ITEM 77M: Mergers
Xxxxxx Xxxxxxx Tax-Exempt Securities Trust
On December 10, 2002, at a Special Meeting of
Shareholders of Xxxxxx Xxxxxxx Select Municipal Reinvestment
Fund ("Select Municipal"), Shareholders of Select Municipal
approved an Agreement and Plan of Reorganization (the
"Reorganization Agreement") between Select Municipal and
Xxxxxx Xxxxxxx Tax-Exempt Securities Trust ("Tax-Exempt"),
pursuant to which substantially all of the assets of Select
Municipal would be combined with those of Tax-Exempt Fund
and shareholders of Select Municipal would become
shareholders Tax-Exempt receiving shares of Tax-Exempt with
a value equal to the value of their holdings in Select
Municipal (the "Reorganization"). The Reorganization
Agreement was unanimously approved by the Board of Trustees
on July 25, 2002.
On December 13, 2002, the Reorganization Plan between
Select Municipal Reinvestment Fund and Tax Exempt was
completed according to the terms set forth in the
Reorganization Agreement.
