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Fund&#8217;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&#8217;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&#8217;s or issuer&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Disclosure about the classification of fair value
measurements is included in a table following the Fund&#8217;s Investment Portfolio.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Inverse Floaters.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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 Option Bond trust (the &#8220;TOB Trust&#8221;&nbsp;). 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&#8217;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></DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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 &#8220;Payable for</DIV> </DIV> <DIV style="margin-top:23pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">38
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">floating rate notes issued&#8221;&nbsp; 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 &#8220;Interest expense on floating rate notes&#8221;&nbsp; in the Statement of
Operations. For the year ended November 30, 2021, interest expense related to floaters amounted to $359,162. The weighted average outstanding daily balance of the floating rate notes issued during the year ended November 30, 2021 was approximately
$52,700,000, with a weighted average interest rate of 0.68%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Federal Income Taxes.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund&#8217;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></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">At November 30, 2021, the Fund had net tax basis capital
loss carryforwards of approximately $1,237,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has reviewed the tax positions for the open tax
years as of November 30, 2021 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund&#8217;s financial statements. The Fund&#8217;s federal tax returns for the prior three fiscal years remain open
subject to examination by the Internal Revenue Service.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Distribution of Income and Gains.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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</DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">39
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">At November 30, 2021, the Fund&#8217;s components of
distributable earnings (accumulated losses) on a net tax basis were as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:4.5pt;padding-top:4.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.05%;">Undistributed
 tax-exempt income </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-right:12pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.57%;">$
<FONT style="padding-left:11.12pt;"></FONT>&#8194;870,279 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.05%;">Capital
 loss carryforwards </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-right:12pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.57%;">$
<FONT style="padding-left:2.22pt;"></FONT>&#8194;(1,237,000) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4.5pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.05%;">Net
 unrealized appreciation (depreciation) on investments </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4.5pt;padding-left:4.5pt;padding-right:12pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.57%;">$&#8194;70,616,769
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:9.5pt;text-align:left;text-decoration:none;text-transform:none;">At November 30, 2021, the
aggregate cost of investments for federal income tax purposes was $621,133,238. The net unrealized appreciation for all investments based on tax cost was $70,616,769. This consisted of aggregate gross unrealized appreciation for all investments for
which there was an excess of value over tax cost of $74,089,387 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $3,472,618.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">In addition, the tax character of distributions paid to
common shareholders by the Fund is summarized as follows:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100.00%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.12pt;padding-right:6pt;padding-top:3pt;text-align:left;vertical-align:bottom;width:61.54%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.12pt;padding-left:6pt;padding-right:12pt;padding-top:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:36.64%;" colspan="2">Years
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.12pt;text-align:left;vertical-align:bottom;width:61.54%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:1.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.32%;">2021
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:1.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.32%;">2020
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.54%;">Distributions
 from tax-exempt income </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.32%;">$&#8194;19,908,510
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:12pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.32%;">$&#8194;18,664,200
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:61.54%;">Distributions
 from ordinary income* </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.32%;">$
<FONT style="padding-left:4.45pt;"></FONT>&#8194;1,279,835 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.32%;">$
<FONT style="padding-left:11.12pt;"></FONT>&#8194;738,667 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">*
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.65%;">For tax
purposes, short-term capital gain distributions are considered ordinary income distributions. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Preferred Shares.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;At November 30, 2021, the Fund had issued and outstanding 3,975 Variable Rate MuniFund Term Preferred Shares, Series 2020-1 (&#8220;Series 2020-1 VMTPS&#8221;&nbsp;) with an
aggregate liquidation preference of $198,750,000 ($50,000 per share). The Series 2020-1 VMTPS were issued on November 10, 2020 in a private offering and are variable rate preferred shares with a stated maturity of November 10, 2049 and an early
termination date six months following a rate period termination date (the &#8220;Rate Period Termination Date&#8221;&nbsp;), which Rate Period Termination Date initially will be 36 months from the date of original issuance. Subject to an election by
the holder(s) of the Series 2020-1 VMTPS to retain the Series 2020-1 VMTPS, the Series 2020-1 VMTPS are subject to mandatory tender beginning twenty business days prior to the</FONT></DIV> </DIV>
<DIV style="margin-top:25pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">40
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_5"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">early termination date, during which time such shares may be remarketed. At
its option, the Fund may redeem in whole or in part the Series 2020-1 VMTPS from time to time at a redemption price equal to the liquidation preference of the Series 2020-1 VMTPS to be redeemed and all accumulated but unpaid dividends thereon to,
but excluding, the redemption date, plus a redemption premium if such redemption occurs prior to November 10, 2022. The dividend rate for Series 2020-1 VMTPS is set weekly at a spread (dependent on the then current ratings of the Series 2020-1
VMTPS) over the Securities Industry and Financial Markets Association (&#8220;SIFMA&#8221;&nbsp;) Municipal Swap Index. The average annualized dividend rate on the Series 2020-1 VMTPS for the period December 1, 2020 through November 30, 2021 was
1.39%. In the Fund&#8217;s Statement of Assets and Liabilities, the Series 2020-1 VMTPS&#8217; aggregate liquidation preference is shown as a liability since the Series 2020-1 VMTPS have a stated mandatory redemption date. Dividends paid on the
Series 2020-1 VMTPS are treated as interest expense and recorded as incurred. For the period December 1, 2020 through November 30, 2021, interest expense related to Series 2020-1 VMTPS amounted to $2,762,824. Costs directly related to the issuance
of Series 2020-1 VMTPS have been deferred and are being amortized over 36 months based on the initial Rate Period Termination Date. During the period from December 1, 2020 through November 30, 2021, the Fund amortized $132,510 of Series 2020-1 VMTPS
deferred costs, which are included in the Statement of Operations under the line item &#8220;Interest expense and amortization of deferred cost on Series 2020-1 VMTPS&#8221;&nbsp;. The Series 2020-1 VMTPS are senior in priority to the Fund&#8217;s
outstanding common shares as to payments of dividends and distributions upon liquidation.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Prior to November 10, 2020, the Fund had issued and
outstanding 39,750 shares of Floating Rate Municipal Term Preferred Shares (&#8220;Series 2018 MTPS&#8221;&nbsp;) with an aggregate liquidation preference of $198,750,000 ($5,000 per share). The Series 2018 MTPS were floating rate preferred shares
with a mandatory term redemption date, as amended, of June 1, 2021. The Fund used the proceeds from the sale of its Series 2020-1 VMTPS to fund the redemption on November 10, 2020 of all of its outstanding Series 2018 MTPS.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">As a result of the Series 2020-1 VMTPS issuance and the
redemption of the outstanding Series 2018 MTPS the Fund&#8217;s leverage attributable to preferred shares remains unchanged.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Under the terms of a purchase agreement between the Fund and
the initial purchaser of the Series 2020-1 VMTPS, the Fund is subject to various investment restrictions, coverage ratios and covenants. These 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</DIV> </DIV> <DIV style="margin-top:21pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">41
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_6"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">might otherwise be pursued by the Fund if the Series 2020-1 VMTPS were not
outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agency that rates the Series 2020-1 VMTPS, which guidelines may be changed by the rating agency, in its sole discretion,
from time to time. These guidelines may be more stringent than requirements imposed on the Fund by the 1940 Act or its policies. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2020-1 VMTPS in
accordance with the Fund&#8217;s charter documents and the 1940 Act.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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 share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Leverage involves risks and special considerations for the
Fund&#8217;s common shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund&#8217;s common shares than a comparable portfolio without leverage; the risk that fluctuations in the
Fund&#8217;s preferred stock dividend rates or 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&#8217;s
common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund&#8217;s common shares. Changes in the value of the Fund&#8217;s portfolio will be borne entirely by the common shareholders. If
there is a net decrease (or increase) in the value of the Fund&#8217;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 under the terms of the preferred shares. There is no
assurance that the Fund&#8217;s leveraging strategy will be successful.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Cash Flows.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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&#8217;s custodian bank at November 30, 2021.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Contingencies.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund&#8217;s maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made against</FONT></DIV> </DIV> <DIV style="margin-top:30pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">42
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_7"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">the Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Other.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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></DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">B.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Purchases and Sales of
Securities </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">During the year ended
November 30, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $141,948,915 and $139,066,885, respectively.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">C.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Related Parties
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:2.5pt;text-align:left;text-decoration:none;text-transform:none;">Management Agreement.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;&nbsp; or the &#8220;Advisor&#8221;&nbsp;), an indirect, wholly owned
subsidiary of DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;&nbsp;), 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&#8217;s 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 Series 2020-1 VMTPS).</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Service Provider Fees.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;DWS Service Company (&#8220;DSC&#8220;), 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. (&#8220;DST&#8220;), 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, 2021, the amounts charged to the Fund by DSC aggregated $22,021, of which $3,689 is unpaid.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Other Service Fees.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended November 30, 2021, the amount charged to the Fund by
DIMA</FONT></DIV> </DIV> <DIV style="margin-top:22pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">43
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_8"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">included in the Statement of Operations under &#8220;Reports to
shareholders&#8221;&nbsp; aggregated $1,260, of which $851 is unpaid.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Trustees&#8217; Fees and Expenses.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Transactions with Affiliates.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or
common trustees. During the year ended November 30, 2021, the Fund engaged in securities purchases of $15,190,000 and securities sales of $18,415,000 with a net gain (loss) on securities sales of $0, with an affiliated fund in compliance with Rule
17a-7 under the 1940 Act.</FONT></DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">D.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Share Repurchases
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s shares trade at a discount to their net asset value. During the year ended November 30, 2021 and the year ended November 30, 2020, the
Fund did not repurchase shares in the open market.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">On
September 25, 2020, the Fund announced that the Fund&#8217;s Board of Trustees had extended the Fund&#8217;s existing open market share repurchase program for an additional 12-month period. The Fund was authorized to continue to purchase outstanding
shares of common stock in open-market transactions over the period from December 1, 2020 until November 30, 2021, when the Fund&#8217;s shares traded at a discount to net asset value.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">On September 24, 2021, the Fund announced that the
Fund&#8217;s Board of Trustees had extended the Fund&#8217;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, 2021 until November 30, 2022, when the Fund&#8217;s shares trade at a discount to net asset value. The Board&#8217;s authorization of the repurchase program extension follows the previous above-described repurchase
program.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">E.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Other <FONT
 style="font-weight:Normal;">&#8212;</FONT> COVID-19 Pandemic </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">A novel coronavirus known as COVID-19, declared a pandemic by
the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects,
duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the
lack of effectiveness of current vaccines against new variants. The</DIV> </DIV> <DIV style="margin-top:16pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">44
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_83ff6399-1b72-4f35-9812-9ea3c2345089_9"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">pandemic has affected and may continue to affect certain countries,
industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments
may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity
plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund&#8217;s accounting and financial reporting.</DIV> </DIV>
<DIV style="margin-top:414pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">45
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_352a5c43-ee04-4fd1-9fbc-0338c129c7ba_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Report of Independent Registered Public Accounting Firm</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">To the Board of Trustees and Shareholders of DWS Municipal
Income Trust:</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Opinion on the Financial Statements</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">We have audited the accompanying statement of assets and
liabilities of DWS Municipal Income Trust (the &#8220;Fund&#8221;&nbsp;), including the investment portfolio, as of November 30, 2021, 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, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the &#8220;financial statements&#8221;&nbsp;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2021, the results of its operations and 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Basis for Opinion</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">These financial statements are the responsibility of the
Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;&nbsp;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were
we engaged to perform, an audit of the Fund&#8217;s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an
opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">46
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_352a5c43-ee04-4fd1-9fbc-0338c129c7ba_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our
audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our
opinion.</DIV> <DIV style="margin-top:0pt;text-align:Right;width:100%;">
<IMG src="g614358imgc0a2709d5.jpg" alt=" "> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">We have served as
the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Boston, Massachusetts</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">January 25, 2022</DIV> </DIV>
<DIV style="margin-top:301pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">47
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_1548ecc6-b911-4b5c-a54d-661354112177_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:56.21%;">Tax
Information </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:0.0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:43.79%;">(Unaudited)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Of the dividends paid from net
investment income for the taxable year ended November 30, 2021, 100% are designated as exempt interest dividends for federal income tax purposes.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Please consult 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) 728-3337.</DIV> </DIV> <DIV style="margin-top:440pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">48
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_5131a437-5f69-4791-9672-da5bdf7be2e4_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50%;">Shareholder
Meeting Results </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:50%;">(Unaudited)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The Annual Meeting of Shareholders
(the &#8220;Meeting&#8221;&nbsp;) of DWS Municipal Income Trust (the &#8220;Fund&#8221;&nbsp;) was held on September 24, 2021. At the close of business on August 6, 2021, the record date for the determination of shareholders entitled to vote at the
Meeting, there were issued and outstanding 39,500,937.98 common shares and 3,975 preferred shares, each share being entitled to one vote, constituting all of the Fund&#8217;s outstanding voting securities. At the Meeting, the holders of 33,075,735
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.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:9pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD STYLE="font: normal 10pt/13pt Arial; color: #000000; text-decoration: none; padding-right: 2pt; text-align: left; text-transform: none; vertical-align: top; white-space: nowrap; width: 4.24%">1.
 </TD>
<TD STYLE="font: normal 10pt/13pt Arial; color: #000000; text-decoration: none; text-align: left; text-transform: none; vertical-align: top; width: 95.76%">To elect the following
four individuals as Trustees of the Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.24%;">&#160; </TD>
<TD STYLE="font: normal 10pt/13pt Arial; color: #000000; text-decoration: none; text-align: left; text-transform: none; vertical-align: top; width: 95.76%">All of the nominees
received a sufficient number of votes to be elected. (the resulting votes are presented below): </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:4.24%;">&#160; </TD>
<TD STYLE="font: normal 10pt/13pt Arial; color: #000000; text-decoration: none; padding-bottom: 0pt; text-align: left; text-transform: none; vertical-align: top; width: 95.76%">Class
I Trustees &#8212; elected by Common and Preferred Shareholders voting together </TD></TR></TABLE> </DIV> <DIV style="text-align:right;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:95.76%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:52.53%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.57%;" colspan="2">Number
 of Votes: </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:52.53%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">For
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">Withheld
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.53%;">Richard
 J. Herring </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">25,248,869
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:12pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">7,826,866
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.53%;">William
 N. Searcy, Jr. </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">27,689,254
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">5,386,481
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:9pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">Trustees &#8212;
elected by Preferred Shareholders only</DIV> <DIV style="text-align:right;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:95.76%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:52.53%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:3pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.57%;" colspan="2">Number
 of Votes: </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:52.53%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">For
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">Withheld
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.53%;">Dawn-Marie
 Driscoll </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">3,975
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:12pt;padding-top:2.12pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">0
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.53%;">Keith
 R. Fox </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">3,975
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:12pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:22.78%;">0
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:9pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">John W.
Ballantine, William McClayton, and Rebecca W. Rimel are each a Class II or Class III Trustee whose term of office continued after the Meeting.</DIV> </DIV> <DIV style="margin-top:157pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">49
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_72fa4e00-7c34-492e-9c25-a683b8e9e812_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Dividend Reinvestment and Cash Purchase Plan</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of the Fund has established a Dividend
Reinvestment and Cash Purchase Plan (the &#8220;Plan&#8221;&nbsp;) for shareholders that elect to have all dividends and distributions automatically reinvested in shares of the Fund (each a &#8220;Participant&#8221;&nbsp;). DST Systems, Inc. (the
&#8220;Plan Agent&#8221;&nbsp;) has been appointed by the Fund&#8217;s Board of Trustees to act as agent for each Participant.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s Web site at dws.com or by calling (800) 294-4366.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">If you wish to participate in the Plan and your shares are
held in your own name, contact DWS Service Company (the &#8220;Transfer Agent&#8221;&nbsp;) at P.O. Box 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.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Transfer Agent will
establish a Dividend Investment Account (the &#8220;Account&#8221;&nbsp;) 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,
&#8220;Distributions&#8221;&nbsp;) paid on shares of the Fund (the &#8220;Shares&#8221;&nbsp;) and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant&#8217;s Account are transferable upon proper written instructions
to the Transfer Agent.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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&#8217;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&#8217;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</DIV> </DIV> <DIV style="margin-top:16pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">50
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_72fa4e00-7c34-492e-9c25-a683b8e9e812_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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):</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">DWS Municipal Income Trust</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">Dividend Reinvestment and Cash Purchase Plan</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">c/o DWS Service Company</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">P.O. Box 219066</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">Kansas City, MO 64121-9066</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">(800) 294-4366</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The cost of Shares acquired for each Participant&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The reinvestment of Distributions does not relieve the
Participant of any tax that many be payable on the Distributions. The Transfer Agent will</DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">51
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_72fa4e00-7c34-492e-9c25-a683b8e9e812_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">All
correspondence and inquiries concerning the Plan, and requests for additional information about the Plan, should be directed to DWS Service Company at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366.</DIV> </DIV>
<DIV style="margin-top:182pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">52
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_750ab627-b725-4b0f-b8ba-e4d308b54dac_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Advisory Agreement Board Considerations and Fee
Evaluation</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees (hereinafter referred
to as the &#8220;Board&#8221;&nbsp; or &#8220;Trustees&#8221;&nbsp;) approved the renewal of DWS Municipal Income Trust&#8217;s (the &#8220;Fund&#8221;&nbsp;) investment management agreement (the &#8220;Agreement&#8221;&nbsp;) with DWS Investment
Management Americas, Inc. (&#8220;DIMA&#8221;&nbsp;) in September 2021.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">In terms of the process that the Board followed prior to
approving the Agreement, shareholders should know that:</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="4" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">During the entire process,
all of the Fund&#8217;s Trustees were independent of DIMA and its affiliates (the &#8220;Independent Trustees&#8221;&#8202;). </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">The Board 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 reviewed extensive materials received from DIMA, independent third parties and
independent counsel. These materials included an analysis of the Fund&#8217;s performance, fees and expenses, and profitability from a fee consultant retained by the Fund&#8217;s Independent Trustees (the &#8220;Fee Consultant&#8221;&#8202;).
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">The Board also received
extensive information throughout the year regarding performance of the Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.45%; ">The Independent Trustees
regularly met 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&#8217;s contractual arrangements and considered a
comprehensive report prepared by the Fee Consultant in connection with their deliberations. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.55%;">&#8212;&#8201;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:95.45%;">In
connection with reviewing the Agreement, the Board also reviewed the terms of the Fund&#8217;s transfer agency agreement and other material service agreements. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">In connection with the contract review process, 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 DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;&nbsp;).
DWS Group 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. In 2018, approximately 20% of DWS Group&#8217;s</DIV> </DIV>
<DIV style="margin-top:28pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">53
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_750ab627-b725-4b0f-b8ba-e4d308b54dac_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">shares were sold in an initial public offering, with Deutsche Bank AG owning
the remaining shares.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">As part of the contract review
process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund&#8217;s performance. In many cases, this led to the negotiation and implementation of expense caps.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">While shareholders may focus primarily on fund performance
and fees, the Fund&#8217;s Board considers these and many other factors, including the quality and integrity of DIMA&#8217;s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and
compliance policies and procedures.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:7.29pt;text-align:left;text-decoration:none;text-transform:none;">Nature, Quality
and Extent of Services.<FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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 and the resources made available to such personnel. The
Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA&#8217;s approach to addressing such risks. The Board
reviewed the Fund&#8217;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 (&#8220;Morningstar&#8221;&nbsp;), an independent fund data service. The Board also noted that it has put into place a process of identifying &#8220;Funds in Review&#8221;&nbsp; (e.g., funds performing poorly relative to a peer universe), and
receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA&#8217;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, 2020, the Fund&#8217;s net asset value performance was in the 3rd quartile, 4th quartile and 4th quartile, respectively, of the applicable
Morningstar universe (the 1st 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,
2020.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:7.29pt;text-align:left;text-decoration:none;text-transform:none;">Fees and Expenses.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Board considered the Fund&#8217;s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial
Solutions, Inc. (&#8220;Broadridge&#8221;&nbsp;) 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</FONT></DIV>
</DIV> <DIV style="margin-top:23pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">54
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_750ab627-b725-4b0f-b8ba-e4d308b54dac_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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 Broadridge peer group (based on Broadridge data provided as of December 31, 2020). The Board noted that the
Fund&#8217;s total (net) operating expenses excluding certain investment related expenses and based on managed assets were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data
provided as of December 31, 2020). The Board considered the Fund&#8217;s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (&#8220;DWS Funds&#8221;&nbsp;) and considered differences between the Fund and
the comparable DWS 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 (&#8220;DWS Europe Funds&#8221;&nbsp;) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:7.29pt;text-align:left;text-decoration:none;text-transform:none;">Profitability.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by
DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with
respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA&#8217;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&#8217; overall profitability with respect to the DWS 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></DIV> </DIV>
<DIV style="margin-top:30pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">55
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_750ab627-b725-4b0f-b8ba-e4d308b54dac_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:7.29pt;text-align:left;text-decoration:none;text-transform:none;">Other Benefits to DIMA and Its Affiliates.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Board also considered the character and amount of other incidental or &#8220;fall-out&#8221;&nbsp; benefits received by DIMA and its affiliates, including any fees received by an
affiliate of DIMA for transfer agency services provided to the Fund. 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. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA
products and services. The Board considered these benefits in reaching its conclusion that the Fund&#8217;s management fees were reasonable.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:7.29pt;text-align:left;text-decoration:none;text-transform:none;">Compliance.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience,
seniority and time commitment of the individuals serving as DIMA&#8217;s and the Fund&#8217;s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of
compliance personnel.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.05pt;text-align:left;text-decoration:none;text-transform:none;">Based on all of the
information considered and the conclusions reached, the Board 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 Independent Trustees may
have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.</DIV> </DIV> <DIV style="margin-top:223pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">56
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Investment Objective, Investment Policies and Principal
Risks</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Investment Objective.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The DWS Municipal Income Trust&#8217;s (the &#8220;Fund&#8217;s&#8221;&nbsp;) investment objective is to provide a high level of current income exempt from federal income
tax.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Investment Policies.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;As a fundamental policy, under normal circumstances, at least 80% of the Fund&#8217;s net assets, plus the amount of any borrowings for investment purposes, will be invested in
municipal securities. Accordingly, the Fund would not ordinarily be a suitable investment for tax-exempt retirement plans or other investors unable to benefit from tax-exempt income.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund invests substantially all of its net assets in
tax-exempt municipal securities rated at the time of purchase within the four highest grades (&#8220;Baa&#8221;&nbsp; or &#8220;BBB&#8221;&nbsp; or better) by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;&nbsp;) or S&amp;P
Global Ratings (&#8220;S&amp;P&#8221;&nbsp;), or unrated municipal securities which in the opinion of DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;&nbsp; or the Fund&#8217;s &#8220;Advisor&#8221;&nbsp;) have credit characteristics
equivalent to, and will be of comparable quality to, municipal securities rated within the four highest grades by Moody&#8217;s or S&amp;P. The Fund may not invest more than 20% of its net assets in such unrated municipal securities. Municipal
securities rated &#8220;Baa&#8221;&nbsp; or &#8220;BBB&#8221;&nbsp; are considered &#8220;investment grade&#8221;&nbsp; securities and are regarded as having an adequate capacity to pay principal and interest, but they do have some speculative
characteristics. Portfolio management may also consider financially material environmental, social, and governance (ESG) factors. Such factors may include, but are not limited to, exposure to climate change risks, poverty and unemployment data, and
an issuer&#8217;s governance structure and practices.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has not established any limit on the percentage of
its portfolio that may be invested in municipal securities subject to the alternative minimum tax provisions of federal income tax law, and a substantial portion of the income produced by the Fund may be taxable under the alternative minimum tax.
The Fund, therefore, may not be suitable for investors who are or may become subject to the alternative minimum tax. The suitability of the Fund for these investors will depend upon a comparison of the after-tax yield likely to be provided from the
Fund with those of comparable investments not subject to the alternative minimum tax in light of each investor&#8217;s tax position.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to emphasize investments in municipal
securities with long-term maturities, but the degree of such emphasis will depend upon market conditions existing at the time of investment. The Advisor expects that the Fund&#8217;s portfolio will be primarily invested in securities with</DIV>
</DIV> <DIV style="margin-top:14pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">57
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">maturities ranging from 10 to 30 years with an average weighted maturity of
20&#8211;25 years; however, the Fund may engage in hedging practices to the extent deemed appropriate by the Advisor to shorten the effective average weighted maturity of the portfolio.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has elected to be classified as a closed-end,
diversified management investment company. A diversified fund may not, with respect to 75% of total assets, invest more than 5% of total assets in the securities of a single issuer or invest in more than 10% of the outstanding voting securities of
such issuer.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">During temporary defensive periods, the
Fund may invest any percentage of its net assets in taxable temporary investments. The Fund will invest only in temporary investments which are U.S. government securities or securities rated within the two highest grades by Moody&#8217;s or S&amp;P,
and which mature within one year from the date of purchase.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Except as indicated above, the Fund&#8217;s investment
objective and policies are not fundamental and may be changed without a vote of shareholders.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund employs leverage through its issuance of preferred
stock and its participation in tender option bond transactions. At November 30, 2021, the Fund had issued and outstanding 3,975 shares of Series 2020-1 VMTPS having an aggregate liquidation preference of $198,750,000.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Principal Risks</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;When interest rates rise, prices of debt securities generally decline. The longer the duration of the Fund&#8217;s debt securities, the more sensitive the Fund will be to interest
rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of
interest rates. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. In addition, in response to the COVID 19 pandemic, as with other serious economic disruptions, governmental
authorities and regulators have enacted significant fiscal and monetary policy changes, including providing direct capital infusions into companies, creating new monetary programs and lowering interest rates considerably. If these actions are
modified or reversed or are ineffective in achieving their desired outcomes, the Fund could be adversely affected by periods of heightened volatility and uncertainty.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">London Interbank Offered Rate (LIBOR), the benchmark rate
for certain floating rate securities, has been phased out as of the end of 2021 for most maturities and currencies, although certain widely used US Dollar LIBOR rates are expected to continue to be published through June 2023 to assist with the
transition. The Fund or the instruments in which</DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">58
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">the Fund invests may be adversely affected by the phase out by, among other
things, increased volatility or illiquidity. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate and, accordingly, it is difficult to predict the impact to the Fund of the transition away from
LIBOR.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Leveraging Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Leverage can result from the Fund&#8217;s issuance of preferred stock, participation in tender option bond transactions or permitted borrowings. Leverage involves risks and special
considerations for the Fund&#8217;s common shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund&#8217;s common shares than a comparable portfolio without leverage; the risk
that fluctuations in the Fund&#8217;s preferred stock dividend rates or 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&#8217;s common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund&#8217;s common shares. Changes in the value of the Fund&#8217;s portfolio will be borne entirely by the
common shareholders. If there is a net decrease (or increase) in the value of the Fund&#8217;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 under the terms of the preferred
shares. There is no assurance that the Fund&#8217;s leveraging strategy will be successful. See also &#8220;Effects of Leverage&#8221;&nbsp; below.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Credit Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund&#8217;s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of
interest or principal, a security downgrade or an inability to meet a financial obligation. Credit risk is greater for lower-rated securities.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">For securities that rely on third-party guarantors to
support their credit quality, the same risks may apply if the financial condition of the guarantor deteriorates or the guarantor ceases to insure securities. Because guarantors may insure many types of securities, including subprime mortgage bonds
and other high-risk bonds, their financial condition could deteriorate as a result of events that have little or no connection to securities owned by the Fund.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Because of the rising U.S. government debt burden, it is
possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. Such a credit event may also adversely impact the financial markets and the
Fund.</DIV> </DIV> <DIV style="margin-top:18pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">59
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Focus Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;To the extent that the Fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund
that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal
government could over time impair a state, region or sector&#8217;s ability to repay its obligations.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Municipal Securities Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of many or all municipal obligations of issuers in a
state, US territory, or possession. For example, the COVID-19 pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer&#8217;s ability to meet its financial obligations when due and
could adversely impact the value of its bonds, which could negatively impact the performance of the Fund. The Fund could also be impacted by events in the municipal securities market, including the supply and demand for municipal securities.
Negative events, such as severe fiscal difficulties, bankruptcy of one or more issuers, an economic downturn, unfavorable legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt Fund
performance. The value of municipal securities is strongly influenced by the value of tax-exempt income to investors. Changes in tax and other laws, including changes to individual or corporate tax rates, could alter the attractiveness and overall
demand for municipal securities. Certain sectors of the municipal securities market such as hospitals, airports and mass transit providers may be disproportionately impacted by COVID-19 related cost increases and revenue declines, potentially
resulting in heightened credit risk for issuers in these sectors. See also &#8220;Market Disruption Risk.&#8221;&nbsp;</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt
securities or the stock market could also adversely affect the Fund by reducing the relative attractiveness of debt securities as an investment.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Market Disruption Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and in the future may
lead, to disruptions in the U.S. and world economies and markets, which may increase financial market volatility and have significant adverse direct or indirect effects on the Fund and its investments. Market disruptions could cause the Fund to lose
money and encounter operational difficulties.</FONT></DIV> </DIV> <DIV style="margin-top:28pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">60
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_5"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Although multiple asset classes may be affected by a market disruption, the
duration and effects may not be the same for all types of assets.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Recent market disruption events include the pandemic spread
of the novel coronavirus known as COVID-19, and the significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain disruptions that it has
caused. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low
vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others,
may exacerbate existing economic, political or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic
may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The disruptions caused by the COVID-19 pandemic may magnify
the impact of each of the other risks described in this &#8220;Principal Risks&#8221;&nbsp; section and may increase volatility in one or more markets in which the Fund invests leading to the potential for greater losses for the Fund.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Tender Option Bonds Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers fixed-rate
long-term municipal bonds into a special purpose entity (a &#8220;TOB Trust&#8221;&nbsp;). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests (&#8220;TOB Floaters&#8221;&nbsp;), which are sold to
third party investors, and residual inverse floating rate interests (&#8220;TOB Inverse Floater Residual Interests&#8221;&nbsp;), which are generally held by the Fund. The Fund&#8217;s participation in tender option bond transactions may reduce the
Fund&#8217;s returns or increase volatility. Tender option bond transactions create leverage. Leverage magnifies returns, both positive and negative, and risk by magnifying the volatility of returns. An investment in TOB Inverse Floater Residual
Interests will typically involve more risk than an investment in the underlying municipal bonds. The interest payment on TOB Inverse Floater Residual Interests generally will decrease when short-term interest rates increase. There are also risks
associated with the tender option bond structure, which could result in terminating the trust. If a TOB Trust is terminated, the Fund must sell other assets to buy back the TOB Floaters, which could negatively impact performance. Events that could
cause a termination of the TOB Trust include a deterioration in the financial</FONT></DIV> </DIV> <DIV style="margin-top:16pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">61
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_6"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">condition of the liquidity provider, a deterioration in the credit quality of
underlying municipal bonds, or a decrease in the value of the underlying bonds due to rising interest rates.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest in TOB Inverse Floater Residual
Interests on a non-recourse or recourse basis. If the Fund invests in TOB Inverse Floater Residual Interests on a recourse basis, the Fund could suffer losses in excess of the value of the TOB Inverse Floater Residual Interests.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The federal banking regulators, the Securities and Exchange
Commission (&#8220;SEC&#8221;&nbsp;) and the Commodity Futures Trading Commission (&#8220;CFTC&#8221;&nbsp;) in recent years have adopted rules and regulations that have impacted or may impact TOB Trusts and securities issued by such trusts,
including most notably the so-called &#8220;Volcker Rule,&#8221;&nbsp; added to the Bank Holding Company Act of 1956 with the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;&nbsp;). The
Volcker Rule places certain restrictions on the ability of any &#8220;banking entity&#8221;&nbsp; to sponsor, acquire interests in and engage in certain activities with a TOB Trust. As a result, certain activities to support the remarketing of
floating rate certificates undertaken by banking entities, in their role as remarketing agents or liquidity providers to TOB Trusts, before the compliance date for the Volcker Rule are no longer permitted under the standard TOB Trust structure. To
be compliant with the Volcker Rule, the standard TOB Trust structure has been modified since the rule&#8217;s adoption (1) to shift certain rights and responsibilities from the remarketing agent and liquidity provider to the owners of the TOB
Inverse Floater Residual Interests such as the Fund itself, and (2) to change the way in which liquidity is provided to support remarketing of the TOB Floaters. Holders of TOB Inverse Floater Residual Interests, including the Fund, may delegate many
of these responsibilities to a third-party administrator, which would generate additional costs relative to the standard TOB Trust structure. The total impact of these modifications remains to be fully seen, but the operational and structural
changes associated with these modifications may make early unwinds of TOB Trusts in adverse market scenarios more likely, may make the use of TOB Trusts more expensive and, overall, may make it more difficult to use TOB Trusts to effectively
leverage municipal investments to the extent that the Fund may desire. In addition, these modifications may raise other regulatory issues that may require further refinement to the structure, may impede the future use of TOB Trusts as a means of
financing leverage, or may increase future costs of TOB-based leverage.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Security Selection Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The securities in the Fund&#8217;s portfolio may decline in value. Portfolio management could be wrong in its analysis of sectors, issuers, economic trends, ESG factors, the relative
attractiveness of different securities or other matters.</FONT></DIV> </DIV> <DIV style="margin-top:27pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">62
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_7"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Private Activity and Industrial Development Bond Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The payment of principal and interest on these bonds is generally dependent solely on the ability of the facility&#8217;s user to meet its financial obligations and the pledge, if
any, of property financed as security for such payment.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity and Secondary Market Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;In certain situations, it may be difficult or impossible to sell an investment and/or the Fund may sell certain investments at a price or time that is not advantageous in order to
meet cash needs. Unusual market conditions could increase liquidity risk for the Fund. This risk can be ongoing for any security that does not trade actively or in large volumes, for any security that trades primarily on smaller markets, and for
investments that typically trade only among a limited number of large investors (such as certain types of derivatives or restricted securities). In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity
risk (i.e., if the number and capacity of traditional market participants is reduced). This may affect only certain securities or an overall securities market. If dealer capacity in fixed-income markets is insufficient for market conditions, it may
further inhibit liquidity and increase volatility in the fixed-income markets. Additionally, market participants, other than the Fund, may attempt to sell fixed income holdings at the same time as the Fund, which could cause downward pricing
pressure and contribute to illiquidity.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">At
times, a substantial portion of the Fund&#8217;s assets may be invested in securities that are held by a relatively limited number of institutional investors, including the Fund and various accounts managed by the Advisor. Given the relatively
limited number of holders of such securities, under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Advisor
believes it advisable to do so or may be able to sell such securities only at prices lower than if such securities were more widely held. In such circumstances, it may also be more difficult to determine the fair value of such securities.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The secondary market for some municipal securities
(including inverse floaters and issues which are privately placed with the Fund) is less liquid than that for taxable debt obligations or other more widely traded municipal securities. No established resale market exists for certain of the municipal
securities in which the Fund may invest.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">A secondary
market may be subject to irregular trading activity, wide bid/ ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets which may be invested in securities which are not readily marketable or are
subject to restrictions on resale. The risks associated with illiquidity are particularly acute in situations where the Fund&#8217;s operations require cash and may result in the Fund borrowing to meet short-term cash requirements.</DIV> </DIV>
<DIV style="margin-top:22pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">63
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_8"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Tax Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The value of the Fund&#8217;s investments and its net asset value may be adversely affected by changes in tax rates and policies. Because interest income from municipal securities
held by the Fund is normally not subject to regular federal income tax, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax-exempt status of
interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect
the Fund&#8217;s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax-exempt or
tax-advantaged accounts or for investors who are not sensitive to the federal income tax consequences of their investments.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Under highly unusual circumstances, the Internal Revenue
Service (&#8220;IRS&#8221;&nbsp;) may determine that a municipal bond issued as tax-exempt should in fact be taxable. Income from municipal bonds held by the Fund could also be declared taxable because of unfavorable changes in tax laws or
noncompliant conduct of a securities issuer. In such circumstances, the Fund might have to distribute taxable ordinary income dividends or reclassify as taxable amounts previously distributed as exempt-interest dividends. In addition, the value of
such bonds would likely fall, hurting Fund performance, and shareholders may be required to pay additional taxes. In addition, a portion of the Fund&#8217;s otherwise exempt-interest distributions may be determined to be taxable to those
shareholders subject to the federal alternative minimum tax (&#8220;AMT&#8221;&nbsp;).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">For federal income tax purposes, distributions of ordinary
taxable income (including any net short-term capital gain) will be taxable to shareholders as ordinary income (and are not expected to be eligible for favorable taxation as &#8220;qualified dividend income&#8221;&nbsp;), and capital gain dividends
will be taxed at long-term capital gain rates. In certain circumstances, the Fund will make additional distributions to holders of Series 2020-1 VMTPS to offset the federal income tax effects of a taxable distribution.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Prepayment and Extension Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at
lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund&#8217;s assets tied up in lower interest debt obligations. Ultimately, any
unexpected behavior in interest rates could increase the volatility of the fund&#8217;s share price and yield and could hurt Fund performance. Prepayments could also create taxable income or capital gains for the Fund in some instances.</FONT></DIV>
</DIV> <DIV style="margin-top:15pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
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<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">64
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_9"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the
value determined for an investment could be different from the value realized upon such investment&#8217;s sale.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">When-Issued and Delayed-Delivery Securities Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund may purchase or sell a security at a future date for a predetermined price. The market value of the securities may change before delivery.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Derivatives Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Risks associated with derivatives include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may
result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the
derivative transaction could expose the Fund to the effects of leverage, which could increase the Fund&#8217;s exposure to the market and magnify potential losses. Use of put and call options may result in losses to the Fund, force the sale or
purchase of portfolio securities at inopportune times or for prices higher than (in the case of put options) or lower than (in the case of call options) current market values, limit the amount of appreciation the Fund can realize on its investments
or cause the Fund to hold a security it might otherwise sell. The use of options and futures transactions entails certain other risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements
in the related portfolio position of the Fund creates the possibility that losses on the hedging instrument may be greater than gains in the value of the Fund&#8217;s position. In addition, futures and options markets may not be liquid in all
circumstances and certain over-the-counter options may have no markets. As a result, in certain markets, the Fund might not be able to close out a transaction without incurring substantial losses, if at all. Although the use of futures and options
transactions for hedging should tend to minimize the risk of loss due to a decline in the value of the hedged position, at the same time they tend to limit any potential gain which might result from an increase in value of such position. Finally,
the daily variation margin requirements for futures contracts would create a greater ongoing potential financial risk than would purchases of options, where the exposure is limited to the cost of the initial premium. Swaps typically involve a small
investment of cash relative to the magnitude of risks assumed. As a result, swaps can be highly volatile and may have a considerable impact on the Fund&#8217;s performance. Depending on how they are used, swaps may increase or decrease the overall
volatility of the Fund&#8217;s investments and its share price and yield. The Fund bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of a counterparty. In addition, if
the</FONT></DIV> </DIV> <DIV style="margin-top:15pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">65
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_10"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">counterparty&#8217;s creditworthiness declines, the value of a swap will
likely decline, potentially resulting in losses for the Fund. The Fund may also suffer losses if it is unable to terminate outstanding swaps (either by assignment or other disposition) or reduce its exposure through offsetting transactions (i.e., by
entering into an offsetting swap with the same party or similarly creditworthy party).</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Counterparty Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;A financial institution or other counterparty with whom the Fund does business, or that underwrites, distributes or guarantees any investments or contracts that the Fund owns or is
otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the Fund or could delay the return or delivery of collateral or other assets to the Fund.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Insurance Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund may purchase municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide
such credit enhancements will affect the value of those securities. Many significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality
investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses have reduced the insurers&#8217; capital and called into question their continued ability to perform their obligations
under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or
the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. In such
a case, the value of insurance associated with a municipal security would decline and the insurance may not add any value. As concern has increased about the balance sheets of insurers, prices on insured bonds &#8212; especially those bonds issued
by weaker underlying credits &#8212; have declined. Most insured bonds are currently being valued according to their fundamentals as if they were uninsured. Assuming that the insurer remains creditworthy, the insurance feature of a municipal
security guarantees the full payment of principal and interest when due through the life of an insured obligation. Such insurance does not guarantee the market value of the insured obligation.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Operational and Technology Risk.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Cyber-attacks, disruptions or failures that affect the Fund&#8217;s service providers or counterparties, issuers of securities held by the Fund, or other market participants may
adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations. For example, the Fund&#8217;s or its service</FONT></DIV> </DIV> <DIV style="margin-top:17pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">66
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_11"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">providers&#8217; assets or sensitive or confidential information may be
misappropriated, data may be corrupted and operations may be disrupted (e.g., cyber-attacks, operational failures or broader disruptions may cause the release of private shareholder information or confidential Fund information, interfere with the
processing of shareholder transactions, impact the ability to calculate the Fund&#8217;s net asset value and impede trading). Market events and disruptions also may trigger a volume of transactions that overloads current information technology and
communication systems and processes, impacting the ability to conduct the Fund&#8217;s operations.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">While the Fund and its service providers may establish
business continuity and other plans and processes that seek to address the possibility of and fallout from cyber-attacks, disruptions or failures, there are inherent limitations in such plans and systems, including that they do not apply to third
parties, such as Fund counterparties, issuers of securities held by the Fund or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no
assurance that such plans and processes will be effective. Among other situations, disruptions (for example, pandemics or health crises) that cause prolonged periods of remote work or significant employee absences at the Fund&#8217;s service
providers could impact the ability to conduct the Fund&#8217;s operations. In addition, the Fund cannot directly control any cybersecurity plans and systems put in place by its service providers, Fund counterparties, issuers of securities held by
the Fund or other market participants.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Cyber-attacks
may include unauthorized attempts by third parties to improperly access, modify, disrupt the operations of, or prevent access to the systems of the Fund&#8217;s service providers or counterparties, issuers of securities held by the Fund or other
market participants or data within them. In addition, power or communications outages, acts of god, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt
business operations or impact critical data.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Cyber-attacks, disruptions, or failures may adversely affect
the Fund and its shareholders or cause reputational damage and subject the Fund to regulatory fines, litigation costs, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition,
cyber-attacks, disruptions, or failures involving a Fund counterparty could affect such counterparty&#8217;s ability to meet its obligations to the Fund, which may result in losses to the Fund and its shareholders. Similar types of operational and
technology risks are also present for issuers of securities held by the Fund, which could have material adverse consequences for such issuers, and may cause the Fund&#8217;s investments to lose value. Furthermore, as a result of cyber-attacks,
disruptions, or</DIV> </DIV> <DIV style="margin-top:21pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">67
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_12"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">failures, an exchange or market may close or issue trading halts on specific
securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Effects of Leverage</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">As described above, the Fund employs leverage through its
issuance of preferred stock (the Series 2020-1 VMTPS) and its participation in tender option bond (TOB) transactions. The table below is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through
the use of senior securities (such as the Fund&#8217;s Series 2020-1 VMTPS), as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage (such as the Fund&#8217;s participation in TOB transactions) on common
share total return.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The table below assumes (i)
leverage in the form of the Series 2020-1 VMTPS and investments in TOB Inverse Floater Residual Interests in the amounts outstanding as of November 30, 2021 as a percentage of total managed assets (including assets attributable to such leverage);
and (ii) leverage expense in an amount equal to the average annual dividend rate of the Series 2020-1 VMTPS and the average annual interest rate payable with respect to TOB Floaters during the fiscal year ended November 30, 2021. These leverage
amounts are as follows:</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">(i) Assumed leverage as a
percentage of total managed assets (including assets attributable to such leverage): 33.36%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">(ii) Assumed annual effective leverage expense rate payable
by the Fund on leverage: 1.24%.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Based on these
assumptions, the annual return that the Fund&#8217;s portfolio must experience (net of expenses) in order to cover assumed leverage costs is 0.41%. The table does not reflect offering costs of preferred shares.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">As noted above, the following table is furnished pursuant
SEC requirements, which require the assumed portfolio returns set forth below. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rates. The assumed investment portfolio returns in the table below
are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:4.5pt;padding-top:4.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.70%;">Assumed
 Return on Portfolio (Net of Expenses) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.43%;">&#8211;10.00%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.08%;">&#8211;5.00%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:8.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.08%;">0.00%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.87%;">5.00%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:2.25pt;padding-left:4.5pt;padding-top:4.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.22%;">10.00%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:45.70%;">Corresponding
 Return to Common Shareholders </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.43%;">&#8211;15.63%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.08%;">&#8211;8.13%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.08%;">&#8211;0.62%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.87%;">6.88%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4.5pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.22%;">14.39%
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">68
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_a24eddcd-e9ba-459b-8d0c-e38df1c8932a_13"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The table reflects the hypothetical performance of the
Fund&#8217;s portfolio, not the performance of common shares. Common share total return is composed of two elements: (i) the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment
income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any other forms of leverage outstanding); and (ii) realized and unrealized gains or losses on the value of the securities and other
instruments the Fund owns. As the table shows, leverage generally increases the return to common shareholders when portfolio return is positive or greater than the costs of leverage and decreases return when the portfolio return is negative or less
than the costs of leverage.</DIV> </DIV> <DIV style="margin-top:402pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">69
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Board Members and Officers</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:10.5pt;text-align:left;text-decoration:none;text-transform:none;">The following table presents certain information regarding
the Board Members and Officers of the fund. Each Board Member&#8217;s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at
least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes &amp; Gray LLP, Prudential Tower, 800
Boylston Street, Boston, MA 02199-3600.&nbsp;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&#8217;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 (&#8220;Preferred Class&#8221;&nbsp;), to serve until the next annual meeting and until the
election and qualification of such Board Member&#8217;s successor, if any, or until such Board Member sooner dies, resigns, retires or is removed.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Board Members may also serve in similar capacities with
other funds in the fund complex. The number of funds in the DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) overseen by each Board Member that are advised by the
Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Class I Board Members were last elected in 2021 and will serve
until the 2024 Annual Meeting of Shareholders. Class II Board Members were last elected in 2019 and will serve until the 2022 Annual Meeting of Shareholders. Class III Board Members were last elected in 2020 and will serve until the 2023 Annual
Meeting of Shareholders. Preferred Class Board Members were last elected in 2021 and will serve until the 2022 Annual Meeting of Shareholders.</DIV> </DIV> <DIV style="margin-top:110pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">70
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Independent Board Members/Independent Advisory Board
Members</DIV> <HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.73%;">Name,
 Year of<BR> Birth, Position<BR> with the Trust/<BR> Corporation<BR> and Length of<BR> Time Served<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:50.30%;">Business
 Experience and Directorships<BR> During the Past Five Years </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.55%;">Number
 of<BR> Funds in<BR> DWS Fund<BR> Complex<BR> Overseen </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:0.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.88%;">Other
<BR> Directorships<BR> Held by Board<BR> Member </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Keith
 R. Fox, CFA (1954)<DIV style="margin-top:3pt;"></DIV>Preferred Class<DIV style="margin-top:3pt;"></DIV>Chairperson since 2017, and Board Member since 1996 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Managing
 General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business
Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">John
 W. Ballantine (1946)<DIV style="margin-top:3pt;"></DIV>Class III<DIV style="margin-top:3pt;"></DIV>Board Member since 1999 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Retired;
 formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996&#8211;1998); Executive Vice President and Head of International Banking (1995&#8211;1996); Not-for-Profit
Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of
the Board, Healthways, Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (population wellbeing and wellness services) (2003&#8211;2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB
Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (utility company (2003&#8211;2021); and Prisma Energy
International; Former Not-for-Profit Directorships: Public Radio International </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Dawn-Marie
 Driscoll (1946)<DIV style="margin-top:3pt;"></DIV>Preferred Class<DIV style="margin-top:3pt;"></DIV>Board Member since 1987 </TD>
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Advisory
 Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer &amp; Dodge (law firm) (1988&#8211;1990); Vice President of Corporate Affairs and General Counsel, Filene&#8217;s (retail)
(1978&#8211;1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007&#8211;2015); Sun Capital Advisers Trust (mutual
funds) (2007&#8211;2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) </TD>
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:78pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">71
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.73%;">Name,
 Year of<BR> Birth, Position<BR> with the Trust/<BR> Corporation<BR> and Length of<BR> Time Served<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:50.30%;">Business
 Experience and Directorships<BR> During the Past Five Years </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.55%;">Number
 of<BR> Funds in<BR> DWS Fund<BR> Complex<BR> Overseen </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:0.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.88%;">Other
<BR> Directorships<BR> Held by Board<BR> Member </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Richard
 J. Herring (1946)<DIV style="margin-top:3pt;"></DIV>Class I<DIV style="margin-top:3pt;"></DIV>Board Member since 1990 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Jacob
 Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994&#8211;2020); formerly: Vice Dean and Director, Wharton
Undergraduate Division (1995&#8211;2000) and Director, The Lauder Institute of International Management Studies (2000&#8211;2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the
Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003&#8211;2015), Executive Director of The Financial Economists Roundtable (2008&#8211;2015),
Director of The Thai Capital Fund (2007&#8211;2013), Director of The Aberdeen Singapore Fund (2007&#8211;2018), and Nonexecutive Director of Barclays Bank DE (2010&#8211;2018) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:17.88%;">Director,
 Aberdeen Japan Fund (since 2007) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">William
 McClayton (1944)<DIV style="margin-top:3pt;"></DIV>Class II<DIV style="margin-top:3pt;"></DIV>Board Member since 2004 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Private
 equity investor (since October 2009); formerly: Managing Director, Diamond Management &amp; Technology Consultants, Inc. (global consulting firm) (2001&#8211;2009); Senior Partner, Arthur Andersen LLP (accounting) (1966&#8211;2001); Former
Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Chad
 D. Perry (1972)<DIV style="margin-top:3pt;"></DIV>Class II<DIV style="margin-top:3pt;"></DIV>Board Member or Advisory Board Member since 2021<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Executive
 Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial
Holdings Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (2006&#8211;2011); Senior Corporate Counsel, EMC Corporation (2005&#8211;2006); Associate, Ropes &amp; Gray LLP (1997&#8211;2005) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">21
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:171pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">72
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_4"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.73%;">Name,
 Year of<BR> Birth, Position<BR> with the Trust/<BR> Corporation<BR> and Length of<BR> Time Served<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:50.30%;">Business
 Experience and Directorships<BR> During the Past Five Years </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.55%;">Number
 of<BR> Funds in<BR> DWS Fund<BR> Complex<BR> Overseen </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:0.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.88%;">Other
<BR> Directorships<BR> Held by Board<BR> Member </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Rebecca
 W. Rimel (1951)<DIV style="margin-top:3pt;"></DIV>Class III<DIV style="margin-top:3pt;"></DIV>Board Member since 1995 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Senior
 Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and
wealth management) (1983&#8211;2004); Board Member, Investor Education (charitable organization) (2004&#8211;2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001&#8211;2007); Director, Viasys Health Care<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (January 2007&#8211;June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994&#8211;2012); President, Chief Executive Officer and Director, The Pew
Charitable Trusts (charitable organization) (1994&#8211;2020); Director, BioTelemetry Inc.<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (acquired by Royal Philips in 2021) (healthcare) (2009&#8211;2021) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:17.88%;">Director,
 Becton Dickinson and Company<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (medical technology company) (2012&#8211; present) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">Catherine
 Schrand (1964)<DIV style="margin-top:3pt;"></DIV>Class II<DIV style="margin-top:3pt;"></DIV>Board Member or Advisory Board Member since 2021<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Celia
 Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016&#8211;2019) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">21
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:17.73%;">William
 N. Searcy, Jr. (1946)<DIV style="margin-top:3pt;"></DIV>Class I<DIV style="margin-top:3pt;"></DIV>Board Member since 1993 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:50.30%;">Private
 investor since October 2003; formerly: Pension &amp; Savings Trust Officer, Sprint Corporation<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> (telecommunications) (November 1989&#8211;September 2003); Former Directorships:
Trustee, Sun Capital Advisers Trust (mutual funds) (1998&#8211;2012) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:14.55%;">70
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.88%;">&#8212;
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:207pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">73
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_5"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:15pt;text-align:left;text-decoration:none;text-transform:none;">Officers<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">5</SUP></DIV> <HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #808080;height:1pt;width:100%;" align="Left">
<DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:33.64%;">Name,
 Year of Birth, Position<BR> with the Trust/Corporation<BR> and Length of Time Served<SUP style="font-size:85%;font-style:Normal;text-transform:none;">6</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:0.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:67.27%;">Business
 Experience and Directorships During the<BR> Past Five Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;border-top:1pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt; padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Hepsen
 Uzcan<SUP style="font-size:85%;font-style:Normal;text-transform:none;">7</SUP> (1974)<DIV style="margin-top:3pt;"></DIV>President and Chief Executive Officer, 2017&#8211;present </TD>
<TD style="border-bottom:1pt solid #808080;border-top:1pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:67.27%;">Fund
 Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018&#8211;present); Assistant Secretary, DWS Distributors, Inc. (2018&#8211;present); Director and Vice President, DWS Service Company (2018&#8211;present); Assistant
Secretary, DWS Investment Management Americas, Inc. (2018&#8211;present); Director and President, DB Investment Managers, Inc. (2018&#8211;present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc.
and The Central and Eastern Europe Fund, Inc. (2017&#8211;present); formerly: Vice President for the Deutsche funds (2016&#8211;2017); Assistant Secretary for the DWS funds (2013&#8211;2019); Assistant Secretary, The European Equity Fund, Inc., The
New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013&#8211;2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25,
2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018&#8211;present) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">John
 Millette<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1962)<DIV style="margin-top:3pt;"></DIV>Vice President and Secretary, 1999&#8211;present </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Legal
 (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015&#8211;present); Director and Vice President, DWS Trust Company (2016&#8211;present); Secretary, DBX ETF Trust (2020&#8211;present); Vice
President, DBX Advisors LLC (2021&#8211;present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011&#8211;present); formerly: Secretary, Deutsche Investment Management Americas
Inc. (2015&#8211;2017); and Assistant Secretary, DBX ETF Trust (2019&#8211;2020) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Ciara
 Crawford<SUP style="font-size:85%;font-style:Normal;text-transform:none;">9</SUP> (1984)<DIV style="margin-top:3pt;"></DIV>Assistant Secretary, (2019&#8211;present) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Fund
 Administration (Specialist), DWS (2015&#8211;present); formerly, Legal Assistant at Accelerated Tax Solutions. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Diane
 Kenneally<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1966)<DIV style="margin-top:3pt;"></DIV>Chief Financial Officer and Treasurer, 2018&#8211;present </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Fund
 Administration Treasurer&#8217;s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019&#8211;present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2018&#8211;present); formerly: Assistant Treasurer for the DWS funds (2007&#8211;2018) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Paul
 Antosca<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1957)<DIV style="margin-top:3pt;"></DIV>Assistant Treasurer, 2007&#8211;present </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Fund
 Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019&#8211;present) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Sheila
 Cadogan<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1966)<DIV style="margin-top:3pt;"></DIV>Assistant Treasurer, 2017&#8211;present </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:2.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Fund
 Administration Treasurer&#8217;s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018&#8211;present); Assistant Treasurer, DBX ETF Trust (2019&#8211;present); Assistant Treasurer, The European Equity Fund, Inc.,
The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018&#8211;present) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Scott
 D. Hogan<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1970)<DIV style="margin-top:3pt;"></DIV>Chief Compliance Officer, 2016&#8211;present </TD>
<TD style="border-bottom:1pt Solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:67.27%;">Anti-Financial
 Crime &amp; Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016&#8211;present) </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:33pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">74
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_6df96e63-d014-4240-9714-1bf07cd75f12_6"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-bottom:1pt solid #808080;border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:0.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:33.64%;">Name,
 Year of Birth, Position<BR> with the Trust/Corporation<BR> and Length of Time Served<SUP style="font-size:85%;font-style:Normal;text-transform:none;">6</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:0.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:67.27%;">Business
 Experience and Directorships During the<BR> Past Five Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Caroline
 Pearson<SUP style="font-size:85%;font-style:Normal;text-transform:none;">8</SUP> (1962)<DIV style="margin-top:3pt;"></DIV>Chief Legal Officer, 2010&#8211;present </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:67.27%;">Legal
 (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020&#8211;present); Chief Legal Officer, DBX Advisors LLC (2020&#8211;present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern Europe Fund, Inc. (2012&#8211;present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002&#8211;2017); Secretary, Deutsche AM Service Company (2010&#8211;2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020&#8211;2021)
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:33.64%;">Christian
 Rijs<SUP style="font-size:85%;font-style:Normal;text-transform:none;">7</SUP> (1980)<DIV style="margin-top:3pt;"></DIV>Anti-Money Laundering<BR> Compliance Officer,<BR> since October 6, 2021 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:67.27%;">DWS
 Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK &amp; Ireland Head of Anti-Financial Crime and MLRO </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:98.99%;">The length
of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">2</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">A
publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Mr.
Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS
International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust,
Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Mr.
Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">5</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">As a
result of their respective positions held with the Advisor or its affiliates, these individuals are considered &#8220;interested persons&#8221;&#8202; of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from
the Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">6</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">The
length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">7</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Address:
875 Third Avenue, New York, NY 10022. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">8</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.99%;">Address:
100 Summer Street, Boston, MA 02110. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.38%;">
<SUP style="font-size:65%;font-style:Normal;text-transform:none;">9</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.99%;">Address:
 5201 Gate Parkway, Jacksonville, FL 32256. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:141pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">75
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_996aca26-395c-4dfa-8dc4-7e76551be800_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Additional Information</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Automated
<BR> Information Line </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:3pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
 Closed-End Fund Info Line<BR> (800) 349-4281 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Web
 Site </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">dws.com
<BR> <FONT style="font-weight:Normal;">Obtain fact sheets, financial reports, press releases and webcasts when available.</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Written
 Correspondence </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
<DIV style="margin-top:2.5pt;"></DIV><FONT style="font-weight:Normal;">Attn: Secretary of the DWS Funds<BR> 100 Summer Street<BR> Boston, MA 02110</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Legal
 Counsel </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Vedder
 Price P.C.<BR> <FONT style="font-weight:Normal;">222 North LaSalle Street<BR> Chicago, IL 60601</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Dividend
 Reinvestment<BR> Plan Agent </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DST
 Systems, Inc.<BR> <FONT style="font-weight:Normal;">333 W. 11th Street, 5th Floor<BR> Kansas City, MO 64105</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Shareholder
<BR> Service Agent and<BR> Transfer Agent </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
 Service Company<BR> <FONT style="font-weight:Normal;">P.O. Box 219066<BR> Kansas City, MO 64121-9066<BR> </FONT>(800) 294-4366 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">Custodian
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">State
 Street Bank and Trust Company<BR> <FONT style="font-weight:Normal;">State Street Financial Center<BR> One Lincoln Street<BR> Boston, MA 02111</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Independent
<BR> Registered Public<BR> Accounting Firm </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Ernst
 &amp; Young LLP<BR> <FONT style="font-weight:Normal;">200 Clarendon Street<BR> Boston, MA 02116</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Proxy
 Voting </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">The
 Fund&#8217;s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site
&#8212; dws.com/en-us/resources/proxy-voting &#8212; or on the SEC&#8217;s Web site &#8212; sec.gov. To obtain a written copy of the Fund&#8217;s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Portfolio
 Holdings </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Following
 the Fund&#8217;s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337.
In addition, the portfolio holdings listing is filed with SEC on the Fund&#8217;s Form N-PORT and will be available on the SEC&#8217;s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time.
</TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:9.04%;">76
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.66%; ">DWS Municipal Income
Trust </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_996aca26-395c-4dfa-8dc4-7e76551be800_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:5pt;width:94.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;width:24.92%;">Investment
 Management </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:82.43%;">DWS
Investment Management Americas, Inc. (&#8220;DIMA&#8221;&#8202; or the &#8220;Advisor&#8221;&#8202;), which is part of the DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;&#8202;), is the investment advisor for the Fund. DIMA and its
predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:top;width:24.92%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:82.43%;">DWS
 Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world&#8217;s major investment centers. This well-resourced
global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:98.03%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:10pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:24.11%;">NYSE
 Symbol </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:10pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:78.67%;">KTF
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:3.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:24.11%;">CUSIP
 Number </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:3.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:78.67%;">Common
 Shares 233368&#8201;109 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:358pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:41.54%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3.5pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:center;width:77.10%;">DWS
Municipal Income Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3.5pt;padding-right:3.5pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:center;white-space:nowrap;width:8.75%;">|
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3.5pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center; white-space:nowrap;width:11.59%;">77
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_32a5fc37-fd99-44e2-a643-2eec5d0f6d02_1"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Notes</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_32a5fc37-fd99-44e2-a643-2eec5d0f6d02_2"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Notes</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_32a5fc37-fd99-44e2-a643-2eec5d0f6d02_3"> </A>
<DIV style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;"> </DIV> <DIV style="width:18.84%;" type="Block">
<DIV style="margin-top:0pt;text-align:Left;width:87pt;">
<IMG src="g614358img0c8f64d62.jpg" alt=" "> </DIV> </DIV> <DIV style="margin-top:22pt;width:28.26%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">222 South Riverside Plaza<BR> Chicago, IL 60606-5808</DIV> </DIV>
<DIV style="margin-top:234pt;width:88.26%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;"><FONT
 style="font-size:7pt;font-weight:bold;line-height:10pt;">DMIT-2</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">(R-025442-11 1/22)</DIV> </DIV>
<DIV style="margin-top:216pt;width:100%;" type="Block"> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>
<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace">&nbsp;</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(b) Not applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CODE OF ETHICS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, 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, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, 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, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, 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="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The fund&rsquo;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&rsquo;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&rsquo;s audit committee including Mr. William McClayton, the chair of the fund&rsquo;s audit committee. &nbsp;An &ldquo;audit committee financial expert&rdquo; is not an &ldquo;expert&rdquo; for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an &ldquo;audit committee financial expert&rdquo; 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&rsquo;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="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: MIT Item 4.doc; Date: 2022%2D01%2D27T12:08:51; Size: 0x0000F000 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">DWS Municipal
INcome TRust</P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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, Times, 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="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 18%; 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">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 18%; 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">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 20%; 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">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 17%; 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">All<BR>
Other Fees Billed to Fund</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2021</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">$55,933</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">$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">$7,880</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">$0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2020</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">$55,933</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">$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">$7,880</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">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="font-weight: normal">The above &#8220;Tax
Fees&#8221; were billed for professional services rendered for tax preparation. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, 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, Times, Serif; margin: 0 0 12pt; text-align: left">The following table shows the amount of fees billed
by EY to DWS 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 23%; 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">Audit&#45;Related<BR>
Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 24%; 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">Tax Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 21%; 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">All<BR>
Other Fees Billed to Adviser and Affiliated Fund Service Providers</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2021</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">$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">$461,717</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">$0</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2020</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">$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">$650,763</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">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">The above &#8220;Tax Fees&#8221; were billed in connection with
tax compliance services and agreed upon procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 20%; 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">Total <BR>
Non&#45;Audit Fees Billed to Fund<BR>
(A)</TD>
    <TD STYLE="width: 20%; 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">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)<BR>
(B)</TD>
    <TD STYLE="width: 20%; 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">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)<BR>
(C)</TD>
    <TD STYLE="width: 20%; 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">Total of <BR>
(A), (B) and (C)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2021</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">$7,880</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">$461,717</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">$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">$469,597</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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">2020</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">$7,880</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">$650,763</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">$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">$658,643</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">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, Times, Serif; margin: 0 0 12pt">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, Times, Serif; margin: 0 0 12pt">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, Times, Serif; margin: 0 0 12pt">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, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">In connection with the audit of the 2020 and 2021 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 a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out
of or relating to the engagement letter or services provided thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Pursuant to PCAOB Rule 3526, EY is required to describe in writing
to the Fund&#8217;s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS
Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication,
may reasonably be thought to bear on EY&#8217;s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below
that may reasonably be thought to bear on EY&#8217;s independence. With respect to each reported matter in the aggregate, EY advised the
Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that
the matters do not and will not impair EY&#8217;s ability to exercise objective and impartial judgement in connection with the audits
of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude
that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY&#8217;s audit engagements.
EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Fund.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">EY advised the Fund&#8217;s Audit Committee that various covered persons within EY and EY&#8217;s affiliates
held investments in, or had other financial relationships with, entities within the DWS Funds &#8220;investment company complex&#8221;
(as defined in Regulation S-X) (the &#8220;DWS Funds Complex&#8221;). EY informed the Audit Committee that these investments and financial
relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none
of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the
audit engagement team for the Fund.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>
<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; 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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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 William McClayton (Chair), Henry P. Becton, Jr., Richard J. Herring (Vice Chair) 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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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, Times, 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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Include-Text; File: Item 7 Proxy Voting Policy and Guidelines.htm; Date: 2022%2D01%2D03T12:31:22; Size: 0x000AAA97 -->
<P STYLE="font: bold 10pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Scope</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS has adopted and implemented the
following Policies and Guidelines, which it believes are reasonably designed to ensure that proxies are voted in the best economic interest
of clients and in accordance with its fiduciary duties and local regulation. This Proxy Voting Policy and Guidelines &ndash; DWS (&ldquo;Policy
and Guidelines&rdquo;) 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, DWS&rsquo;s proxy policies reflect the fiduciary standards and responsibilities for ERISA accounts.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The attached guidelines represent
a set of global recommendations that were determined by the Global Proxy Voting Sub-Committee (the &ldquo;GPVSC&rdquo;). These guidelines
were developed to provide DWS with a comprehensive list of recommendations that represent how DWS will generally vote proxies for its
clients. The recommendations derived from the application of these guidelines are not intended to influence the various DWS legal entities
either directly or indirectly by parent or affiliated companies. In addition, the organizational structures and documents of the various
DWS legal entities allows, where necessary or appropriate, the execution by individual DWS subsidiaries of the proxy voting rights independently
of any 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
DWS legal entities.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Capitalised terms have the meaning
ascribed to them in the Glossary.</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;S Proxy Voting Responsibilities</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy votes are the property of DWS&rsquo;s
advisory clients.<SUP>1 </SUP>As such, DWS&rsquo;s authority and responsibility to vote such proxies depend upon its contractual relationships
with its clients or other delegated authority. DWS has delegated responsibility for effecting its advisory clients&rsquo; proxy votes
to Institutional Shareholder Services (&ldquo;ISS&rdquo;), an independent third-party proxy voting specialist. ISS votes DWS&rsquo;s
advisory clients&rsquo; proxies in accordance with DWS&rsquo;s proxy guidelines or DWS&rsquo;s specific instructions. Where a client
has given specific instructions as to how a proxy should be voted, DWS will notify ISS to carry out those instructions. Where no specific
instruction exists, DWS will follow the procedures in voting the proxies set forth in this document. Certain Taft-Hartley clients may
direct DWS to have ISS vote their proxies in accordance with Taft-Hartley Voting Guidelines.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Clients may in certain instances
contract with their custodial agent and notify DWS 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. To the extent
a security is out on loan and DWS determines that a proxy vote (or other shareholder action) is materially important to the client&rsquo;s
account, DWS may request, on a best efforts basis, that the agent recall the security prior to the record date to allow DWS to vote the
securities.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>1 </SUP>For purposes of this
document, &ldquo;clients&rdquo; refers to persons or entities: (i) for which DWS serves as investment adviser or sub-adviser; (ii) for
which DWS votes proxies; and (iii) that have an economic or beneficial ownership interest in the portfolio securities of issuers soliciting
such proxies.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">POLICIES</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Voting Activities are
Conducted in the Best Economic Interest of Clients</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS has adopted the following Policies
and Guidelines to ensure that proxies are voted in accordance with the best economic interest of its clients, as determined by DWS in
good faith after appropriate review. DWS believes that responsibility including environmental, social and governance factors, and profitability,
complement each other in many respects and has adopted Policies and Guidelines consistent with this belief.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The Global Proxy Voting Sub-Committee</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The Global Proxy Voting Sub-Committee
is an internal working group established by the applicable DWS&rsquo;s Investment Risk Oversight Committee pursuant to a written charter.
The GPVSC is responsible for overseeing DWS&rsquo;s proxy voting activities, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adopting, monitoring and updating
                                            guidelines, attached as Attachment A (the &ldquo;Guidelines&rdquo;), that provide how DWS
                                            will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Voting proxies where: (i) the issues
                                            are not covered by specific client instruction or the Guidelines; or (ii) where an exception
                                            to the Guidelines may be in the best economic interest of DWS&rsquo;s clients;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Review recommendations for proxies
                                            where the Guidelines specify that the issues are to be determined on a case-by-case basis
                                            and ensure such proxies are voted in accordance with these Policies and Guidelines; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Monitoring Proxy Vendor Oversight&rsquo;s
                                            proxy voting activities (see below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s Proxy Vendor Oversight,
a function of DWS&rsquo;s Operations Group, is responsible for coordinating with ISS to administer DWS&rsquo;s proxy voting process and
for voting proxies in accordance with any specific client instructions or, if there are none, the Guidelines, and overseeing ISS&rsquo;
proxy responsibilities in this regard.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Availability of Proxy Voting
Policies and Proxy Voting Record</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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 DWS&rsquo;s discretion. Clients may also
obtain information on how their proxies were voted by DWS as required by law and otherwise at DWS&rsquo;s discretion. Note, however,
that DWS must not selectively disclose its investment company clients&rsquo; proxy voting records. Proxy Vendor Oversight will make proxy
voting reports available to advisory clients upon request. The investment companies&rsquo; proxy voting records will be disclosed to
shareholders by means of publicly-available annual filings of each company&rsquo;s proxy voting record for the 12-month periods ending
June 30 (see Section 6 below), if so required by relevant law.</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Procedures</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The key aspects of DWS&rsquo;s proxy
voting process are delineated below.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC&rsquo;s Proxy Voting
Guidelines</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The Guidelines set forth the GPVSC&rsquo;s
standard voting positions on a comprehensive list of common proxy voting matters. The GPVSC has developed and continues to update the
Guidelines based on consideration of current corporate governance principles, industry standards, client feedback, and the impact of
the matter on issuers and the value of the investments.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC will review the Guidelines
as necessary to support the best economic interests of DWS&rsquo;s clients and, in any event, at least annually. The GPVSC will make
changes to the Guidelines, whether as a result of the annual review or otherwise, taking solely into account the best economic interests
of clients. Before changing the Guidelines, the GPVSC will thoroughly review and evaluate the proposed change and the reasons therefore,
and the GPVSC Chair will ask GPVSC members whether anyone outside of the DWS organization (but within Deutsche Bank and its affiliates)
or any entity that identifies itself as an DWS 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 Section 5.4) and will defer the approval, if possible. Lastly,
the GPVSC will fully document its rationale for approving any change to the Guidelines.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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 DWS 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 the actual practices of
the investment company and the voting positions of the investment company on the same or similar matters. Further, the manner in which
DWS votes proxies on behalf investment company proxies may differ from the voting recommendations made by a DWS-advised or sponsored
investment company soliciting proxies from its shareholders. Proxies solicited by closed-end (and open-end) investment companies are
voted in accordance with the Guidelines.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Specific Proxy Voting Decisions
Made by the GPVSC</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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, in accordance
with the Guidelines, should be evaluated and voted on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Additionally, if Proxy Vendor Oversight,<SUP>2
</SUP>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.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>2 </SUP>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. DWS Portfolio
Managers, DWS 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 DWS portfolio managers and DWS research analysts.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC endeavours to hold meetings
to decide how to vote particular proxies sufficiently before the voting deadline so that the procedures below regarding conflicts can
be completed before the GPVSC&rsquo;s voting determination.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxies that Cannot Be Voted
or Instances When DWS Abstains From Voting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In some cases, the GPVSC may determine
that it is in the best economic interests of its clients not to vote certain proxies, or that it may not be feasible to vote certain
proxies. If the conditions below are met with regard to a proxy proposal, DWS will abstain from voting:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">1.</FONT></TD><TD><FONT STYLE="color: Black">Neither the Guidelines nor specific client instructions
                                            cover an issue;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">2.</FONT></TD><TD><FONT STYLE="color: Black">ISS does not make a recommendation on the issue;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">3.</FONT></TD><TD><FONT STYLE="color: Black">The GPVSC cannot convene on the proxy proposal
                                            at issue to make a determination as to what would be in the client&rsquo;s best interest.
                                            (This could happen, for example, if the Conflicts of Interest Management Sub-Committee found
                                            that there was a material conflict or if despite all best efforts being made, the GPVSC quorum
                                            requirement could not be met).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In addition, it is DWS&rsquo;s policy
not to vote proxies of issuers subject to laws of those jurisdictions that impose restrictions upon selling shares after proxies are
voted, in order to preserve liquidity. In other cases, it may not be possible to vote certain proxies, despite good faith efforts to
do so. For example, some jurisdictions do not provide adequate notice to shareholders so that proxies may be voted on a timely basis.
Voting rights on securities that have been loaned to third-parties transfer to those third-parties, with loan termination often being
the only way to attempt to vote proxies on the loaned securities. Lastly, the GPVSC may determine that the costs to the client(s) associated
with voting a particular proxy or group of proxies outweighs the economic benefits expected from voting the proxy or group of proxies.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Vendor Oversight will coordinate
with the GPVSC Chair regarding any specific proxies and any categories of proxies that will not or cannot be voted. The reasons for not
voting any proxy shall be documented.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Conflict of Interest Procedures</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Procedures to Address Conflicts
of Interest and Improper Influence</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><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 DWS&rsquo;s clients.<SUP>4 </SUP></FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>3 </SUP>As mentioned above, the
GPVSC votes proxies where: (i) neither a specific client instruction nor a Guideline directs how the proxy should be voted; or (ii) where
voting in accordance with the Guidelines may not be in the best economic interests of clients. Further, the GPVSC will review recommendations
for proxies where the Guidelines specify that the issues are to be determined on a case-by-case basis and ensure such proxies are voted
in accordance with these Policies and Guidelines.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>4 </SUP>Proxy Vendor Oversight,
who serves as the non-voting secretary of the GPVSC, may receive routine calls from proxy solicitors and other parties interested in
a particular proxy vote. Any contact that attempts to exert improper pressure or influence shall be reported to the Conflicts of Interest
Management Sub-Committee.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><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 DWS. As such, they may not be subject
to the supervision or control of any employees of Deutsche Bank Corporate and Investment Banking division (&ldquo;CIB&rdquo;). Their
compensation cannot be based upon their contribution to any business activity outside of DWS without prior approval of Legal and Compliance.
They can have no contact with employees of Deutsche Bank outside of DWS 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 DWS (and
within DWS only on a need to know basis).</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><I>Conflict Review Procedures.</I>
The &ldquo;Conflicts of Interest Management Sub-Committee&rdquo; within DWS monitors for potential material conflicts of interest in
connection with proxy proposals that are to be evaluated by the GPVSC. The Conflicts of Interest Management Sub-Committee members include
DWS Compliance, the chief compliance officers of the advisors and the DWS Funds. Promptly upon a determination that a proxy 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 DWS or any person participating in the proxy voting process has, or has the appearance of, a material conflict of interest.
For the purposes of this policy, a conflict of interest shall be considered &ldquo;material&rdquo; to the extent that a reasonable person
could expect the conflict to influence, or appear to influence, the GPVSC&rsquo;s decision on the particular vote at issue. GPVSC should
provide the Conflicts of Interest Management Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all necessary
and appropriate reviews. To the extent that a conflicts review cannot be sufficiently completed by the Conflicts of Interest Management
Sub-Committee the proxies will be voted in accordance with the standard Guidelines.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The information considered by the
Conflicts of Interest Management Sub-Committee may include without limitation information regarding: (i) DWS 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;
and (iii) any communications with members of the GPVSC (or anyone participating or providing information to the GPVSC) and any person
outside of the DWS organization (but within Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory
client regarding the vote at issue. In the context of any determination, the Conflicts of Interest Management Sub-Committee may consult
with and shall be entitled to rely upon all applicable outside experts, including legal counsel.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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) DWS has a material conflict of interest that would prevent it from deciding how to vote the proxies
concerned without further client consent; or (ii) certain individuals should be recused from participating in the proxy vote at issue,
the Conflicts of Interest Management Sub-Committee will so inform the GPVSC Chair.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If notified that DWS 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.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Note: Any DWS 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
or the Conflicts of Interest Management Sub-Committee. Compliance shall call a meeting of the Conflicts of Interest Management Sub-Committee
to evaluate such conflict and determine a recommended course of action.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><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.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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 DWS organization
(but within Deutsche Bank and its affiliates) or any entity that identifies itself as an DWS advisory client, has: (i) requested that
DWS, Proxy Vendor Oversight (or any member thereof), or a GPVSC member vote a particular proxy in a certain manner; (ii) attempted to
influence DWS, Proxy Vendor Oversight (or any member thereof), a GPVSC member or any other person in connection with proxy voting activities;
or (iii) otherwise communicated with a GPVSC member, or any other person participating or providing information to the GPVSC regarding
the particular proxy vote at issue and which incident has not yet been reported to the Conflicts of Interest Management Sub-Committee.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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 (i) whether anyone should be recused from the proxy voting process or (ii)
whether DWS 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 affected clients. These inquiries and discussions will be properly reflected in the GPVSC&rsquo;s minutes.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><I>Duty to Report.</I> Any DWS 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 DWS organization (but within Deutsche Bank and its affiliates) or any entity that identifies
itself as an DWS advisory client to influence how DWS votes its proxies has a duty to disclose the existence of the situation to the
GPVSC Chair (or his or her designee) and the details of the matter to the Conflicts of Interest Management Sub-Committee. In the case
of any person participating in the deliberations on a specific vote, such disclosure should be made before engaging in any activities
or participating in any discussion pertaining to that vote.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><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.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If, after excluding all relevant
GPVSC voting members pursuant to the paragraph above, there are three or more GPVSC voting members remaining, those remaining GPVSC members
will determine how to vote the proxy in accordance with these Policies and Guidelines. If there are fewer than three GPVSC voting members
remaining, the GPVSC Chair will vote the proxy in accordance with the standard Guidelines or will obtain instructions as to how to have
the proxy voted from, if time permits, the affected clients and otherwise from ISS.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Investment Companies and Affiliated
Public Companies</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><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 Guidelines,
unless the client directs DWS to vote differently on a specific proxy or specific categories of proxies. However, regarding investment
companies for which DWS or an affiliate serves as investment adviser or principal underwriter, such proxies are voted in the same proportion
as the vote of all other shareholders (i.e., &ldquo;mirror&rdquo; or &ldquo;echo&rdquo; voting). Master Fund proxies solicited from feeder
Funds are voted in accordance with applicable provisions of Section 12 of the Investment Company Act of 1940 (&ldquo;Investment Company
Act&rdquo;).</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Subject to participation agreements
with certain Exchange Traded Funds (&ldquo;ETF&rdquo;) issuers that have received exemptive orders from the US Securities and Exchange
Commission (&ldquo;SEC&rdquo;) allowing investing DWS Funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment
Company Act, DWS will echo vote proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting shares globally when
required to do so by participation agreements and SEC orders.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><I>Affiliated Public Companies.</I>
For proxies solicited by non-investment company issuers of or within the DWS or Deutsche Bank organization (e.g., shares of DWS or Deutsche
Bank), these proxies will be voted in the same proportion as the vote of other shareholders (i.e., &ldquo;mirror&rdquo; or &ldquo;echo&rdquo;
voting). In markets where mirror voting is not permitted, DWS will &ldquo;Abstain&rdquo; from voting such shares.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Note: With respect to the DWS Central
Cash Management Government Fund (registered under the Investment Company Act), 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 DWS Central Cash Management Government Fund,
to vote contrary to the positions in the Guidelines, consistent with the Fund&rsquo;s best interest.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Other Procedures that Limit
Conflicts of Interest</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS 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:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">1.</FONT></TD><TD><FONT STYLE="color: Black">Code of Conduct&ndash; DB Group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">2.</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of Interest Policy &ndash; DWS Group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">3.</FONT></TD><TD><FONT STYLE="color: Black">Code of Ethics &ndash; DWS US;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">4.</FONT></TD><TD><FONT STYLE="color: Black">Code of Ethics &ndash; DWS ex US</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: Black">5.</FONT></TD><TD><FONT STYLE="color: Black">Code of Professional Conduct &ndash; US.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC expects that these policies,
procedures, and internal controls will greatly reduce the chance that the GPVSC (or its members) would be involved in, aware of, or influenced
by an actual or apparent conflict of interest.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">All impacted business units are required
to adopt, implement, and maintain procedures to ensure compliance with this Section. At a minimum, such procedures must: (i) assign roles
and responsibilities for carrying out the procedures, including responsibility for periodically updating the procedures; (ii) identify
clear escalation paths for identified breaches of the procedures; and (iii) contain a legend or table mapping the procedures to this
Section (e.g., cross-referencing Section or page numbers).</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">RECORDKEEPING</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">At a minimum, the following records
must be properly maintained and readily accessible in order to evidence compliance with this Policy.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">DWS will maintain a record of each
                                            proxy vote cast by DWS that includes among other things, company name, meeting date, proposals
                                            presented, vote cast, and shares voted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Proxy Vendor Oversight maintains
                                            records for each of the proxy ballots it votes. Specifically, the records include, but are
                                            not limited to:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
proxy statement (and any additional solicitation materials) and relevant portions of annual statements;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Any
additional information considered in the voting process that may be obtained from an issuing company, its agents, or proxy research firms;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Analyst
worksheets created for stock option plan and share increase analyses; and</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Proxy
Edge print-screen of actual vote election.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">DWS 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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">With respect to DWS&rsquo;s investment
                                            company clients, ISS will create and maintain records of each company&rsquo;s proxy voting
                                            record for the 12-month periods ending June 30. DWS 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):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
name of the issuer of the portfolio security;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
Council on Uniform Securities Identification Procedures (&ldquo;CUSIP&rdquo;) number for the portfolio security (if the number is available
through reasonably practicable means);</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
shareholder meeting date;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">A brief
identification of the matter voted on;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Whether
the matter was proposed by the issuer or by a security holder;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Whether
the company cast its vote on the matter;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">How
the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of Directors); and</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Whether
the company cast its vote for or against Management.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">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 Records Management Policy &ndash; Deutsche Bank Group and applicable policies and procedures thereunder.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">With respect to electronically stored
records, &ldquo;properly maintained&rdquo; is defined as complete, authentic (unalterable), usable and backed-up. At a minimum, records
should be retained for a period of not less than six years (or longer, if necessary to comply with applicable regulatory requirements),
the first three years in an appropriate DWS office.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">OVERSIGHT RESPONSIBILITIES</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Vendor Oversight will review
a reasonable sampling of votes on a regular basis to ensure that ISS has cast the votes in a manner consistent with the Guidelines. Proxy
Vendor Oversight will provide the GPVSC with a quarterly report of its review and identify any issues encountered during the period.
Proxy Vendor Oversight will also perform a post season review once a year on certain proposals to assess whether ISS voted consistent
with the Guidelines.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In addition, the GPVSC will, in cooperation
with Proxy Vendor Oversight and DWS Compliance, consider, on at least an annual basis, whether ISS has the capacity and competence to
adequately analyze the matters for which it is responsible. This includes whether ISS has effective polices, and methodologies and a
review of ISS&rsquo;s policies and procedures with respect to conflicts.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC also monitors the proxy
voting process by reviewing summary proxy information presented by ISS to determine, among other things, whether any changes should be
made to the Guidelines. This review will take place at least quarterly and is documented in the GPVSC&rsquo;s minutes.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">ANNUAL REVIEW</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The GPVSC, in cooperation with Proxy
Vendor Oversight, will review and document, no less frequently than annually, the adequacy of the Guidelines, including whether the Guidelines
continue to be reasonably designed to ensure that DWS votes in the best interest of its clients.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">GLOSSARY</FONT></P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Term</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Definition</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Business
    Allocation Plan</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Documents
    the allocation of responsibilities amongst the members of the Management Board of DB AG</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Committee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Decision-making
    forum established pursuant to the &ldquo;Committee Governance Policy &ndash; Deutsche Bank Group&rdquo; for a specific purpose and
    an unlimited period of time</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>CUSIP</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Council
    on Uniform Securities Identification Procedures</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Employee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Any
    individual with an employment contract directly with a Legal Entity of DB Group</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>ETF</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Exchange
    Traded Funds</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>GPVSC</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Global
    Proxy Voting Sub-Committee</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Integrated
    Consequence Management Framework (iCMF)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Refers
    to the framework established and published by HR that helps managers and employees in DB AG understand how positive and poor performance
    are addressed, as well as how related controls work</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Investment
    Company Act</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Investment
    Company Act of 1940</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>ISS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Institutional
    Shareholder Services</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Management
    Board [of DB AG]</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Governing
    body of DB AG responsible for managing DB AG</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Risk
    Type Controller (RTC)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Global
    Head of a Risk Control Function; formally representing the respective Risk Control Function and accountable for designing, implementing
    and maintaining an effective risk type management / control and policy framework for all risk types within their mandate.</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>RTC
    Contact</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Individual(s)
    authorised by the Risk Type Controller to fulfil tasks in relation to the respective RTC mandate including authorisation of other
    Units to issue a Policy or Procedure regulating the respective risk type</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>SEC</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Securities
    and Exchange Commission</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black"><B>Unit</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; color: #0070C0"><FONT STYLE="color: Black">Refers
    to the organisational areas within DB Group, such as corporate divisions and infrastructure functions, as per the DB Business Allocation
    Plan.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIST
OF ANNEXES AND ATTACHMENTS</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Attachment A &ndash; DWS Proxy Voting
Guidelines &ndash; DWS Americas</FONT></P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Attachment A &ndash; DWS PROXY
VOTING GUIDELINES</FONT></P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS</FONT></P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Voting Guidelines</FONT></P>

<P STYLE="font: bold 9pt/11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Effective March 1, 2021</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Table of Contents</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 572px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Board
    of Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Independence</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Composition</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Responsiveness</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Accountability</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Voting
    on Director Nominees in Contested Elections</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Vote-No
    Campaigns</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Proxy
    Contests/Proxy Access</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Other
    Board Related Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Adopt
    Anti-Hedging/Pledging/Speculative Investments Policy</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Board
    Refreshment</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Term/Tenure
    Limits</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Age
    Limits</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Board
    Size</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Classification/Declassification
    of the Board</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">CEO
    Succession Planning</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Cumulative
    Voting</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Director
    and Officer Indemnification and Liability Protection</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Establish/Amend
    Nominee Qualifications</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Establish
    Other Board Committee Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Filling
    Vacancies/Removal of Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Independent
    Board Chair</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Majority
    of Independent Directors/Establishment of Independent Committees</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Majority
    Vote Standard for the Election of Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Proxy
    Access</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Require
    More Nominees than Open Seats</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Engagement Policy (Shareholder Advisory Committee)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Audit-Related</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Auditor
    Indemnification and Limitation of Liability</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Auditor
    Ratification</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Proposals Limiting Non-Audit Services</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Proposals on Audit Firm Rotation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Shareholder
    Rights &amp; Defenses</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Advance
    Notice Requirements for Shareholder Proposals/Nominations</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Amend
    Bylaws without Shareholder Consent</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Control
    Share Acquisition Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Control
    Share Cash&mdash;Out Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Disgorgement
    Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Fair
    Price Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Freeze-Out
    Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Greenmail</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Litigation Rights Federal Forum Selection Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Exclusive
    Forum Provisions for State Law Matters</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Fee
    shifting</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Net
    Operating Loss (NOL) Protective Amendments</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Poison
    Pills (Shareholder Rights Plans)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Proposals to Put Pill to a Vote and/or Adopt a Pill Policy</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Management
    Proposals to Ratify a Poison Pill</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Management
    Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Proxy
    Voting Disclosure, Confidentiality, and Tabulation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Ratification
    Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reimbursing
    Proxy Solicitation Expenses</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reincorporation
    Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Ability to Act by Written Consent</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Ability to Call Special Meetings</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Stakeholder
    Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">State
    Antitakeover Statutes</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Supermajority
    Vote Requirements</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Virtual
    Shareholder Meetings</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Capital
    / Restructuring</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Capital</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Adjustments
    to Par Value of Common Stock</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Common
    Stock Authorization</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Dual
    Class Structure</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Issue
    Stock for Use with Rights Plan</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Preemptive
    Rights</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Preferred
    Stock Authorization</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Recapitalization
    Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reverse
    Stock Splits</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Share
    Repurchase Programs</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Share
    Repurchase Programs Shareholder Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Stock
    Distributions: Splits and Dividends</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Tracking
    Stock</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Restructuring</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Appraisal
    Rights</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Asset
    Purchases</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Asset
    Sales</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Bundled
    Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Conversion
    of Securities</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Corporate
    Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Formation
    of Holding Company</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Going
    Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Joint
    Ventures</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Liquidations</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Mergers
    and Acquisitions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Private
    Placements/Warrants/Convertible Debentures</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reorganization/Restructuring
    Plan (Bankruptcy)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Special
    Purpose Acquisition Corporations (SPACs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Special
    Purpose Acquisition Corporations (SPACs) - Proposals for Extensions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Spin-offs</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Value
    Maximization Shareholder Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Compensation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Executive
    Pay Evaluation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Advisory
    Votes on Executive Compensation&mdash;Management Proposals (Say-on-Pay)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Frequency
    of Advisory Vote on Executive Compensation (&quot;Say When on Pay&quot;)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Voting
    on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Equity-Based
    and Other Incentive Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Further
    Information on certain EPSC Factors:</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Egregious
    Factors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Liberal
    Change in Control Definition</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Repricing
    Provisions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Problematic
    Pay Practices or Significant Pay-for-Performance Disconnect</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Amending
    Cash and Equity Plans (including Approval for Tax Deductibility (162(m))</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Specific
    Treatment of Certain Award Types in Equity Plan Evaluations</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Dividend
    Equivalent Rights</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Operating
    Partnership (OP) Units in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Other
    Compensation Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">401(k)
    Employee Benefit Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Employee
    Stock Ownership Plans (ESOPs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Employee
    Stock Purchase Plans&mdash;Qualified Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Employee
    Stock Purchase Plans&mdash;Non-Qualified Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Option
    Exchange Programs/Repricing Options</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Stock
    Plans in Lieu of Cash</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Transfer
    Stock Option (TSO) Programs</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Director
    Compensation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Ratification of Director Pay Programs</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Equity
    Plans for Non-Employee Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Non-Employee
    Director Retirement Plans</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Proposals on Compensation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Bonus
    Banking/Bonus Banking &ldquo;Plus&rdquo;</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Compensation
    Consultants&mdash;Disclosure of Board or Company&rsquo;s Utilization</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Disclosure/Setting
    Levels or Types of Compensation for Executives and Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Golden
    Coffins/Executive Death Benefits</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Hold
    Equity Past Retirement or for a Significant Period of Time</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Pay
    Disparity</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Pay
    for Performance/Performance-Based Awards</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Pay
    for Superior Performance</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Pre-Arranged
    Trading Plans (10b5-1 Plans)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Prohibit
    Outside CEOs from Serving on Compensation Committees</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Recoupment
    of Incentive or Stock Compensation in Specified Circumstances</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Severance
    Agreements for Executives/Golden Parachutes</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Share
    Buyback Impact on Incentive Program Metrics</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Supplemental
    Executive Retirement Plans (SERPs)</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Tax
    Gross-Up Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Termination
    of Employment Prior to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Routine
    / Miscellaneous</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Adjourn
    Meeting</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Amend
    Quorum Requirements</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Amend
    Minor Bylaws</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Change
    Company Name</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Change
    Date, Time, or Location of Annual Meeting</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Other
    Business</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Social
    and Environmental Issues</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Global
    Approach</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Endorsement
    of Principles</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Animal
    Welfare</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Animal
    Welfare Policies</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Animal
    Testing</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Animal
    Slaughter</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Consumer
    Issues</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Genetically
    Modified Ingredients</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reports
    on Potentially Controversial Business/Financial Practices</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Pharmaceutical
    Pricing, Access to Medicines, and Prescription Drug Reimportation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Product
    Safety and Toxic/Hazardous Materials</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Tobacco-Related
    Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Climate
    Change</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Climate
    Change/Greenhouse Gas (GHG) Emissions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Energy
    Efficiency</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Renewable
    Energy</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Diversity</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Board
    Diversity</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Equality
    of Opportunity</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Gender
    Identity, Sexual Orientation, and Domestic Partner Benefits</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Gender,
    Race / Ethnicity Pay Gap</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Environment
    and Sustainability</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Facility
    and Workplace Safety</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">General
    Environmental Proposals and Community Impact Assessments</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Hydraulic
    Fracturing</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Operations
    in Protected Areas</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Recycling</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Sustainability
    Reporting</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Water
    Issues</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">General
    Corporate Issues</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Charitable
    Contributions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Data
    Security, Privacy, and Internet Issues</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Environmental,
    Social, and Governance (ESG) Compensation-Related Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Human
    Rights, Human Capital Management, and International Operations</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Human
    Rights Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Mandatory
    Arbitration</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Operations
    in High Risk Markets</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Outsourcing/Offshoring</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Sexual
    Harassment</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Weapons
    and Military Sales</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Political
    Activities</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Lobbying</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Political
    Contributions</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Political
    Ties</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Registered
    Investment Company Proxies</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Election
    of Directors</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Closed
    End Fund - Unilateral Opt-In to Control Share Acquisition Statutes</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Converting
    Closed-end Fund to Open-end Fund</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Proxy
    Contests</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Investment
    Advisory Agreements</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Approving
    New Classes or Series of Shares</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Preferred
    Stock Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">1940
    Act Policies</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Changing
    a Fundamental Restriction to a Nonfundamental Restriction</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Change
    Fundamental Investment Objective to Nonfundamental</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Name
    Change Proposals</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Change
    in Fund's Subclassification</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Business
    Development Companies&mdash;Authorization to Sell Shares of Common Stock at a Price below Net Asset Value</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Disposition
    of Assets/Termination/Liquidation</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Changes
    to the Charter Document</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Changing
    the Domicile of a Fund</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Authorizing
    the Board to Hire and Terminate Subadvisers Without Shareholder Approval</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Distribution
    Agreements</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Master-Feeder
    Structure</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Mergers</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Shareholder
    Proposals for Mutual Funds</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Establish
    Director Ownership Requirement</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Reimburse
    Shareholder for Expenses Incurred</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">Terminate
    the Investment Advisor</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: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #0070C0"><FONT STYLE="color: Black"><B>Appendix
    I</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>NOTE:</B> Because of the unique
oversight structure and regulatory scheme applicable to closed-end and open-end investment companies, except as otherwise noted, these
voting guidelines are not applicable to holdings of shares of closed-end and open-end investment companies (except Real Estate Investment
Trusts).</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In voting proxies that are noted
case-by-case, DWS will give significant weight to ISS recommendation.</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">BOARD OF DIRECTORS</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for director nominees, except under the following circumstances (with new nominees<SUP>5</SUP> considered on case-by-case basis):</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Independence</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: DWS&rsquo;s
policy is to generally vote against<SUP>6</SUP> or withhold from non-independent directors when (See Appendix 1 for Classification of
Directors):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Independent directors comprise 50
                                            percent or less of the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The non-independent director serves
                                            on the audit, compensation, or nominating committee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company lacks an audit, compensation,
                                            or nominating committee so that the full board functions as that committee; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company lacks a formal nominating
                                            committee, even if the board attests that the independent directors fulfill the functions
                                            of such a committee.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Composition</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Attendance at Board and Committee
Meetings: DWS&rsquo;s policy is to generally vote against or withhold from directors (except nominees who served only part of the fiscal
year<SUP>7</SUP>) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they
served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences
are generally limited to the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Medical issues/illness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Family emergencies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Missing only one meeting (when the
                                            total of all meetings is three or fewer).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In cases of chronic poor attendance
without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold
from appropriate members of the nominating/governance committees or the full board.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If the proxy disclosure is unclear
and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings
during his/her period of service, vote against or withhold from the director(s) in question.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Overboarded Directors: </B>DWS&rsquo;s
policy is to generally vote against or withhold from individual directors who:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Sit on more than five public company
                                            boards; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Are CEOs of public companies who
                                            sit on the boards of more than two public companies besides their own&mdash;withhold only
                                            at their outside boards<SUP>8</SUP></FONT></TD></TR></TABLE>



<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>5 </SUP>A &quot;new nominee&quot;
is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served
for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue
in question.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>6</SUP> In general, companies
with a plurality vote standard use &ldquo;Withhold&rdquo; as the contrary vote option in director elections; companies with a majority
vote standard use &ldquo;Against&rdquo;. However, it will vary by company and the proxy must be checked to determine the valid contrary
vote option for the particular company.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>7</SUP> Nominees who served for
only part of the fiscal year are generally exempted from the attendance policy.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>8</SUP> Although all of a CEO&rsquo;s
subsidiary boards with publicly-traded common stock will be counted as separate boards, DWS will not recommend a withhold vote for the
CEO of a parent company board or any of the controlled (&gt;50 percent ownership) subsidiaries of that parent but may do so at subsidiaries
that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Gender Diversity:</B> For companies
in the Russell 3000 or S&amp;P 1500 indices, DWS&rsquo;s policy is to generally vote against or withhold from the chair of the nominating
committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will
be made if there was a woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse
status within a year.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Racial and/or Ethnic Diversity:
</B>For companies in the Russell 3000 or S&amp;P 1500 indices, highlight boards with no apparent racial and/or ethnic diversity<SUP>9</SUP>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">For companies in the Russell 3000
                                            or S&amp;P 1500 indices, effective for meetings on or after Feb. 1, 2022, generally vote
                                            against or withhold from the chair of the nominating committee (or other directors on a case-by-case
                                            basis) where the board has no apparent racially or ethnically diverse members. An exception
                                            will be made if (i) there was racial and/or ethnic diversity on the board at the preceding
                                            annual meeting and the board makes a firm commitment to appoint at least one racial and/or
                                            ethnic diverse member within a year; or (ii) there are no new nominees proposed for election
                                            to the board.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Responsiveness</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board failed to act on a shareholder
                                            proposal that received the support of a majority of the shares cast in the previous year
                                            or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision
                                            that received opposition of a majority of the shares cast in the previous year. Factors that
                                            will be considered are:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosed outreach efforts by the
                                            board to shareholders in the wake of the vote;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Rationale provided in the proxy statement
                                            for the level of implementation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The subject matter of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of support for and opposition
                                            to the resolution in past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Actions taken by the board in response
                                            to the majority vote and its engagement with shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The continuation of the underlying
                                            issue as a voting item on the ballot (as either shareholder or management proposals); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other factors as appropriate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board failed to act on takeover
                                            offers where the majority of shares are tendered;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">At the previous board election, any
                                            director received more than 50 percent withhold/against votes of the shares cast and the
                                            company has failed to address the issue(s) that caused the high withhold/against vote.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s previous say-on-pay
                                            received the support of less than 70 percent of votes cast. Factors that will be considered
                                            are:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The company's response, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of engagement efforts
                                            with major institutional investors, including the frequency and timing of engagements and
                                            the company participants (including whether independent directors participated);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of the specific concerns
                                            voiced by dissenting shareholders that led to the say-on-pay opposition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of specific and meaningful
                                            actions taken to address shareholders' concerns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other recent compensation actions
                                            taken by the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the issues raised are recurring
                                            or isolated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's ownership structure;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the support level was less
                                            than 50 percent, which would warrant the highest degree of responsiveness.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board implements an advisory
                                            vote on executive compensation on a less frequent basis than the frequency that received
                                            the plurality of votes cast.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Accountability</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Problematic Takeover Defenses/Governance
Structure</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Poison Pills:</B> DWS&rsquo;s
policy is to generally vote against or withhold from all nominees (except new nominees<SUP>5</SUP>, who should be considered case-by-case)
if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has a poison pill that
                                            was not approved by shareholders<SUP>10</SUP>. However, vote case-by-case on nominees if
                                            the board adopts an initial pill with a term of one year or less, depending on the disclosed
                                            rationale for the adoption, and other factors as relevant (such as a commitment to put any
                                            renewal to a shareholder vote);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board makes a material adverse
                                            modification to an existing pill, including, but not limited to, extension, renewal, or lowering
                                            the trigger, without shareholder approval; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The pill, whether short-term<SUP>11
                                            </SUP>or long-term, has a deadhand or slowhand feature.</FONT></TD></TR></TABLE>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>9 </SUP>Aggregate diversity statistics
provided by the board will only be considered if specific to racial and/or ethnic diversity.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>10</SUP> Public shareholders
only, approval prior to a company&rsquo;s becoming public is insufficient.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>11</SUP> If the short-term pill
with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, DWS will generally still vote withhold or
against nominees at the next shareholder meeting following its adoption.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Classified Board Structure: </B>The
board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would
warrant a withhold / against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Removal of Shareholder Discretion
on Classified Boards: </B>The company has opted into, or failed to opt out of, state laws requiring a classified board structure.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Director Performance Evaluation:
</B>The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained
poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company&rsquo;s four-digit
GICS industry group (Russell 3000 companies only). Take into consideration the company&rsquo;s operational metrics and other factors
as warranted.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Problematic provisions include but
are not limited to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A classified board structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A supermajority vote requirement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Either a plurality vote standard
                                            in uncontested director elections, or a majority vote standard in contested elections;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The inability of shareholders to
                                            call special meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The inability of shareholders to
                                            act by written consent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A multi-class capital structure;
                                            and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A non-shareholder-approved poison
                                            pill.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Unilateral Bylaw/Charter Amendments
and Problematic Capital Structures:</B> DWS&rsquo;s policy is to generally vote against or withhold from directors individually, committee
members, or the entire board (except new nominees<SUP>5</SUP>, who should be considered case-by-case) if the board amends the company's
bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact
shareholders, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board's rationale for adopting
                                            the bylaw/charter amendment without shareholder ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure by the company of any
                                            significant engagement with shareholders regarding the amendment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of impairment of shareholders'
                                            rights caused by the board's unilateral amendment to the bylaws/charter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board's track record with regard
                                            to unilateral board action on bylaw/charter amendments or other entrenchment provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's ownership structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's existing governance
                                            provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The timing of the board's amendment
                                            to the bylaws/charter in connection with a significant business development; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other factors, as deemed appropriate,
                                            that may be relevant to determine the impact of the amendment on shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Unless the adverse amendment is reversed
or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. DWS&rsquo;s policy is to generally
vote against (except new nominees, who should be considered case-by-case) if the directors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Classified the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adopted supermajority vote requirements
                                            to amend the bylaws or charter; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Eliminated shareholders' ability
                                            to amend bylaws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Problematic Capital Structure
- Newly Public Companies:</B> For newly public companies<SUP>6</SUP>, DWS&rsquo;s policy is to generally vote against or withhold from
the entire board (except new nominees<SUP>5</SUP>, who should be considered case-by-case) if, prior to or in connection with the company's
public offering, the company or its board implemented a multi-class capital structure in which the classes have unequal voting rights
without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness of a time-based
sunset provision, consideration will be given to the company&rsquo;s lifespan, its post-IPO ownership structure and the board&rsquo;s
disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date of the IPO will be considered
to be reasonable.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Continue to vote against or withhold
from incumbent directors in subsequent years, unless the problematic capital structure is reversed or removed.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Problematic Governance Structure
- Newly Public Companies: </B>For newly public companies<SUP>12</SUP>, DWS&rsquo;s policy is to generally vote against or withhold from
directors individually, committee members, or the entire board (except new nominees<SUP>5</SUP>, who should be considered case-by-case)
if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions
that are considered to be materially adverse to shareholder rights:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Supermajority vote requirements to
                                            amend the bylaws or charter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A classified board structure; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other egregious provisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">A reasonable sunset provision will
be considered a mitigating factor.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Unless the adverse provision is reversed
or removed, vote case-by-case on director nominees in subsequent years.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>12 </SUP>Newly-public companies
generally include companies that emerge from bankruptcy, spin-offs, direct listings, and those who complete a traditional initial public
offering.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Management Proposals to Ratify
Existing Charter or Bylaw Provisions: </B>DWS&rsquo;s policy is to generally vote against/withhold from individual directors, members
of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering
the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of a shareholder proposal
                                            addressing the same issue on the same ballot;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board's rationale for seeking
                                            ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of actions to be taken
                                            by the board should the ratification proposal fail;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of shareholder engagement
                                            regarding the board&rsquo;s ratification request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of impairment to shareholders'
                                            rights caused by the existing provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The history of management and shareholder
                                            proposals on the provision at the company&rsquo;s past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the current provision was
                                            adopted in response to the shareholder proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's ownership structure;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Previous use of ratification proposals
                                            to exclude shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Restrictions on Shareholders&rsquo;
Rights</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Restricting Binding Shareholder
Proposals: </B>DWS&rsquo;s policy is to generally vote against or withhold from the members of the governance committee if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s governing documents
                                            impose undue restrictions on shareholders&rsquo; ability to amend the bylaws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Such restrictions include but are
not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter
restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Submission of management proposals
to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed
as an insufficient restoration of shareholders' rights. DWS&rsquo;s policy is to generally continue to vote against or withhold on an
ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered
right is submitted for shareholder approval.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Problematic Audit-Related Practices</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against or withhold from the members of the Audit Committee if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The non-audit fees paid to the auditor
                                            are excessive;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company receives an adverse opinion
                                            on the company&rsquo;s financial statements from its auditor; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is persuasive evidence that
                                            the Audit Committee entered into an inappropriate indemnification agreement with its auditor
                                            that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse
                                            against the audit firm.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on members of the Audit Committee and potentially the full board if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Poor accounting practices are identified
                                            that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material
                                            weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological
                                            sequence, and duration, as well as the company&rsquo;s efforts at remediation or corrective
                                            actions, in determining whether withhold/against votes are warranted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Problematic Compensation Practices</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In the absence of an Advisory Vote
on Executive Compensation (Say on Pay) ballot item or in egregious situations, DWS&rsquo;s policy is to generally vote against or withhold
from the members of the Compensation Committee and potentially the full board if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is an unmitigated misalignment
                                            between CEO pay and company performance (pay for performance);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company maintains significant
                                            problematic pay practices; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board exhibits a significant
                                            level of poor communication and responsiveness to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company fails to include a Say
                                            on Pay ballot item when required under SEC provisions, or under the company&rsquo;s declared
                                            frequency of say on pay; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company fails to include a Frequency
                                            of Say on Pay ballot item when required under SEC provisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern
(i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other
mitigating factors.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Problematic Pledging of Company
Stock:</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged
company stock by executives or directors raises concerns.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The following factors will be considered:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of an anti-pledging
                                            policy, disclosed in the proxy statement, that prohibits future pledging activity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The magnitude of aggregate pledged
                                            shares in terms of total common shares outstanding, market value, and trading volume;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of progress or lack thereof
                                            in reducing the magnitude of aggregate pledged shares over time;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure in the proxy statement
                                            that shares subject to stock ownership and holding requirements do not include pledged company
                                            stock; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other relevant factors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B><I>Governance Failures</I></B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Under extraordinary circumstances,
DWS&rsquo;s policy is to generally vote case-by-case on directors individually, committee members, or the entire board, due to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Material failures of governance,
                                            stewardship, risk oversight<SUP>13</SUP>, or fiduciary responsibilities at the company, including
                                            failures to adequately manage or mitigate environmental, social and governance (ESG) risks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Failure to replace management as
                                            appropriate; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Egregious actions related to a director&rsquo;s
                                            service on other boards that raise substantial doubt about his or her ability to effectively
                                            oversee management and serve the best interests of shareholders at any company.</FONT></TD></TR></TABLE>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>13 </SUP>Examples of failure
of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor
oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging
of company stock.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Voting on Director Nominees
in Contested Elections</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Vote-No Campaigns</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> In
cases where companies are targeted in connection with public &ldquo;vote-no&rdquo; campaigns, evaluate director nominees under the existing
governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders
and other publicly available information.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Proxy Contests/Proxy Access </B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on the election of directors in contested elections, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Long-term financial performance of
                                            the company relative to its industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Management&rsquo;s track record;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Background to the contested election;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Nominee qualifications and any compensatory
                                            arrangements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Strategic plan of dissident slate
                                            and quality of the critique against management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Likelihood that the proposed goals
                                            and objectives can be achieved (both slates); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Stock ownership positions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In the case of candidates nominated
pursuant to proxy access, DWS&rsquo;s policy is to generally vote case-by-case considering any applicable factors listed above or additional
factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election
(such as whether there are more candidates than board seats).</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Other Board-Related Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Adopt Anti-Hedging/Pledging/Speculative
Investments Policy</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative
transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan.
However, the company&rsquo;s existing policies regarding responsible use of company stock will be considered.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Board Refreshment</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS believes Board refreshment is
best implemented through an ongoing program of individual director evaluations, conducted annually, to ensure the evolving needs of the
board are met and to bring in fresh perspectives, skills, and diversity as needed.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Term/Tenure Limits</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on management proposals regarding director term/tenure limits, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The rationale provided for adoption
                                            of the term/tenure limit;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The robustness of the company&rsquo;s
                                            board evaluation process;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the limit is of sufficient
                                            length to allow for a broad range of director tenures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the limit would disadvantage
                                            independent directors compared to non-independent directors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the board will impose the
                                            limit evenly, and not have the ability to waive it in a discriminatory manner.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on shareholder
proposals asking for the company to adopt director term/tenure limits, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope of the shareholder proposal;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Evidence of problematic issues at
                                            the company combined with, or exacerbated by, a lack of board refreshment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Age Limits</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against management and shareholder proposals to limit the tenure of independent directors through mandatory
retirement ages. DWS&rsquo;s policy is to generally vote for proposals to remove mandatory age limits.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Board Size</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals seeking to fix the board size or designate a range for the board size. DWS&rsquo;s policy is
to generally vote against proposals that give management the ability to alter the size of the board outside of a specified range without
shareholder approval.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Classification/Declassification
of the Board</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to vote against proposals to classify (stagger) the board. Vote for proposals to repeal classified boards and to elect all
directors annually.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>CEO Succession Planning</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following
factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The reasonableness/scope of the request;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s existing disclosure
                                            on its current CEO succession planning process.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Cumulative Voting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide
for cumulative voting, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has proxy access<SUP>14</SUP>,
                                            thereby allowing shareholders to nominate directors to the company&rsquo;s ballot; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has adopted a majority
                                            vote standard, with a carve-out for plurality voting in situations where there are more nominees
                                            than seats, and a director resignation policy to address failed elections.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for proposals for cumulative voting at controlled companies (insider voting power &gt; 50%).</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>14 </SUP>A proxy access right
that meets the recommended guidelines.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Director and Officer Indemnification
and Liability Protection</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals on director and officer indemnification and liability protection.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against proposals that would:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Eliminate entirely directors' and
                                            officers' liability for monetary damages for violating the duty of care.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Expand coverage beyond just legal
                                            expenses to liability for acts that are more serious violations of fiduciary obligation than
                                            mere carelessness.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Expand the scope of indemnification
                                            to provide for mandatory indemnification of company officials in connection with acts that
                                            previously the company was permitted to provide indemnification for, at the discretion of
                                            the company's board (i.e., &quot;permissive indemnification&quot;), but that previously the
                                            company was not required to indemnify.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for only those proposals providing
such expanded coverage in cases when a director&rsquo;s or officer&rsquo;s legal defense was unsuccessful if both of the following apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the director was found to have
                                            acted in good faith and in a manner that s/he reasonably believed was in the best interests
                                            of the company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If only the director&rsquo;s legal
                                            expenses would be covered.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Establish/Amend Nominee Qualifications</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness
of the criteria and the degree to which they may preclude dissident nominees from joining the board.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on shareholder
resolutions seeking a director nominee who possesses a particular subject matter expertise, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s board committee
                                            structure, existing subject matter expertise, and board nomination provisions relative to
                                            that of its peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s existing board
                                            and management oversight mechanisms regarding the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s disclosure and
                                            performance relating to the issue for which board oversight is sought and any significant
                                            related controversies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and structure of the proposal.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Establish Other Board Committee
Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight
mechanism/structure that potentially limits a company&rsquo;s flexibility to determine an appropriate oversight mechanism for itself.
However, the following factors will be considered:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Existing oversight mechanisms (including
                                            current committee structure) regarding the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Level of disclosure regarding the
                                            issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company performance related to the
                                            issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Board committee structure compared
                                            to that of other companies in its industry sector; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and structure of the proposal.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Filling Vacancies/Removal of
Directors</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals that provide that directors may be removed only for cause.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for proposals to restore shareholders&rsquo;
ability to remove directors with or without cause.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against proposals that provide
that only continuing directors may elect replacements to fill board vacancies. Vote for proposals that permit shareholders to elect directors
to fill board vacancies.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Independent Board Chair</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking
into consideration the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and rationale of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current board leadership
                                            structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's governance structure
                                            and practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company performance; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other relevant factors that may
                                            be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The following factors will increase
the likelihood of a &ldquo;for&rdquo; recommendation:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A majority non-independent board
                                            and/or the presence of non-independent directors on key board committees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A weak or poorly-defined lead independent
                                            director role that fails to serve as an appropriate counterbalance to a combined CEO/chair
                                            role;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of an executive or non-independent
                                            chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or
                                            departure from a structure with an independent chair;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Evidence that the board has failed
                                            to oversee and address material risks facing the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A material governance failure, particularly
                                            if the board has failed to adequately respond to shareholder concerns or if the board has
                                            materially diminished shareholder rights; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Evidence that the board has failed
                                            to intervene when management&rsquo;s interests are contrary to shareholders' interests.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Majority of Independent Directors/Establishment
of Independent Committees</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals asking that a majority or more of directors be independent unless the board composition
already meets the proposed threshold by ISS&rsquo; definition of Independent Director.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for shareholder proposals asking
that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently meet
that standard.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Majority Vote Standard for the
Election of Directors</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections.
Vote against if no carve-out for a plurality vote standard in contested elections is included.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for precatory and binding shareholder resolutions requesting that the board change the company&rsquo;s bylaws to stipulate that
directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company
is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board
seats.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Companies are strongly encouraged
to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will
promptly address the situation of a holdover director.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Access</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for management and shareholder proposals for proxy access with the following provisions:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Ownership threshold:</B> maximum
                                            requirement not more than three percent (3%) of the voting power;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Ownership duration:</B> maximum
                                            requirement not longer than three (3) years of continuous ownership for each member of the
                                            nominating group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Aggregation:</B> minimal or no
                                            limits on the number of shareholders permitted to form a nominating group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Cap:</B> cap on nominees of generally
                                            twenty-five percent (25%) of the board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Review for reasonableness any other
restrictions on the right of proxy access. Generally vote against proposals that are more restrictive than these guidelines.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Require More Nominees than Open
Seats</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against shareholder proposals that would require a company to nominate more candidates than the number of
open board seats.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Engagement Policy
(Shareholder Advisory Committee)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include
a committee, in order to improve communications between directors and shareholders, unless the company has the following features, as
appropriate:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Established a communication structure
                                            that goes beyond the exchange requirements to facilitate the exchange of information between
                                            shareholders and members of the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Effectively disclosed information
                                            with respect to this structure to its shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company has not ignored majority-supported
                                            shareholder proposals or a majority withhold vote on a director nominee; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has an independent chair
                                            or a lead director, according to ISS&rsquo; definition. This individual must be made available
                                            for periodic consultation and direct communication with major shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">AUDIT-RELATED</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Auditor Indemnification and
Limitation of Liability</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed
include, but are not limited to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The terms of the auditor agreement&mdash;the
                                            degree to which these agreements impact shareholders' rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The motivation and rationale for
                                            establishing the agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The quality of the company&rsquo;s
                                            disclosure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s historical practices
                                            in the audit area.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against or withhold from members
of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification
agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the
audit firm.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Auditor Ratification</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to ratify auditors unless any of the following apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">An auditor has a financial interest
                                            in or association with the company, and is therefore not independent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is reason to believe that the
                                            independent auditor has rendered an opinion that is neither accurate nor indicative of the
                                            company&rsquo;s financial position;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Poor accounting practices are identified
                                            that rise to a serious level of concern, such as fraud or misapplication of GAAP; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fees for non-audit services (&ldquo;Other&rdquo;
                                            fees) are excessive.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Non-audit fees are excessive if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Non-audit (&ldquo;other&rdquo;) fees
                                            &gt; audit fees + audit-related fees + tax compliance/preparation fees</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Tax compliance and preparation include
the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in the tax category,
such as tax advice, planning, or consulting, should be added to &ldquo;Other&rdquo; fees. If the breakout of tax fees cannot be determined,
add all tax fees to &ldquo;Other&rdquo; fees.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In circumstances where &quot;Other&quot;
fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence, and
spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard &quot;non-audit
fee&quot; category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related
fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Proposals Limiting
Non-Audit Services</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging
in non-audit services.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Proposals on Audit
Firm Rotation</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals asking for audit firm rotation, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The tenure of the audit firm;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The length of rotation specified
                                            in the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any significant audit-related issues
                                            at the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The number of Audit Committee meetings
                                            held each year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The number of financial experts serving
                                            on the committee; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has a periodic
                                            renewal process where the auditor is evaluated for both audit quality and competitive price.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">SHAREHOLDER RIGHTS &amp; DEFENSES</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Advance Notice Requirements
for Shareholder Proposals/Nominations</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit
proposals/nominations as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need
to allow sufficient notice for company, regulatory, and shareholder review.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">To be reasonable, the company&rsquo;s
deadline for shareholder notice of a proposal/nominations must be no earlier than 120 days prior to the anniversary of the previous year&rsquo;s
meeting, and have a submittal window of no shorter than 30 days from the beginning of the notice period. The submittal window is the
period under which shareholders must file their proposals/nominations prior to the deadline.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In general, support additional efforts
by companies to ensure full disclosure in regard to a proponent&rsquo;s economic and voting position in the company so long as the informational
requirements are reasonable and aimed at providing shareholders with the necessary information to review such proposals.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Amend Bylaws without Shareholder
Consent</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals giving the board exclusive authority to amend the bylaws.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals giving
the board the ability to amend the bylaws in addition to shareholders, taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any impediments to shareholders'
                                            ability to amend the bylaws (i.e. supermajority voting requirements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's ownership structure
                                            and historical voting turnout;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the board could amend bylaws
                                            adopted by shareholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether shareholders would retain
                                            the ability to ratify any board-initiated amendments.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Control Share Acquisition Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion
of a takeover that would be detrimental to shareholders.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against proposals to amend the
charter to include control share acquisition provisions. Vote for proposals to restore voting rights to the control shares.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Control share acquisition statutes
function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights for those
shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested shares. Thus,
control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or risk voting disenfranchisement
if the bidder continues buying up a large block of shares.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Control Share Cash&mdash;Out
Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to opt out of control share cash-out statutes.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Control share cash-out statutes give
dissident shareholders the right to &quot;cash-out&quot; of their position in a company at the expense of the shareholder who has taken
a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the right to
sell their shares to the acquirer, who must buy them at the highest acquiring price.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Disgorgement Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to opt out of state disgorgement provisions.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Disgorgement provisions require an
acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company any profits
realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company stock by the
acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining control status are
subject to these recapture-of-profits provisions.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Fair Price Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must
pay the same price to acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve
the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Freeze-Out Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses
a certain ownership threshold in a company to wait a specified period of time before gaining control of the company.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Greenmail</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&rsquo;s
ability to make greenmail payments.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on anti-greenmail
proposals when they are bundled with other charter or bylaw amendments.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Greenmail payments are targeted share
repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party receives
payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all other shareholders.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Litigation Rights
Federal Forum Selection Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Federal forum selection provisions
require that U.S federal courts be the sole forum for shareholders to litigate claims arising under federal securities law.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for federal forum selection provisions in the charter or bylaws that specify &quot;the district courts of
the United States&quot; as the exclusive forum for federal securities law matters, in the absence of serious concerns about corporate
governance or board responsiveness to shareholders.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against provisions that restrict
the forum to a particular federal district court; unilateral adoption (without a shareholder vote) of such a provision will generally
be considered a one-time failure under the Unilateral Bylaw/Charter Amendments policy.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Exclusive Forum Provisions for
State Law Matters</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Exclusive forum provisions in the
charter or bylaws restrict shareholders&rsquo; ability to bring derivative lawsuits against the company, for claims arising out of state
corporate law, to the courts of a particular state (generally the state of incorporation).</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for charter or bylaw provisions that specify courts located within the state of Delaware as the exclusive
forum for corporate law matters for Delaware corporations, in the absence of serious concerns about corporate governance or board responsiveness
to shareholders.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">For states other than Delaware, vote
case-by-case on exclusive forum provisions, taking into consideration:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's stated rationale for
                                            adopting such a provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of past harm from duplicative
                                            shareholder lawsuits in more than one forum;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The breadth of application of the
                                            charter or bylaw provision, including the types of lawsuits to which it would apply and the
                                            definition of key terms; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Governance features such as shareholders'
                                            ability to repeal the provision at a later date (including the vote standard applied when
                                            shareholders attempt to amend the charter or bylaws) and their ability to hold directors
                                            accountable through annual director elections and a majority vote standard in uncontested
                                            elections.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote against provisions
that specify a state other than the state of incorporation as the exclusive forum for corporate law matters, or that specify a particular
local court within the state; unilateral adoption of such provision will generally be considered a one-time failure under the Unilateral
Bylaw/Charter Amendments policy.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Fee shifting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Fee-shifting provisions in the charter
or bylaws require that a shareholder who sues a company unsuccessfully pay all litigation expenses of the defendant corporation and its
directors and officers.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote against provisions that mandate fee-shifting whenever plaintiffs are not completely successful on the merits
(i.e. including cases where the plaintiffs are partially successful).</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Unilateral adoption of a fee-shifting
provision will generally be considered an ongoing failure under the Unilateral Bylaw/Charter Amendments policy.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Net Operating Loss (NOL) Protective
Amendments</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating
losses (NOL) if the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case, considering the
following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of three
years (or less) and the exhaustion of the NOL:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The ownership threshold (NOL protective
                                            amendments generally prohibit stock ownership transfers that would result in a new 5-percent
                                            holder or increase the stock ownership percentage of an existing 5-percent holder);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The value of the NOLs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholder protection mechanisms
                                            (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion
                                            or expiration of the NOL);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's existing governance
                                            structure including: board independence, existing takeover defenses, track record of responsiveness
                                            to shareholders, and any other problematic governance concerns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other factors that may be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Poison Pills (Shareholder Rights
Plans)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>Shareholder Proposals to Put Pill
to a Vote and/or Adopt a Pill Policy</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem
it unless the company has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption
of a pill in the future specifying that the board will only adopt a shareholder rights plan if either:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholders have approved the adoption
                                            of the plan; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board, in its exercise of its
                                            fiduciary responsibilities, determines that it is in the best interest of shareholders under
                                            the circumstances to adopt a pill without the delay in adoption that would result from seeking
                                            stockholder approval (i.e., the &ldquo;fiduciary out&rdquo; provision). A poison pill adopted
                                            under this fiduciary out will be put to a shareholder ratification vote within 12 months
                                            of adoption or expire. If the pill is not approved by a majority of the votes cast on this
                                            issue, the plan will immediately terminate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If the shareholder proposal calls
for a time period of less than 12 months for shareholder ratification after adoption, DWS&rsquo;s policy is to generally vote for the
proposal, but add the caveat that a vote within 12 months would be considered sufficient implementation.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Management Proposals to Ratify
a Poison Pill</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder
rights plan. Rights plans should contain the following attributes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">No lower than a 20 percent trigger,
                                            flip-in or flip-over;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A term of no more than three years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">No deadhand, slowhand, no-hand, or
                                            similar feature that limits the ability of a future board to redeem the pill;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholder redemption feature (qualifying
                                            offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is
                                            announced, 10 percent of the shares may call a special meeting or seek a written consent
                                            to vote on rescinding the pill.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In addition, the rationale for adopting
the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company&rsquo;s
existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Management Proposals to Ratify
a Pill to Preserve Net Operating Losses (NOLs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses
(NOL) if the term of the pill would exceed the shorter of three years and the exhaustion of the NOL.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote case-by-case
on management proposals for poison pill ratification, considering the following factors, if the term of the pill would be the shorter
of three years (or less) and the exhaustion of the NOL:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The ownership threshold to transfer
                                            (NOL pills generally have a trigger slightly below 5 percent);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The value of the NOLs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholder protection mechanisms
                                            (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration
                                            of NOLs);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's existing governance
                                            structure including: board independence, existing takeover defenses, track record of responsiveness
                                            to shareholders, and any other problematic governance concerns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other factors that may be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Voting Disclosure, Confidentiality,
and Tabulation</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation
of the proposal is likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited
to, confidential voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions
and/or broker non-votes in the company's vote-counting methodology.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">While a variety of factors may be
considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The factors
considered, as applicable to the proposal, may include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and structure of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's stated confidential
                                            voting policy (or other relevant policies) and whether it ensures a &quot;level playing field&quot;
                                            by providing shareholder proponents with equal access to vote information prior to the annual
                                            meeting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's vote standard for management
                                            and shareholder proposals and whether it ensures consistency and fairness in the proxy voting
                                            process and maintains the integrity of vote results;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company's disclosure
                                            regarding its vote counting method and other relevant voting policies with respect to management
                                            and shareholder proposals are consistent and clear;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any recent controversies or concerns
                                            related to the company's proxy voting mechanics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any unintended consequences resulting
                                            from implementation of the proposal; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other factors that may be relevant.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Ratification Proposals: Management
Proposals to Ratify Existing Charter or Bylaw Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against management proposals to ratify provisions of the company&rsquo;s existing charter or bylaws, unless
these governance provisions align with best practice.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In addition, voting against/withhold
from individual directors, members of the governance committee, or the full board may be warranted, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of a shareholder proposal
                                            addressing the same issue on the same ballot;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board's rationale for seeking
                                            ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of actions to be taken
                                            by the board should the ratification proposal fail;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of shareholder engagement
                                            regarding the board&rsquo;s ratification request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of impairment to shareholders'
                                            rights caused by the existing provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The history of management and shareholder
                                            proposals on the provision at the company&rsquo;s past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the current provision was
                                            adopted in response to the shareholder proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's ownership structure;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Previous use of ratification proposals
                                            to exclude shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reimbursing Proxy Solicitation
Expenses</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to reimburse proxy solicitation expenses.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">When voting in conjunction with support
of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for shareholder proposals calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates
in a contested election where the following apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The election of fewer than 50 percent
                                            of the directors to be elected is contested in the election;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">One or more of the dissident&rsquo;s
                                            candidates is elected;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholders are not permitted to
                                            cumulate their votes for directors; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The election occurred, and the expenses
were incurred, after the adoption of this bylaw.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reincorporation Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>Management
or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to both
financial and corporate governance concerns including the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Reasons for reincorporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Comparison of company's governance
                                            practices and provisions prior to and following the reincorporation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Comparison of corporation laws of
                                            original state and destination state.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for reincorporation when the economic factors outweigh any neutral or negative governance changes.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Ability to Act by
Written Consent</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written
consent.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account
the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholders' current right to act
                                            by written consent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The consent threshold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The inclusion of exclusionary or
                                            prohibitive language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Investor ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholder support of, and management's
                                            response to, previous shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote case-by-case
on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">An unfettered<SUP>15</SUP> right
                                            for shareholders to call special meetings at a 10 percent threshold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">A majority vote standard in uncontested
                                            director elections;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">No non-shareholder-approved pill;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">An annually elected board.</FONT></TD></TR></TABLE>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>15 </SUP>&quot;Unfettered&quot;
means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold,
and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than
90 prior to the next annual meeting.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Ability to Call
Special Meetings</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against management or shareholder proposals to restrict or prohibit shareholders&rsquo; ability to call special
meetings.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account
the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholders&rsquo; current right
                                            to call special meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Minimum ownership threshold necessary
                                            to call special meetings (10 percent preferred);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The inclusion of exclusionary or
                                            prohibitive language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Investor ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Shareholder support of, and management&rsquo;s
                                            response to, previous shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Stakeholder Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects
when evaluating a merger or business combination.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">State Antitakeover Statutes</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: DWS&rsquo;s
policy is to vote case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder
laws, poison pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Supermajority Vote Requirements</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to vote against proposals to require a supermajority shareholder vote.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Vote for management or shareholder
                                            proposals to reduce supermajority vote requirements. However, for companies with shareholder(s)
                                            who have significant ownership levels, vote case-by-case, taking into account:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Ownership structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Quorum requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Vote requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Virtual Shareholder Meetings</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long
as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only<SUP>16</SUP>
meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would
have during an in-person meeting.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on shareholder
proposals concerning virtual-only meetings, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Scope and rationale of the proposal;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Concerns identified with the company&rsquo;s
                                            prior meeting practices.</FONT></TD></TR></TABLE>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>16 </SUP>Virtual-only shareholder
meeting&rdquo; refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">CAPITAL / RESTRUCTURING</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Capital</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Adjustments to Par Value of
Common Stock</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to vote for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an
anti-takeover device or some other negative corporate governance action.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for management proposals to
eliminate par value.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Common Stock Authorization</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase
is to issue shares in connection with a transaction on the same ballot that warrants support.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against proposals at companies with more than one class of common stock to increase the number of authorized shares of the class
of common stock that has superior voting rights.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against proposals to increase the number of authorized common shares if a vote for a reverse stock split on the same ballot is warranted
despite the fact that the authorized shares would not be reduced proportionally.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote case-by-case
on all other proposals to increase the number of shares of common stock authorized for issuance. Take into account company-specific factors
that include, at a minimum, the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past Board Performance:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's use of authorized shares
                                            during the last three years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The Current Request:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure in the proxy statement
                                            of the specific purposes of the proposed increase;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure in the proxy statement
                                            of specific and severe risks to shareholders of not approving the request; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The dilutive impact of the request
                                            as determined relative to an allowable increase calculated by typically 100 percent of existing
                                            authorized shares that reflects the company's need for shares and total shareholder returns.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Dual Class Structure</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to create a new class of common stock unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company discloses a compelling
                                            rationale for the dual-class capital structure, such as:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's auditor has concluded
                                            that there is substantial doubt about the company's ability to continue as a going concern;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The new class of shares will be transitory;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The new class is intended for financing
                                            purposes with minimal or no dilution to current shareholders in both the short term and long
                                            term; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The new class is not designed to
                                            preserve or increase the voting power of an insider or significant shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Issue Stock for Use with Rights
Plan</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved
shareholder rights plan (poison pill).</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Preemptive Rights</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals that seek preemptive rights, taking into consideration:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The size of the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The shareholder base; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The liquidity of the stock.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Preferred Stock Authorization</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to increase the number of authorized preferred shares where the primary purpose of the increase
is to issue shares in connection with a transaction on the same ballot that warrants support.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote against
proposals at companies with more than one class or series of preferred stock to increase the number of authorized shares of the class
or series of preferred stock that has superior voting rights.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote case-by-case
on all other proposals to increase the number of shares of preferred stock authorized for issuance. Take into account company-specific
factors that include, at a minimum, the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past Board Performance:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's use of authorized preferred
                                            shares during the last three years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The Current Request:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure in the proxy statement
                                            of the specific purposes for the proposed increase;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure in the proxy statement
                                            of specific and severe risks to shareholders of not approving the request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">In cases where the company has existing
                                            authorized preferred stock, the dilutive impact of the request as determined by an allowable
                                            increase calculated by typically 100 percent of existing authorized shares that reflects
                                            the company's need for shares and total shareholder returns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the shares requested are
                                            blank check preferred shares that can be used for antitakeover purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Recapitalization Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on recapitalizations (reclassifications of securities), taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">More simplified capital structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Enhanced liquidity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fairness of conversion terms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Impact on voting power and dividends;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Reasons for the reclassification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other alternatives considered.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reverse Stock Splits</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for management proposals to implement a reverse stock split if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The number of authorized shares will
                                            be proportionately reduced; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The effective increase in authorized
                                            shares is equal to or less than the allowable increase calculated in accordance with ISS'
                                            Common Stock Authorization policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals that do not meet either of the above conditions, taking into consideration the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Stock exchange notification to the
                                            company of a potential delisting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of substantial doubt about
                                            the company's ability to continue as a going concern without additional financing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's rationale; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other factors as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Share Repurchase Programs</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> For
U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, DWS&rsquo;s policy
is to generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate
on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns regarding:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Greenmail,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The use of buybacks to inappropriately
                                            manipulate incentive compensation metrics,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Threats to the company's long-term
                                            viability, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other company-specific factors as
                                            warranted.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the
possibility for the repurchase authority to be misused, such as to repurchase shares from insiders at a premium to market price.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Share Repurchase Programs Shareholder
Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against shareholder proposals prohibiting executives from selling shares of company stock during periods
in which the company has announced that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern
of abuse by executives exercising options or selling shares during periods of share buybacks.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Stock Distributions: Splits
and Dividends</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for management proposals to increase the common share authorization for stock split or stock dividend, provided
that the effective increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS'
Common Stock Authorization policy.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Tracking Stock</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such
factors as:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adverse governance changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Excessive increases in authorized
                                            capital stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Unfair method of distribution;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Diminution of voting rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adverse conversion features;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Negative impact on stock option plans;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Alternatives such as spin-off.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Restructuring</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Appraisal Rights</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for proposals to restore or provide shareholders with rights of appraisal.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Asset Purchases</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on asset purchase proposals, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Purchase price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fairness opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Financial and strategic benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">How the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other alternatives for the business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Non-completion risk.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Asset Sales</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on asset sales, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Impact on the balance sheet/working
                                            capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Potential elimination of diseconomies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Anticipated financial and operating
                                            benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Anticipated use of funds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Value received for the asset;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fairness opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">How the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Bundled Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on bundled or &ldquo;conditional&rdquo; proxy proposals. In the case of items that are conditioned
upon each other, examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is
not in shareholders&rsquo; best interests, vote against the proposals. If the combined effect is positive, support such proposals.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Conversion of Securities</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor
should review the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues,
termination penalties, and conflicts of interest.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote for
the conversion if it is expected that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the
transaction is not approved.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Corporate Reorganization/Debt
Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt
restructuring plan, after evaluating:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Dilution to existing shareholders'
                                            positions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Terms of the offer - discount/premium
                                            in purchase price to investor, including any fairness opinion; termination penalties; exit
                                            strategy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Financial issues - company's financial
                                            situation; degree of need for capital; use of proceeds; effect of the financing on the company's
                                            cost of capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Management's efforts to pursue other
                                            alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Control issues - change in management;
                                            change in control, guaranteed board and committee seats; standstill provisions; voting agreements;
                                            veto power over certain corporate actions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflict of interest - arm's length
                                            transaction, managerial incentives.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for the debt restructuring if
it is expected that the company will file for bankruptcy if the transaction is not approved.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Formation of Holding Company</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The reasons for the change;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any financial or tax benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Regulatory benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Increases in capital structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Changes to the articles of incorporation
                                            or bylaws of the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Absent compelling financial reasons
to recommend for the transaction, vote against the formation of a holding company if the transaction would include either of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Increases in common or preferred
                                            stock in excess of the allowable maximum (see discussion under &ldquo;Capital&rdquo;); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adverse changes in shareholder rights.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Going Private and Going Dark
Transactions (LBOs and Minority Squeeze-outs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on going private transactions, taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Offer price/premium;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fairness opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">How the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other alternatives/offers considered;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Non-completion risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote case-by-case
on going dark transactions, determining whether the transaction enhances shareholder value by taking into consideration:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has attained
                                            benefits from being publicly-traded (examination of trading volume, liquidity, and market
                                            research of the stock);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Balanced interests of continuing
                                            vs. cashed-out shareholders, taking into account the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Are all shareholders able to participate
                                            in the transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Will there be a liquid market for
                                            remaining shareholders following the transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Does the company have strong corporate
                                            governance?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Will insiders reap the gains of control
                                            following the proposed transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Does the state of incorporation have
                                            laws requiring continued reporting that may benefit shareholders?</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Joint Ventures</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals to form joint ventures, taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Percentage of assets/business contributed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Percentage ownership;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Financial and strategic benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Governance structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Other alternatives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Non-completion risk.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Liquidations</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on liquidations, taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Management&rsquo;s efforts to pursue
                                            other alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Appraisal value of assets; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The compensation plan for executives
                                            managing the liquidation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote for
the liquidation if the company will file for bankruptcy if the proposal is not approved.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Mergers and Acquisitions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction,
balancing various and sometimes countervailing factors including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Valuation</I> - Is the value to
                                            be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness
                                            opinion may provide an initial starting point for assessing valuation reasonableness, emphasis
                                            is placed on the offer premium, market reaction, and strategic rationale.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Market reaction</I> - How has
                                            the market responded to the proposed deal? A negative market reaction should cause closer
                                            scrutiny of a deal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Strategic rationale</I> - Does
                                            the deal make sense strategically? From where is the value derived? Cost and revenue synergies
                                            should not be overly aggressive or optimistic, but reasonably achievable. Management should
                                            also have a favorable track record of successful integration of historical acquisitions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Negotiations and process</I> -
                                            Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable?
                                            A fair process helps to ensure the best price for shareholders. Significant negotiation &quot;wins&quot;
                                            can also signify the deal makers' competency. The comprehensiveness of the sales process
                                            (e.g., full auction, partial auction, no auction) can also affect shareholder value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Conflicts of interest</I> - Are
                                            insiders benefiting from the transaction disproportionately and inappropriately as compared
                                            to non-insider shareholders? As the result of potential conflicts, the directors and officers
                                            of the company may be more likely to vote to approve a merger than if they did not hold these
                                            interests. Consider whether these interests may have influenced these directors and officers
                                            to support or recommend the merger. The CIC figure presented in the &quot;ISS Transaction
                                            Summary&quot; section of this report is an aggregate figure that can in certain cases be
                                            a misleading indicator of the true value transfer from shareholders to insiders. Where such
                                            figure appears to be excessive, analyze the underlying assumptions to determine whether a
                                            potential conflict exists.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Governance</I> - Will the combined
                                            company have a better or worse governance profile than the current governance profiles of
                                            the respective parties to the transaction? If the governance profile is to change for the
                                            worse, the burden is on the company to prove that other issues (such as valuation) outweigh
                                            any deterioration in governance.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Private Placements/Warrants/Convertible
Debentures</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into
consideration:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Dilution to existing shareholders'
                                            position: The amount and timing of shareholder ownership dilution should be weighed against
                                            the needs and proposed shareholder benefits of the capital infusion. Although newly issued
                                            common stock, absent preemptive rights, is typically dilutive to existing shareholders, share
                                            price appreciation is often the necessary event to trigger the exercise of &quot;out of the
                                            money&quot; warrants and convertible debt. In these instances from a value standpoint, the
                                            negative impact of dilution is mitigated by the increase in the company's stock price that
                                            must occur to trigger the dilutive event.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Terms of the offer (discount/premium
                                            in purchase price to investor, including any fairness opinion, conversion features, termination
                                            penalties, exit strategy):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally,
the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock price
at the time of private placement.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">When
evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such as,
liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of future performance.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Financial issues:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
company's financial condition;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Degree
of need for capital;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Use
of proceeds;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Effect
of the financing on the company's cost of capital;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Current
and proposed cash burn rate;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Going
concern viability and the state of the capital and credit markets.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Management's efforts to pursue alternatives
                                            and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained
                                            process helps to ensure the best price for shareholders. Financing alternatives can include
                                            joint ventures, partnership, merger, or sale of part or all of the company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Control issues:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Change
in management;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Change
in control;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Guaranteed
board and committee seats;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Standstill
provisions;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Voting
agreements;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Veto
power over certain corporate actions; and</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Minority
versus majority ownership and corresponding minority discount or majority control premium.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Conflicts
of interest should be viewed from the perspective of the company and the investor.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Were
the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Market reaction:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by analyzing
the one-day impact on the unaffected stock price.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for the private placement, or
for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file for bankruptcy
if the transaction is not approved.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reorganization/Restructuring
Plan (Bankruptcy)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following
factors including, but not limited to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Estimated value and financial prospects
                                            of the reorganized company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Percentage ownership of current shareholders
                                            in the reorganized company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether shareholders are adequately
                                            represented in the reorganization process (particularly through the existence of an Official
                                            Equity Committee);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The cause(s) of the bankruptcy filing,
                                            and the extent to which the plan of reorganization addresses the cause(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Existence of a superior alternative
                                            to the plan of reorganization; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Governance of the reorganized company.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Special Purpose Acquisition
Corporations (SPACs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on SPAC mergers and acquisitions taking into account the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Valuation</I> - Is the value being
                                            paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the
                                            financials on the target may be limited. Compare the conversion price with the intrinsic
                                            value of the target company provided in the fairness opinion. Also, evaluate the proportionate
                                            value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger
                                            value of SPAC. Additionally, a private company discount may be applied to the target, if
                                            it is a private entity.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Market reaction</I> - How has
                                            the market responded to the proposed deal? A negative market reaction may be a cause for
                                            concern. Market reaction may be addressed by analyzing the one-day impact on the unaffected
                                            stock price.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Deal timing</I> - A main driver
                                            for most transactions is that the SPAC charter typically requires the deal to be complete
                                            within 18 to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction,
                                            and potential conflicts of interest for deals that are announced close to the liquidation
                                            date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Negotiations and process</I> -
                                            What was the process undertaken to identify potential target companies within specified industry
                                            or location specified in charter? Consider the background of the sponsors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Conflicts of interest</I> - How
                                            are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts
                                            could arise if a fairness opinion is issued by the insiders to qualify the deal rather than
                                            a third party or if management is encouraged to pay a higher price for the target because
                                            of an 80 percent rule (the charter requires that the fair market value of the target is at
                                            least equal to 80 percent of net assets of the SPAC). Also, there may be sense of urgency
                                            by the management team of the SPAC to close the deal since its charter typically requires
                                            a transaction to be completed within the 18-24 month timeframe.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Voting agreements</I> - Are the
                                            sponsors entering into enter into any voting agreements/tender offers with shareholders who
                                            are likely to vote against the proposed merger or exercise conversion rights?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Governance</I> - What is the impact
                                            of having the SPAC CEO or founder on key committees following the proposed merger?</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Special Purpose Acquisition
Corporations (SPACs) - Proposals for Extensions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on SPAC extension proposals taking into account the length of the requested extension, the status
of any pending transaction(s) or progression of the acquisition process, any added incentive for non-redeeming shareholders, and any
prior extension requests.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Length of request:</I> Typically,
                                            extension requests range from two to six months, depending on the progression of the SPAC's
                                            acquisition process.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Pending transaction(s) or progression
                                            of the acquisition process:</I> Sometimes an initial business combination was already put
                                            to a shareholder vote, but, for varying reasons, the transaction could not be consummated
                                            by the termination date and the SPAC is requesting an extension. Other times, the SPAC has
                                            entered into a definitive transaction agreement, but needs additional time to consummate
                                            or hold the shareholder meeting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Added incentive for non-redeeming
                                            shareholders:</I> Sometimes the SPAC sponsor (or other insiders) will contribute, typically
                                            as a loan to the company, additional funds that will be added to the redemption value of
                                            each public share as long as such shares are not redeemed in connection with the extension
                                            request. The purpose of the &quot;equity kicker&quot; is to incentivize shareholders to hold
                                            their shares through the end of the requested extension or until the time the transaction
                                            is put to a shareholder vote, rather than electing redemption at the extension proposal meeting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><I>Prior extension requests:</I>
                                            Some SPACs request additional time beyond the extension period sought in prior extension
                                            requests.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Spin-offs</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on spin-offs, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Tax and regulatory advantages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Planned use of the sale proceeds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Valuation of spinoff;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fairness opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Benefits to the parent company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Conflicts of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Managerial incentives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Corporate governance changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Changes in the capital structure.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Value Maximization Shareholder
Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals seeking to maximize shareholder value by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Hiring a financial advisor to explore
                                            strategic alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Selling the company; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Liquidating the company and distributing
                                            the proceeds to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">These proposals should be evaluated
based on the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Prolonged poor performance with no
                                            turnaround in sight;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Signs of entrenched board and management
                                            (such as the adoption of takeover defenses);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Strategic plan in place for improving
                                            value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Likelihood of receiving reasonable
                                            value in a sale or dissolution; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company actively exploring its
                                            strategic options, including retaining a financial advisor.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">COMPENSATION</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Executive Pay Evaluation</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Advisory Votes on Executive
Compensation&mdash;Management Proposals (Say-on-Pay)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside
director compensation.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote against
Advisory Votes on Executive Compensation (Say-on-Pay or &ldquo;SOP&rdquo;) if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is an unmitigated misalignment
                                            between CEO pay and company performance (pay for performance);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company maintains significant
                                            problematic pay practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board exhibits a significant
                                            level of poor communication and responsiveness to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against or withhold from the members of the Compensation Committee and potentially the full board if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is no SOP on the ballot, and
                                            an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment,
                                            problematic pay practices, or the lack of adequate responsiveness on compensation issues
                                            raised previously, or a combination thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board fails to respond adequately
                                            to a previous SOP proposal that received less than 70 percent support of votes cast;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has recently practiced
                                            or approved problematic pay practices, such as option repricing or option backdating; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The situation is egregious.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Frequency of Advisory Vote on
Executive Compensation (&quot;Say When on Pay&quot;)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for annual advisory votes on compensation, which provide the most consistent and clear communication channel
for shareholder concerns about companies' executive pay programs.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Voting on Golden Parachutes
in an Acquisition, Merger, Consolidation, or Proposed Sale</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on say on Golden Parachute proposals, including consideration of existing change-in-control
arrangements maintained with named executive officers but also considering new or extended arrangements.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Features that may result in an &ldquo;against&rdquo;
recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Single- or modified-single-trigger
                                            cash severance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Single-trigger acceleration of unvested
                                            equity awards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Full acceleration of equity awards
                                            granted shortly before the change in control;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Acceleration of performance awards
                                            above the target level of performance without compelling rationale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Excessive cash severance (generally
                                            &gt;3x base salary and bonus);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Excise tax gross-ups triggered and
                                            payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Excessive golden parachute payments
                                            (on an absolute basis or as a percentage of transaction equity value); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent amendments that incorporate
                                            any problematic features (such as those above) or recent actions (such as extraordinary equity
                                            grants) that may make packages so attractive as to influence merger agreements that may not
                                            be in the best interests of shareholders; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's assertion that a proposed
                                            transaction is conditioned on shareholder approval of the golden parachute advisory vote.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Recent amendment(s) that incorporate
problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic features
will also be closely scrutinized.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In cases where the golden parachute
vote is incorporated into a company's advisory vote on compensation (management say-on-pay), DWS will evaluate the say-on-pay proposal
in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Equity-Based and Other Incentive
Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on certain equity-based compensation plans<SUP>17</SUP> depending on a combination of certain
plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using
an &quot;Equity Plan Scorecard&quot; (EPSC) approach with three pillars:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Plan Cost:</B> The total estimated
                                            cost of the company&rsquo;s equity plans relative to industry/market cap peers, measured
                                            by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering
                                            both:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">SVT
based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">SVT
based only on new shares requested plus shares remaining for future grants.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Plan Features:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Quality
of disclosure around vesting upon a change in control (CIC);</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Discretionary
vesting authority;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Liberal
share recycling on various award types;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Lack
of minimum vesting period for grants made under the plan;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Dividends
payable prior to award vesting.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black"><B>Grant Practices:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
company&rsquo;s three-year burn rate relative to its industry/market cap peers;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Vesting
requirements in CEO's recent equity grants (3-year look-back);</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual
shares granted in the prior three years);</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">The
proportion of the CEO's most recent equity grants/awards subject to performance conditions;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Whether
the company maintains a sufficient claw-back policy;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Whether
the company maintains sufficient post-exercise/vesting share-holding requirements.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>17 </SUP>Proposals evaluated
under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors,
(2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees
and directors; amended plans will be further evaluated case-by-case.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests,
or if any of the following egregious factors (&quot;overriding factors&quot;) apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Awards may vest in connection with
                                            a liberal change-of-control definition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The plan would permit repricing or
                                            cash buyout of underwater options without shareholder approval (either by expressly permitting
                                            it &ndash; for NYSE and Nasdaq listed companies &ndash; or by not prohibiting it when the
                                            company has a history of repricing &ndash; for non-listed companies);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The plan is a vehicle for problematic
                                            pay practices or a significant pay-for-performance disconnect under certain circumstances;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The plan is excessively dilutive
                                            to shareholders' holdings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The plan contains an evergreen (automatic
                                            share replenishment) feature; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other plan features are determined
                                            to have a significant negative impact on shareholder interests.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Further Information on certain
EPSC Factors:</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Value Transfer (SVT)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The cost of the equity plans is expressed
as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders&rsquo;
equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market
value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two measures,
in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For omnibus plans,
unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption is made that all
awards to be granted will be the most expensive types.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">For proposals that are not subject
to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark. The
benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification Standard:
GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers&rsquo; historic SVT. Regression
analyses are run on each industry group to identify the variables most strongly correlated to SVT. The benchmark industry SVT level is
then adjusted upwards or downwards for the specific company by plugging the company-specific performance measures, size and cash compensation
into the industry cap equations to arrive at the company&rsquo;s benchmark<SUP>18</SUP>.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>18 </SUP>For plans evaluated
under the Equity Plan Scorecard policy, the company's SVT benchmark is considered along with other factors.</FONT></P>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Three-Year Burn Rate</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Burn-rate benchmarks (utilized in
Equity Plan Scorecard evaluations) are calculated as the greater of: (1) the mean (&#956;) plus one standard deviation (&#963;) of the
company's GICS group segmented by S&amp;P 500, Russell 3000 index (less the S&amp;P500), and non-Russell 3000 index; and (2) two percent
of weighted common shares outstanding. In addition, year-over-year burn-rate benchmark changes will be limited to a maximum of two (2)
percentage points plus or minus the prior year's burn-rate benchmark.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Egregious Factors</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Liberal Change in Control Definition</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote against equity plans
if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change in
control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to, announcement
or commencement of a tender offer, provisions for acceleration upon a &ldquo;potential&rdquo; takeover, shareholder approval of a merger
or other transactions, or similar language.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Repricing Provisions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against plans that expressly
permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval. &quot;Repricing&quot;
typically includes the ability to do any of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Amend the terms of outstanding options
                                            or SARs to reduce the exercise price of such outstanding options or SARs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Cancel outstanding options or SARs
                                            in exchange for options or SARs with an exercise price that is less than the exercise price
                                            of the original options or SARs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Cancel underwater options in exchange
                                            for stock awards; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Provide cash buyouts of underwater
                                            options.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Also, vote against or withhold from
members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder
approval, even if such repricings are allowed in their equity plan.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against plans that do not expressly
prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts
without shareholder approval, and the applicable listing standards would not preclude them from doing so.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Problematic Pay Practices or
Significant Pay-for-Performance Disconnect</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If the equity plan on the ballot
is a vehicle for problematic pay practices, vote against the plan.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">ISS may recommend a vote against
the equity plan if the plan is determined to be a vehicle for pay-for-performance misalignment. Considerations in voting against the
equity plan may include, but are not limited to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Severity of the pay-for-performance
                                            misalignment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether problematic equity grant
                                            practices are driving the misalignment; and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether equity plan awards have been
                                            heavily concentrated to the CEO and/or the other NEOs.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Amending Cash and Equity Plans
(including Approval for Tax Deductibility (162(m))</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on amendments to cash and equity incentive plans.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote for
proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Addresses administrative features
                                            only; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Seeks approval for Section 162(m)
                                            purposes only and the plan administering committee consists entirely of independent directors.
                                            Note that if the company is presenting the plan to shareholders for the first time for any
                                            reason (including after the company&rsquo;s initial public offering), or if the proposal
                                            is bundled with other material plan amendments, then the recommendation will be case-by-case
                                            (see below).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to vote against
proposals to amend executive cash, stock, or cash and stock incentive plans if the proposal:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Seeks approval for Section 162(m)
                                            purposes only, and the plan administering committee does not consist entirely of independent
                                            directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on all other proposals
to amend c ash incentive plans. This includes plans presented to shareholders for the first time after the company's IPO and/or proposals
that bundle material amendment(s) other than those for Section 162(m) purposes.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on all other proposals
to amend equity incentive plans, considering the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the proposal requests additional
                                            shares and/or the amendments include a term extension or addition of full value awards as
                                            an award type, the recommendation will be based on the Equity Plan Scorecard evaluation as
                                            well as an analysis of the overall impact of the amendments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the plan is being presented to
                                            shareholders for the first time (including after the company's IPO), whether or not additional
                                            shares are being requested, the recommendation will be based on the Equity Plan Scorecard
                                            evaluation as well as an analysis of the overall impact of any amendments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If there is no request for additional
                                            shares and the amendments do not include a term extension or addition of full value awards
                                            as an award type, then the recommendation will be based entirely on an analysis of the overall
                                            impact of the amendments, and the EPSC evaluation will be shown only for informational purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In the first two case-by-case evaluation
scenarios, the EPSC evaluation/score is the more heavily weighted consideration.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Specific Treatment of Certain
Award Types in Equity Plan Evaluations</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Dividend Equivalent Rights</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Options that have Dividend Equivalent
Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model, based
on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans, and shares
awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee directors
and this cost should be captured.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Operating Partnership (OP) Units
in Equity Plan Analysis of Real Estate Investment Trusts (REITs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">For Real Estate Investment Trusts
(REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count for the
purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding in the
burn rate analysis.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Other Compensation Plans</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">401(k) Employee Benefit Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to implement a 401(k) savings plan for employees.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Employee Stock Ownership Plans
(ESOPs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of
shares allocated to the ESOP is excessive (more than five percent of outstanding shares).</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Employee Stock Purchase Plans&mdash;Qualified
Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on qualified employee stock purchase plans. Vote for employee stock purchase plans where all
of the following apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Purchase price is at least 85 percent
                                            of fair market value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Offering period is 27 months or less;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The number of shares allocated to
                                            the plan is 10 percent or less of the outstanding shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against qualified employee stock
purchase plans where when the plan features do not meet all of the above criteria.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Employee Stock Purchase Plans&mdash;Non-Qualified
Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase
plans with all the following features:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Broad-based participation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Limits on employee contribution,
                                            which may be a fixed dollar amount or expressed as a percent of base salary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company matching contribution up
                                            to 25 percent of employee&rsquo;s contribution, which is effectively a discount of 20 percent
                                            from market value; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">No discount on the stock price on
                                            the date of purchase when there is a company matching contribution.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against nonqualified employee stock purchase plans when the plan features do not meet all of the above criteria. If the matching
contribution or effective discount exceeds the above, DWS may evaluate the SVT cost of the plan as part of the assessment.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Option Exchange Programs/Repricing
Options</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Historic trading patterns--the stock
                                            price should not be so volatile that the options are likely to be back &ldquo;in-the-money&rdquo;
                                            over the near term;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Rationale for the re-pricing--was
                                            the stock price decline beyond management's control?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Is this a value-for-value exchange?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Are surrendered stock options added
                                            back to the plan reserve?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Timing--repricing should occur at
                                            least one year out from any precipitous drop in company's stock price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Option vesting--does the new option
                                            vest immediately or is there a black-out period?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Term of the option--the term should
                                            remain the same as that of the replaced option;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Exercise price--should be set at
                                            fair market or a premium to market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Participants--executive officers
                                            and directors must be excluded.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">If the surrendered options are added
back to the equity plans for re-issuance, then also take into consideration the company&rsquo;s total cost of equity plans and its three-year
average burn rate.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In addition to the above considerations,
evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing
to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company&rsquo;s
stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such as the
grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three years) so
as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly, the exercise price
of surrendered options should be above the 52-week high for the stock price.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for shareholder proposals to
put option repricings to a shareholder vote.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Stock Plans in Lieu of Cash</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: DWS&rsquo;s
policy is to generally vote case-by-case on plans that provide participants with the option of taking all or a portion of their cash
compensation in the form of stock.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for non-employee director-only
equity plans that provide a dollar-for-dollar cash-for-stock exchange.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on plans which
do not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for new
or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture the
total cost of total compensation, DWS will not make any adjustments to carve out the in-lieu-of cash compensation.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Transfer Stock Option (TSO)
Programs</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: One-time
Transfers: DWS&rsquo;s policy is to generally vote against or withhold from compensation committee members if they fail to submit one-time
transfers to shareholders for approval.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on one-time transfers.
Vote for if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Executive officers and non-employee
                                            directors are excluded from participating;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Stock options are purchased by third-party
                                            financial institutions at a discount to their fair value using option pricing models such
                                            as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There is a two-year minimum holding
                                            period for sale proceeds (cash or stock) for all participants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Additionally, management should provide
a clear explanation of why options are being transferred to a third-party institution and whether the events leading up to a decline
in stock price were beyond management's control. A review of the company's historic stock price volatility should indicate if the options
are likely to be back &ldquo;in-the-money&rdquo; over the near term.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Ongoing TSO program: Vote against
equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award types
under a stock plan, the ongoing TSO program, structure and mechanics must be disclosed to shareholders. The specific criteria to be considered
in evaluating these proposals include, but not limited, to the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Eligibility;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Vesting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Bid-price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Term of options;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Cost of the program and impact of
                                            the TSOs on company&rsquo;s total option expense; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Option repricing policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Amendments to existing plans that
allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be transferable.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Director Compensation</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Ratification of
Director Pay Programs</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on management proposals seeking ratification of non-employee director compensation, based on
the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the equity plan under which non-employee
                                            director grants are made is on the ballot, whether or not it warrants support; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">An assessment of the following qualitative
                                            factors:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The relative magnitude of director
                                            compensation as compared to companies of a similar profile;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of problematic pay practices
                                            relating to director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Director stock ownership guidelines
                                            and holding requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Equity award vesting schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The mix of cash and equity-based
                                            compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Meaningful limits on director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The availability of retirement benefits
                                            or perquisites; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The quality of disclosure surrounding
                                            director compensation.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Equity Plans for Non-Employee
Directors</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on compensation plans for non-employee directors, based on:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The total estimated cost of the company&rsquo;s
                                            equity plans relative to industry/market cap peers, measured by the company&rsquo;s estimated
                                            Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for
                                            future grants, plus outstanding unvested/unexercised grants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s three-year burn
                                            rate relative to its industry/market cap peers (in certain circumstances); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of any egregious plan
                                            features (such as an option repricing provision or liberal CIC vesting risk).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">On occasion, non-employee director
stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases, vote
case-by-case on the plan taking into consideration the following qualitative factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The relative magnitude of director
                                            compensation as compared to companies of a similar profile;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The presence of problematic pay practices
                                            relating to director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Director stock ownership guidelines
                                            and holding requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Equity award vesting schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The mix of cash and equity-based
                                            compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Meaningful limits on director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The availability of retirement benefits
                                            or perquisites; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The quality of disclosure surrounding
                                            director compensation.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Non-Employee Director Retirement
Plans</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote against retirement plans for non-employee directors. Vote for shareholder proposals to eliminate retirement
plans for non-employee directors.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Proposals on Compensation</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Bonus Banking/Bonus Banking
&ldquo;Plus&rdquo;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked
to sustained results for the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group
of employees), taking into account the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s past practices
                                            regarding equity and cash compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has a holding
                                            period or stock ownership requirements in place, such as a meaningful retention ratio (at
                                            least 50 percent for full tenure); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has a rigorous
                                            claw-back policy in place.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Compensation Consultants&mdash;Disclosure
of Board or Company&rsquo;s Utilization</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee&rsquo;s
use of compensation consultants, such as company name, business relationship(s), and fees paid.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Disclosure/Setting Levels or
Types of Compensation for Executives and Directors</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided
the information requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its
industry, and is not unduly burdensome to the company.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation
(such as types of compensation elements or specific metrics) to be used for executive or directors.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against shareholder proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or
to remain on the board.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on all other shareholder
proposals regarding executive and director pay, taking into account relevant factors, including but not limited to: company performance,
pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or the scope and prescriptive
nature of the proposal.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Golden Coffins/Executive Death
Benefits</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements
and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form
of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments
or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based
employee population is eligible.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Hold Equity Past Retirement
or for a Significant Period of Time</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers
to retain a portion of net shares acquired through compensation plans. The following factors will be taken into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The percentage/ratio of net shares
                                            required to be retained;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The time period required to retain
                                            the shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has equity retention,
                                            holding period, and/or stock ownership requirements in place and the robustness of such requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has any other
                                            policies aimed at mitigating risk taking by executives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Executives' actual stock ownership
                                            and the degree to which it meets or exceeds the proponent&rsquo;s suggested holding period/retention
                                            ratio or the company&rsquo;s existing requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Problematic pay practices, current
                                            and past, which may demonstrate a short-term versus long-term focus.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Pay Disparity</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other
non-executive employees. The following factors will be considered:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current level
                                            of disclosure of its executive compensation setting process, including how the company considers
                                            pay disparity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If any problematic pay practices
                                            or pay-for-performance concerns have been identified at the company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of shareholder support
                                            for the company's pay programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote against proposals calling for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive
pay.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Pay for Performance/Performance-Based
Awards</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive
compensation awarded to senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance
metrics to shareholders, based on the following analytical steps:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">First, vote for shareholder proposals
                                            advocating the use of performance-based equity awards, such as performance contingent options
                                            or restricted stock, indexed options or premium-priced options, unless the proposal is overly
                                            restrictive or if the company has demonstrated that it is using a &ldquo;substantial&rdquo;
                                            portion of performance-based awards for its top executives. Standard stock options and performance-accelerated
                                            awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced
                                            options should have a meaningful premium to be considered performance-based awards.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Second, assess the rigor of the company&rsquo;s
                                            performance-based equity program. If the bar set for the performance-based program is too
                                            low based on the company&rsquo;s historical or peer group comparison, generally vote for
                                            the proposal. Furthermore, if target performance results in an above target payout, vote
                                            for the shareholder proposal due to program&rsquo;s poor design. If the company does not
                                            disclose the performance metric of the performance-based equity program, vote for the shareholder
                                            proposal regardless of the outcome of the first step to the test.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In general, vote for the shareholder
proposal if the company does not meet both of the above two steps.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Pay for Superior Performance</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals that request the board establish a pay-for-superior performance standard
in the company's executive compensation plan for senior executives. These proposals generally include the following principles:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Set compensation targets for the
                                            plan&rsquo;s annual and long-term incentive pay components at or below the peer group median;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Deliver a majority of the plan&rsquo;s
                                            target long-term compensation through performance-vested, not simply time-vested, equity
                                            awards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Provide the strategic rationale and
                                            relative weightings of the financial and non-financial performance metrics or criteria used
                                            in the annual and performance-vested long-term incentive components of the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Establish performance targets for
                                            each plan financial metric relative to the performance of the company&rsquo;s peer companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Limit payment under the annual and
                                            performance-vested long-term incentive components of the plan to when the company&rsquo;s
                                            performance on its selected financial performance metrics exceeds peer group median performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Consider the following factors in
evaluating this proposal:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">What aspects of the company&rsquo;s
                                            annual and long-term equity incentive programs are performance driven?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the annual and long-term equity
                                            incentive programs are performance driven, are the performance criteria and hurdle rates
                                            disclosed to shareholders or are they benchmarked against a disclosed peer group?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Can shareholders assess the correlation
                                            between pay and performance based on the current disclosure?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">What type of industry and stage of
                                            business cycle does the company belong to?</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Pre-Arranged Trading Plans (10b5-1
Plans)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals calling for certain principles regarding the use of prearranged trading plans (10b5-1
plans) for executives. These principles include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Adoption, amendment, or termination
                                            of a 10b5-1 Plan must be disclosed within two business days in a Form 8-K;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Amendment or early termination of
                                            a 10b5-1 Plan is allowed only under extraordinary circumstances, as determined by the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Ninety days must elapse between adoption
                                            or amendment of a 10b5-1 Plan and initial trading under the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Reports on Form 4 must identify transactions
                                            made pursuant to a 10b5-1 Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">An executive may not trade in company
                                            stock outside the 10b5-1 Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Trades under a 10b5-1 Plan must be
                                            handled by a broker who does not handle other securities transactions for the executive.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Prohibit Outside CEOs from Serving
on Compensation Committees</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: DWS&rsquo;s
policy is to generally vote against proposals seeking a policy to prohibit any outside CEO from serving on a company&rsquo;s compensation
committee, unless the company has demonstrated problematic pay practices that raise concerns about the performance and composition of
the committee.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Recoupment of Incentive or Stock
Compensation in Specified Circumstances</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to recoup incentive cash or stock compensation made to senior executives if it
is later determined that the figures upon which incentive compensation is earned turn out to have been in error, or if the senior executive
has breached company policy or has engaged in misconduct that may be significantly detrimental to the company's financial position or
reputation, or if the senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational
harm to the company. Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or
negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation.
However, such policies may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct,
negligence or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may
have long-lasting impact.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">In considering whether to support
such shareholder proposals, DWS will take into consideration the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the company has adopted a formal
                                            recoupment policy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The rigor of the recoupment policy
                                            focusing on how and under what circumstances the company may recoup incentive or stock compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has chronic restatement
                                            history or material financial problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company&rsquo;s policy
                                            substantially addresses the concerns raised by the proponent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Disclosure of recoupment of incentive
                                            or stock compensation from senior executives or lack thereof; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Any other relevant factors.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Severance Agreements for Executives/Golden
Parachutes</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals requiring that golden parachutes or executive severance agreements be submitted
for shareholder ratification, unless the proposal requires shareholder approval prior to entering into employment contracts.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals to ratify or cancel golden parachutes. An acceptable parachute should include, but is not limited to,
the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The triggering mechanism should be
                                            beyond the control of management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The amount should not exceed three
                                            times base amount (defined as the average annual taxable W-2 compensation during the five
                                            years prior to the year in which the change of control occurs);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Change-in-control payments should
                                            be double-triggered, i.e., (1) after a change in control has taken place, and (2) termination
                                            of the executive as a result of the change in control. Change in control is defined as a
                                            change in the company ownership structure.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Share Buyback Impact on Incentive
Program Metrics</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation
of incentive program metrics, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The frequency and timing of the company's
                                            share buybacks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The use of per-share metrics in incentive
                                            plans;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The effect of recent buybacks on
                                            incentive metric results and payouts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether there is any indication of
                                            metric result manipulation.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Supplemental Executive Retirement
Plans (SERPs)</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder
vote unless the company&rsquo;s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide
plans.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote for shareholder proposals
requesting to limit the executive benefits provided under the company&rsquo;s supplemental executive retirement plan (SERP) by limiting
covered compensation to a senior executive&rsquo;s annual salary or those pay elements covered for the general employee population.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Tax Gross-Up Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Recommendation: DWS&rsquo;s
policy is to generally vote for proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives,
except in situations where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the
company, such as a relocation or expatriate tax equalization policy.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Termination of Employment Prior
to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance
payment and/or eliminating accelerated vesting of unvested equity.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The following factors will be considered:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current treatment of
                                            equity upon employment termination and/or in change-in-control situations (i.e., vesting
                                            is double triggered and/or pro rata, does it allow for the assumption of equity by acquiring
                                            company, the treatment of performance shares, etc.);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current employment agreements, including
                                            potential poor pay practices such as gross-ups embedded in those agreements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a
voluntary termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed
and attainment of any related performance goals between the award date and the change in control).</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">ROUTINE / MISCELLANEOUS</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Adjourn Meeting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to provide management with the authority to adjourn an annual or special meeting absent
compelling reasons to support the proposal.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote for proposals that relate specifically
to soliciting votes for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording is too
vague or if the proposal includes &quot;other business.&quot;</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Amend Quorum Requirements</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding
unless there are compelling reasons to support the proposal.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Amend Minor Bylaws</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for bylaw or charter changes that are of a housekeeping nature (updates or corrections).</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Change Company Name</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals to change the corporate name unless there is compelling evidence that the change would adversely
impact shareholder value.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Change Date, Time, or Location
of Annual Meeting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for management proposals to change the date, time, or location of the annual meeting unless the proposed
change is unreasonable.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote against shareholder proposals
to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Other Business</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals to approve other business when it appears as a voting item.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">SOCIAL AND ENVIRONMENTAL ISSUES</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy will consider the Coalition for Environmentally Responsible Economies (&ldquo;CERES&rdquo;) recommendation on Environmental matters
contained in the CERES Roadmap for Sustainability as well as the recommendations of ISS Socially Responsible Investment &ldquo;SRI&rdquo;
Policy on social and sustainability issues. DWS supports CERES and as such generally considers the CERES recommendation, but will vote
on a case-by-case basis.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Global Approach</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect
shareholder value. The following factors will be considered:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the issues presented in the proposal
                                            are more appropriately or effectively dealt with through legislation or government regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the company has already responded
                                            in an appropriate and sufficient manner to the issue(s) raised in the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the proposal's request is
                                            unduly burdensome (scope or timeframe) or overly prescriptive;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's approach compared with
                                            any industry standard practices for addressing the issue(s) raised by the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether there are significant controversies,
                                            fines, penalties, or litigation associated with the company's environmental or social practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the proposal requests increased
                                            disclosure or greater transparency, whether reasonable and sufficient information is currently
                                            available to shareholders from the company or from other publicly available sources; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">If the proposal requests increased
                                            disclosure or greater transparency, whether implementation would reveal proprietary or confidential
                                            information that could place the company at a competitive disadvantage.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Endorsement of Principles</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals seeking a company's endorsement of principles that support a particular public
policy position. Endorsing a set of principles may require a company to take a stand on an issue that is beyond its own control and may
limit its flexibility with respect to future developments. Management and the board should be afforded the flexibility to make decisions
on specific public policy positions based on their own assessment of the most beneficial strategies for the company.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Animal Welfare</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Animal Welfare Policies</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals seeking a report on a company&rsquo;s animal welfare standards, or animal welfare-related
risks, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has already published
                                            a set of animal welfare standards and monitors compliance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s standards are
                                            comparable to industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There are no recent significant fines,
                                            litigation, or controversies related to the company&rsquo;s and/or its suppliers' treatment
                                            of animals.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Animal Testing</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to phase out the use of animals in product testing, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company is conducting animal
                                            testing programs that are unnecessary or not required by regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company is conducting animal
                                            testing when suitable alternatives are commonly accepted and used by industry peers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There are recent, significant fines
                                            or litigation related to the company&rsquo;s treatment of animals.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Animal Slaughter</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at
company and/or supplier operations unless such methods are required by legislation or generally accepted as the industry standard.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals requesting
a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing
research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing procedures
at the company.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Consumer Issues</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Genetically Modified Ingredients</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting that a company voluntarily label genetically engineered (GE) ingredients
in its products. The labeling of products with GE ingredients is best left to the appropriate regulatory authorities and will be taken
into account.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals asking
for a report on the feasibility of labeling products containing GE ingredients, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The potential impact of such labeling
                                            on the company's business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The quality of the company&rsquo;s
                                            disclosure on GE product labeling, related voluntary initiatives, and how this disclosure
                                            compares with industry peer disclosure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company&rsquo;s current disclosure
                                            on the feasibility of GE product labeling.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals seeking a report on the social, health, and environmental effects of genetically modified organisms (GMOs).
Studies of this sort are better undertaken by regulators and the scientific community and will be taken into account.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the
steps necessary to eliminate GE ingredients from the company&rsquo;s products. Such decisions are more appropriately made by management
with consideration of current regulations.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reports on Potentially Controversial
Business/Financial Practices</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for reports on a company&rsquo;s potentially controversial business or financial
practices or products, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has adequately
                                            disclosed mechanisms in place to prevent abuses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has adequately
                                            disclosed the financial risks of the products/practices in question;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been subject
                                            to violations of related laws or serious controversies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Peer companies&rsquo; policies/practices
                                            in this area.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Pharmaceutical Pricing, Access
to Medicines, and Prescription Drug Reimportation</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting that companies implement specific price restraints on pharmaceutical
products unless the company fails to adhere to legislative guidelines or industry norms in its product pricing practices.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals requesting
that a company report on its product pricing or access to medicine policies, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The potential for reputational, market,
                                            and regulatory risk exposure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Existing disclosure of relevant policies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Deviation from established industry
                                            norms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Relevant company initiatives to provide
                                            research and/or products to disadvantaged consumers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the proposal focuses on specific
                                            products or geographic regions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The potential burden and scope of
                                            the requested report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            litigation, or fines at the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote for proposals requesting that a company report on the financial and legal impact of its prescription drug reimportation policies
unless such information is already publicly disclosed.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals requesting that companies adopt specific policies to encourage or constrain prescription drug reimportation.
Such matters are more appropriately the province of legislative activity and may place the company at a competitive disadvantage relative
to its peers.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Product Safety and Toxic/Hazardous
Materials</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting that a company report on its policies, initiatives/procedures, and oversight
mechanisms related to toxic/hazardous materials or product safety in its supply chain, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company already discloses similar
                                            information through existing reports such as a supplier code of conduct and/or a sustainability
                                            report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has formally committed
                                            to the implementation of a toxic/hazardous materials and/or product safety and supply chain
                                            reporting and monitoring program based on industry norms or similar standards within a specified
                                            time frame; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has not been recently
                                            involved in relevant significant controversies, fines, or litigation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on resolutions
requesting that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose
the potential financial and legal risks associated with utilizing certain materials, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current level
                                            of disclosure regarding its product safety policies, initiatives, and oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current regulations in the markets
                                            in which the company operates; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            litigation, or fines stemming from toxic/hazardous materials at the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on resolutions
requiring that a company reformulate its products.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Tobacco-Related Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on resolutions regarding the advertisement of tobacco products, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent related fines, controversies,
                                            or significant litigation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company complies with
                                            relevant laws and regulations on the marketing of tobacco;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company&rsquo;s advertising
                                            restrictions deviate from those of industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company entered into
                                            the Master Settlement Agreement, which restricts marketing of tobacco to youth; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether restrictions on marketing
                                            to youth extend to foreign countries.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals regarding second-hand smoke, considering;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company complies with
                                            all laws and regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree that voluntary restrictions
                                            beyond those mandated by law might hurt the company&rsquo;s competitiveness; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The risk of any health-related liabilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on resolutions to cease production of tobacco-related products, to avoid selling products to tobacco companies, to
spin-off tobacco-related businesses, or prohibit investment in tobacco equities. Such business decisions are better left to company management
or portfolio managers.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals regarding tobacco product warnings. Such decisions are better left to public health authorities and will
be taken into account.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Climate Change</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Climate Change/Greenhouse Gas
(GHG) Emissions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory
risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such
risks, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company already provides
                                            current, publicly-available information on the impact that climate change may have on the
                                            company as well as associated company policies and procedures to address related risks and/or
                                            opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's level of disclosure
                                            compared to industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether there are significant controversies,
                                            fines, penalties, or litigation associated with the company's climate change-related performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">DWS&rsquo;s policy is to generally
vote case-by-case on proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations,
considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company already discloses current,
                                            publicly-available information on the impacts that GHG emissions may have on the company
                                            as well as associated company policies and procedures to address related risks and/or opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's level of disclosure
                                            is comparable to that of industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There are no significant, controversies,
                                            fines, penalties, or litigation associated with the company's GHG emissions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals that
call for the adoption of GHG reduction goals from products and operations, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company provides disclosure
                                            of year-over-year GHG emissions performance data;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether company disclosure lags behind
                                            industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's actual GHG emissions
                                            performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current GHG emission
                                            policies, oversight mechanisms, and related initiatives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been the
                                            subject of recent, significant violations, fines, litigation, or controversy related to GHG
                                            emissions.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Energy Efficiency</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting that a company report on its energy efficiency policies, considering
whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company complies with applicable
                                            energy efficiency regulations and laws, and discloses its participation in energy efficiency
                                            policies and programs, including disclosure of benchmark data, targets, and performance measures;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The proponent requests adoption of
                                            specific energy efficiency goals within specific timelines.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Renewable Energy</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for requests for reports on the feasibility of developing renewable energy resources unless the report would
be duplicative of existing disclosure or irrelevant to the company&rsquo;s line of business.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on proposals
requesting that the company invest in renewable energy resources. Such decisions are best left to management&rsquo;s evaluation of the
feasibility and financial impact that such programs may have on the company.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on proposals
that call for the adoption of renewable energy goals, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and structure of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current level of disclosure
                                            on renewable energy use and GHG emissions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's disclosure of policies,
                                            practices, and oversight implemented to manage GHG emissions and mitigate climate change
                                            risks.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Diversity</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Board Diversity</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for reports on a company's efforts to diversify the board, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The gender and racial minority representation
                                            of the company&rsquo;s board is reasonably inclusive in relation to companies of similar
                                            size and business; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The board already reports on its
                                            nominating procedures and gender and racial minority initiatives on the board and within
                                            the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals asking
a company to increase the gender and racial minority representation on its board, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree of existing gender and
                                            racial minority diversity on the company&rsquo;s board and among its executive officers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of gender and racial minority
                                            representation that exists at the company&rsquo;s industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s established process
                                            for addressing gender and racial minority board representation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the proposal includes an
                                            overly prescriptive request to amend nominating committee charter language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The independence of the company&rsquo;s
                                            nominating committee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company uses an outside
                                            search firm to identify potential director nominees; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has had recent
                                            controversies, fines, or litigation regarding equal employment practices.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Equality of Opportunity</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting a company disclose its diversity policies or initiatives, or proposals
requesting disclosure of a company&rsquo;s comprehensive workforce diversity data, including requests for EEO-1 data, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company publicly discloses equal
                                            opportunity policies and initiatives in a comprehensive manner;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company already publicly discloses
                                            comprehensive workforce diversity data; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has no recent significant
                                            EEO-related violations or litigation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on proposals
seeking information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Gender Identity, Sexual Orientation,
and Domestic Partner Benefits</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals seeking to amend a company&rsquo;s EEO statement or diversity policies to prohibit discrimination
based on sexual orientation and/or gender identity, unless the change would be unduly burdensome.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on proposals
to extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion
of the company and will be taken into account.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Gender, Race / Ethnicity Pay
Gap</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to vote case-by-case on requests for reports on a company's pay data by gender or race /ethnicity, or a report on a company&rsquo;s
policies and goals to reduce any gender, or race /ethnicity pay gaps, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current policies and
                                            disclosure related to both its diversity and inclusion policies and practices and its compensation
                                            philosophy on fair and equitable compensation practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been the
                                            subject of recent controversy, litigation, or regulatory actions related to gender, race,
                                            or ethnicity pay gap issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s disclosure regarding
                                            gender, race, or ethnicity pay gap policies or initiatives is compared to its industry peers;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Local laws regarding categorization
                                            of race and/or ethnicity and definitions of ethnic and/or racial minorities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Environment and Sustainability</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Facility and Workplace Safety</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on requests for workplace safety reports, including reports on accident risk reduction efforts,
taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current level
                                            of disclosure of its workplace health and safety performance data, health and safety management
                                            policies, initiatives, and oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The nature of the company&rsquo;s
                                            business, specifically regarding company and employee exposure to health and safety risks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            fines, or violations related to workplace health and safety; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's workplace health and
                                            safety performance relative to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on resolutions
requesting that a company report on safety and/or security risks associated with its operations and/or facilities, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s compliance with
                                            applicable regulations and guidelines;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current level
                                            of disclosure regarding its security and safety policies, procedures, and compliance monitoring;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The existence of recent, significant
                                            violations, fines, or controversy regarding the safety and security of the company&rsquo;s
                                            operations and/or facilities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Environmental Proposals
and Community Impact Assessments</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for reports on policies and/or the potential (community) social and/or environmental
impact of company operations, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current disclosure of applicable
                                            policies and risk assessment report(s) and risk management procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The impact of regulatory non-compliance,
                                            litigation, remediation, or reputational loss that may be associated with failure to manage
                                            the company&rsquo;s operations in question, including the management of relevant community
                                            and stakeholder relations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The nature, purpose, and scope of
                                            the company&rsquo;s operations in the specific region(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree to which company policies
                                            and procedures are consistent with industry norms; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope of the resolution.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Hydraulic Fracturing</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations,
including measures the company has taken to manage and mitigate the potential community and environmental impacts of those operations,
considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current level of disclosure
                                            of relevant policies and oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current level of such
                                            disclosure relative to its industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Potential relevant local, state,
                                            or national regulatory developments; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Controversies, fines, or litigation
                                            related to the company's hydraulic fracturing operations.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Operations in Protected Areas</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for reports on potential environmental damage as a result of company operations
in protected regions, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Operations in the specified regions
                                            are not permitted by current laws or regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company does not currently have
                                            operations or plans to develop operations in these protected regions; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s disclosure of
                                            its operations and environmental policies in these regions is comparable to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Recycling</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to report on an existing recycling program, or adopt a new recycling program, taking
into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The nature of the company&rsquo;s
                                            business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The current level of disclosure of
                                            the company's existing related programs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The timetable and methods of program
                                            implementation prescribed by the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s ability to address
                                            the issues raised in the proposal; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">How the company's recycling programs
                                            compare to similar programs of its industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Sustainability Reporting</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting that a company report on its policies, initiatives, and oversight mechanisms
related to social, economic, and environmental sustainability, considering whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company already discloses similar
                                            information through existing reports or policies such as an environment, health, and safety
                                            (EHS) report; a comprehensive code of corporate conduct; and/or a diversity report; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has formally committed
                                            to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines
                                            or a similar standard within a specified time frame.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Water Issues</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting a company report on, or adopt a new policy on, water-related risks and
concerns, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current disclosure
                                            of relevant policies, initiatives, oversight mechanisms, and water usage metrics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether or not the company's existing
                                            water-related policies and practices are consistent with relevant internationally recognized
                                            standards and national/local regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The potential financial impact or
                                            risk to the company associated with water-related concerns or issues; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent, significant company controversies,
                                            fines, or litigation regarding water use by the company and its suppliers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">General Corporate Issues</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Charitable Contributions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote against proposals restricting a company from making charitable contributions.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Charitable contributions are generally
useful for assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross
negligence, management should determine which, and if, contributions are in the best interests of the company.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Data Security, Privacy, and
Internet Issues</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information
access and management policies and procedures, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The level of disclosure of company
                                            policies and procedures relating to data security, privacy, freedom of speech, information
                                            access and management, and Internet censorship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Engagement in dialogue with governments
                                            or relevant groups with respect to data security, privacy, or the free flow of information
                                            on the Internet;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope of business involvement
                                            and of investment in countries whose governments censor or monitor the Internet and other
                                            telecommunications;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Applicable market-specific laws or
                                            regulations that may be imposed on the company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Controversies, fines, or litigation
                                            related to data security, privacy, freedom of speech, or Internet censorship.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Environmental, Social, and Governance
(ESG) Compensation-Related Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to link, or report on linking, executive compensation to sustainability (environmental
and social) criteria, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope and prescriptive nature
                                            of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has significant
                                            and/or persistent controversies or regulatory violations regarding social and/or environmental
                                            issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has management
                                            systems and oversight mechanisms in place regarding its social and environmental performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree to which industry peers
                                            have incorporated similar non-financial performance criteria in their executive compensation
                                            practices; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current level of disclosure
                                            regarding its environmental and social performance.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Human Rights, Human Capital
Management, and International Operations</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Human Rights Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals requesting a report on company or company supplier labor and/or human rights standards and
policies unless such information is already publicly disclosed.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals to
implement company or company supplier labor and/or human rights standards and policies, considering:</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">The degree to which existing relevant
policies and practices are disclosed;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether or not existing relevant
                                            policies are consistent with internationally recognized standards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether company facilities and those
                                            of its suppliers are monitored and how;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Company participation in fair labor
                                            organizations or other internationally recognized human rights initiatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Scope and nature of business conducted
                                            in markets known to have higher risk of workplace labor/human rights abuse;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent, significant company controversies,
                                            fines, or litigation regarding human rights at the company or its suppliers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The scope of the request; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Deviation from industry sector peer
                                            company standards and practices.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals requesting
that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human rights
risk assessment process, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree to which existing relevant
                                            policies and practices are disclosed, including information on the implementation of these
                                            policies and any related oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s industry and
                                            whether the company or its suppliers operate in countries or areas where there is a history
                                            of human rights concerns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            fines, or litigation regarding human rights involving the company or its suppliers, and whether
                                            the company has taken remedial steps; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the proposal is unduly burdensome
                                            or overly prescriptive.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Mandatory Arbitration</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for a report on a company&rsquo;s use of mandatory arbitration on employment-related
claims, taking into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's current policies and
                                            practices related to the use of mandatory arbitration agreements on workplace claims;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been the
                                            subject of recent controversy, litigation, or regulatory actions related to the use of mandatory
                                            arbitration agreements on workplace claims; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's disclosure of its policies
                                            and practices related to the use of mandatory arbitration agreements compared to its peers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Operations in High Risk Markets</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for a report on a company&rsquo;s potential financial and reputational risks associated
with operations in &ldquo;high-risk&rdquo; markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking
into account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The nature, purpose, and scope of
                                            the operations and business involved that could be affected by social or political disruption;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current disclosure of applicable
                                            risk assessment(s) and risk management procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Compliance with U.S. sanctions and
                                            laws;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Consideration of other international
                                            policies, standards, and laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been recently
                                            involved in recent, significant controversies, fines, or litigation related to its operations
                                            in &quot;high-risk&quot; markets.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Outsourcing/Offshoring</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant
closures, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Controversies surrounding operations
                                            in the relevant market(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The value of the requested report
                                            to shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current level
                                            of disclosure of relevant information on outsourcing and plant closure procedures; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s existing human
                                            rights standards relative to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Sexual Harassment</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on requests for a report on company actions taken to strengthen policies and oversight to prevent
workplace sexual harassment, or a report on risks posed by a company&rsquo;s failure to prevent workplace sexual harassment, taking into
account:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current policies,
                                            practices, oversight mechanisms related to preventing workplace sexual harassment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the company has been the
                                            subject of recent controversy, litigation, or regulatory actions related to workplace sexual
                                            harassment issues; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s disclosure regarding
                                            workplace sexual harassment policies or initiatives compared to its industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Weapons and Military Sales</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on reports on foreign military sales or offsets. Such disclosures may involve sensitive and
confidential information. Moreover, companies must comply with government controls and reporting on foreign military sales.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote case-by-case on proposals
asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons
components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government
agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the company&rsquo;s
business and will be taken into account.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Political Activities</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Lobbying</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals requesting information on a company&rsquo;s lobbying (including direct, indirect,
and grassroots lobbying) activities, policies, or procedures, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s current disclosure
                                            of relevant lobbying policies, and management and board oversight;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company&rsquo;s disclosure regarding
                                            trade associations or other groups that it supports, or is a member of, that engage in lobbying
                                            activities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            fines, or litigation regarding the company&rsquo;s lobbying-related activities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Political Contributions</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote for proposals requesting greater disclosure of a company's political contributions and trade association
spending policies and activities, considering:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's policies, and management
                                            and board oversight related to its direct political contributions and payments to trade associations
                                            or other groups that may be used for political purposes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company's disclosure regarding
                                            its support of, and participation in, trade associations or other groups that may make political
                                            contributions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Recent significant controversies,
                                            fines, or litigation related to the company's political contributions or political activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals barring
a company from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring
political contributions can put the company at a competitive disadvantage.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals to
publish in newspapers and other media a company's political contributions. Such publications could present significant cost to the company
without providing commensurate value to shareholders.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Political Ties</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals asking a company to affirm political nonpartisanship in the workplace, considering
whether:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">There are no recent, significant
                                            controversies, fines, or litigation regarding the company&rsquo;s political contributions
                                            or trade association spending; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has procedures in place
                                            to ensure that employee contributions to company-sponsored political action committees (PACs)
                                            are strictly voluntary and prohibit coercion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Vote case-by-case on proposals asking
for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government
service and whether such service had a bearing on the business of the company. Such a list would be burdensome to prepare without providing
any meaningful information to shareholders and will be taken into account.</FONT></P>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">REGISTERED INVESTMENT COMPANY
PROXIES</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Election of Directors</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the election of directors and trustees.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Closed End Fund - Unilateral
Opt-In to Control Share Acquisition Statutes</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> For
closed-end management investment companies (CEFs), DWS&rsquo;s policy is to generally vote on a case-by-case basis for nominating/governance
committee members (or other directors on a case-by-case basis) at CEFs that have not provided a compelling rationale for opting-in to
a Control Share Acquisition Statute, nor submitted a by-law amendment to a shareholder vote.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Converting Closed-end Fund to
Open-end Fund</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation: </B>DWS&rsquo;s
policy is to generally vote case-by-case on conversion proposals, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past performance as a closed-end
                                            fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Market in which the fund invests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Measures taken by the board to address
                                            the discount; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past shareholder activism, board
                                            activity, and votes on related proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Proxy Contests</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proxy contests, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past performance relative to its
                                            peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Market in which the fund invests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Measures taken by the board to address
                                            the issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Past shareholder activism, board
                                            activity, and votes on related proposals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Strategy of the incumbents versus
                                            the dissidents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Independence of directors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Experience and skills of director
                                            candidates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Governance profile of the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Evidence of management entrenchment.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Investment Advisory Agreements</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on investment advisory agreements, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Proposed and current fee schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fund category/investment objective;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Performance benchmarks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Share price performance as compared
                                            with peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Resulting fees relative to peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Assignments (where the advisor undergoes
                                            a change of control).</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Approving New Classes or Series
of Shares</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the establishment of new classes or series of shares.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Preferred Stock Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the authorization for or increase in preferred shares, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Stated specific financing purpose;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Possible dilution for common shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Whether the shares can be used for
                                            antitakeover purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">1940 Act Policies</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Potential competitiveness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Regulatory developments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current and potential returns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current and potential risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Generally vote for these amendments
as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC interpretation.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Changing a Fundamental Restriction
to a Nonfundamental Restriction</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to change a fundamental restriction to a non-fundamental restriction, considering
the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The fund's target investments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The reasons given by the fund for
                                            the change; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The projected impact of the change
                                            on the portfolio.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Change Fundamental Investment
Objective to Nonfundamental</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to change a fund&rsquo;s fundamental investment objective to non-fundamental.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Name Change Proposals</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on name change proposals, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Political/economic changes in the
                                            target market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Consolidation in the target market;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current asset composition.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Change in Fund's Subclassification</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on changes in a fund's sub-classification, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Potential competitiveness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Current and potential returns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Risk of concentration;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Consolidation in target industry.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Business Development Companies&mdash;Authorization
to Sell Shares of Common Stock at a Price below Net Asset Value</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals authorizing the board to issue shares below Net Asset Value (NAV) if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The proposal to allow share issuances
                                            below NAV has an expiration date no more than one year from the date shareholders approve
                                            the underlying proposal, as required under the Investment Company Act of 1940;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The sale is deemed to be in the best
                                            interests of shareholders by (1) a majority of the company's independent directors and (2)
                                            a majority of the company's directors who have no financial interest in the issuance; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The company has demonstrated responsible
                                            past use of share issuances by either:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Outperforming peers in its 8-digit
                                            GICS group as measured by one- and three-year median TSRs; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Providing disclosure that its past
                                            share issuances were priced at levels that resulted in only small or moderate discounts to
                                            NAV and economic dilution to existing non-participating shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Disposition of Assets/Termination/Liquidation</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Strategies employed to salvage the
                                            company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The fund&rsquo;s past performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The terms of the liquidation.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Changes to the Charter Document</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on changes to the charter document, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The degree of change implied by the
                                            proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The efficiencies that could result;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The state of incorporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Regulatory standards and implications.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Changing the Domicile of a Fund</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on re-incorporations, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Regulations of both states;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Required fundamental policies of
                                            both states;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The increased flexibility available.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Authorizing the Board to Hire
and Terminate Subadvisers Without Shareholder Approval</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals authorizing the board to hire or terminate subadvisers without shareholder approval
if the investment adviser currently employs only one subadviser.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Distribution Agreements</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on distribution agreement proposals, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Fees charged to comparably sized
                                            funds with similar objectives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The proposed distributor&rsquo;s
                                            reputation and past performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The competitiveness of the fund in
                                            the industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The terms of the agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Master-Feeder Structure</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on the establishment of a master-feeder structure.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Mergers</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on merger proposals, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Resulting fee structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Performance of both funds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Continuity of management personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Changes in corporate governance and
                                            their impact on shareholder rights.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Shareholder Proposals for Mutual
Funds</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Establish Director Ownership
Requirement</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals that mandate a specific minimum amount of stock that directors must
own in order to qualify as a director or to remain on the board.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Reimburse Shareholder for Expenses
Incurred</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents,
vote for the reimbursement of the proxy solicitation expenses.</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Terminate the Investment Advisor</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><B>General Recommendation:</B> DWS&rsquo;s
policy is to generally vote case-by-case on proposals to terminate the investment advisor, considering the following factors:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">Performance of the fund&rsquo;s Net
                                            Asset Value (NAV);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The fund&rsquo;s history of shareholder
                                            relations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">&#9632;</FONT></TD><TD><FONT STYLE="color: Black">The performance of other funds under
                                            the advisor&rsquo;s management.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Appendix I</FONT></P>

<P STYLE="font: bold 11pt/13pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Classification of Directors
&ndash; U.S.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Director</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">1.1.</FONT></TD><TD><FONT STYLE="color: Black">Current employee or current officer<SUP>1
                                            </SUP>of the company or one of its affiliates<SUP>2</SUP>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Independent
Non-Executive Director</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Board
Identification</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.1.</FONT></TD><TD><FONT STYLE="color: Black">Director identified as not independent
                                            by the board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Controlling/Significant
Shareholder</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.2.</FONT></TD><TD><FONT STYLE="color: Black">Beneficial owner of more than 50 percent
                                            of the company's voting power (this may be aggregated if voting power is distributed among
                                            more than one member of a group).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Current
Employment at Company or Related Company</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.3.</FONT></TD><TD><FONT STYLE="color: Black">Non-officer employee of the firm (including
                                            employee representatives).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.4.</FONT></TD><TD><FONT STYLE="color: Black">Officer<SUP>1</SUP>, former officer,
                                            or general or limited partner of a joint venture or partnership with the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Former
Employment</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.5.</FONT></TD><TD><FONT STYLE="color: Black">Former CEO of the company.<SUP>3, 4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.6.</FONT></TD><TD><FONT STYLE="color: Black">Former non-CEO officer<SUP>1</SUP> of
                                            the company or an affiliate<SUP>2</SUP> within the past five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.7.</FONT></TD><TD><FONT STYLE="color: Black">Former officer<SUP>1</SUP> of an acquired
                                            company within the past five years.<SUP>4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.8.</FONT></TD><TD><FONT STYLE="color: Black">Officer<SUP>1</SUP> of a former parent
                                            or predecessor firm at the time the company was sold or split off within the past five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.9.</FONT></TD><TD><FONT STYLE="color: Black">Former interim officer if the service
                                            was longer than 18 months. If the service was between 12 and 18 months, an assessment of
                                            the interim officer&rsquo;s employment agreement will be made.<SUP>5</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Family
Members</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.10.</FONT></TD><TD><FONT STYLE="color: Black">Immediate family member<SUP>6</SUP>
                                            of a current or former officer<SUP>1</SUP> of the company or its affiliates<SUP>2</SUP> within
                                            the last five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.11.</FONT></TD><TD><FONT STYLE="color: Black">Immediate family member<SUP>6</SUP>
                                            of a current employee of company or its affiliates<SUP>2</SUP> where additional factors raise
                                            concern (which may include, but are not limited to, the following: a director related to
                                            numerous employees; the company or its affiliates employ relatives of numerous board members;
                                            or a non-Section 16 officer in a key strategic role).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Professional,
Transactional, and Charitable Relationships</U></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Director
who (or whose immediate family member<SUP>6</SUP>) currently provides professional services<SUP>7</SUP> in excess of the $10,000 per
year to the company, an affiliate<SUP>2</SUP> or an individual officer of the company or</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.12.</FONT></TD><TD><FONT STYLE="color: Black">(an affiliate; or who is (or whose immediate
                                            family member<SUP>6</SUP> is) a partner, employee or controlling shareholder of, an organization
                                            which provides services.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black">Director
who (or whose immediate family member<SUP>6</SUP>) currently has any material transactional relationship<SUP>8</SUP> with the company
or its affiliates<SUP>2</SUP>.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.13.</FONT></TD><TD><FONT STYLE="color: Black">; or who is (or whose immediate family
                                            member<SUP>6</SUP> is) a partner in, or a controlling shareholder or an executive officer
                                            of, an organization which has the material transactional relationship<SUP>8</SUP> (excluding
                                            investments in the company through a private placement).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.14.</FONT></TD><TD><FONT STYLE="color: Black">Director who (or whose immediate family
                                            member<SUP>6</SUP>) is) a trustee, director, or employee of a charitable or non-profit organization
                                            that receives material grants or endowments<SUP>8</SUP> from the company or its affiliates<SUP>2</SUP>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Other
Relationships</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.15.</FONT></TD><TD><FONT STYLE="color: Black">Party to a voting agreement<SUP>9</SUP>
                                            to vote in line with management on proposals being brought to shareholder vote.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.16.</FONT></TD><TD><FONT STYLE="color: Black">Has (or an immediate family member6
                                            has) an interlocking relationship as defined by the SEC involving members of the board of
                                            directors or its Compensation Committee.<SUP>10</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.17.</FONT></TD><TD><FONT STYLE="color: Black">Founder<SUP>11</SUP> of the company
                                            but not currently an employee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.18.</FONT></TD><TD><FONT STYLE="color: Black">Director with pay comparable to Named
                                            Executive Officers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">2.19.</FONT></TD><TD><FONT STYLE="color: Black">Any material<SUP>12</SUP> relationship
                                            with the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent
Director</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: Black">3.1.</FONT></TD><TD><FONT STYLE="color: Black">No material<SUP>12</SUP> connection to
                                            the company other than a board seat.</FONT></TD></TR></TABLE>

<HR NOSHADE ALIGN="LEFT" STYLE="width: 100%">

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">Footnotes:</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>1 </SUP>The definition of officer
will generally follow that of a &ldquo;Section 16 officer&rdquo; (officers subject to Section 16 of the Securities and Exchange Act of
1934) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the
president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function).
Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee
director serving as an officer due to statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent
Non-Executive Director under 2.19: &ldquo;Any material relationship with the company.&rdquo; However, if the company provides explicit
disclosure that the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity, then the
director will be classified as an Independent Director.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>2 </SUP>&ldquo;Affiliate&rdquo;
includes a subsidiary, sibling company, or parent company. 50 percent control ownership is used by the parent company as the standard
for applying its affiliate designation. The manager/advisor of an externally managed issuer (EMI) is considered an affiliate.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>3 </SUP>Includes any former CEO
of the company prior to the company&rsquo;s initial public offering (IPO).</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>4 </SUP>When there is a former
CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, DWS will generally classify such directors
as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination
of such director&rsquo;s independence; any operating ties to the firm; and the existence of any other conflicting relationships or related
party transactions.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>5 </SUP>ISS will look at the
terms of the interim officer&rsquo;s employment contract to determine if it contains severance pay, long-term health and pension benefits,
or other such standard provisions typically contained in contracts of permanent, non-temporary CEOs. DWS will also consider if a formal
search process was under way for a full-time officer at the time.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>6 </SUP>&ldquo;Immediate family
member&rdquo; follows the SEC&rsquo;s definition of such and covers spouses, parents, children, step-parents, step-children, siblings,
in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer,
or significant shareholder of the company.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>7 </SUP>Professional services
can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making,
and typically have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following:
investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services,
accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services, lobbying
services, executive search services, and IT consulting services. The following would generally be considered transactional relationships
and not professional services: deposit services, IT tech support services, educational services, and construction services. The case
of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated
materiality test) rather than a professional relationship. &ldquo;Of Counsel&rdquo; relationships are only considered immaterial if the
individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner of, the firm providing
the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one
of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing
services are assumed to be professional services unless the company explains why such services are not advisory.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>8 </SUP>A material transactional
relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments
from, another entity, exceeding the greater of: $200,000 or 5 percent of the recipient&rsquo;s gross revenues, for a company that follows
NASDAQ listing standards; or the greater of $1,000,000 or 2 percent of the recipient&rsquo;s gross revenues, for a company that follows
NYSE listing standards. For a company that follows neither of the preceding standards, DWS will apply the NASDAQ-based materiality test.
(The recipient is the party receiving the financial proceeds from the transaction).</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>9 </SUP>Dissident directors who
are parties to a voting agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis
of the following factors indicates that the voting agreement does not compromise their alignment with all shareholders&rsquo; interests:
the terms of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that
are agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related
party transactions.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>10 </SUP>Interlocks include:
executive officers serving as directors on each other&rsquo;s compensation or similar committees (or, in the absence of such a committee,
on the board); or executive officers sitting on each other&rsquo;s boards and at least one serves on the other&rsquo;s compensation or
similar committees (or, in the absence of such a committee, on the board).</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>11 </SUP>The operating involvement
of the founder with the company will be considered; if the founder was never employed by the company, DWS may deem him or her an Independent
Director.</FONT></P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black"><SUP>12 </SUP>For purposes of ISS&rsquo;s
director independence classification, &ldquo;material&rdquo; will be defined as a standard of relationship (financial, personal or otherwise)
that a reasonable person might conclude could potentially influence one&rsquo;s objectivity in the boardroom in a manner that would have
a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.</FONT></P>

<P STYLE="color: #0070C0; font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="color: Black">&nbsp;</FONT>&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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, Times, Serif; margin: 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Portfolio Manager Team Disclosure:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the date of this report 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, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Michael J. Generazo, Senior Portfolio Manager Fixed Income and Portfolio
Manager of the Fund.</P>

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

<LI STYLE="margin: 0; font-size: 10pt">Joined DWS in 1999 and the Fund in 2010.</LI>

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

</UL>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chad Farrington, CFA, Head of Investment Strategy Fixed Income and Portfolio
Manager of the Fund.</P>

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

<LI STYLE="margin: 0; font-size: 10pt">Joined DWS in 2018 and the Fund in 2021 with 20 years of industry experience; previously, worked
as Portfolio Manager, Head of Municipal Research &amp; Senior Credit Analyst at Columbia Threadneedle</LI>

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

<LI STYLE="margin: 0; font-size: 10pt">BS, Montana State University</LI>

</UL>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Advisor and its affiliates are part of DWS. The brand DWS represents
DWS Group GmbH &amp; KGaA (&#8220;DWS Group&#8221;) and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF
America L.L.C. which offer advisory services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation
based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance
against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes
Fixed Pay (base salary) and Variable Compensation, as set forth below. The compensation information below is provided as of the Fund&#8217;s
most recent annual report dated November 30, 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">Fixed Pay (<B>FP</B>) is the key and primary element of
compensation for the majority of DWS employees and reflects the value of the individual&#8217;s role and function within the organization.&nbsp;
It rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional
(i.e. DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates in the labor market,
thus benchmarking provides a valuable input when determining FP levels. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">Variable Compensation (<B>VC</B>) is a discretionary compensation
element that enables DWS Group to provide additional reward to employees for their performance and behaviors, while reflecting DWS Group&#8217;s
affordability and financial situation. VC aims to: </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize that every employee contributes to DWS&#8217;s
success through the franchise component of Variable Compensation (<B>Franchise Component</B>),</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect individual performance, investment performance,
behaviours and culture through discretionary individual VC (<B>Individual Component), </B>and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reward outstanding contributions at the junior levels through
the discretionary <B>Recognition Award. </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Employee seniority as well as divisional and regional specifics
determine which VC elements are applicable for a given employee and the conditions under which they apply.&nbsp; Both Franchise and Individual
Components may be awarded in shares or other share-based instruments and other deferral arrangements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">VC can be delivered via cash, restricted equity awards,
and/or restricted incentive awards or restricted compensation. Restricted compensation may include: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notional fund investments</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted equity, notional equity, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted cash, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or such other form as DWS may decide in its sole discretion</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">VC comprises a greater proportion of total compensation
as an employee&#8217;s seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which
is subject to performance conditions and forfeiture provisions, will increase significantly as the amount of the VC increases.&nbsp;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">Additional forfeiture and claw back provisions, including
complete forfeiture and claw back of VC may apply in certain events if an employee is an InstVV [CRD IV EU Directive4] Material Risk Taker.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">For key investment professionals, in particular, a portion
of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">In general, each of the Advisor and its advisory affiliates seek to
offer their investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance
relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. <FONT STYLE="color: windowtext">To
evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the Advisor and its
affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with
respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es) set forth in the governing
documents with respect to each other account type.&nbsp; 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, the Advisor and its affiliates consider a number of quantitative, qualitative and other factors:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative measures (e.g. one-, three- and five-year pre-tax
returns versus the appropriate Morningstar peer group universe for a fund, or versus the appropriate iMoneyNet peer group for a money
market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk
targets into account) are utilized to measure performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, 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/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, 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 the Advisor and its affiliates) 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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, it is important to note that DWS Group functions
within a controlled environment based upon the risk limits established by DWS Group&#8217;s Risk division, in conjunction with DWS Group
management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee&#8217;s ability
to assess and manage risk.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, 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 DWS Funds advised by DWS Investment
Management Americas, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Advisor) 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 annual report dated November 30, 2021.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 37%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of <U><BR>
</U>Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dollar Range of</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dollar Range of All DWS Fund Shares Owned</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: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</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: 3pt; padding-left: 3pt">Chad Farrington</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$100,001-$500,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 the Advisor, 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
annual report dated November 30, 2021.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$6,006,522,702</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; 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"><FONT STYLE="font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$5,728,246,131</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicle Accounts with Performance-Based Fee</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; 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; 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; 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"><FONT STYLE="font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; 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; 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; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><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"><FONT STYLE="font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$69,270,429</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; 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"><FONT STYLE="font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; 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; 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; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 or Subadvisor,
as applicable, 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, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, Serif; font-size: 10pt">Certain investments may be appropriate for the Fund and
also for other clients advised by the Advisor and their affiliates, 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 and their affiliates 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 and their affiliates. 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 and their affiliates 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 and their affiliates 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, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, 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, Times, 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
and their affilates attempt 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, Times, 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: justify">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 and their affiliates 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, Times, 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 STYLE="text-align: justify"><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="color: blue; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Advisor is owned by the DWS Group, a multinational
global financial services firm that is a majority owned subsidiary of Deutsche Bank AG. 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 and their affiliates 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 their 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 will cause conflicts that could be to the disadvantage of the Advisor&#8217;s advisory
clients, including the Fund. The Advisor and their affiliates have 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 New Roman, Times, Serif; margin: 10.45pt 0 0 0.25in; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 85%; 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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Average Price Paid</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">per Share</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased as</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Part of Publicly Announced</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="white-space: nowrap; 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, Times, Serif; margin: 0">Maximum Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares that May Yet Be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Purchased Under the</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 1 through July 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1 through August 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1 through September 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 1 through October 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <TD STYLE="white-space: nowrap; 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"><FONT STYLE="font-family: Times New Roman, Times, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may from time to time repurchase shares in the open market.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 25, 2020, the Fund announced that the Fund's Board of Trustee extended the Fund's existing open market share repurchase program for an additional 12 month period.&nbsp;&nbsp;The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period December 1, 2020 until November 30, 2021, when the Fund's shares trade at a discount to net asset value.&nbsp;&nbsp;The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2019 and ran until November 30, 2020.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 24, 2021, the Fund announced that the Fund&rsquo;s Board of<BR>
Trustees had 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, 2021 until November 30,2022, when the Fund&rsquo;s shares trade at a discount to net asset value. The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2020 and ran until November 30, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>
<!-- Field: /Include-Text -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 10.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There were no material changes to the procedures by which shareholders
    may recommend nominees to the Fund&rsquo;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 Keith R. Fox, DWS Funds Board Chair,
    c/o Thomas R. Hiller, Ropes &amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.05in">&nbsp;</P></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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 11.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</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: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Chief Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</FONT></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: 30.6pt; text-indent: -30.6pt">&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">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">(b)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">There have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal controls over financial reporting.</FONT></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: 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 STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 12.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, 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 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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 13.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="codeofethics.htm"><FONT STYLE="font-size: 10pt">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</FONT></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99cert.htm"><FONT STYLE="font-size: 10pt">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></A></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&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, Times, Serif">(b)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99906cert.htm"><FONT STYLE="font-family: Times New Roman, Times, 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></A></TD></TR>
  <TR>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 76%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DWS Municipal Income Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><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, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2/28/2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2/28/2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><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, Times, Serif; margin: 0"><U>/s/Diane Kenneally</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diane Kenneally</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">2/28/2022</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DWS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Executive and Principal Financial Officer
Code of Ethics</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>For the Registered Management Investment Companies
Listed on Appendix A</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Effective Date</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>January 31, 2005</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Date Last Reviewed</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>April 14, 2021</B></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0"><A NAME="a_Toc32209641"></A><A NAME="a_Toc32209549"></A>Table of Contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">I.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">II.&nbsp;&nbsp;&nbsp;Purposes of the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">III.&nbsp;&nbsp;&nbsp;Responsibilities of Covered Officers</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Honest and Ethical Conduct</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;Conflicts of Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Use of Personal Fund Shareholder Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Public Communications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">E.&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, Rules and Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IV.&nbsp;&nbsp;&nbsp;Violation Reporting</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">A.&nbsp;&nbsp;&nbsp;Overview</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">B.&nbsp;&nbsp;&nbsp;How to Report</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">C.&nbsp;&nbsp;&nbsp;Process for Violation Reporting to the Fund Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">D.&nbsp;&nbsp;&nbsp;Sanctions for Code Violations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">V.&nbsp;&nbsp;&nbsp;Waivers from the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VI.&nbsp;&nbsp;&nbsp;Amendments to the Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VII.&nbsp;&nbsp;&nbsp;Acknowledgement and Certification of Adherence to the Officer Code</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">VIII.&nbsp;&nbsp;&nbsp;Scope of Responsibilities</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">IX.&nbsp;&nbsp;&nbsp;Recordkeeping</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">X.&nbsp;&nbsp;&nbsp;Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 12.25pt">Appendices</TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 6pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix A: List of Officers Covered under the Code, by Board</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix B: Acknowledgement and Certification</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 24pt">Appendix C:&nbsp; Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 12.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544401"></A><A NAME="a_Toc32234045"></A><A NAME="a_Toc32219441"></A><A NAME="a_Toc32209550"></A><FONT STYLE="font-size: 10pt; font-weight: normal">I.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Overview</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">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 (each a &#8220;Fund&#8221;
and together, the &#8220;Funds&#8221;) they serve (&#8220;Covered Officers&#8221;). A list of Covered Officers and Funds is included on
Appendix A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">DWS represents the asset management activities
conducted by DWS Investment Management Americas, Inc., DWS International GmbH or their affiliates that may serve as investment adviser
to each Fund. All Covered Officers are also employees of DWS. Thus, in addition to adhering to the Officer Code, these individuals must
comply with DWS policies and procedures, such as the DWS Code of Ethics governing personal trading activities, as adopted pursuant to
Rule 17j-1 under the Investment Company Act of 1940.<SUP>[1]</SUP> In addition, such individuals also must comply with other applicable
Fund policies and procedures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS 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. The DWS 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 DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance Officer and his or her contact
information can be found in Appendix A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544402"></A><FONT STYLE="font-size: 10pt; font-weight: normal">II.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Purposes of the Officer Code</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The purposes of the Officer Code are to deter
wrongdoing and to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote compliance with applicable
laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">encourage the prompt internal
reporting of violations of the Officer Code to the DWS Compliance Officer; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">establish accountability for
adherence to the Officer Code.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in">Any questions about the Officer Code should be referred to the DWS
Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544403"></A><FONT STYLE="font-size: 10pt; font-weight: normal">III.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Responsibilities of Covered Officers</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc32234053"></A><A NAME="a_Toc32219446"></A><A NAME="a_Toc32209555"></A><A NAME="a_Toc12544404"></A><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Honest and Ethical Conduct</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">It is the duty of every Covered Officer to
encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable
policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction,
putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of
information where required by law, DWS policy or Fund policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers also must, at all times,
act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material
facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary
for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources
entrusted to them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Covered Officers may not retaliate against
others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations.
Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code
is designed to address.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544405"></A><A NAME="a_Toc32234054"></A><A NAME="a_Toc32219447"></A><A NAME="a_Toc32209556"></A><FONT STYLE="font-size: 10pt">B.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Conflicts of Interest</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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.
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. 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. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising,
reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service
provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship
with, any Fund service provider other than DWS or its affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Certain conflicts of interest covered by this
Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions
in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions
(such as the purchase or sale of securities or other property) with the Fund because of their status as &#8220;affiliated persons&#8221;
of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory
prohibitions on individual behavior could be considered a violation of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">As to conflicts arising from, or as a result
of the advisory relationship (or any other relationships) between the Fund and DWS, of which the Covered Officers are also officers or
employees, it is recognized by the Board that, subject to DWS&#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 DWS, or for both) be involved in establishing policies and implementing decisions
which will have different effects on DWS and the Fund. The Board recognizes that the participation of the Covered Officers in such activities
is inherent in the contract relationship between the Fund and DWS, and is consistent with the expectation of the Board of the performance
by the Covered Officers of their duties as officers of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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. 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 DWS Compliance Officer. If a Covered Officer, in
lieu of reporting such a matter to the DWS 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 DWS Compliance Officer or the Covered Officer reasonably believes it would
be futile to report the matter to the DWS Compliance Officer).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">When actual, apparent or suspected conflicts
of interest arise in connection with a Covered Officer, DWS personnel aware of the matter should promptly contact the DWS Compliance Officer.
There will be no reprisal or retaliation against the person reporting the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Upon receipt of a report of a possible conflict,
the DWS Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DWS Compliance Officer may take any
actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining
or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<SUP>[2]</SUP> The costs associated with such
actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof). Otherwise, such
costs will be borne by DWS or other appropriate Fund service provider.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After full review of a report of a possible
conflict of interest, the DWS Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however,
the DWS 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). If the DWS Compliance Officer
determines that the appearance of a conflict exists, the DWS Compliance Officer will take appropriate steps to remedy such appearance.
In lieu of determining whether a conflict exists and/or resolving a conflict, the DWS Compliance Officer instead may refer the matter
to the Fund&#8217;s Board (or committee thereof), as appropriate. However, the DWS Compliance Officer must refer the matter to the Fund&#8217;s
Board (or committee thereof) if the DWS Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">After responding to a report of a possible
conflict of interest, the DWS 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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Appropriate resolution of conflicts may restrict
the personal activities of the Covered Officer and/or his family, friends or other persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Solely because a conflict is disclosed to
the DWS Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DWS Compliance Officer does not mean that the
conflict or its resolution constitutes a waiver from the Code&#8217;s requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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 DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544406"></A><A NAME="a_Toc32234055"></A><FONT STYLE="font-size: 10pt">C.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Use of Personal Fund Shareholder Information</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">A Covered Officer may not use or disclose
personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must
abide by the Funds&#8217; and DWS&#8217;s privacy policies under SEC Regulation S-P.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544407"></A><A NAME="a_Toc32234056"></A><A NAME="a_Toc32219448"></A><A NAME="a_Toc32209557"></A><FONT STYLE="font-size: 10pt">D.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Public Communications</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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 DWS 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Further, within the scope of their duties,
Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the
extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure
in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate
creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer,
each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the
business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure
controls, processes and procedures, including DWS&#8217;s Disclosure Controls and Procedures, which govern the process by which Fund disclosure
documents are created and reviewed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544408"></A><A NAME="a_Toc32234057"></A><A NAME="a_Toc32219449"></A><A NAME="a_Toc32209558"></A><FONT STYLE="font-size: 10pt">E.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Compliance with Applicable Laws, Rules and Regulations</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">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 DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544409"></A><A NAME="a_Toc32234058"></A><A NAME="a_Toc32219450"></A><A NAME="a_Toc32209559"></A><FONT STYLE="font-size: 10pt; font-weight: normal">IV.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Violation Reporting</FONT></TD></TR></TABLE>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 1in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544410"></A><A NAME="a_Toc32234059"></A><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Overview</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Each Covered Officer must promptly report
to the DWS Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report
a violation may be a violation of the Officer Code.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Examples of violations of the Officer Code
include, but are not limited to, the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unethical or dishonest behavior </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Obvious lack of adherence to policies surrounding review
and approval of public communications and regulatory filings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure to report violations of the Officer Code</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Known or obvious deviations from Applicable Laws</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Failure to acknowledge and certify adherence to the Officer
Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 117pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS 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. The Compliance Officer also has the authority to use all reasonable resources to investigate
violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.<SUP>[3]</SUP>
The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee
thereof). Otherwise, such costs will be borne by DWS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><A NAME="a_Toc12544411"></A><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">How to Report</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Any known or suspected violations of the Officer
Code must be promptly reported to the DWS Compliance Officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_Toc32234060"></A><A NAME="a_Toc32219451"></A>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><A NAME="a_Toc12544412"></A><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Process for Violation Reporting to the Fund Board</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">The DWS Compliance Officer will promptly report
any violations of the Code to the Fund&#8217;s Board (or committee thereof).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 18pt"><A NAME="a_Toc12544413"></A><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Sanctions for Code Violations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt; text-align: justify">Violations of the Code will be taken seriously.
In response to reported or otherwise known violations, DWS and the relevant Fund&#8217;s Board may impose sanctions within the scope of
their respective authority over the Covered Officer at issue. Sanctions imposed by DWS could include termination of employment. Sanctions
imposed by a Fund&#8217;s Board could include termination of association with the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544414"></A><FONT STYLE="font-size: 10pt; font-weight: normal">V.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Waivers from the Officer Code</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer may request a waiver from
the Officer Code by transmitting a written request for a waiver to the DWS Compliance Officer.<SUP>[4]</SUP> The request must include
the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying
purposes of the Officer Code. The DWS Compliance Officer will present this information to the Fund&#8217;s Board (or committee thereof).
The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver,
the DWS 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance Officer will coordinate
and facilitate any required public disclosures of any waivers granted or any implicit waivers.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544415"></A><FONT STYLE="font-size: 10pt; font-weight: normal">VI.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Amendments to the Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS 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. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance Officer will coordinate
and facilitate any required public disclosures of Code amendments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544416"></A><A NAME="a_Toc32234061"></A><FONT STYLE="font-size: 10pt; font-weight: normal">VII.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Acknowledgement and Certification of Adherence to the Officer Code</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">Understanding and complying with the Officer
Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#8217;s obligation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS Compliance Officer will maintain such
Acknowledgements in the Fund&#8217;s books and records.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544417"></A><FONT STYLE="font-size: 10pt; font-weight: normal">VIII.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Scope of Responsibilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">A Covered Officer&#8217;s responsibilities
under the Officer Code are limited to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 38.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 (<I>i.e.</I>, matters within the scope of the Covered Officer&#8217;s responsibilities as a Fund officer); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund matters of which the Officer
has actual knowledge.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544418"></A><FONT STYLE="font-size: 10pt; font-weight: normal">IX.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Recordkeeping</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">The DWS 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><A NAME="a_Toc12544419"></A><FONT STYLE="font-size: 10pt; font-weight: normal">X.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Confidentiality</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify">All reports and records prepared or maintained
pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise
required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DWS Compliance Officer, the Fund&#8217;s
Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-indent: 0in"><A NAME="a_Toc12544420"></A><A NAME="a_Toc32234062"></A><A NAME="a_Toc32219453"></A><A NAME="a_Toc32209561"></A>Appendices</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 13.5pt; text-align: justify; text-indent: 0in"><A NAME="a_Toc32234063"></A><A NAME="a_Toc32219454"></A><A NAME="a_Toc32209562"></A><A NAME="a_Toc12544421"></A>Appendix
A: List of Officers Covered under the Code, by Board</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 21%; border-top: black 2.25pt double; border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund Board</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Executive Officer</B></FONT></TD>
    <TD STYLE="width: 27%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Financial Officer</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Treasurer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DWS Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-left: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany Funds*</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hepsen Uzcan</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD>
    <TD STYLE="border-right: black 2.25pt double; border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diane Kenneally</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The Central and Eastern Europe Fund, Inc., The European Equity Fund, Inc. and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">The New Germany Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><B>DWS Compliance Officer:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Scott Hogan</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Chief Compliance Officer of the DWS Funds/Germany Funds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt"><FONT STYLE="letter-spacing: 0.75pt">Phone: (617) 295-3986</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">Email: scott-d.hogan@dws.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>As of: &#9;April 14, 2021</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544422"></A><A NAME="a_Toc32234065"></A><A NAME="a_Toc32219456"></A><A NAME="a_Toc32209564"></A>Appendix
B: Acknowledgement and Certification</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Initial Acknowledgement and Certification</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under the Officer Code</P>

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

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

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

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

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

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

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I acknowledge and certify that I am a Covered Officer under
the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements
and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have disclosed any conflicts of interest of which I am
aware to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I will report any known or suspected violations of the Officer
Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Annual Acknowledgement and Certification</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Obligations Under the Officer Code</P>

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

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

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

<DIV STYLE="padding: 1pt 0in 0in; border-top: Black 0.5pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Print Name&#9;Department&#9;Location&#9;Telephone</P>

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

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

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

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

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I acknowledge and certify that I am a Covered Officer under
the DWS Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements
and provisions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have adhered to the Officer Code.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 DWS Compliance Officer in
accordance with the Officer Code&#8217;s requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I have reported any known or suspected violations of the
Officer Code in a timely manner to the DWS Compliance Officer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">______________________________&#9;____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Signature&#9;Date<BR STYLE="clear: both">
</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt 0.5in; text-align: justify; text-indent: 0in"><A NAME="a_Toc12544423"></A><A NAME="a_Toc32234066"></A><A NAME="a_Toc32219457"></A><A NAME="a_Toc32209565"></A>Appendix
C: Definitions</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><A NAME="a_Toc32234047"></A><A NAME="a_Toc32219443"></A><A NAME="a_Toc32209552"></A>Principal
Executive Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><A NAME="a_Toc32234048"></A><A NAME="a_Toc32219444"></A><A NAME="a_Toc32209553"></A>Individual
holding the office of President of the Fund or series of Funds, or a person performing a similar function.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Principal Financial Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><A NAME="a_Toc32234049"></A>Individual holding the office of Treasurer
of the Fund or series of Funds, or a person performing a similar function.</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered Investment Management Investment Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Registered investment companies other than a face-amount certificate
company or a unit investment trust.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><A NAME="a_Toc32234051"></A>&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Waiver</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">A waiver is an approval of an exemption from a Code requirement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Implicit Waiver</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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 DWS
Compliance Officer or the Fund&#8217;s Board (or committee thereof).</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[1]</SUP> The obligations imposed by the Officer Code are separate from,
and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940,
and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any
of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and
waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those
codes may be considered in determining appropriate sanctions for any violation of this Code.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[2]</SUP> For example, retaining a Fund&#8217;s independent accounting
firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[3]</SUP> For example, retaining a Fund&#8217;s independent accounting
firm may require pre-approval by the Fund&#8217;s audit committee.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><SUP>[4]</SUP> 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.</P>


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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS 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">&nbsp;</TD>
    <TD COLSPAN="2" 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">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" 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">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" 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">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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">&nbsp;</TD>
    <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">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS 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">&nbsp;</TD>
    <TD COLSPAN="2" 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">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" 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">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <TD COLSPAN="2" 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">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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">&nbsp;</TD>
    <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">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">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>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS 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">&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">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) 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, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS 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">&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">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &ldquo;Report&rdquo;) 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, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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