Your June 30, 2007 statement reflects all of your federal tax-exempt monthly income that the fund distributed to you in 2007. Your tax-exempt income is excludable from your gross income for federal income tax purposes. However, you must still report tax-exempt income for informational purposes only.

The information on the chart below represents the percentage of federal tax-exempt monthly income by state for the year ending December 31, 2007. This is necessary to determine the applicable exclusion for state income, because some states may exempt a portion of this amount to the extent the income was earned in certain states. However, exemption requirements vary from state to state.

In addition, if you were a shareholder on June 14, 2007, you will receive a 1099-DIV form. This form reflects taxable long-term capital gain distributions. The capital gain distribution is taxable at both the federal and state tax levels.

Breakout of the Tax-Exempt Net Investment Income Distributed in 2007

98.85% of the total monthly net investment income distributed in 2007 is tax-exempt for federal income tax purposes. Some states also may exempt a portion of this amount to the extent the income was earned in certain states. However, exemption requirements vary from state to state. We recommend that shareholders seek advice from a qualified tax professional to determine what exemption is appropriate in their state.

Breakdown of Applicable Tax-Exempt Exclusion by State

Alabama 5.15%  Alaska 0.00%  Arizona 0.00%  Arkansas 0.00%  California 6.72%  Colorado 8.99%  Connecticut 0.00%  Delaware 0.26%  District of Columbia 0.00%  Florida 15.59%  Georgia 0.00%  Guam 0.00%  Hawaii 0.00%  Idaho 0.00%  Illinois 10.42%  Indiana 0.00%  Iowa 0.00%  Kansas 0.00%  Kentucky 0.00%  Louisiana 0.00%  Maine 0.00%  Marina Islands 0.00%  Maryland 0.00%  Massachusetts 0.00%  Michigan 3.14%  Minnesota 0.00%  Mississippi 0.00%  Missouri 5.07%

Montana 0.00%  Nebraska 0.00%  Nevada 4.92%  New Hampshire 0.00%  New Jersey 0.00%  New Mexico 0.00%  New York 5.43%  North Carolina 0.00%  North Dakota 0.00%  Ohio 7.50%  Oklahoma 0.00%  Oregon 0.00%  Pennsylvania 0.00%  Puerto Rico 0.00%  Rhode Island 0.00%  South Carolina 5.79%  South Dakota 5.11%  Tennessee 0.00%  Texas 11.71%  Utah 0.00%  Vermont 0.00%  Virginia 0.00%  Virgin Islands 0.00%  Washington 3.05%  West Virginia 0.00%  Wisconsin 0.00%  Wyoming 0.00%