Principal
Amount ($)

Value ($)

Municipal Bonds and Notes 152.9%

Alabama 5.2%

Alabama, Port Authority Revenue, Docks Department, AMT, 6.3%, 10/1/2021 (a)

8,250,000

8,544,360

Camden, AL, Industrial Development Board Revenue, AMT, Series B, 6.375%, 12/1/2024

1,000,000

1,096,180

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, 5.75%, 6/1/2031

5,500,000

5,826,040

Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a)

8,560,000

9,200,887

24,667,467

Arizona 1.7%

Arizona, Hospital & Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020

7,000,000

7,796,040

California 18.3%

California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.375%, 5/1/2022

7,350,000

8,143,285

California, Hospital & Healthcare Revenue, Health Facilities Funding Authority, Adventist Health Systems, Series A, 5.0%, 3/1/2028

1,000,000

1,019,830

California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.:

Series B, 5.625%, 6/1/2038

7,080,000

7,910,555

Series 2003-A-1, 6.75%, 6/1/2039

11,730,000

13,227,921

California, State General Obligation:

5.0%, 12/1/2020

4,600,000

4,878,990

5.0%, 6/1/2031 (a)

4,965,000

5,229,088

5.125%, 4/1/2024

4,400,000

4,675,044

5.25%, 12/1/2021

10,215,000

11,071,221

5.25%, 4/1/2030

6,250,000

6,611,313

California, State Public Works Board, Lease Revenue, Department of Mental Health, Series A, 5.5%, 6/1/2021

5,000,000

5,558,000

California, State Public Works Board, Various University of California Projects, Series F, 5.0%, 11/1/2017

5,140,000

5,503,604

California, State Revenue Lease, Public Works Board, Department of Corrections, Series C, 5.5%, 6/1/2021

2,500,000

2,764,525

California, State Revenue Lease, Public Works Board, University of California Projects, Series F, 5.0%, 11/1/2025

1,000,000

1,049,070

Palmdale, CA, Water District Revenue, Certificates of Participation, 5.0%, 10/1/2034 (a)

3,570,000

3,729,008

Sacramento County, CA, Airport Revenue, AMT, Series A, 5.9%, 7/1/2024 (a)

5,000,000

5,138,700

86,510,154

Colorado 7.0%

Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, 6.5%, 11/15/2031

1,000,000

1,151,620

Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities:

Series A, 5.5%, 12/1/2017 (a)

6,145,000

6,620,685

Series A, 6.0%, 12/1/2015 (a)

5,705,000

6,246,176

Series A, 6.0%, 12/1/2016 (a)

2,000,000

2,189,720

Colorado, Single Family Housing Revenue, AMT, Series B2, 7.25%, 10/1/2031

290,000

301,168

Colorado, Transportation/Tolls Revenue, Anticipation Note, Prerefunded, 6.0%, 6/15/2011 (a)

10,000,000

11,026,400

Denver, CO, Airport Revenue, AMT, Series A, 6.0%, 11/15/2014 (a)

5,000,000

5,461,300

32,997,069

District of Columbia 7.6%

District of Columbia, Core City General Obligation, Series B, 5.5%, 6/1/2011 (a)

20,000,000

21,774,600

District of Columbia, ETM, Series A, Prerefunded, 5.5%, 6/1/2014 (a)

640,000

684,320

District of Columbia, General Obligation:

Series A, 5.5%, 6/1/2014 (a)

1,860,000

1,980,509

Prerefunded, Series A-2005, 5.25%, 6/1/2027 (a)

2,585,000

2,710,657

Series A-2005, 5.25%, 6/1/2027 (a)

8,245,000

8,582,056

35,732,142

Florida 6.4%

Dade County, FL, Airport Revenue, AMT, Series A, 5.75%, 10/1/2026 (a)

13,000,000

13,408,850

Dade County, FL, Special Assessment Revenue:

Series B, Prerefunded, Zero Coupon, 10/1/2022 (a)

7,735,000

3,025,468

Series B, Prerefunded, Zero Coupon, 10/1/2024 (a)

16,955,000

5,840,997

Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, 5.625%, 8/15/2023

1,000,000

1,032,170

Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:

6.0%, 7/1/2013 (a)

1,665,000

1,838,110

6.0%, 7/1/2014 (a)

1,000,000

1,103,970

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, 5.75%, 12/1/2032

1,000,000

1,119,500

Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a)

2,850,000

3,132,920

30,501,985

Georgia 0.9%

Atlanta, GA, Water & Wastewater Revenue, Water Utilities Improvements, 5.0%, 11/1/2024 (a)

4,000,000

4,237,880

Hawaii 7.3%

Hawaii, Airport System Revenue, AMT, Series B, 6.5%, 7/1/2013 (a)

8,800,000

9,807,600

Hawaii, Electric Revenue, Department of Budget & Finance, AMT:

Series D, 6.15%, 1/1/2020 (a)

2,195,000

2,353,216

Series A, 6.2%, 5/1/2026 (a)

13,200,000

13,391,004

Hawaii, Port Authority Revenue, AMT:

Series A, 6.0%, 7/1/2011 (a)

2,950,000

3,231,754

Series A, 6.0%, 7/1/2012 (a)

3,135,000

3,410,786

Hawaii, State General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014 (a)

2,310,000

2,502,885

34,697,245

Idaho 0.0%

Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%, 7/1/2025

165,000

165,259

Illinois 8.8%

Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a)

10,000,000

10,649,500

Chicago, IL, Core City General Obligation:

Series A, Prerefunded, 6.0%, 1/1/2014 (a)

2,085,000

2,309,763

Series A, Prerefunded, 6.125%, 1/1/2015 (a)

2,000,000

2,225,140

Series A, 6.125%, 1/1/2016 (a)

2,000,000

2,225,140

Chicago, IL, O'Hare International Airport Revenue, Series A, 5.0%, 1/1/2019 (a)

4,000,000

4,293,960

Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:

Series A, Prerefunded, 6.0%, 1/1/2015 (a)

1,000,000

1,107,800

Series A, 6.0%, 1/1/2017 (a)

1,000,000

1,107,800

Illinois, Development Finance Authority, Hospital Revenue, Adventist Health System, Sunbelt Obligation, 5.5%, 11/15/2020

2,500,000

2,691,825

Illinois, Health Facilities Authority Revenue, Children's Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a)

4,000,000

4,307,720

Illinois, Higher Education Revenue, DePaul University, Educational Facilities Authority:

Prerefunded, 5.625%, 10/1/2013 (a)

2,695,000

2,955,849

Prerefunded, 5.625%, 10/1/2015 (a)

1,710,000

1,875,511

Illinois, Sales & Special Tax Revenue, Metropolitan Pier & Exposition Authority:

Series A, ETM, 5.5%, 6/15/2017 (a)

1,955,000

2,247,175

Series A, 5.5%, 6/15/2017 (a)

1,555,000

1,764,645

Will County, IL, Industrial Development Revenue, Mobil Oil Refining Corp. Project, AMT, 6.0%, 2/1/2027

2,000,000

2,058,760

41,820,588

Indiana 1.1%

Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, 5.5%, 11/1/2031

5,000,000

5,269,000

Kansas 0.7%

Overland Park, KS, Industrial Development Revenue, Series A, 7.375%, 1/1/2032

3,000,000

3,254,760

Kentucky 1.4%

Breckinridge County, KY, Lease Program Revenue, Kentucky Association of Counties Leasing Trust, Series A, 3.01% *, 2/1/2032, US Bank NA (b)

89,000

89,000

Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc.:

Series A, 6.5%, 10/1/2020

2,000,000

2,196,620

Series A, 6.625%, 10/1/2028

4,000,000

4,371,040

6,656,660

Louisiana 0.5%

Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a)

2,000,000

2,218,300

Maine 1.4%

Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a)

375,000

377,625

Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a)

6,165,000

6,414,313

6,791,938

Maryland 0.6%

Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030

2,500,000

2,844,375

Massachusetts 3.5%

Massachusetts, Airport Revenue, AMT, Series B, 5.5%, 7/1/2009 (a)

8,000,000

8,449,600

Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A, 5.875%, 9/1/2023 (a)

5,000,000

5,149,700

Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%, 7/1/2015 (a)

3,000,000

3,173,760

16,773,060

Michigan 2.2%

Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014

1,500,000

1,522,710

Michigan, Industrial Development Revenue:

5.5%, 6/1/2018 (a)

3,425,000

3,687,732

5.75%, 6/1/2016 (a)

4,640,000

5,041,406

Michigan, University of Michigan Hospital Revenues, Series A, 2.95% *, 12/1/2019

25,000

25,000

10,276,848

Minnesota 1.6%

Minneapolis & St. Paul, MN, Airport Revenue, AMT, Series B, 6.0%, 1/1/2012 (a)

4,395,000

4,756,489

Minneapolis & St. Paul, MN, Port Authority Revenue, AMT, Series B, 5.625%, 1/1/2015 (a)

2,500,000

2,649,325

7,405,814

Missouri 0.1%

Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021

365,000

372,848

Nevada 2.4%

Las Vegas, NV, Core City General Obligation, Water & Sewer Revenue, 5.375%, 4/1/2014 (a)

2,705,000

2,920,318

Nevada, State General Obligation, Capital Improvement and Cultural Affairs Project, Series A, 5.5%, 2/1/2014

2,575,000

2,743,302

Washoe County, NV, School District General Obligation, Prerefunded, 5.75%, 6/1/2014 (a)

5,450,000

5,879,623

11,543,243

New Jersey 12.2%

New Jersey, Casino Reinvestment Development Authority, Hotel Room Fee Revenue, 5.0%, 1/1/2025 (a)

4,000,000

4,260,040

New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034

1,090,000

1,159,716

New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a)

5,000,000

6,186,200

New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, AMT, Series A, 6.875%, 11/1/2034 (a)

10,775,000

10,914,860

New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026

1,400,000

1,432,228

New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032

2,330,000

2,434,803

New Jersey, State Agency General Obligation Lease, Transportation Trust Fund Authority, Series A, Prerefunded, 5.75%, 6/15/2017

10,000,000

10,909,500

New Jersey, State Transportation Trust Fund Authority, Transportation System, Series D, 5.0%, 6/15/2019 (a)

5,000,000

5,366,650

New Jersey, Transportation/Tolls Revenue, Economic Development Authority, Series A, Prerefunded, 5.75%, 5/1/2013 (a)

6,000,000

6,419,160

New Jersey, Transportation/Tolls Revenue, Garden State Parkway Project, Prerefunded, 5.6%, 1/1/2017 (a)

8,000,000

8,682,160

57,765,317

New York 15.5%

Nassau County, NY, Hospital & Healthcare, 6.0%, 8/1/2015 (a)

3,390,000

3,729,746

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Bronx-Lebanon, Hospital Center, Series E, 5.2%, 2/15/2016

1,770,000

1,834,375

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016

1,500,000

1,692,495

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Jamaica Hospital, Series F, 5.2%, 2/15/2016

1,000,000

1,036,370

New York, State General Obligation, Tobacco Settlement Financing Corp.:

Series A-1, 5.25%, 6/1/2022 (a)

10,000,000

10,770,300

Series A-1, 5.5%, 6/1/2019

7,400,000

8,119,650

New York, Transportation/Tolls Revenue:

Prerefunded, 5.625%, 4/1/2013 (a)

5,000,000

5,366,450

Prerefunded, 5.75%, 4/1/2014 (a)

2,000,000

2,153,860

New York City, NY, Transitional Finance Authority, Series A-1, 5.0%, 11/1/2016

5,000,000

5,443,650

New York, NY, Core City General Obligation:

Series F, 5.25%, 8/1/2015 (a)

5,000,000

5,200,050

Series F, 5.25%, 8/1/2015

5,000,000

5,356,100

New York, NY, General Obligation:

Series D, 5.0%, 11/1/2017 (a)

5,195,000

5,586,963

Series G, 5.0%, 12/1/2023

2,000,000

2,104,880

Series D, 5.0%, 11/1/2024

7,500,000

7,873,575

New York, NY, Sales & Special Tax Revenue, Transitional Finance Authority:

Series B, Prerefunded, 6.125%, 11/15/2014

1,645,000

1,831,378

Series B, 6.125%, 11/15/2014

355,000

395,221

Series B, Prerefunded, 6.125%, 11/15/2015

3,000,000

3,339,900

Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a)

1,180,000

1,338,769

73,173,732

North Carolina 1.7%

Charlotte, NC, Airport Revenue, AMT:

Series B, 5.75%, 7/1/2013 (a)

2,480,000

2,641,274

Series B, 5.875%, 7/1/2014 (a)

1,140,000

1,218,193

North Carolina, Electric Revenue, Municipal Power Agency:

Series C, 5.375%, 1/1/2017

1,000,000

1,071,330

Series B, 6.375%, 1/1/2013

3,000,000

3,275,280

8,206,077

North Dakota 0.8%

Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, 7.125%, 8/15/2024

3,400,000

3,802,798

Ohio 1.9%

Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025

6,000,000

5,338,080

Ohio, Higher Education Revenue, University of Findlay Project:

6.125%, 9/1/2016

2,000,000

2,030,000

6.15%, 9/1/2011

1,635,000

1,661,487

9,029,567

Oregon 3.3%

Oregon, Other Revenue Lease, Department of Administrative Services:

Series A, 5.5%, 5/1/2010 (a)

2,245,000

2,321,420

Series A, 5.6%, 5/1/2011 (a)

2,120,000

2,194,582

Oregon, State General Obligation Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2017 (a)

1,000,000

1,113,810

Oregon, State Revenue Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2018 (a)

1,000,000

1,113,810

Portland, OR, Special Assessment Revenue, Downtown Waterfront:

Series A, 5.625%, 6/15/2015 (a)

3,100,000

3,375,187

Series A, 5.75%, 6/15/2018 (a)

2,225,000

2,433,393

Series A, 5.75%, 6/15/2019 (a)

2,820,000

3,084,121

15,636,323

Pennsylvania 3.2%

Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031

2,570,000

2,812,711

Pennsylvania, State General Obligation, 5.0%, 1/1/2017

3,620,000

3,944,243

Pennsylvania, State University, University & College Improvement Revenue, 5.0%, 9/1/2029

500,000

529,280

Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%, 9/1/2029 (a)

5,000,000

5,230,850

Philadelphia, PA, Municipal Authority Revenue, Series B, 5.25%, 11/15/2018 (a)

2,500,000

2,687,475

15,204,559

Rhode Island 0.9%

Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032

4,000,000

4,233,400

South Carolina 2.6%

Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031

1,500,000

1,570,725

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance, Prerefunded, Series A, 7.375%, 12/15/2021

2,000,000

2,362,220

South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health:

Prerefunded, Series C, 7.0%, 8/1/2030

4,825,000

5,778,275

Series C, 7.0%, 8/1/2030

595,000

695,139

South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022

2,000,000

2,108,240

12,514,599

Tennessee 2.8%

Memphis-Shelby County, TN, Airport Revenue, AMT, Series D, 6.25%, 3/1/2017 (a)

4,690,000

5,118,150

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care:

EMT, 6.5%, 9/1/2026

2,615,000

3,044,592

Prerefunded, 6.5%, 9/1/2026

4,385,000

5,105,368

13,268,110

Texas 16.6%

Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax:

6.0%, 11/15/2013 (a)

3,190,000

3,464,117

6.0%, 11/15/2015 (a)

3,480,000

3,779,036

6.0%, 11/15/2016 (a)

3,625,000

3,936,496

Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, AMT, Series C, 5.75% *, 5/1/2036

3,965,000

4,215,628

Dallas-Fort Worth, TX, Airport Revenue, International Airport, AMT, Series A, 5.875%, 11/1/2016 (a)

6,500,000

7,080,190

El Paso, TX, State General Obligation:

5.875%, 8/15/2012 (a)

1,000,000

1,035,180

5.875%, 8/15/2013 (a)

1,570,000

1,625,233

5.875%, 8/15/2014 (a)

1,665,000

1,723,575

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, 6.375%, 6/1/2029

5,500,000

6,241,620

Houston, TX, Airport Revenue, People Mover Project, AMT, Series A, 5.5%, 7/15/2017 (a)

3,300,000

3,369,234

Houston, TX, Port Authority Revenue, Airport Revenue, AMT, Series A, 5.875%, 7/1/2014 (a)

3,960,000

4,255,455

Red River, TX, School District Revenue Lease, St. Mark's School Project, 6.0%, 8/15/2019

5,390,000

5,811,121

Socorro, TX, Independent School District, 5.0%, 8/15/2025

5,135,000

5,450,956

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., 6.7%, 11/15/2030

4,500,000

5,118,705

Texas, Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%, 8/1/2024

2,000,000

2,128,000

Texas, State General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021

4,015,000

4,022,669

Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a)

14,605,000

15,385,491

78,642,706

Washington 5.9%

Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2013 (a)

7,355,000

8,208,621

Seattle, WA, Special Assessment Revenue, AMT:

Series B, 5.5%, 9/1/2011 (a)

1,085,000

1,158,758

Series B, 5.75%, 9/1/2013 (a)

1,045,000

1,120,177

Skagit County, WA, School District General Obligation, School District No. 1, Burlington Edison, 5.625%, 12/1/2014 (a)

1,570,000

1,717,360

Snohomish County, WA, Electric Revenue, Public Utility District No. 1, 5.375%, 12/1/2024 (a)

3,000,000

3,224,610

Washington, Electric Revenue, Energy Northwest Columbia Generating, Series B, 6.0%, 7/1/2018 (a)

3,000,000

3,376,770

Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a)

1,500,000

1,610,655

Washington, State General Obligation:

Series A, 5.5%, 7/1/2013

2,000,000

2,127,280

Series A, 5.5%, 7/1/2016

4,835,000

5,142,700

27,686,931

West Virginia 4.5%

West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center:

Series A, 6.75%, 9/1/2022

2,355,000

2,601,992

6.75%, 9/1/2030

395,000

432,355

West Virginia, Hospital Finance Authority, Charleston Medical Center:

Prerefunded, 6.75%, 9/1/2022

9,645,000

10,988,838

Prerefunded, 6.75%, 9/1/2030

3,605,000

4,107,285

West Virginia, Water & Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a)

2,740,000

3,001,040

21,131,510

Wisconsin 2.3%

Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027

4,390,000

4,672,804

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029

6,000,000

6,189,360

10,862,164

% of

Net Assets

Value ($)

Total Investment Portfolio (Cost $ 669,880,705)

152.9

723,690,468

Other Assets and Liabilities, Net

3.1

14,746,141

Preferred Stock, at Redemption Value

(56.0)

(265,000,000)

Net Assets Applicable to Common Shareholders

100.0

473,436,609

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

*

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of February 28, 2006.

(a)

Bond is insured by one of these companies.

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group

16.7

Financial Guaranty Insurance Company

11.7

Financial Security Assurance, Inc.

17.5

MBIA Corp.

13.8

(b)

Security incorporates a letter of credit from a major bank.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

Registrant:

DWS Municipal Income Trust

By:

/s/Michael Colon

Michael Colon

Date:

April 21, 2006

Registrant:

DWS Municipal Income Trust

By:

/s/Michael Colon

Michael Colon

Date:

April 21, 2006

By:

/s/Paul Schubert

Paul Schubert