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e bonds provide exemption from federal tax and depending on your state of residence may be exempt from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset weith Manaf)ely CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6

ail and institutional money funds. It consists of funds in the National-Tax-Free Retail, National Tax-Free Institutional, State- Specific Retail, and State-Specific Institutional Categories. Emerging markets may be in transitional or formative stages and thus may be significantly less stable than developed markets. Changes in emerging

e bonds provide exemption from federal tax and depending on your state of residence may be exempf from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset 17 Manaoenc: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e

ail and institutional money funds. It consists of funds in the National-Tax-Free Retail, National Tax-Free Institutional, State- Specific Retail, and State-Specific Institutional Categories. Emerging markets may be in transitional or formative stages and thus may be significantly less stable than developed markets. Changes in emerging

e bonds provide exemption from federal tax and depending on your state of residence may be exempt from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset weith Manaf)eir; CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P.

ail and institutional money funds. It consists of funds in the National-Tax-Free Retail, National Tax-Free Institutional, State- Specific Retail, and State-Specific Institutional Categories. Emerging markets may be in transitional or formative stages and thus may be significantly less stable than developed markets. Changes in emerging