UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-2671

DWS Municipal Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  05/31

Date of reporting period: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of February 28, 2009  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Strategic High Yield Tax Free Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Value ($)** |
|--------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Bonds and Notes 93.2%** |  
**Alabama 0.4%**

 
Camden, AL, Industrial Development Board Revenue, Weyerhaeuser, Series A, Prerefunded, 6.125%, 12/1/2024 

 

1,000,000

 

1,175,570

Montgomery, AL, Medical Clinic Board, Health Care Facility Revenue, Jackson Hospital & Clinic, 5.25%, 3/1/2036 

 

2,000,000

 

1,350,660

Sylacauga, AL, Health Care Authority Revenue, Coosa Valley Medical Center, Series A, 6.0%, 8/1/2035 

 

2,000,000

 

1,254,860

 

**3,781,090**

**Arizona 1.4%**

 
Arizona, Salt Verde Financial Corp., Gas Revenue, 5.25%, 12/1/2025 

 

4,000,000

 

2,923,000

Phoenix, AZ, Civic Improvement Corp., Airport Revenue:

 
 

 

 

 

Series A, 5.0%, 7/1/2022 (a) 

 

3,570,000 

 

3,732,471 

 

Series A, 5.0%, 7/1/2023 (a) 

 

2,540,000 

 

2,631,948 

Pima County, AZ, Industrial Development Revenue, Tucson Electric Power, Series A, 6.375%, 9/1/2029 

 

5,000,000

 

4,303,900

 

**13,591,319**

**California 3.2%**

 
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, 5.5%, 4/1/2043 

 

10,000,000

 

10,104,900

California, Housing Finance Agency Revenue, Home Mortgage, Series C, AMT, 1.3% **, 8/1/2037 

 

4,000,000

 

4,000,000

California, Morongo Band of Mission Indians, Enterprise Casino Revenue, Series B, 144A, 6.5%, 3/1/2028 

 

5,000,000

 

3,825,300

California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series A-1, 5.75%, 6/1/2047 

 

1,665,000

 

1,003,728

Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023 

 

620,000

 

481,604

Los Angeles County, CA, Public Works Financing Authority Lease Revenue, Master Project, Series A, 5.0%, 12/1/2017 (b) 

 

5,310,000

 

5,428,147

Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corporation Lease Revenue, Series C, AMT, 7.5%, 12/1/2024 

 

6,035,000

 

4,605,731

Millbrae, CA, Senior Care Revenue, Magnolia of Millbrae Project, Series A, AMT, 7.375%, 9/1/2027 

 

890,000

 

732,933

 

**30,182,343**

**Colorado 4.9%**

 
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024 (b) 

 

3,500,000

 

2,949,450

Colorado, Health Facilities Authority Revenue, Adventist Health Sunbelt, Series D, 5.125%, 11/15/2029 

 

8,000,000

 

6,928,240

Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035 

 

11,750,000

 

7,128,372

Colorado, Health Facilities Authority Revenue, Valley View Hospital Association, 5.75%, 5/15/2036 

 

2,000,000

 

1,620,460

Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028 

 

6,365,000

 

5,254,626

Colorado, Transportation/Tolls Revenue, Northwest Parkway Public Highway Authority, Series D, Prerefunded, 7.125%, 6/15/2041 (a) 

 

7,960,000

 

8,510,912

Denver, CO, Airport Revenue, Series D, AMT, 7.75%, 11/15/2013 

 

7,480,000

 

8,122,158

Denver, CO, City & County Single Family Mortgage Revenue, Metro Mayors Caucus, AMT, 5.25%, 11/1/2040 

 

3,846,150

 

3,562,343

Montrose, CO, Memorial Hospital Revenue, 6.375%, 12/1/2023 

 

2,355,000

 

2,121,525

 

**46,198,086**

**Connecticut 1.5%**

 
Connecticut, Mohegan Tribe Indians Gaming Authority, Priority Distribution, 144A, 5.25%, 1/1/2033 

 

3,000,000

 

1,456,230

Mashantucket, CT, Mashantucket Western Pequot Tribe, Special Revenue, Series A, 144A, 6.5%, 9/1/2031 

 

7,295,000

 

4,323,965

Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe:

 
 

Series B, 144A, Zero Coupon, 9/1/2010 

 

2,000,000 

 

1,714,800 

 

Series B, 144A, Zero Coupon, 9/1/2011 

 

2,000,000 

 

1,568,160 

 

Series B, 144A, Zero Coupon, 9/1/2012 

 

2,000,000 

 

1,411,540 

 

Series B, 144A, Zero Coupon, 9/1/2013 

 

2,000,000 

 

1,264,540 

 

Series B, 144A, Zero Coupon, 9/1/2014 

 

2,000,000 

 

1,133,420 

Mashantucket, CT, Sports, Expo & Entertainment Revenue, Mashantucket Western Pequot Tribe, Series B, 144A, 5.7%, 9/1/2012 

 

1,000,000

 

863,440

 

**13,736,095**

**Delaware 0.1%**

 
Sussex County, DE, First Mortgage Revenue, Cadbury Lewes, Series A, 6.0%, 1/1/2035 

 

1,000,000

 

**616,820**

 

 

 

**District of Columbia 1.0%**

 
District of Columbia, Metropolitan Airport Authority System, Series B, AMT, 5.0%, 10/1/2023 (a) (b) 

 

10,000,000

 

**9,342,200**

**Florida 8.0%**

 
Bayside, FL, Sales & Special Tax Revenue, Community Development District, Series A, 6.3%, 5/1/2018 

 

445,000

 

348,524

Florida, Capital Region Community Development District, Capital Improvement Revenue, Series A, 7.0%, 5/1/2039 

 

4,270,000

 

3,003,390

Florida, Main Street Community Development District, Capital Improvement Revenue, Series A, 144A, 6.8%, 5/1/2038 

 

3,000,000

 

1,889,490

Florida, Special Assessment Revenue, East Park Community Development District, Series A, 7.5%, 5/1/2039 

 

1,750,000

 

1,315,125

Florida, Tolomato Community Development District, Special Assessment, 5.4%, 5/1/2037 

 

18,910,000

 

10,061,444

Highlands County, FL, Health Facilities Authority Revenue, Adventist Health System:

 
 

Series G, 5.125%, 11/15/2020 

 

970,000 

 

960,242 

 

Series G, Prerefunded, 5.125%, 11/15/2020 

 

30,000 

 

34,782 

 

Series G, 5.125%, 11/15/2021 

 

1,930,000 

 

1,876,288 

 

Series G, Prerefunded, 5.125%, 11/15/2021 

 

70,000 

 

81,158 

 

Series G, 5.125%, 11/15/2022 

 

2,205,000 

 

2,103,438 

 

Series G, Prerefunded, 5.125%, 11/15/2022 

 

75,000 

 

86,955 

 

Series G, 5.125%, 11/15/2023 

 

2,245,000 

 

2,104,620 

 

Series G, Prerefunded, 5.125%, 11/15/2023

 

180,000

 

208,692

Hillsborough County, FL, Industrial Development Authority Revenue, Health Facilities, University Community Hospital, Series A, 5.625%, 8/15/2029 

 

13,125,000

 

9,877,350

Miami Beach, FL, Health Facilities Authority Hospital Revenue, Mount Sinai Medical Center, 144A, 6.75%, 11/15/2029 

 

8,100,000

 

5,237,136

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series C, 5.25%, 10/1/2035 

 

5,000,000

 

3,811,200

Orlando, FL, Greater Aviation Authority, Airport Facilities Revenue, Jet Blue Airways Corp., AMT, 6.5%, 11/15/2036 

 

1,000,000

 

606,400

Palm Beach County, FL, Health Facilities Authority Revenue, Waterford Project, 5.375%, 11/15/2022 

 

2,600,000

 

2,116,894

Port St. Lucie, FL, Special Assessment Revenue, Southwest Annexation District 1, Series B, 5.0%, 7/1/2027 (b) 

 

2,500,000

 

2,115,550

Seminole Tribe, FL, Special Obligation Revenue:

 
 

Series A, 144A, 5.5%, 10/1/2024 

 

8,000,000 

 

5,877,520 

 

Series A, 144A, 5.75%, 10/1/2022 

 

9,500,000 

 

7,368,865 

South Florida, Water Management District, Certificates of Participation, 5.0%, 10/1/2025 (b) 

 

3,745,000

 

3,777,806

South Miami, FL, Health Facilities Authority Hospital Revenue, Baptist Health South Florida Group:

 
 

5.0%, 8/15/2023 

 

5,000,000 

 

4,788,750 

 

5.0%, 8/15/2024 

 

1,000,000 

 

946,850 

 

5.0%, 8/15/2025 

 

5,000,000 

 

4,677,400 

 

**75,275,869**

**Georgia 2.1%**

 
Americus-Sumter County, GA, Hospital & Healthcare Revenue, Hospital Authority, South Georgia Methodist, Series A, 6.375%, 5/15/2029 

 

3,000,000

 

2,187,960

Atlanta, GA, Tax Allocation, Princeton Lakes Project, 144A, 5.5%, 1/1/2031 

 

1,045,000

 

690,985

Georgia, Glynn-Brunswick Memorial Hospital Authority Revenue, Anticipation Certificates-Southeast Health, Series A, 5.625%, 8/1/2034 

 

5,500,000

 

4,791,435

Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:

 
 

Series A, 5.0%, 3/15/2019 (a) 

 

10,000,000 

 

8,592,900 

 

Series A, 5.5%, 9/15/2024 

 

2,440,000 

 

1,880,947 

Georgia, Municipal Electric Authority, Power Revenue:

 
 

Series Z, ETM, 5.5%, 1/1/2012 

 

80,000 

 

85,103 

 

Series 2005-Z, 5.5%, 1/1/2012 

 

1,295,000

 

1,394,847

 

 

 

 

**19,624,177**

**Guam 0.1%**

 
Government of Guam, Waterworks Authority, Water & Wastewater System Revenue, 5.5%, 7/1/2016 

 

1,300,000

 

**1,173,770**

**Hawaii 0.8%**

 
Hawaii, State Department Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series B, AMT, 4.6%, 5/1/2026 (b) 

 

11,790,000

 

**7,877,489**

**Illinois 3.3%**

 
Aurora, IL, Single Family Mortgage Revenue, Series C, AMT, 5.5%, 6/1/2045 

 

6,672,980

 

6,559,339

Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2029 (b) 

 

175,000

 

177,601

Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037 

 

9,500,000

 

6,429,220

Illinois, Finance Authority Revenue, Friendship Village of Schaumburg, Series A, 5.625%, 2/15/2037 

 

5,000,000

 

2,787,750

Illinois, Finance Authority Revenue, Monarch Landing, Inc. Facilities:

 
 

Series A, 7.0%, 12/1/2027 

 

5,000,000 

 

3,694,300 

 

Series A, 7.0%, 12/1/2037 

 

5,000,000 

 

3,421,650 

Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%, 11/1/2028 (b) 

 

1,250,000

 

1,092,712

Illinois, Finance Authority Revenue, Three Crowns Park Plaza:

 
 

Series A, 5.875%, 2/15/2026 

 

1,225,000 

 

851,314 

 

Series A, 5.875%, 2/15/2038 

 

500,000 

 

300,150 

Illinois, Municipal Electric Agency, Power Supply Revenue:

 
 

Series A, 5.25%, 2/1/2023 (b) 

 

3,500,000 

 

3,637,795 

 

Series A, 5.25%, 2/1/2024 (b) 

 

2,500,000 

 

2,576,700 

 

**31,528,531**

**Indiana 0.7%**

 
Indiana, Health & Educational Facility Financing Authority, Hospital Revenue, Community Foundation Northwest, 5.5%, 3/1/2037 

 

1,750,000

 

1,343,475

Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028 

 

1,000,000

 

650,610

Indiana, Senior Care Revenue, Health Facilities Finance Authority, Franciscan Eldercare Community Services, 5.875%, 5/15/2029 

 

2,300,000

 

1,545,761

North Manchester, IN, Senior Care Revenue, 7.25%, 7/1/2033 

 

3,000,000

 

2,234,040

St. Joseph County, IN, Economic Development Revenue, Holy Cross Village, Notre Dame Project, Series A, 6.0%, 5/15/2026 

 

235,000

 

172,772

Vigo County, IN, Hospital Authority Revenue, Union Hospital, Inc., 144A, 5.5%, 9/1/2027 

 

1,000,000

 

698,000

 

**6,644,658**

**Iowa 1.0%**

 
Altoona, IA, Urban Renewal Tax Increment Revenue, Annual Appropriation:

 
 

6.0%, 6/1/2034 

 

1,000,000 

 

882,670 

 

6.0%, 6/1/2039 

 

2,000,000 

 

1,737,360 

Cedar Rapids, IA, First Mortgage Revenue, Cottage Grove Place, Series A, 5.875%, 7/1/2028 

 

5,335,000

 

3,481,194

Iowa, Finance Authority Retirement Community Revenue, Edgewater LLC Project, 6.5%, 11/15/2027 

 

5,000,000

 

3,682,500

 

**9,783,724**

**Kansas 1.8%**

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

 

8,000,000

 

8,842,240

Wichita, KS, Hospital & Healthcare Revenue:

 
 

Series 3, 5.5%, 11/15/2025 

 

1,300,000 

 

1,252,433 

 

Series 3, 5.625%, 11/15/2031 

 

3,750,000 

 

3,538,763 

Wyandotte County, KS, Unified Government Special Obligation Revenue, Sales Tax, Series B, 5.0%, 12/1/2020 

 

3,600,000

 

3,132,216

 

**16,765,652**

 

 

 

**Kentucky 0.6%**

 
Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare, Series A, 6.625%, 10/1/2028 

 

1,195,000

 

1,081,057

Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2033 (b) 

 

3,635,000

 

3,725,402

Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030 

 

1,000,000

 

762,050

 

**5,568,509**

**Louisiana 1.8%**

 
DeSoto Parish, LA, Environmental Improvement Revenue, International Paper Co. Project, Series A, AMT, 5.75%, 9/1/2031 

 

5,000,000

 

3,067,300

Louisiana, Local Government Environmental Facilities, Community Development Authority Revenue, 6.75%, 11/1/2032 

 

6,000,000

 

3,980,700

Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037 

 

14,000,000

 

10,331,020

 

**17,379,020**

**Maryland 2.4%**

 
Anne Arundel County, MD, General Obligation, National Business Park Project, Prerefunded, 144A, 7.375%, 7/1/2028 (a) 

 

1,933,000

 

2,112,170

Maryland, State Economic Development Corp. Revenue, Senior Lien Project, Chesapeake Bay:

 
 

Series A, 5.0%, 12/1/2031 

 

7,000,000 

 

3,575,040 

 

Series B, 5.25%, 12/1/2031 

 

2,400,000 

 

1,269,672 

Maryland, State Health & Higher Educational Facilities Authority Revenue, King Farm Presbyterian Community, Series B, 4.75%, 1/1/2013 

 

5,000,000

 

4,502,800

Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center, Series A, 5.0%, 7/1/2037 

 

5,005,000

 

3,585,982

Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital:

 
 

5.75%, 1/1/2033 

 

2,660,000 

 

2,086,424 

 

6.0%, 1/1/2028 

 

6,100,000 

 

5,186,647 

 

**22,318,735**

**Massachusetts 5.0%**

 
Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project, AMT:

 
 

6.5%, 9/1/2035 

 

8,935,000 

 

5,850,817 

 

8.0%, 9/1/2035 

 

970,000 

 

661,637 

Massachusetts, Health & Educational Facilities Authority Revenue, Caritas Christi Obligation, Series B, 6.25%, 7/1/2022 

 

1,750,000

 

1,507,135

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Civic Investments, Series A, Prerefunded, 9.0%, 12/15/2015 

 

3,400,000

 

4,160,716

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Partners Healthcare System, Series B, 5.125%, 7/1/2019 

 

1,185,000

 

1,199,919

Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032 

 

3,750,000

 

2,861,250

Massachusetts, Project Revenue, Health & Educational Facilities Authority, Series B, Prerefunded, 9.15%, 12/15/2023 

 

2,000,000

 

2,544,060

Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033 

 

7,450,000

 

5,374,653

Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility, Series A, 5.75%, 11/15/2035 

 

2,300,000

 

1,311,966

Massachusetts, State Health & Educational Facilities Authority Revenue, Caregroup Healthcare System:

 
 

Series E-1, 5.0%, 7/1/2028 

 

1,500,000 

 

1,182,525 

 

Series E-1, 5.125%, 7/1/2038 

 

1,500,000 

 

1,108,155 

Massachusetts, State Health & Educational Facilities Authority Revenue, Jordan Hospital, Series B, 6.875%, 10/1/2015 

 

5,090,000

 

5,104,354

Massachusetts, State Health & Educational Facilities Authority Revenue, Milford Regional Medical Center:

 
 

 

 

 

Series E, 5.0%, 7/15/2022 

 

2,250,000 

 

1,556,933 

 

Series E, 5.0%, 7/15/2032 

 

3,250,000 

 

1,937,715 

 

Series E, 5.0%, 7/15/2037 

 

2,750,000 

 

1,568,518 

Massachusetts, State Health & Educational Facilities Authority Revenue, Northeastern University, Series W, 0.35% **, 10/1/2028, TD Bank NA (c) 

 

6,800,000

 

6,800,000

Massachusetts, State Health & Educational Facilities Authority Revenue, Quincy Medical Center, Series A, 6.5%, 1/15/2038 

 

1,500,000

 

987,870

Massachusetts, State Health & Educational Facilities Authority Revenue, South Shore Hospital:

 
 

Series F, 5.625%, 7/1/2019 

 

370,000 

 

354,578 

 

Series F, 5.75%, 7/1/2029 

 

1,480,000 

 

1,228,459 

 

**47,301,260**

**Michigan 2.5%**

 
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village:

 
 

7.0%, 11/15/2038 

 

4,500,000 

 

3,398,715 

 

7.125%, 11/15/2043 

 

1,500,000 

 

1,141,425 

Detroit, MI, Sales & Special Tax Revenue, Downtown Development Authority:

 
 

Zero Coupon, 7/1/2011 

 

3,150,000 

 

2,868,043 

 

Zero Coupon, 7/1/2012 

 

3,150,000 

 

2,725,979 

Detroit, MI, Sewer Disposal Revenue, Series D, 1.561% *, 7/1/2032 (b) 

 

1,610,000

 

972,038

Kalamazoo, MI, Economic Development Corp. Revenue, Limited Obligation, Heritage Community, 5.5%, 5/15/2036 

 

1,000,000

 

578,200

Kentwood, MI, Economic Development, Limited Obligation, Holland Home, Series A, 5.375%, 11/15/2036 

 

2,000,000

 

1,274,920

Michigan, State Grant Anticipation Bonds, 5.25%, 9/15/2023 (b) 

 

7,500,000

 

7,545,975

Michigan, State Hospital Finance Authority Revenue, Henry Ford Health System, Series A, 5.0%, 11/15/2016 

 

1,125,000

 

1,088,201

Saginaw, MI, Hospital & Healthcare Revenue, Hospital Finance Authority, Covenant Medical Center, Series F, 6.5%, 7/1/2030 

 

2,000,000

 

1,891,900

 

**23,485,396**

**Mississippi 1.0%**

 
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022 

 

5,500,000

 

4,412,430

Mississippi, Sales & Special Tax Revenue, Development Bank, Diamond Lakes Utilities, Series A, 6.25%, 12/1/2017 

 

1,000,000

 

832,380

Warren County, MS, Gulf Opportunity Zone, International Paper Co.:

 
 

Series A, 5.5%, 9/1/2031 

 

4,250,000 

 

2,616,002 

 

Series A, 6.5%, 9/1/2032 

 

2,620,000 

 

1,842,489 

 

**9,703,301**

**Missouri 1.4%**

 
Branson, MO, Regional Airport Transportation Development, District Airport Revenue, Series B, AMT, 6.0%, 7/1/2037 

 

1,250,000

 

768,837

Cass County, MO, Hospital Revenue, 5.5%, 5/1/2027 

 

2,000,000

 

1,415,600

Florissant, MO, Industrial Development Revenue, Desmet Acquisition, Series A, Prerefunded, 8.5%, 8/15/2030 (a) 

 

6,400,000

 

7,096,576

Florissant, MO, Industrial Development Revenue, St. Catherine Acquisition, Series B, Prerefunded, 9.0%, 8/15/2030 

 

3,025,000

 

3,375,023

Kansas City, MO, Industrial Development Authority, Health Facilities Revenue, First Mortgage, Bishop Spencer, Series A, 6.5%, 1/1/2035 

 

1,000,000

 

673,620

 

**13,329,656**

**Nebraska 0.2%**

 
Nebraska, Central Plains Energy Project Revenue, Project No. 1, Series A, 5.25%, 12/1/2021 

 

3,000,000

 

**2,197,230**

**Nevada 1.8%**

 
Clark County, NV, Industrial Development Revenue, Nevada Power Co. Project, Series B, AMT, 5.9%, 10/1/2030 

 

8,335,000

 

6,068,630

 

 

 

Clark County, NV, School District, Series A, 5.0%, 6/15/2022 (a) (b) 

 

4,830,000

 

4,859,946

Las Vegas, NV, Transportation/Tolls Revenue, Las Vegas Monorail Project, 3.688%, 1/1/2030 (g) 

 

6,000,000

 

480,000

Reno, NV, Hospital Revenue, Renown Regional Medical Center Project, Series A, 5.0%, 6/1/2027 

 

5,000,000

 

3,953,650

Sparks, NV, Local Improvement Districts, Limited Obligation District No.3, 6.75%, 9/1/2027 

 

2,000,000

 

1,515,060

 

**16,877,286**

**New Hampshire 0.8%**

 
New Hampshire, Health & Education Facilities Authority Revenue, Havenwood-Heritage Heights:

 
 

Series A, 5.35%, 1/1/2026 

 

1,035,000 

 

683,255 

 

Series A, 5.4%, 1/1/2030 

 

550,000 

 

336,562 

New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, New Hampshire Catholic Charities, 5.8%, 8/1/2022 

 

2,760,000

 

2,444,863

New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, Rivermead at Peterborough:

 
 

5.5%, 7/1/2013 

 

1,285,000 

 

1,219,015 

 

5.625%, 7/1/2018 

 

1,615,000 

 

1,337,010 

New Hampshire, State Business Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 5.2%, 5/1/2027 

 

2,000,000

 

1,610,780

 

**7,631,485**

**New Jersey 2.7%**

 
Middlesex County, NJ, Pollution Control Authority Revenue, Pollution Control Amerada, 6.05%, 9/15/2034 

 

1,000,000

 

942,450

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

 

1,165,000

 

849,774

New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue, Series A, 5.0%, 7/1/2023 (b) 

 

1,770,000

 

1,779,770

New Jersey, Economic Development Authority Revenue, United Methodist Homes, Series A-2, 6.625%, 7/1/2033 

 

2,500,000

 

1,777,225

New Jersey, Health Care Facilities Financing Authority Revenue, St. Joseph's Health Care Systems, 6.625%, 7/1/2038 

 

11,570,000

 

8,431,406

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

 

1,425,000

 

991,373

New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2029 

 

15,965,000

 

10,371,343

 

**25,143,341**

**New York 5.3%**

 
Albany, NY, Industrial Development Agency, Civic Facility Revenue, St. Peter's Hospital Project:

 
 

Series A, 5.25%, 11/15/2027 

 

3,000,000 

 

2,317,770 

 

Series A, 5.75%, 11/15/2022 

 

1,500,000 

 

1,347,795 

Long Island, NY, Power Authority, Electric Systems Revenue, Series E, 5.0%, 12/1/2022 (b) 

 

14,075,000

 

14,114,269

Nassau County, NY, Industrial Development Agency, Continuing Care Retirement, Amsterdam at Harborside, Series A, 6.7%, 1/1/2043 

 

5,000,000

 

3,793,400

New York, Liberty Development Corp. Revenue, National Sports Museum Project, Series A, 6.125%, 2/15/2019 

 

2,203,531

 

2,204

New York, State Dormitory Authority Revenues, NYU Hospital Center, Series B, 5.25%, 7/1/2024 

 

1,000,000

 

709,020

New York, State Dormitory Authority Revenues, Orange Regional Medical Center, 6.125%, 12/1/2029 

 

2,000,000

 

1,498,760

New York & New Jersey, Port Authority, One Hundred Forty-Seventh, AMT, 5.0%, 10/15/2023 (a) (b) 

 

8,260,000

 

8,011,044

New York City, NY, Hospital & Healthcare Revenue, Industrial Development Agency, British Airways PLC Project, AMT, 7.625%, 12/1/2032 

 

1,500,000

 

1,073,145

New York City, NY, Housing Development Corp., Multi-Family Housing Revenue, Series D, 0.75% **, 5/1/2025 

 

3,000,000

 

3,000,000

New York City, NY, Industrial Development Agency Revenue, Liberty-7, World Trade Center, Series A, 6.25%, 3/1/2015 

 

8,000,000

 

6,821,440

 

 

 

New York City, NY, Industrial Development Agency, Special Facility Revenue, American Airlines, JFK International Airport, AMT:

 
 

7.75%, 8/1/2031 

 

5,000,000 

 

3,712,550 

 

8.0%, 8/1/2028 

 

3,000,000 

 

2,317,680 

Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 

 

1,250,000

 

822,737

 

**49,541,814**

**North Carolina 0.5%**

 
North Carolina, Electric Revenue, Municipal Power Agency:

 
 

Series F, 5.5%, 1/1/2016 

 

1,000,000 

 

1,037,200 

 

Series F, 5.5%, 1/1/2017 

 

1,495,000 

 

1,539,431 

North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage, Southminster Project, Series A, 5.625%, 10/1/2027 

 

2,500,000

 

1,943,450

 

**4,520,081**

**North Dakota 0.0%**

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

 

250,000

 

**273,895**

**Ohio 2.6%**

 
Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030 

 

37,505,000

 

23,786,046

Franklin County, OH, Hospital & Healthcare Revenue, Health Care Facilities, Ohio Presbyterian Retirement Service, Series A, Prerefunded, 7.125%, 7/1/2029 

 

1,000,000

 

1,137,990

 

**24,924,036**

**Oregon 1.0%**

 
Clackamas County, OR, North Clackamas School District No. 12, Series B, 0% to 6/15/2011, 5.0 to 6/15/2023 (b) 

 

10,420,000

 

**9,608,386**

**Pennsylvania 5.8%**

 
Allegheny County, PA, Hospital Development Authority Revenue, West Penn Allegheny Health Systems:

 
 

Series A, 5.0%, 11/15/2028 

 

12,160,000 

 

6,888,518 

 

Series B, Prerefunded, 9.25%, 11/15/2022 

 

2,000,000 

 

2,300,060 

 

Series B, Prerefunded, 9.25%, 11/15/2030 

 

4,630,000 

 

5,324,639 

Bucks County, PA, Industrial Development Authority, Retirement Community Revenue, Ann's Choice, Inc. Facility, Series A, 6.25%, 1/1/2035 

 

2,250,000

 

1,510,178

Chester County, PA, Senior Care Revenue, Health & Education Facilities Authority, Jenners Pond, Inc. Project, Prerefunded, 7.625%, 7/1/2034 

 

1,750,000

 

2,105,320

Delaware County, PA, Project Revenue, Authority First Management, White Horse Village Project, Series A, Prerefunded, 7.625%, 7/1/2030 

 

1,000,000

 

1,096,030

Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, 5.75%, 7/1/2017 

 

6,250,000

 

6,623,000

Lancaster County, PA, Hospital Authority Revenue, Brethren Village Project, Series A, 6.375%, 7/1/2030 

 

1,000,000

 

813,490

Montgomery County, PA, Industrial Development Authority Revenue, Whitemarsh Continuing Care, 6.25%, 2/1/2035 

 

2,400,000

 

1,451,376

Northampton County, PA, Hospital Authority Revenue, St. Luke's Hospital Project:

 
 

Series A, 5.375%, 8/15/2028 

 

3,500,000 

 

2,941,120 

 

Series A, 5.5%, 8/15/2035 

 

6,500,000 

 

5,230,225 

Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, Reliant Energy, Series A, AMT, 6.75%, 12/1/2036 

 

4,000,000

 

3,196,040

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

 

5,095,000

 

5,151,554

Pennsylvania, Sales & Special Tax Revenue, Economic Development Financing Authority, Amtrak Project, Series A, AMT, 6.125%, 11/1/2021 

 

700,000

 

601,272

Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue, Temple University Health Systems, Series A, 5.0%, 7/1/2034 

 

10,000,000

 

5,589,700

Westmoreland County, PA, Industrial Development Authority Revenue, Redstone Retirement Community, Series A, 5.875%, 1/1/2032 

 

1,000,000

 

623,140

 

 

 

Westmoreland County, PA, Senior Care Revenue, Industrial Development Authority, Health Care Facilities-Redstone, Series B, Prerefunded, 8.125%, 11/15/2030 

 

3,000,000

 

3,336,060

 

**54,781,722**

**Puerto Rico 4.5%**

 
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority Revenue, Series A, 6.0%, 7/1/2038 

 

25,000,000

 

22,645,000

Commonwealth of Puerto Rico, General Obligation:

 
 

Series A, 5.0%, 7/1/2021 

 

5,000,000 

 

4,439,750 

 

Series A, 6.0%, 7/1/2038 

 

7,200,000 

 

6,694,704 

Commonwealth of Puerto Rico, Government Development Bank, Series B, 5.0%, 12/1/2015 

 

1,470,000

 

1,401,542

Puerto Rico, Public Buildings Authority Revenue, Government Facilities:

 
 

Series N, 5.5%, 7/1/2024 

 

2,000,000 

 

1,823,720 

 

Series M, 6.25%, 7/1/2022 

 

5,000,000 

 

5,140,950 

 

**42,145,666**

**South Carolina 1.1%**

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

 

1,500,000

 

1,278,720

Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District:

 
 

Series B, 7.5%, 11/1/2015 

 

1,000,000 

 

941,670 

 

Series A, 7.75%, 11/1/2039 

 

4,917,000 

 

3,701,272 

South Carolina, Jobs Economic Development Authority Revenue, Bon Secours Health System, Series B, 5.625%, 11/15/2030 

 

3,960,000

 

3,469,910

South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance, Series C, Prerefunded, 7.0%, 8/1/2030 (a) 

 

600,000

 

720,804

 

**10,112,376**

**South Dakota 0.8%**

 
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health:

 
 

Series B, 5.25%, 7/1/2038 

 

3,000,000 

 

2,372,520 

 

Series B, 5.5%, 7/1/2035 

 

5,000,000 

 

4,275,450 

South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.0%, 11/1/2027 

 

1,000,000

 

938,130

 

**7,586,100**

**Tennessee 3.8%**

 
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue:

 
 

5.0%, 12/15/2017 

 

2,500,000 

 

2,024,775 

 

5.0%, 12/15/2018 

 

2,160,000 

 

1,721,498 

Elizabethton, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board, Series B, Prerefunded, 8.0%, 7/1/2033 

 

3,000,000

 

3,494,160

Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038 

 

3,000,000

 

2,875,680

Johnson City, TN, Health & Educational Facilities, Board Hospital Revenue, First Mortgage, Mountain States Health Alliance, Series A, 5.5%, 7/1/2036 

 

18,795,000

 

13,361,554

Johnson City, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board Hospital, Series A, Prerefunded, 7.5%, 7/1/2033 

 

5,000,000

 

5,711,050

Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2018 

 

8,000,000

 

6,184,480

 

**35,373,197**

**Texas 10.7%**

 
Abilene, TX, Hospital & Healthcare Revenue, Health Facilities, Sears Methodist Retirement Facilities, Series A, 7.0%, 11/15/2033 

 

3,500,000

 

2,528,750

Abilene, TX, Senior Care Revenue, Health Facilities Development, Sears Methodist Retirement Facilities, Series A, 5.9%, 11/15/2025 

 

2,500,000

 

1,791,375

Austin, TX, Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A, 6.75%, 4/1/2027 

 

4,930,000

 

3,127,641

Brazos River, TX, Pollution Control Authority Revenue, Series D-1, 144A, AMT, 8.25%, 5/1/2033 

 

7,000,000

 

4,117,050

Fort Bend, TX, General Obligation, Independent School District, Series A, 5.25%, 8/15/2025 (a) 

 

4,445,000

 

4,638,580

 

 

 

Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare Systems, Series A, 5.125%, 12/1/2023 

 

1,175,000

 

1,027,561

Houston, TX, Transportation/Tolls Revenue, Special Facilities, Continental Airlines, Inc., Series E, AMT, 6.75%, 7/1/2029 

 

10,100,000

 

7,180,191

Lewisville, TX, Combination Contract Revenue, 144A, 6.75%, 10/1/2032 

 

17,075,000

 

13,490,787

Mission, TX, Economic Development Corp., Solid Waste Disposal Revenue, Allied Waste NA, Inc. Project, Series A, AMT, 5.2%, 4/1/2018 

 

1,500,000

 

1,304,475

North Texas, Tollway Authority Revenue:

 
 

First Tier, Series A, 5.625%, 1/1/2033

 

1,000,000

 

956,330

 

Second Tier, Series F, 5.75%, 1/1/2038

 

17,500,000

 

16,009,700

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%, 2/15/2022 

 

2,000,000

 

1,934,200

Tarrant County, TX, Health Facilities Development Corp. Revenue, Cumberland Rest, Inc. Project, 1.0% **, 8/15/2036, HSH Nordbank AG (c) 

 

2,500,000

 

2,500,000

Texas, Dallas-Fort Worth International Airport Revenue, Series A, AMT, 5.5%, 11/1/2020 (b) 

 

7,125,000

 

7,186,275

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

 

5,000,000

 

3,557,150

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:

 
 

Series D, 5.625%, 12/15/2017 

 

14,790,000 

 

12,553,161 

 

Series D, 6.25%, 12/15/2026 

 

6,875,000 

 

5,685,831 

Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020 

 

10,000,000

 

8,146,200

Texas, Water & Sewer Revenue, Waste Disposal Authority, AMT, 6.65%, 4/1/2032 

 

2,000,000

 

1,683,540

Tom Green County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Shannon Health System Project, 6.75%, 5/15/2021 

 

1,000,000

 

945,480

 

**100,364,277**

**Utah 0.2%**

 
Salt Lake City, UT, Hospital & Healthcare Revenue, IHC Hospitals, Inc., ETM, 6.15%, 2/15/2012 

 

2,000,000

 

**2,252,700**

**Vermont 0.1%**

 
Vermont, Multi-Family Housing Revenue, Housing Finance Agency, Northgate Project, 144A, AMT, 8.25%, 6/15/2020 (d) 

 

760,000

 

**710,509**

**Virginia 1.0%**

 
Virginia, Marquis Community Development Authority Revenue, 5.625%, 9/1/2018 

 

7,500,000

 

6,144,375

Virginia, Peninsula Ports Authority, Residential Care Facility Revenue, Virginia Baptist Homes, Series C, 5.4%, 12/1/2033 

 

2,600,000

 

1,561,482

Virginia, Peninsula Town Center Community Development Authority Revenue, Special Obligation, 6.45%, 9/1/2037 

 

3,000,000

 

1,878,090

 

**9,583,947**

**Washington 3.2%**

 
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital, 6.5%, 12/1/2038 

 

3,205,000

 

2,271,544

Port Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2014 (b) 

 

4,885,000

 

5,158,414

Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 3, Series B, 7.125%, 7/1/2016 (a) 

 

2,500,000

 

3,161,900

Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028 (b) 

 

2,970,000

 

2,155,091

Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center:

 
 

Series B, 5.75%, 8/15/2037 (b) 

 

6,675,000 

 

4,779,567 

 

Series A, 6.125%, 8/15/2037 

 

16,000,000 

 

12,397,280 

 

**29,923,796**

**West Virginia 1.0%**

 
West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center, Prerefunded, 6.75%, 9/1/2030 

 

980,000

 

1,067,465

West Virginia, State Hospital Finance Authority Revenue, Thomas Health Systems:

 
 

6.5%, 10/1/2028 

 

7,000,000 

 

5,775,140 

 

 

 

 

6.5%, 10/1/2038 

 

3,000,000 

 

2,295,750 

 

**9,138,355**

**Wisconsin 0.7%**

 
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030 

 

5,000,000

 

4,409,500

Wisconsin, State Health & Educational Facilities Authority Revenue, Beaver Dam Community Hospitals, Inc., Series A, 6.75%, 8/15/2034 

 

2,500,000

 

1,717,275

 

**6,126,775**

**Multi-State 0.4%**

 
Non-Profit Preferred Funding Trust I, Series A1, 4.22%, 9/15/2037 

 

4,860,538

 

**3,942,237**

**Total Municipal Bonds and Notes** (Cost $1,037,621,842)

 

**877,966,911**

 

**Municipal Inverse Floating Rate Notes (e) 25.1%**

 
**California 2.5%**

 
Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2024 (b) (f)

 

8,500,000

 

8,593,892

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2025 (b) (f)

 

11,000,000

 

11,121,508

 

*Trust: Sacramento, CA, Municipal Utility District, Electric Revenue, Series R 11513-1, 144A, 16.16%, 8/15/2024, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A,

5.0%, 5/1/2027 (b) (f)

 

2,126,587

 

2,134,590

San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A,

5.0%, 5/1/2028 (b) (f)

 

1,935,078

 

1,942,361

 

*Trust: San Diego County, CA, Water Utility Improvements, Certificates of Participation, Series 2008-1104, 144A, 8.723%, 5/1/2027, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**23,792,351**

**Hawaii 1.1%**

 
Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2027 (f)

 

10,000,000

 

**10,206,000**

 

*Trust: Hawaii, State General Obligation, Series 2867, 144A, 17.12%, 5/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Nevada 2.3%**

 
Clark County, NV, School District, Series C, 5.0%, 6/15/2021 (f)

 

7,851,481

 

7,908,553

Clark County, NV, School District, Series C, 5.0%, 6/15/2022 (f)

 

8,203,602

 

8,263,233

Clark County, NV, School District, Series C, 5.0%, 6/15/2023 (f)

 

5,298,193

 

5,336,705

 

*Trust: Clark County, NV, School Improvements, Series 2008-1153, 144A, 9.021%, 6/15/2021, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**21,508,491**

**New York 3.4%**

 
New York, State Dormitory Authority Revenues, Personal Income Tax Revenue, Series A, 

5.0%, 3/15/2023 (f)

 

5,095,207

 

5,322,945

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-2, 144A, 17.704%, 3/15/2023, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 

6/15/2025 (f)

 

4,000,000

 

4,137,291

New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 

6/15/2026 (f)

 

3,000,000

 

3,102,968

New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 

6/15/2027 (f)

 

3,000,000

 

3,102,968

 

*Trust: New York, State Environmental Facilities Corp., Clean Drinking Water, Series 2870, 144A, 15.704%, 6/15/2025, Leverage Factor at purchase date: 3.6 to 1*

 

 

 

 

New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (f)

 

16,000,000

 

16,125,760

 

*Trust: New York City, NY, Transitional Finance Authority Revenue, Series 2072, 144A, 17.27%, 11/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**31,791,932**

 

 

 

**Ohio 1.2%**

 
Ohio, State Higher Educational Facilities Commission Revenue, Cleveland Clinic Health, Series

A, 5.125%, 1/1/2028 (f)

 

4,522,767

 

4,407,542

Ohio, State Higher Educational Facilities Commission Revenue, Cleveland Clinic Health, Series

A, 5.25%, 1/1/2033 (f)

 

7,712,913

 

7,516,414

 

*Trust: Ohio, State Higher Education Revenue, Series 3139, 144A, 13.84%, 1/1/2028, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

 

**11,923,956**

**Pennsylvania 4.2%**

 
Pennsylvania, State General Obligation, Series A, 5.0%, 8/1/2023 (f)

 

21,790,000

 

23,148,467

 

*Trust: Pennsylvania, State General Obligation, Series R-11505-1, 144A, 40.172%, 8/1/2023, Leverage Factor at purchase date: 10 to 1*

 

 

 

 

Pennsylvania, State General Obligation, Series A, 5.0%, 8/1/2024 (f)

 

15,475,000

 

16,285,832

 

*Trust: Pennsylvania, State Revenue Bond, Series 2720, 144A, 12.458%, 8/1/2024, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

 

**39,434,299**

**Tennessee 1.7%**

 
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2024 (f)

 

14,996,415

 

**15,817,815**

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-1, 144A, 17.356%, 1/1/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Texas 5.0%**

 
Conroe, TX, Independent School District, School Building, 5.0%, 2/15/2024 (f)

 

3,710,000

 

3,870,804

Conroe, TX, Independent School District, School Building, 5.0%, 2/15/2025 (f)

 

4,315,000

 

4,502,026

 

*Trust: Conroe, TX, Independent School District, Series 2487, 144A, 17.18%, 2/15/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2024 (f)

 

15,000,000

 

15,577,300

 

*Trust: San Antonio, TX, Electric & Gas Revenue, Series 2957, 144A, 13.08%, 2/1/2024, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

Texas, North East Independent School District, School Building, Series A, 5.0%, 8/1/2024 (f)

 

10,000,000

 

10,539,360

 

*Trust: Texas, North East Independent School District, Series 2355, 144A, 21.6%, 8/1/2024, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

Texas, State Transportation Commission Revenue, 5.0%, 4/1/2026 (f)

 

12,500,000

 

12,900,750

 

*Trust: Texas, State Transportation Commission Revenue, Series 2563, 144A, 21.56%, 4/1/2026, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

 

**47,390,240**

**Washington 3.7%**

 
Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 

5.0%, 7/1/2024 (f)

 

10,000,000

 

10,258,900

 

*Trust: Washington, Energy Northwest Electric Revenue, Series 2301, 144A, 21.88%, 7/1/2024, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

Washington, State General Obligation, Series 2007A, 5.0%, 7/1/2023 (b) (f)

 

10,000,000

 

10,529,600

 

*Trust: Washington, State General Obligation, Series 2302, 144A, 20.6%, 7/1/2023, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

Washington, State General Obligation, Series A, 5.0%, 7/1/2025 (f)

 

10,000,000

 

10,425,400

 

*Trust: Washington, State General Obligation, Series 2154, 144A, 21.88%, 7/1/2025, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

Washington, State Public Power Supply System, Nuclear Project No. 2, 8.7%, 7/1/2012

 

3,000,000

 

3,678,450

**3**

 

**34,892,350**

**Total Municipal Inverse Floating Rate Notes** (Cost $238,113,942)

 

**236,757,434**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $1,275,735,784) †

118.3

 

**1,114,724,345**

**Other Assets and Liabilities, Net**

(18.3)

 

**(172,852,495)**

**Net Assets**

100.0

 

**941,871,850**

*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.*

***

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of February 28, 2009.*

****

*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, 2009.*

 

 

 

*†*

*The cost for federal income tax purposes was $1,274,943,991.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $160,219,646.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $17,840,986 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $178,060,632.*

*(a)*

*At February 28, 2009, this security has been pledged, in whole or in part, as collateral for open interest rate swaps.*

 

 

 

 

*(b)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total****Investment Portfolio**

 
Ambac Financial Group, Inc.

1.2

 
American Capital Assurance

0.4

 
Assured Guaranty Corp.

0.3

 
Financial Guaranty Insurance Co.

3.7

 
Financial Security Assurance, Inc.

4.7

 
MBIA Corp.

2.3

 
Radian

0.2

 
*(c)*

*Security incorporates a letter of credit from the bank listed.*

*(d)*

*The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities").  Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933.  The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security.  Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell.  This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund.  The future value of these securities is uncertain and there may be changes in the estimated value of thesesecurities.*

**Schedule of Restricted Security**

 

 

 

 

 
**Security**

**Acquisition**

**Date**

**Acquisition**

**Cost ($)**

**Value ($)**

**Value as a**

**% of Net**

**Assets**

 
Vermont, Multi-Family Housing

Revenue, Housing Finance 

Agency, Northgate Project, AMT, 

144A, 8.25%, 6/15/2020

12/12/1989

745,610

710,509

0.1

 
*(e)*

*Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.*

*(f)*

*Security forms part of the below tender option bond trust.  Principal Amount and Value shown take into account the leverage factor.*

*(g)     Partial interest paying security.  The rate shown represents 50% of the original coupon rate.*

*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.*

*AMT: Subject to alternative minimum tax.*

*ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually 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 usually by US 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.*

 

 

 

 

 

 

 

 

 

 

*At February 28, 2009, open interest rate swaps were as follows:*

**Effective/****Expiration****Dates**

 

**Notional****Amount ($)**

 

**Cash Flows****Paid by****the Fund**

 

**Cash Flows Received by the Fund**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

8/26/2009

3/02/2021

 

18,300,0001

 

Fixed — 3.59%

Floating — LIBOR

-

 
12/10/2008

12/10/2023

 

5,300,0002

 

Fixed — 5.06%

Floating — LIBOR

(948,230)

 
10/1/2008

4/1/2025

 

9,400,0002

 

Fixed — 4.662%

Floating — LIBOR

(1,317,638)

 
7/9/2009

1/8/2026

 

5,800,0003

 

Fixed — 3.133%

Floating — LIBOR

297,909

 
2/12/2009

2/12/2026

 

5,400,0003

 

Fixed — 5.006%

Floating — LIBOR

(1,028,418)

 
12/12/2008

12/12/2028

 

16,600,0003

 

Fixed — 5.214%

Floating — LIBOR

(4,061,751)

 
1/31/2009

1/31/2029

 

31,300,0003

 

Fixed — 5.116%

Floating — LIBOR

(7,276,493)

 
6/22/2009

12/18/2029

 

25,450,0003

 

Fixed — 2.52%

Floating — LIBOR

3,712,580

 
12/19/2008

12/19/2031

 

13,000,0001

 

Fixed — 5.185%

Floating — LIBOR

(3,478,275)

 
12/19/2008

12/19/2031

 

30,000,0001

 

Fixed — 5.195%

Floating — LIBOR

(8,050,458)

 
**Total net unrealized depreciation on open interest rate swaps**

**(22,150,774)**

 
 

*Counterparties:***

*1***

*The Goldman Sachs and Co.***

*2***

*Citigroup, Inc.***

*3***

*JPMorgan Chase Securities, Inc.***

*LIBOR: Represents the London InterBank Offered Rate.*

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.*

*Various inputs are used in determining the value of the Fund'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's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.*

*The following is a summary of the inputs used as of February 28, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$                                 -   

$                              -   

Level 2 

1,114,724,345  

(22,150,774)   

Level 3 

-   

-   

**Total**

**$           1,114,724,345**

**$           (22,150,774)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the fair valuations of the Fund's derivative instruments categorized by risk exposure at February 28, 2009.  Please see below for information on the Fund’s policy regarding the objectives and strategies for using interest rate swaps.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Swaps**

Interest Rate Contracts

(22,150,774)

Foreign Exchange Contracts

 

Credit Contracts

 

Equity Contracts

 

Other Contracts

 

 

***Interest Rate Swaps.** The value of the Fund's underlying bond investments are subject to interest rate risk.  As interest rates increase, the value of the Fund's fixed rate bonds may fall.  The longer the duration of the fund’s securities, the more sensitive the Fund will be to interest rate changes.  To help mitigate this interest rate risk, the Fund invests in interest rate swap contracts to reduce the duration of the investment portfolio.  Certain risks may arise when entering into interest rate swap transactions including counterparty default.  The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the interest rate swap contract, to the extent that this amount is beneficial to the fund, in addition to any related collateral posted to the counterparty by the Fund.  This risk may bepartially reduced by a master netting arrangement between the Fund and the counterparty.*

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’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.

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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.

 

 

**SIGNATURES**

 

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.

 

Registrant: 

DWS Strategic High Yield Tax Free Fund, a series of DWS Municipal Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 2009

 

 

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.

 

Registrant: 

DWS Strategic High Yield Tax Free Fund, a series of DWS Municipal Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 22, 2009

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