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 Managed Municipal Bond Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
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|        |
|   | **Municipal Bonds and Notes 94.0%** |  
**Alabama 0.1%**

 
Phoenix County, AL, Industrial Development Revenue, Industrial Development Board, AMT, 6.35%, 5/15/2035 

 

4,000,000

 

**2,510,720**

**Alaska 0.3%**

 
Anchorage, AK, Electric Revenue, 6.5%, 12/1/2015 (a) 

 

5,000,000

 

5,919,300

North Slope Borough, AK, County General Obligation Lease, Series B, Zero Coupon, 6/30/2011 (a) 

 

5,000,000

 

4,733,800

 

**10,653,100**

 

 

 

**Arizona 1.2%**

 
Arizona, Health Facilities Authority Revenue, Banner Health System, Series D, 5.375%, 1/1/2032 

 

12,000,000

 

11,292,840

Arizona, Salt Verde Financial Corp., Gas Revenue:

 
 

5.0%, 12/1/2032 

 

1,600,000 

 

1,059,392 

 

5.0%, 12/1/2037 

 

8,405,000 

 

5,423,074 

Mesa, AZ, Electric Revenue:

 
 

5.25%, 7/1/2016 (a) 

 

7,500,000 

 

8,211,000 

 

5.25%, 7/1/2017 (a) 

 

10,000,000 

 

10,930,800 

Phoenix, AZ, Transportation/Tolls Revenue, Series A, Zero Coupon, 7/1/2012 (a) 

 

4,675,000

 

4,240,225

 

**41,157,331**

**Arkansas 0.5%**

 
Jonesboro, AR, Hospital & Healthcare Revenue, Healthcare Facilities Authority, Bernard's Regional Medical Center, Series A, 5.8%, 7/1/2012 (a) 

 

3,305,000

 

3,312,007

North Little Rock, AR, Electric Revenue, Series A, 6.5%, 7/1/2015 (a) 

 

13,080,000

 

14,735,535

 

**18,047,542**

**California 10.6%**

 
Banning, CA, Water & Sewer Revenue, 1989 Water System Improvement Project, ETM, 8.0%, 1/1/2019 (a) 

 

755,000

 

941,364

Banning, CA, Water & Sewer Revenue, Water System Reference & Improvement Project, ETM, 8.0%, 1/1/2019 (a) 

 

525,000

 

642,505

California, Higher Education Revenue, Marymount University, Zero Coupon, 10/1/2014 (a) 

 

1,000,000

 

821,760

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

 

20,700,000

 

20,700,000

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

 
 

Series A-1, 5.0%, 6/1/2033 

 

40,725,000 

 

25,366,788 

 

Series A-1, 5.75%, 6/1/2047 

 

6,670,000 

 

4,020,943 

 

Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039 (b) 

 

6,075,000 

 

7,157,383 

California, State Department of Water Resources Revenue, Prerefunded, 5.5%, 12/1/2015 

 

25,000

 

27,822

California, State General Obligation:

 
 

5.0%, 2/1/2031 (a) 

 

26,975,000 

 

25,431,760 

 

5.0%, 9/1/2032 

 

10,000,000 

 

9,357,200 

 

5.125%, 11/1/2024 

 

5,000,000 

 

4,998,550 

California, State General Obligation, Various Purposes:

 
 

5.0%, 6/1/2023 (a) 

 

25,000,000 

 

25,341,000 

 

5.0%, 3/1/2027 

 

20,000,000 

 

19,331,600 

 

5.0%, 11/1/2027 

 

15,000,000 

 

14,486,700 

 

5.0%, 12/1/2031 (a) 

 

1,045,000 

 

984,003 

 

5.25%, 12/1/2021 

 

10,215,000 

 

10,357,908 

California, State Public Works Board, Lease Revenue, Department of General Services, Capital East End, Series A, 5.25%, 12/1/2020 (a) 

 

11,540,000

 

11,648,707

California, State Public Works Board, Lease Revenue, Department of Mental Health:

 
 

Series A, 5.5%, 6/1/2021 

 

5,275,000 

 

5,343,417 

 

Series A, 5.5%, 6/1/2022 

 

1,400,000 

 

1,406,776 

California, State Revenue Lease, Public Works Board, Department of Corrections:

 
 

Series C, 5.0%, 6/1/2025 

 

2,500,000 

 

2,380,000 

 

Series C, 5.5%, 6/1/2020 

 

5,000,000 

 

5,117,100 

 

Series C, 5.5%, 6/1/2021 

 

2,500,000 

 

2,546,550 

East Bay, CA, Municipal Utility District, Wastewater Systems Revenue, Series A, 5.0%, 6/1/2037 (a) 

 

13,085,000

 

12,947,215

Foothill, CA, Eastern Corridor Agency, Toll Road Revenue:

 
 

Series A, ETM, Zero Coupon, 1/1/2015 

 

10,000,000 

 

8,514,800 

 

Series A, ETM, Zero Coupon, 1/1/2017 

 

5,000,000 

 

3,897,750 

Foothill, CA, Transportation/Tolls Revenue, Eastern Corridor Agency:

 
 

Series A, ETM, Zero Coupon, 1/1/2018 (b) 

 

21,890,000 

 

16,217,863 

 

Series A, Prerefunded, 7.1%, 1/1/2012 

 

4,000,000 

 

4,296,680 

Los Angeles County, CA, County General Obligation Lease, Zero Coupon, 9/1/2009 

 

5,425,000

 

5,361,202

 

 

 

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

 

2,500,000

 

1,907,925

Madera County, CA, Hospital & Healthcare Revenue, Valley Children's Hospital, 6.5%, 3/15/2010 (a) 

 

2,840,000

 

2,910,318

Murrieta Valley, CA, School District General Obligation, Unified School District, Series A, Zero Coupon, 9/1/2014 (a) 

 

4,235,000

 

3,414,892

Northern California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A-1, 5.375%, 6/1/2038 

 

6,915,000

 

4,053,020

Oakland, CA, Special Assessment Revenue, Oakland Convention Centers, 5.5%, 10/1/2014 (a) 

 

2,000,000

 

2,186,900

Roseville, CA, School District General Obligation, Junior High, Series B, Zero Coupon, 8/1/2015 (a) 

 

1,000,000

 

808,740

Sacramento, CA, Municipal Utility District, Electric Revenue:

 
 

Series U, 5.0%, 8/15/2026 (a) 

 

10,455,000 

 

10,442,768 

 

Series U, 5.0%, 8/15/2027 (a) 

 

8,105,000 

 

7,989,585 

 

Series U, 5.0%, 8/15/2028 (a) 

 

8,175,000 

 

7,956,646 

San Diego, CA, School District General Obligation, Series A, Zero Coupon, 7/1/2014 (a) 

 

3,420,000

 

2,910,694

San Diego, CA, Water & Sewer Revenue, 5.681%, 4/22/2009 (a) 

 

4,500,000

 

4,534,290

San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series 32-G, 5.0%, 5/1/2026 (a) 

 

8,565,000

 

8,314,559

San Joaquin County, CA, County General Obligation Lease, Facilities Project, 5.5%, 11/15/2013 (a) 

 

3,895,000

 

4,262,688

San Joaquin Hills, CA, Transportation/Tolls Revenue, Transportation Corridor Agency, Toll Road Revenue:

 
 

Series A, Zero Coupon, 1/15/2012 (a) 

 

5,000,000 

 

4,296,500 

 

Series A, Zero Coupon, 1/15/2013 (a) 

 

35,295,000 

 

28,423,769 

 

Series A, Zero Coupon, 1/15/2014 (a) 

 

14,905,000 

 

11,175,471 

Ukiah, CA, School District General Obligation Lease, Zero Coupon, 8/1/2015 (a) 

 

2,000,000

 

1,552,440

Vallejo City, CA, General Obligation, Unified School District, Series A, 5.9%, 2/1/2022 (a) 

 

3,905,000

 

4,057,139

 

**360,843,690**

**Colorado 3.9%**

 
Colorado, E-40 Public Highway Authority Revenue, Series B, Zero Coupon, 9/1/2016 (a) 

 

5,000,000

 

3,053,600

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

 

4,000,000

 

3,370,800

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

 

15,000,000

 

9,100,050

Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031 

 

3,000,000

 

3,416,280

Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038 

 

30,000,000

 

24,509,700

Colorado, Transportation/Tolls Revenue:

 
 

Series B, Zero Coupon, 9/1/2014 (a) 

 

11,295,000 

 

8,022,951 

 

Series B, Zero Coupon, 9/1/2015 (a) 

 

21,500,000 

 

14,185,055 

 

Series B, Zero Coupon, 9/1/2017 (a) 

 

8,000,000 

 

4,500,960 

 

Series B, Zero Coupon, 9/1/2018 (a) 

 

20,560,000 

 

10,644,118 

 

Series B, Zero Coupon, 9/1/2019 (a) 

 

36,500,000 

 

17,295,890 

 

Series B, Zero Coupon, 9/1/2020 (a) 

 

7,000,000 

 

3,009,300 

 

Series A, 5.75%, 9/1/2014 (a) 

 

14,700,000 

 

14,551,971 

Denver, CO, City & County Airport Revenue, Series A, AMT, 6.0%, 11/15/2013 (a) 

 

10,000,000

 

10,247,300

Denver, CO, School District General Obligation, Series A, 6.5%, 12/1/2010 

 

3,000,000

 

3,266,250

Douglas County, CO, School District General Obligation, 7.0%, 12/15/2013 (a) 

 

2,500,000

 

3,022,625

 

**132,196,850**

**Connecticut 0.1%**

 
Greenwich, CT, Multi-Family Housing Revenue, 6.35%, 9/1/2027 

 

2,640,000

 

**2,597,681**

**District of Columbia 0.2%**

 
District of Columbia, Core City General Obligation:

 
 

Series B3, 5.5%, 6/1/2012 (a) 

 

1,050,000 

 

1,149,540 

 

Series A1, 6.5%, 6/1/2010 (a) 

 

1,175,000 

 

1,242,187 

District of Columbia, Water & Sewer Revenue, Public Utility Revenue, 5.5%, 10/1/2023 (a) 

 

5,000,000

 

5,591,500

 

**7,983,227**

 

 

 

**Florida 4.0%**

 
Florida, Village Center Community Development District, Utility Revenue, ETM, 6.0%, 11/1/2018 (a) 

 

1,250,000

 

1,530,850

Fort Pierce, FL, Utilities Authority Revenue, Series B, Zero Coupon, 10/1/2018 (a) 

 

2,000,000

 

1,278,080

Gainesville, FL, Utilities System Revenue, Series B, 6.5%, 10/1/2010 

 

1,370,000

 

1,479,408

Hillsborough County, FL, Industrial Development Authority Revenue, University Community Hospital, 6.5%, 8/15/2019 (a) 

 

1,000,000

 

1,035,200

Jacksonville, FL, Health Facilities Authority, ETM, 11.5%, 10/1/2012 

 

85,000

 

113,127

Jacksonville, FL, Sales & Special Tax Revenue, Local Government:

 
 

5.5%, 10/1/2015 (a) 

 

4,730,000 

 

5,394,660 

 

5.5%, 10/1/2016 (a) 

 

6,760,000 

 

7,725,734 

 

5.5%, 10/1/2018 (a) 

 

6,470,000 

 

7,341,574 

Lee County, FL, Airport Revenue:

 
 

Series A, AMT, 6.0%, 10/1/2013 (a) 

 

7,920,000 

 

8,203,298 

 

Series A, AMT, 6.0%, 10/1/2020 (a) 

 

2,820,000 

 

2,851,246 

 

Series A, AMT, 6.125%, 10/1/2015 (a) 

 

3,000,000 

 

3,095,250 

Melbourne, FL, Water & Sewer Revenue, ETM, Zero Coupon, 10/1/2016 (a) 

 

1,350,000

 

1,059,750

Miami Beach, FL, Stormwater Revenue, 5.75%, 9/1/2017 (a) 

 

725,000

 

763,932

Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series C, AMT, 5.25%, 10/1/2022 (a) 

 

20,000,000

 

19,173,600

Miami-Dade County, FL, Sales & Special Tax Revenue:

 
 

Series A, Zero Coupon, 10/1/2014 (a) 

 

2,195,000 

 

1,614,730 

 

Series A, Zero Coupon, 10/1/2022 (a) 

 

7,000,000 

 

2,908,850 

North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project, 5.75%, 10/1/2043 

 

10,000,000

 

7,928,500

Orange County, FL, Health Facilities Authority Revenue:

 
 

Series 2006-A, ETM, 6.25%, 10/1/2016 (a) 

 

70,000 

 

85,197 

 

Series 2006-A, 6.25%, 10/1/2016 (a) 

 

1,100,000 

 

1,167,749 

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System:

 
 

Series B, 5.25%, 12/1/2029 (a) 

 

6,500,000 

 

6,214,520 

 

Prerefunded, 5.75%, 12/1/2032 

 

1,000,000 

 

1,142,130 

 

Series A, 6.25%, 10/1/2018 (a) 

 

500,000 

 

533,205 

 

Series C, 6.25%, 10/1/2021 (a) 

 

6,000,000 

 

6,176,340 

Orange County, FL, Health Facilities Authority, Orlando Regional Facilities, Series A, ETM, 6.25%, 10/1/2016 (a) 

 

2,830,000

 

3,469,580

Orlando & Orange County, FL, Expressway Authority Revenue, 6.5%, 7/1/2012 (a) 

 

1,000,000

 

1,109,020

Orlando, FL, Electric Revenue, Community Utilities, ETM, 6.75%, 10/1/2017 

 

6,500,000

 

7,850,440

Orlando, FL, Special Assessment Revenue, Conroy Road Interchange Project, Series A, 5.8%, 5/1/2026 

 

500,000

 

412,735

Palm Beach County, FL, Airport Systems Revenue:

 
 

5.75%, 10/1/2012 (a) 

 

3,775,000 

 

4,193,761 

 

5.75%, 10/1/2013 (a) 

 

3,770,000 

 

4,238,121 

 

5.75%, 10/1/2014 (a) 

 

755,000 

 

852,999 

Palm Beach County, FL, Criminal Justice Facilities Revenue, 7.2%, 6/1/2015 (a) 

 

110,000

 

135,037

Sunrise, FL, Water & Sewer Revenue, Utility Systems, 5.5%, 10/1/2018 (a) 

 

12,500,000

 

13,637,750

Tallahassee, FL, Energy System Revenue, 5.5%, 10/1/2016 (a) 

 

1,005,000

 

1,155,840

Tampa, FL, Occupational License Tax, Series A, 5.375%, 10/1/2017 (a) 

 

1,000,000

 

1,072,460

Tampa, FL, Sales Tax Revenue, Series A, 5.375%, 10/1/2017 (a) 

 

500,000

 

542,390

Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020 (a) 

 

2,075,000

 

2,299,702

Tampa, FL, Utility Tax Revenue, Zero Coupon, 10/1/2014 (a) 

 

3,165,000

 

2,688,193

Westchase, FL, Community Development District, Special Assessment Revenue, 5.8%, 5/1/2012 (a) 

 

2,075,000

 

2,080,851

 

**134,555,809**

**Georgia 4.5%**

 
Atlanta, GA, Airport Revenue:

 
 

 

 

 

Series B, AMT, 5.75%, 1/1/2010 (a) 

 

4,240,000 

 

4,333,110 

 

Series B, AMT, 5.75%, 1/1/2011 (a) 

 

1,590,000 

 

1,629,225 

 

Series C, AMT, 6.0%, 1/1/2011 (a) 

 

7,375,000 

 

7,572,134 

Atlanta, GA, Water & Sewer Revenue, Series A, 5.5%, 11/1/2019 (a) 

 

13,000,000

 

13,858,780

Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp. Vogtle Project:

 
 

Series A, 5.3%, 1/1/2033 (a) 

 

10,000,000 

 

9,932,300 

 

Series B, 5.5%, 1/1/2033 

 

4,000,000 

 

3,628,000 

Cobb County, GA, Hospital & Healthcare Revenue, Series A, ETM, 5.625%, 4/1/2011 (a) 

 

1,220,000

 

1,277,389

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

 
 

Series A, 5.0%, 3/15/2019 

 

17,440,000 

 

14,986,018 

 

Series B, 5.0%, 3/15/2019 

 

5,000,000 

 

3,965,350 

 

Series A, 5.0%, 3/15/2020 

 

2,700,000 

 

2,258,280 

 

Series B, 5.0%, 3/15/2020 

 

5,000,000 

 

3,898,000 

 

Series A, 5.0%, 3/15/2022 

 

17,340,000 

 

13,829,690 

 

Series A, 5.5%, 9/15/2023 

 

5,000,000 

 

3,889,600 

 

Series A, 5.5%, 9/15/2024 

 

4,635,000 

 

3,573,029 

 

Series A, 5.5%, 9/15/2027 

 

5,000,000 

 

3,758,850 

 

Series A, 5.5%, 9/15/2028 

 

5,000,000 

 

3,705,250 

Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare System, 6.5%, 8/1/2038 (a) 

 

18,700,000

 

19,764,591

Georgia, Municipal Electric Authority Power Revenue:

 
 

Series B, 6.375%, 1/1/2016 (a) 

 

9,200,000 

 

10,748,176 

 

Series Y, ETM, 6.4%, 1/1/2013 (a) 

 

195,000 

 

217,125 

 

Series 2005-Y, Prerefunded, 6.4%, 1/1/2013 (a) 

 

35,000 

 

38,286 

 

Series 2005-Y, 6.4%, 1/1/2013 (a) 

 

3,270,000 

 

3,603,573 

 

Series V, 6.5%, 1/1/2012 (a) 

 

3,195,000 

 

3,380,821 

 

Series X, 6.5%, 1/1/2012 (a) 

 

2,220,000 

 

2,372,292 

 

Series W, 6.6%, 1/1/2018 (a) 

 

11,175,000 

 

13,013,734 

Georgia, Water & Sewer Revenue, Municipal Electric Authority Power Revenue, Series W, ETM, 6.6%, 1/1/2018 (a) 

 

200,000

 

243,770

Macon-Bibb County, GA, Hospital & Healthcare Revenue, Series C, 5.25%, 8/1/2011 (a) 

 

1,890,000

 

1,903,211

 

**151,380,584**

**Hawaii 0.3%**

 
Honolulu, HI, City & County General Obligation:

 
 

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

 

4,000,000 

 

4,247,680 

 

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

 

3,000,000 

 

3,146,850 

 

Series A, 5.0%, 7/1/2024 (a) 

 

1,525,000 

 

1,587,159 

 

**8,981,689**

**Idaho 0.3%**

 
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037 

 

10,060,000

 

**10,299,026**

**Illinois 13.2%**

 
Chicago, IL, Core City General Obligation:

 
 

Zero Coupon, 1/1/2017 (a) 

 

20,000,000 

 

15,024,400 

 

Series B, 5.0%, 1/1/2011 (a) 

 

1,620,000 

 

1,716,633 

 

Series A, 5.375%, 1/1/2013 (a) (b) 

 

14,000,000 

 

15,092,140 

 

6.25%, 1/1/2011 (a) 

 

2,060,000 

 

2,181,066 

Chicago, IL, General Obligation:

 
 

Series A, 5.0%, 1/1/2025 (a) 

 

13,985,000 

 

14,174,357 

 

Series B, ETM, 5.125%, 1/1/2015 (a) 

 

2,990,000 

 

3,313,967 

 

Series B, 5.125%, 1/1/2015 (a) 

 

6,560,000 

 

7,316,434 

Chicago, IL, O'Hare International Airport Revenue, Series A-2, AMT, 5.75%, 1/1/2019 (a) 

 

12,975,000

 

13,215,037

Chicago, IL, Sales & Special Tax Revenue, 5.375%, 1/1/2014 (a) 

 

5,000,000

 

5,500,700

Chicago, IL, School District General Obligation Lease, Board of Education:

 
 

 

 

 

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

 

11,025,000 

 

12,776,321 

 

Series A, 6.0%, 1/1/2020 (a) 

 

46,340,000 

 

53,255,318 

 

Series A, 6.25%, 1/1/2015 (a) 

 

28,725,000 

 

32,279,719 

Chicago, IL, School District General Obligation Lease, Public Housing Revenue, Series A, 5.25%, 12/1/2011 (a) (b) 

 

9,705,000

 

10,471,210

Chicago, IL, School District General Obligation, Board of Education, Series B, Zero Coupon, 12/1/2009 (a) 

 

7,615,000

 

7,518,442

Chicago, IL, School District Revenue Lease, Board of Education, 6.25%, 12/1/2011 (a) 

 

1,600,000

 

1,777,472

Chicago, IL, Water & Sewer Revenue:

 
 

Zero Coupon, 11/1/2012 (a) 

 

6,350,000 

 

5,758,371 

 

Zero Coupon, 11/1/2018 (a) 

 

5,165,000 

 

3,450,478 

 

5.375%, 1/1/2013 (a) 

 

3,215,000 

 

3,434,681 

Chicago, IL, Water Revenue, 5.0%, 11/1/2023 (a) 

 

10,000,000

 

10,408,100

Cook & Du Page Counties, IL, High School District No. 210:

 
 

ETM, Zero Coupon, 12/1/2009 (a) 

 

2,575,000 

 

2,553,782 

 

Zero Coupon, 12/1/2009 (a) 

 

285,000 

 

281,386 

Cook County, IL, County General Obligation:

 
 

6.5%, 11/15/2013 (a) 

 

5,220,000 

 

6,111,106 

 

6.5%, 11/15/2014 (a) 

 

18,560,000 

 

22,026,451 

Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, 6.5%, 11/1/2038 

 

4,085,000

 

4,228,302

Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038 

 

22,990,000

 

21,575,655

Illinois, Higher Education Revenue, Zero Coupon, 4/1/2015 (a) 

 

3,300,000

 

2,735,865

Illinois, Hospital & Healthcare Revenue, Health Facilities Authority:

 
 

5.2%, 9/1/2012 

 

1,000,000 

 

1,010,530 

 

6.0%, 8/15/2009 (a) 

 

1,640,000 

 

1,652,989 

 

6.25%, 8/15/2013 (a) 

 

2,915,000 

 

3,196,647 

 

Series A, 6.25%, 1/1/2015 (a) 

 

13,485,000 

 

15,079,736 

Illinois, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 6/15/2011 (a) 

 

895,000

 

850,626

Illinois, Municipal Electric Agency Power Supply:

 
 

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

 

3,500,000 

 

3,637,795 

 

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

 

2,500,000 

 

2,576,700 

Illinois, Pollution Control Revenue, Development Finance Authority, 5.85%, 1/15/2014 (a) 

 

5,000,000

 

5,330,600

Illinois, Project Revenue, Zero Coupon, 1/1/2014 (a) 

 

17,975,000

 

15,383,185

Illinois, Project Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, 6/15/2016 (a) 

 

10,000,000

 

7,751,300

Illinois, Regional Transportation Authority, Series A, 6.7%, 11/1/2021 (a) 

 

25,800,000

 

31,607,580

Illinois, Sales & Special Tax Revenue:

 
 

6.25%, 12/15/2011 (a) 

 

2,315,000 

 

2,498,464 

 

6.25%, 12/15/2020 (a) 

 

6,975,000 

 

8,329,475 

 

Series P, 6.5%, 6/15/2013 

 

1,805,000 

 

1,988,027 

Illinois, Sales & Special Tax Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, 6/15/2013 (a) 

 

7,565,000

 

6,730,732

Illinois, Special Assessment Revenue, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 12/15/2018 (a) 

 

6,660,000

 

4,489,506

Joliet, IL, Higher Education Revenue, College Assistance Corp., North Campus Extension Center Project, 6.7%, 9/1/2012 (a) 

 

1,535,000

 

1,690,787

Kane Cook & Du Page Counties, IL, School District General Obligation:

 
 

Series B, Zero Coupon, 1/1/2011 (a) 

 

1,040,000 

 

997,225 

 

Series B, Zero Coupon, 1/1/2012 (a) 

 

1,300,000 

 

1,210,274 

 

Series B, Zero Coupon, 1/1/2013 (a) 

 

4,595,000 

 

4,126,034 

Kane County, IL, School District General Obligation, Aurora West Side, Series A, 6.5%, 2/1/2010 (a) 

 

1,775,000

 

1,853,526

Lake Cook Kane & McHenry Counties, IL, School District General Obligation, 6.3%, 12/1/2017 (a) 

 

1,885,000

 

2,328,597

Lake County, IL, Higher Education Revenue, District No. 117:

 
 

Series B, Zero Coupon, 12/1/2013 (a) 

 

5,880,000 

 

4,855,880 

 

Series B, Zero Coupon, 12/1/2014 (a) 

 

5,985,000 

 

4,677,936 

Skokie, IL, Other General Obligation, Park District, Series B, Zero Coupon, 12/1/2011 (a) 

 

3,000,000

 

2,782,080

 

 

 

University Park, IL, Sales & Special Tax Revenue, Governors Gateway Industrial Park, 8.5%, 12/1/2011 

 

900,000

 

902,313

Will County, IL, County General Obligation:

 
 

Series B, Zero Coupon, 12/1/2011 (a) 

 

4,145,000 

 

3,878,642 

 

Series B, Zero Coupon, 12/1/2012 (a) 

 

2,480,000 

 

2,243,458 

 

Series B, Zero Coupon, 12/1/2013 (a) 

 

12,030,000 

 

10,479,092 

 

Series B, Zero Coupon, 12/1/2014 (a) 

 

10,255,000 

 

8,476,783 

Will County, IL, School District General Obligation, Community Unit School District No. 365-U, Series B, ETM, Zero Coupon, 11/1/2015 (a) 

 

8,000,000

 

6,328,800

Winnebago County, IL, School District General Obligation, District No. 122 Harlem-Loves, 6.55%, 6/1/2010 (a) 

 

1,825,000

 

1,931,653

 

**449,054,365**

**Indiana 1.8%**

 
Indiana, Electric Revenue, Municipal Power Agency:

 
 

Series B, 5.5%, 1/1/2016 (a) 

 

10,160,000 

 

11,342,218 

 

Series B, 6.0%, 1/1/2012 (a) 

 

1,750,000 

 

1,905,522 

Indiana, Health & Educational Facility, Financing Authority Revenue, Clarian Health, Series C, 0.65% **, 2/15/2030, Branch Banking & Trust (c) 

 

8,950,000

 

8,950,000

Indiana, Health Facilities Financing Authority, ETM, 6.0%, 7/1/2010 (a) 

 

1,035,000

 

1,103,993

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

 

2,100,000

 

1,366,281

Indiana, Hospital & Healthcare Revenue, Health Facilities Financing Authority:

 
 

Series D, 5.75%, 11/15/2012 

 

4,660,000 

 

4,802,316 

 

ETM, 6.0%, 7/1/2009 (a) 

 

1,290,000

 

1,310,555

 

ETM, 6.0%, 7/1/2010 (a) 

 

325,000 

 

332,637 

 

ETM, 6.0%, 7/1/2011 (a) 

 

1,445,000

 

1,571,937

 

ETM, 6.0%, 7/1/2012 (a) 

 

1,535,000

 

1,712,823

 

ETM, 6.0%, 7/1/2013 (a) 

 

1,620,000

 

1,846,834

 

ETM, 6.0%, 7/1/2014 (a) 

 

1,720,000

 

1,987,455

 

ETM, 6.0%, 7/1/2015 (a) 

 

1,825,000

 

2,133,332

 

ETM, 6.0%, 7/1/2016 (a) 

 

1,470,000 

 

1,803,793 

 

6.0%, 7/1/2016 (a) 

 

465,000 

 

482,121 

 

ETM, 6.0%, 7/1/2017 (a) 

 

1,560,000 

 

1,938,300 

 

6.0%, 7/1/2017 (a) 

 

490,000 

 

505,518 

 

ETM, 6.0%, 7/1/2018 (a) 

 

1,655,000 

 

2,062,262 

 

6.0%, 7/1/2018 (a) 

 

520,000 

 

531,513 

Indiana, Transportation/Tolls Revenue, Series A, 7.25%, 6/1/2015 

 

3,120,000

 

3,644,659

Indiana, Transportation/Tolls Revenue, Transportation Authority:

 
 

Series A, 5.75%, 6/1/2012 (a) (b) 

 

4,550,000 

 

5,084,716 

 

Series A, 7.25%, 6/1/2015 

 

880,000 

 

946,185 

Indiana, Transportation/Tolls Revenue, Transportation Finance Authority, Series A, ETM, 5.75%, 6/1/2012 (a) 

 

450,000

 

490,297

Merrillville, IN, School District Revenue Lease, Multiple School Building Corp., First Mortgage, Zero Coupon, 1/15/2011 (a) 

 

4,000,000

 

3,809,640

 

**61,664,907**

**Iowa 0.2%**

 
Iowa, Project Revenue, 5.5%, 2/15/2016 (a) 

 

6,645,000

 

**7,731,325**

**Kansas 0.6%**

 
Johnson County, KS, School District General Obligation, Series B, 5.5%, 9/1/2015 (a) 

 

1,860,000

 

2,170,992

 

Kansas, Pollution Control Revenue, Development Financing Authority:

 
 

Series II, 5.5%, 11/1/2015 

 

1,000,000 

 

1,176,890 

 

Series II, 5.5%, 11/1/2017 

 

1,000,000 

 

1,189,130 

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

 

12,000,000

 

13,263,360

Saline County, KS, Unified School District No. 305:

 
 

 

 

 

5.5%, 9/1/2017 (a) 

 

2,465,000 

 

2,648,075 

 

5.5%, 9/1/2017 (a) 

 

775,000 

 

832,482 

 

**21,280,929**

**Kentucky 2.3%**

 
Kentucky, Economic Development Finance Authority, Health Systems Revenue, Norton Healthcare:

 
 

Series C, 5.6%, 10/1/2012 (a) 

 

9,110,000 

 

9,266,328 

 

Series C, ETM, 5.7%, 10/1/2013 (a) 

 

2,750,000 

 

3,167,698 

 

Series C, 5.7%, 10/1/2013 (a) 

 

5,495,000 

 

5,609,076 

 

Series C, Prerefunded, 5.8%, 10/1/2014 (a) 

 

1,710,000 

 

1,992,629 

 

Series C, 5.8%, 10/1/2014 (a) 

 

3,420,000 

 

3,478,516 

 

Series C, Prerefunded, 5.85%, 10/1/2015 (a) 

 

1,745,000 

 

2,037,200 

 

Series C, 5.85%, 10/1/2015 (a) 

 

3,490,000 

 

3,526,191 

 

Series C, Prerefunded, 5.9%, 10/1/2016 (a) 

 

2,170,000 

 

2,538,097 

 

Series C, 5.9%, 10/1/2016 (a) 

 

4,330,000 

 

4,373,820 

Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2038 (a) 

 

4,500,000

 

4,608,630

Kentucky, Project Revenue:

 
 

5.5%, 8/1/2017 (a) 

 

6,770,000 

 

7,692,480 

 

5.5%, 8/1/2018 (a) 

 

5,000,000 

 

5,674,900 

 

5.5%, 8/1/2019 (a) 

 

6,870,000 

 

7,748,879 

 

5.5%, 8/1/2020 (a) 

 

4,320,000 

 

4,870,238 

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

 

15,000,000

 

11,430,750

 

**78,015,432**

**Louisiana 0.3%**

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

 

12,000,000

 

8,855,160

Orleans, LA, Sales & Special Tax Revenue, Levee District Improvement Project, 5.95%, 11/1/2014 (a) 

 

935,000

 

937,431

 

**9,792,591**

**Maryland 0.5%**

 
Baltimore, MD, Sales & Special Tax Revenue, Series A, 5.9%, 7/1/2012 (a) 

 

3,100,000

 

3,408,078

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

 
 

Series A, 5.0%, 12/1/2016 

 

1,000,000 

 

622,680 

 

Series A, 5.0%, 12/1/2031 

 

20,000,000 

 

10,214,400 

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039 

 

3,400,000

 

3,436,142

 

**17,681,300**

**Massachusetts 6.7%**

 
Massachusetts, Airport Revenue, Port Authority, Series B, AMT, 5.5%, 7/1/2012 (a) 

 

3,025,000

 

3,070,738

Massachusetts, Bay Transportation Authority Revenue, Series B, 6.2%, 3/1/2016 

 

17,450,000

 

20,300,108

Massachusetts, Higher Education Revenue, College Building Authority Project, Series A, 7.5%, 5/1/2014 (b) 

 

5,500,000

 

6,517,170

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Massachusetts General Hospital, Series F, 6.25%, 7/1/2012 (a) 

 

625,000

 

654,888

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

 

4,700,000

 

3,586,100

Massachusetts, Port Authority Revenue, ETM, 13.0%, 7/1/2013 

 

930,000

 

1,182,876

Massachusetts, Project Revenue, Prerefunded, 9.2%, 12/15/2031 

 

17,000,000

 

21,654,600

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

 

3,000,000

 

3,816,090

Massachusetts, Sales & Special Tax Revenue, Federal Highway Grant, Series A, Zero Coupon, 12/15/2014 

 

27,680,000

 

23,386,832

Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility, Series A, 5.5%, 11/15/2027 

 

1,680,000

 

1,023,456

 

 

 

Massachusetts, State Development Finance Agency, Resource Recovery Revenue, SEMASS Partnership:

 
 

Series A, 5.625%, 1/1/2015 (a) 

 

4,000,000 

 

3,973,200 

 

Series A, 5.625%, 1/1/2016 (a) 

 

2,750,000 

 

2,718,320 

Massachusetts, State General Obligation, College Building Authority Project, Series A, 7.5%, 5/1/2010 

 

4,110,000

 

4,422,524

Massachusetts, State General Obligation, Consolidated Loan:

 
 

Series D, 5.5%, 11/1/2018 (a) 

 

4,000,000 

 

4,738,360 

 

Series D, 5.5%, 11/1/2019 (a) 

 

7,500,000 

 

8,845,500 

 

Series D, 5.5%, 11/1/2020 (a) 

 

2,000,000 

 

2,335,640 

Massachusetts, State General Obligation, Transportation Authority, Series A, 5.875%, 3/1/2015 (b) 

 

10,075,000

 

11,674,709

Massachusetts, State Health & Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038 

 

18,000,000

 

13,096,800

Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/2022 (b) 

 

9,000,000

 

10,563,570

Massachusetts, State Port Authority Special Facilities Revenue, Delta Air Lines, Inc. Project:

 
 

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

 

3,000,000 

 

2,108,910 

 

Series A, AMT, 5.5%, 1/1/2015 (a) 

 

3,000,000 

 

2,108,400 

 

Series A, AMT, 5.5%, 1/1/2016 (a) 

 

3,000,000 

 

2,108,130 

Massachusetts, State Water Resource Authority, Series C, 6.0%, 12/1/2011 

 

3,905,000

 

4,228,959

Massachusetts, Transportation/Tolls Revenue, Turnpike Authority, Series C, Zero Coupon, 1/1/2018 (a) 

 

10,000,000

 

6,822,600

Massachusetts, Water & Sewer Revenue, Water Authority:

 
 

Series J, 5.5%, 8/1/2020 (a) 

 

34,315,000 

 

39,912,806 

 

Series J, 5.5%, 8/1/2021 (a) 

 

5,685,000 

 

6,617,283 

Massachusetts, Water & Sewer Revenue, Water Resource Authority, Series A, ETM, 6.5%, 7/15/2019 

 

13,710,000

 

16,989,980

 

**228,458,549**

**Michigan 2.3%**

 
Detroit, MI, School District General Obligation, Series C, 5.25%, 5/1/2014 (a) 

 

1,000,000

 

1,085,870

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

 

6,395,000

 

3,860,981

Detroit, MI, State General Obligation:

 
 

Series A-1, 5.375%, 4/1/2016 (a) 

 

2,760,000 

 

2,544,969 

 

Series A-1, 5.375%, 4/1/2018 (a) 

 

3,000,000 

 

2,663,820 

Detroit, MI, Water & Sewer Revenue, Series A, Zero Coupon, 7/1/2015 (a) 

 

8,710,000

 

6,674,386

Grand Rapids, MI, Water & Sewer Revenue, Water Supply, 5.75%, 1/1/2016 (a) 

 

2,955,000

 

3,127,513

Michigan, Electric Revenue, Series A, 5.25%, 1/1/2018 (a) 

 

11,000,000

 

12,596,980

Michigan, Sales & Special Tax Revenue, State Trunk Line, Series A, 5.5%, 11/1/2017 

 

7,000,000

 

8,194,410

Michigan, State Building Authority Revenue, Facilities Program, Series I, 6.0%, 10/15/2038 

 

9,000,000

 

9,476,820

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

 

7,500,000

 

7,545,975

Michigan, State Hospital Finance Authority Revenue, Trinity Health, Series A, 6.5%, 12/1/2033 

 

10,000,000

 

10,452,100

Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039 

 

7,200,000

 

7,670,736

Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services, Series A, ETM, 5.6%, 2/15/2013 

 

1,060,000

 

1,130,320

 

**77,024,880**

**Minnesota 0.6%**

 
Minneapolis, MN, Health Care System Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032 

 

6,440,000

 

6,749,893

University of Minnesota, Higher Education Revenue:

 
 

Series A, ETM, 5.75%, 7/1/2017 

 

3,240,000 

 

3,965,630 

 

Series A, ETM, 5.75%, 7/1/2018 

 

6,760,000 

 

8,286,476 

 

**19,001,999**

**Mississippi 0.3%**

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

 
 

 

 

 

Series A, 5.5%, 9/1/2031 

 

5,000,000 

 

3,077,650 

 

Series A, 6.5%, 9/1/2032 

 

7,420,000 

 

5,218,041 

 

**8,295,691**

**Missouri 0.5%**

 
Missouri, Water & Sewer Revenue, Environmental Improvement and Energy Resource Authority:

 
 

Series B, 5.5%, 7/1/2014 

 

3,000,000 

 

3,481,740 

 

Series B, 5.5%, 7/1/2015 (b) 

 

3,500,000 

 

4,110,120 

St. Louis, MO, Industrial Development Authority Revenue, Convention Center Hotel, Zero Coupon, 7/15/2016 (a) 

 

6,895,000

 

4,854,632

St. Louis, MO, Special Assessment Revenue, Scullin Redevelopment Area, Series A, 10.0%, 8/1/2010 

 

2,035,000

 

2,130,299

St. Louis, MO, State General Obligation Lease, Industrial Development Authority, Convention Center Hotel, Zero Coupon, 7/15/2015 (a) 

 

4,200,000

 

3,140,970

 

**17,717,761**

**Montana 0.1%**

 
Montana, State Board of Regents Higher Education Revenue, University of Montana, Series F, 6.0%, 5/15/2019 (a) 

 

4,545,000

 

**4,855,605**

**Nebraska 0.4%**

 
Omaha, NE, Public Power District Electric Revenue:

 
 

Series A, 5.5%, 2/1/2033 

 

1,000,000 

 

1,033,430 

 

Series A, 5.5%, 2/1/2035 

 

1,000,000 

 

1,031,980 

 

Series A, 5.5%, 2/1/2039 

 

1,000,000 

 

1,029,800 

 

Series B, ETM, 6.2%, 2/1/2017 

 

4,700,000 

 

5,627,498 

Omaha, NE, School District General Obligation, Series A, ETM, 6.5%, 12/1/2017 

 

4,000,000

 

5,181,920

 

**13,904,628**

**Nevada 0.2%**

 
Clark County, NV, Airport Revenue, Airport Jet Aviation Fuel:

 
 

Series C, AMT, 5.375%, 7/1/2018 (a) 

 

1,500,000 

 

1,482,555 

 

Series C, AMT, 5.375%, 7/1/2019 (a) 

 

1,100,000 

 

1,076,042 

 

Series C, AMT, 5.375%, 7/1/2020 (a) 

 

1,100,000 

 

1,057,023 

Las Vegas, NV, Transportation/Tolls Revenue, Monorail Department Business and Industry:

 
 

Zero Coupon, 1/1/2013 (a) 

 

5,000,000 

 

2,745,700 

 

3.688%, 1/1/2040 (f) 

 

15,000,000 

 

1,200,000 

 

**7,561,320**

**New Jersey 3.3%**

 
Atlantic City, NJ, School District General Obligation, Board of Education, 6.1%, 12/1/2014 (a) 

 

2,500,000

 

2,964,950

New Jersey, Economic Development Authority Revenue, Cigarette Tax:

 
 

5.5%, 6/15/2031 

 

3,000,000 

 

2,157,330 

 

5.75%, 6/15/2034 

 

2,455,000 

 

1,790,726 

New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue:

 
 

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

 

7,140,000 

 

7,216,255 

 

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

 

8,845,000 

 

8,893,824 

New Jersey, Garden State Preservation Trust, Open Space & Farm Land, Series 2005-A, 5.8%, 11/1/2023 (a) 

 

5,000,000

 

5,542,650

New Jersey, Highway Authority Revenue, Garden State Parkway, ETM, 6.5%, 1/1/2011 

 

1,025,000

 

1,090,590

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

 

1,000,000

 

695,700

New Jersey, State Transportation Trust Fund Authority:

 
 

Series A, 5.75%, 6/15/2016 (a) 

 

4,000,000 

 

4,505,160 

 

Series A, 5.75%, 6/15/2017 (a) 

 

4,000,000 

 

4,512,880 

 

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

 

3,000,000 

 

3,379,350 

 

Series A, 5.75%, 6/15/2020 (a) 

 

11,000,000 

 

12,246,960 

 

Series A, 6.0%, 12/15/2038 

 

17,000,000 

 

17,992,290 

 

 

 

New Jersey, State Turnpike Authority Revenue:

 
 

Series C-2005, ETM, 6.5%, 1/1/2016 (a) 

 

2,725,000 

 

3,421,319 

 

Series C-2005, 6.5%, 1/1/2016 (a) 

 

14,920,000 

 

18,036,341 

 

Series C-2005, ETM, 6.5%, 1/1/2016 (a) 

 

425,000 

 

533,600 

 

Series C-2005, 6.5%, 1/1/2016 (a) 

 

1,210,000 

 

1,462,733 

New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2041 

 

9,300,000

 

4,946,205

New Jersey, Transportation/Tolls Revenue, Series A, 5.75%, 6/15/2017 

 

8,000,000

 

9,025,760

 

**110,414,623**

**New Mexico 0.1%**

 
New Mexico, Single Family Housing Revenue, Mortgage Finance Authority, Series E2, AMT, 6.8%, 3/1/2031 

 

2,085,000

 

**2,116,734**

**New York 4.6%**

 
Monroe County, NY, Airport Authority Revenue, Greater Rochester International:

 
 

AMT, 5.75%, 1/1/2014 (a) 

 

4,010,000 

 

4,108,245 

 

AMT, 5.75%, 1/1/2015 (a) 

 

5,030,000 

 

5,139,553 

 

AMT, 5.875%, 1/1/2016 (a) 

 

3,830,000 

 

3,937,049 

New York, Higher Education Revenue, Dormitory Authority, Series B, 5.25%, 5/15/2019 (a) 

 

11,860,000

 

13,249,874

New York, Higher Education Revenue, Dormitory Authority, City University, Series B, 6.0%, 7/1/2014 (a) (b) 

 

7,000,000

 

7,616,000

New York, School District General Obligation, Dormitory Authority, City University, Series A, 5.5%, 5/15/2019 

 

1,500,000

 

1,722,375

New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021 

 

2,000,000

 

2,215,320

New York, Senior Care Revenue, Metropolitan Transportation Authority, Series O, ETM, 5.75%, 7/1/2013 (a) (b) 

 

6,775,000

 

7,320,252

New York, State Agency General Obligation Lease, Dormitory Authority, City University:

 
 

Series D, ETM, 7.0%, 7/1/2009 (a) 

 

595,000 

 

608,447 

 

Series C, 7.5%, 7/1/2010 (a) 

 

2,200,000 

 

2,300,144 

New York, State Agency General Obligation Lease, Metropolitan Transportation Authority, Series A, ETM, 6.0%, 4/1/2020 (a) 

 

5,000,000

 

6,071,550

New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020 

 

3,600,000

 

4,085,424

New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2038 

 

8,750,000

 

8,527,313

New York, State General Obligation Lease, Urban Development Corp., State Facilities, 5.6%, 4/1/2015 

 

4,655,000

 

5,304,931

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

 
 

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

 

12,600,000 

 

12,557,286 

 

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

 

6,850,000 

 

7,021,387 

New York, State Urban Development Corp. Revenue, Correctional Capital Facilities, Series A, 6.5%, 1/1/2011 (a) 

 

4,500,000

 

4,869,900

New York, Transportation/Tolls Revenue, Metropolitan Transportation Authority, 5.5%, 11/15/2018 (a) 

 

5,000,000

 

5,200,950

New York, Transportation/Tolls Revenue, Transportation Authority:

 
 

Series E, 5.5%, 11/15/2020 (a) 

 

3,750,000 

 

3,847,200 

 

Series E, 5.5%, 11/15/2021 (a) 

 

6,000,000 

 

6,132,360 

New York, Water & Sewer Revenue, Environmental Facilities Corp., State Water Pollution Control, Series E, 6.875%, 6/15/2014 

 

4,560,000

 

4,580,748

New York City, NY, Housing Development Corp., Multi-Family Housing Revenue, Series A-1-A, AMT, 1.3% **, 11/1/2046 

 

7,400,000

 

7,400,000

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

 

10,000,000

 

8,526,800

New York City, NY, Industrial Development Agency, Special Facility Revenue, American Airlines, JFK International Airport, AMT, 7.75%, 8/1/2031 

 

16,500,000

 

12,251,415

New York, NY, Core City General Obligation, Series G, Zero Coupon, 8/1/2009 (a) 

 

4,995,000

 

4,975,769

New York, NY, General Obligation:

 
 

Series D, 5.0%, 8/1/2019 

 

6,930,000 

 

7,133,811 

 

 

 

 

Series A, 6.5%, 5/15/2012 

 

770,000 

 

812,519 

 

**157,516,622**

**North Carolina 1.6%**

 
Charlotte, NC, Core City General Obligation, 5.5%, 8/1/2018 

 

4,165,000

 

4,626,482

North Carolina, Electric Revenue, 5.25%, 1/1/2020 (a) 

 

4,000,000

 

4,058,040

North Carolina, Electric Revenue, Eastern Municipal Power Agency:

 
 

6.0%, 1/1/2018 (a) 

 

8,775,000 

 

9,516,137 

 

Series B, 6.0%, 1/1/2022 (a) 

 

18,775,000 

 

19,307,271 

North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033 

 

17,000,000

 

17,607,070

 

**55,115,000**

**Ohio 1.6%**

 
Akron, OH, Project Revenue, Economic Development, 6.0%, 12/1/2012 (a) 

 

1,000,000

 

1,100,100

Avon, OH, School District General Obligation, 6.5%, 12/1/2015 (a) 

 

940,000

 

1,115,752

Beavercreek, OH, School District General Obligation, Local School District, 6.6%, 12/1/2015 (a) 

 

1,500,000

 

1,779,990

Big Walnut, OH, School District General Obligation, Local School District, Zero Coupon, 12/1/2012 (a) 

 

420,000

 

381,667

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

 

13,275,000

 

8,419,138

Cincinnati, OH, Higher Education Revenue, General Receipts, Series T, 5.5%, 6/1/2012 

 

1,280,000

 

1,423,373

Cleveland, OH, Electric Revenue, Public Power Systems Revenue, Series 1, 6.0%, 11/15/2011 (a) 

 

1,050,000

 

1,170,824

Cleveland, OH, Sales & Special Tax Revenue, Urban Renewal Tax Increment, Rock & Roll Hall of Fame and Museum Project, 6.75%, 3/15/2018 

 

1,000,000

 

955,400

Cuyahoga County, OH, County General Obligation, 5.65%, 5/15/2018 

 

500,000

 

552,845

Fayette County, OH, School District General Obligation, Rattlesnake Improvement Area Project, 5.9%, 12/1/2013 

 

50,000

 

53,341

Finneytown, OH, Other General Obligation, Local School District, 6.2%, 12/1/2017 (a) 

 

320,000

 

386,083

Franklin County, OH, Healthcare Facilities Revenue, Presbyterian Services, 5.5%, 7/1/2017 

 

1,000,000

 

821,320

Franklin County, OH, School District General Obligation, 6.5%, 12/1/2013 

 

500,000

 

568,940

Green Springs, OH, Senior Care Revenue, Hospital & Healthcare Facilities Revenue, Series A, 7.0%, 5/15/2014 * 

 

3,555,000

 

3,039,205

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

 

4,405,000

 

3,205,034

Hilliard, OH, School District General Obligation, Series A, Zero Coupon, 12/1/2012 (a) 

 

1,655,000

 

1,481,688

Huber Heights, OH, Water & Sewer Revenue, Zero Coupon, 12/1/2012 (a) 

 

1,005,000

 

904,771

Liberty Benton, OH, School District General Obligation, Zero Coupon, 12/1/2014 (a) 

 

570,000

 

473,277

Liberty, OH, School District General Obligation, Zero Coupon, 12/1/2012 (a) 

 

255,000

 

223,530

Lorain County, OH, Lakeland Community Hospital, Inc., ETM, 6.5%, 11/15/2012 

 

440,000

 

469,911

Napoleon, OH, Hospital & Healthcare Revenue, Lutheran Orphans Home, 6.875%, 8/1/2023 

 

240,000

 

240,348

North Olmstead, OH, Other General Obligation, 6.2%, 12/1/2011 (a) 

 

1,530,000

 

1,652,018

Ohio, Higher Education Revenue, Case Western Reserve University:

 
 

6.0%, 10/1/2014 

 

1,000,000 

 

1,180,790 

 

Series B, 6.5%, 10/1/2020 

 

2,250,000 

 

2,725,920 

Ohio, Mortgage Revenue, Single Family Housing Finance Agency, Prerefunded, Zero Coupon, 1/15/2015 (a)

 

7,875,000

 

5,952,835

Ohio, School District General Obligation, 6.0%, 12/1/2019 (a) 

 

475,000

 

564,110

Ohio, Transportation/Tolls Revenue, Series A, 5.5%, 2/15/2017 (a) 

 

6,925,000

 

8,049,897

Ohio, Water & Sewer Revenue, Bay Shore Project, Series A, AMT, 5.875%, 9/1/2020 

 

3,450,000

 

2,692,069

Springboro, OH, School District General Obligation, Community City School District, 6.0%, 12/1/2011 (a) 

 

320,000

 

342,806

Toledo, OH, Other General Obligation, Macy's Project, Series A, AMT, 6.35%, 12/1/2025 (a) 

 

1,000,000

 

1,001,220

Wayne, OH, School District General Obligation:

 
 

6.45%, 12/1/2011 (a) 

 

100,000 

 

108,272 

 

6.6%, 12/1/2016 (a) 

 

200,000 

 

239,564 

Wooster, OH, School District General Obligation, Zero Coupon, 12/1/2013 (a) 

 

930,000

 

811,630

 

**54,087,668**

 

 

 

**Oklahoma 1.1%**

 
Oklahoma, Hospital & Healthcare Revenue, Valley View Hospital Authority, 6.0%, 8/15/2014 

 

2,130,000

 

2,109,467

Oklahoma, State Municipal Power Authority, Supply System Revenue, Series A, 6.0%, 1/1/2038 

 

8,625,000

 

9,089,801

Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023 (a) 

 

23,125,000

 

26,710,300

 

**37,909,568**

**Pennsylvania 4.6%**

 
Allegheny County, PA, Airport Revenue, Pittsburgh International Airport:

 
 

Series A-1, AMT, 5.75%, 1/1/2011 (a) 

 

3,000,000 

 

3,086,340 

 

Series A, AMT, 5.75%, 1/1/2013 (a) 

 

9,400,000 

 

9,689,520 

 

Series A-1, AMT, 5.75%, 1/1/2014 (a) 

 

10,500,000 

 

10,757,250 

Allegheny County, PA, Port Authority Revenue:

 
 

5.5%, 3/1/2015 (a) 

 

2,000,000 

 

2,082,940 

 

5.5%, 3/1/2016 (a) 

 

1,000,000 

 

1,038,040 

 

5.5%, 3/1/2017 (a) 

 

1,000,000 

 

1,034,680 

Berks County, PA, Hospital & Healthcare Revenue, Municipal Authority, Reading Hospital & Medical Center Project, 5.7%, 10/1/2014 (a) 

 

1,000,000

 

1,093,380

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

 

25,000,000

 

26,492,000

Erie County, PA, Industrial Development Revenue, Pollution Control, Series A, 5.3%, 4/1/2012 

 

1,000,000

 

935,070

Exter Township, PA, School District General Obligation, Zero Coupon, 5/15/2017 (a) 

 

3,700,000

 

2,610,572

Indiana County, PA, Pollution Control Revenue, Industrial Development Authority, 5.35%, 11/1/2010 (a) 

 

1,000,000

 

1,055,470

Latrobe, PA, Higher Education Revenue, Industrial Development Authority, 5.375%, 5/1/2013 

 

1,000,000

 

1,053,500

New Castle, PA, Hospital & Healthcare Revenue, Area Hospital Authority, Jameson Memorial Hospital, 6.0%, 7/1/2010 (a) 

 

845,000

 

860,920

Pennsylvania, Core City General Obligation, Regional Finance Authority Local Government, 5.75%, 7/1/2032 

 

28,000,000

 

29,557,920

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

 

7,340,000

 

7,421,474

Pennsylvania, Sales & Special Tax Revenue, Convention Center Authority, Series A, ETM, 6.0%, 9/1/2019 (a) 

 

2,200,000

 

2,659,734

Pennsylvania, State General Obligation, Series A, 5.0%, 8/1/2022 

 

34,140,000

 

36,766,049

Pennsylvania, Transportation/Tolls Revenue, Community Turnpike, Series S, 5.625%, 6/1/2014 

 

3,750,000

 

4,057,875

Pennsylvania, Water & Sewer Revenue, 5.25%, 11/1/2014 (a) 

 

1,750,000

 

1,905,907

Philadelphia, PA, Water & Sewer Revenue, 6.25%, 8/1/2010 (a) 

 

1,000,000

 

1,056,000

Pittsburgh, PA, Core City General Obligation, Series A, 5.5%, 9/1/2014 (a) 

 

1,500,000

 

1,610,670

Pittsburgh, PA, Water & Sewer System, ETM, 7.25%, 9/1/2014 (a) 

 

100,000

 

115,376

Westmoreland County, PA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.375%, 7/1/2011 (a) 

 

3,935,000

 

4,118,410

Westmoreland County, PA, Project Revenue, Zero Coupon, 8/15/2017 (a) 

 

6,230,000

 

4,360,751

 

**155,419,848**

**Puerto Rico 2.4%**

 
Puerto Rico, Electric Power Authority Revenue:

 
 

Series JJ, 5.375%, 7/1/2017 (a) 

 

8,500,000 

 

8,398,255 

 

Series KK, 5.5%, 7/1/2016 (a) 

 

10,000,000 

 

9,963,400 

Puerto Rico Commonwealth, General Obligation:

 
 

Series A, 5.5%, 7/1/2019 (a) 

 

7,440,000 

 

7,073,208 

 

Series A, 5.5%, 7/1/2020 (a) 

 

13,250,000 

 

12,501,242 

 

Series A, 5.5%, 7/1/2021 (a) 

 

6,000,000 

 

5,611,380 

 

6.0%, 7/1/2013 (a) 

 

5,000,000 

 

5,117,300 

 

6.0%, 7/1/2014 (a) 

 

10,000,000 

 

10,170,200 

 

6.0%, 7/1/2016 (a) 

 

2,000,000 

 

2,016,340 

 

6.25%, 7/1/2013 (a) 

 

1,850,000 

 

1,911,087 

 

 

 

Puerto Rico Commonwealth, Highway & Transportation Authority Revenue, 5.5%, 7/1/2028 (a) 

 

19,545,000

 

17,527,370

 

**80,289,782**

**Rhode Island 1.5%**

 
Rhode Island, Economic Protection Corp., Special Obligation:

 
 

Series B, ETM, 5.8%, 8/1/2012 (a) 

 

2,500,000 

 

2,842,100 

 

Series B, ETM, 5.8%, 8/1/2013 (a) (b) 

 

7,340,000 

 

8,573,120 

Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034 

 

10,000,000

 

9,886,400

Rhode Island, Project Revenue, Convention Center Authority, Series B, 5.25%, 5/15/2015 (a) 

 

22,000,000

 

24,126,520

Rhode Island, Tobacco Settlement Financing Corp., Series A, 6.125%, 6/1/2032 

 

7,750,000

 

5,633,397

 

**51,061,537**

**South Carolina 0.9%**

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

 
 

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

 

7,740,000

 

9,227,801

 

Series A, Prerefunded, 7.375%, 12/15/2021 

 

4,500,000 

 

5,035,725 

South Carolina, Piedmont Municipal Power Agency, Electric Revenue:

 
 

5.5%, 1/1/2012 (a) 

 

2,810,000 

 

2,951,427 

 

Series A, ETM, 6.5%, 1/1/2016 (a) 

 

430,000 

 

539,568 

 

ETM, 6.75%, 1/1/2019 (a) 

 

1,460,000 

 

1,892,496 

 

6.75%, 1/1/2019 (a) 

 

2,065,000 

 

2,405,167 

South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.375%, 1/1/2028 

 

2,500,000

 

2,599,625

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

 

6,750,000

 

7,115,783

 

**31,767,592**

**Tennessee 2.3%**

 
Jackson, TN, Hospital Revenue, Jackson-Madison Project:

 
 

5.5%, 4/1/2033 

 

3,000,000 

 

2,857,620 

 

5.625%, 4/1/2038

 

4,550,000

 

4,361,448

 

5.75%, 4/1/2041 

 

8,675,000 

 

8,409,198 

Knox County, TN, Health Educational & Housing Facilities Board, Hospital Revenue, Fort Sanders Alliance, 5.75%, 1/1/2012 (a) 

 

17,880,000

 

18,206,489

Knox County, TN, Hospital & Healthcare Revenue, Sanders Alliance:

 
 

5.75%, 1/1/2011 (a) 

 

15,405,000 

 

15,632,070 

 

5.75%, 1/1/2014 (a) 

 

2,000,000 

 

2,020,840 

 

6.25%, 1/1/2013 (a) 

 

4,000,000 

 

4,121,160 

Shelby County, TN, County General Obligation, Zero Coupon, 8/1/2014 

 

4,965,000

 

4,251,927

Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036 

 

10,000,000

 

6,051,400

Tennessee, Energy Acquisition Corp., Gas Revenue:

 
 

Series A, 5.25%, 9/1/2019 

 

7,000,000 

 

5,268,760 

 

Series A, 5.25%, 9/1/2021 

 

2,000,000 

 

1,452,660 

 

Series A, 5.25%, 9/1/2023 

 

2,100,000 

 

1,478,820 

 

Series A, 5.25%, 9/1/2026 

 

3,095,000 

 

2,096,769 

 

**76,209,161**

**Texas 8.6%**

 
Abilene, TX, Senior Care Revenue, Sears Methodist Retirement, Health Facilities Development, Series A, 5.875%, 11/15/2018 

 

3,250,000

 

2,790,677

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

 

21,495,000

 

13,636,643

Austin, TX, Water & Sewer Revenue, Utility Systems, Zero Coupon, 11/15/2012 (a) 

 

13,520,000

 

12,130,144

Boerne, TX, School District General Obligation Lease, Independent School District, Zero Coupon, 2/1/2016 

 

3,285,000

 

2,631,252

Cypress and Fairbanks, TX, School District General Obligation, Cypress-Fairbanks Texas Independent School District:

 
 

Series A, Zero Coupon, 2/15/2013 (b) 

 

8,840,000 

 

8,044,312 

 

 

 

 

Series A, Zero Coupon, 2/15/2014 

 

6,000,000 

 

5,240,160 

Dallas County, TX, Utility & Reclamation District:

 
 

5.25%, 2/15/2018 (a) 

 

7,830,000 

 

7,780,123 

 

5.25%, 2/15/2019 (a) 

 

8,220,000 

 

8,047,709 

 

5.25%, 2/15/2020 (a) 

 

10,250,000 

 

9,845,945 

Dallas, TX, Single Family Housing Revenue, Zero Coupon, 10/1/2016 (a) 

 

740,000

 

342,442

Harris County, TX, County General Obligation, Zero Coupon, 10/1/2017 (a) 

 

3,910,000

 

2,883,977

Harris County, TX, Health Facilities Development Corp. Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035 

 

5,000,000

 

5,261,650

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Medical Center Project, 6.25%, 5/15/2010 (a) 

 

3,000,000

 

3,061,740

Houston, TX, Airport Systems Revenue, Series B, 5.0%, 7/1/2027 (a) 

 

21,030,000

 

19,684,921

Houston, TX, Utility Systems Revenue:

 
 

Series A, 5.25%, 5/15/2020 (a) 

 

8,000,000 

 

8,434,160 

 

Series A, 5.25%, 5/15/2021 (a) 

 

10,000,000 

 

10,450,500 

 

Series A, 5.25%, 5/15/2022 (a) 

 

30,000,000 

 

31,121,100 

Houston, TX, Water & Sewer Revenue:

 
 

Series C, Zero Coupon, 12/1/2009 (a) 

 

14,750,000 

 

14,629,935 

 

Series C, Zero Coupon, 12/1/2010 (a) 

 

5,000,000 

 

4,841,300 

 

Series C, Zero Coupon, 12/1/2012 (a) 

 

4,350,000 

 

3,983,643 

North Texas, Tollway Authority Revenue:

 
 

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

 

6,500,000 

 

6,216,145 

 

Second Tier, Series F, 5.75%, 1/1/2033 

 

12,210,000 

 

11,385,825 

 

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

 

16,500,000 

 

15,094,860 

Northeast, TX, Hospital & Healthcare Revenue, Northeast Medical Center, 6.0%, 5/15/2010 (a) 

 

2,180,000

 

2,287,779

San Antonio, TX, Energy Acquisition Public Facility Corp., Gas Supply Revenue:

 
 

5.5%, 8/1/2021 

 

5,575,000 

 

4,472,767 

 

5.5%, 8/1/2025 

 

2,750,000 

 

2,114,448 

Texas, Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.5%, 11/1/2019 (a) 

 

20,000,000

 

20,401,000

Texas, Electric Revenue:

 
 

ETM, Zero Coupon, 9/1/2017 (a) 

 

120,000 

 

90,119 

 

Zero Coupon, 9/1/2017 (a) 

 

5,880,000 

 

4,126,937 

Texas, Electric Revenue, Municipal Power Agency, Zero Coupon, 9/1/2016 (a) 

 

18,300,000

 

13,637,343

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

 
 

Series B, 1.887% ***, 12/15/2017 

 

10,000,000 

 

6,462,500 

 

Series B, 2.037% ***, 12/15/2026 

 

9,300,000 

 

4,289,625 

 

Series D, 6.25%, 12/15/2026 

 

20,000,000 

 

16,540,600 

Texas, Municipal Power Agency, ETM, Zero Coupon, 9/1/2016 (a) 

 

375,000

 

295,575

Texas, Other General Obligation, 7.0%, 9/15/2012 

 

4,088,045

 

4,161,016

Texas, School District General Obligation, Community College District, 5.5%, 8/15/2014 (a) 

 

3,145,000

 

3,445,882

Waxahachie, TX, School District General Obligation, Independent School District, Zero Coupon, 8/15/2013 

 

2,060,000

 

1,848,108

 

**291,712,862**

**Utah 0.1%**

 
Provo, UT, Electric Revenue, Series A, ETM, 10.375%, 9/15/2015 (a) 

 

1,120,000

 

1,439,010

Salt Lake City, UT, Core City General Obligation, 5.75%, 6/15/2014 

 

25,000

 

26,296

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

 

1,500,000

 

1,624,095

Utah, Electric Revenue, Intermountain Power Agency, Series A, ETM, 5.0%, 7/1/2012 (a) 

 

540,000

 

541,285

 

**3,630,686**

**Virgin Islands 0.1%**

 
Virgin Islands, Sales & Special Tax Revenue, Public Finance Authority, Series A, Prerefunded, 6.5%, 10/1/2024 

 

1,500,000

 

**1,643,280**

**Virginia 1.0%**

 
Fairfax County, VA, Hospital & Healthcare Revenue, Economic Development Authority, Greenspring Retirement Community, Series A, Prerefunded, 7.25%, 10/1/2019 

 

2,000,000

 

2,117,580

 

 

 

Fairfax County, VA, Hospital & Healthcare Revenue, Economic Development Finance Authority, Series A, Prerefunded, 7.5%, 10/1/2029 

 

7,100,000

 

7,527,917

Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.68% **, 10/1/2037, Branch Banking & Trust (c) 

 

6,150,000

 

6,150,000

Roanoke, VA, Hospital & Healthcare Revenue, Industrial Development Authority, Roanoke Memorial Hospital, Series B, ETM, 6.125%, 7/1/2017 (a) 

 

5,500,000

 

6,648,620

Virginia, Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/2047 

 

6,000,000

 

3,159,300

Virginia Beach, VA, Hospital & Healthcare Revenue, Development Authority Hospital Facility First Mortgage, 5.125%, 2/15/2018 (a) 

 

3,000,000

 

3,115,710

Winchester, VA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.5%, 1/1/2015 (a) 

 

5,700,000

 

6,179,940

 

**34,899,067**

**Washington 2.3%**

 
Chelan County, WA, Electric Revenue, Public Utilities, Columbia River Rock, Zero Coupon, 6/1/2014 (a) 

 

12,685,000

 

10,535,780

Clark County, WA, General Obligation Hockinson School District No. 98, 6.125%, 12/1/2011 (a) 

 

1,515,000

 

1,630,140

Clark County, WA, School District General Obligation, Zero Coupon, 12/1/2017 (a) 

 

6,725,000

 

4,636,081

King and Snohomish Counties, WA, School District General Obligation, No. 417 Northshore, 5.6%, 12/1/2010 (a) 

 

1,650,000

 

1,725,554

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

 

4,000,000

 

4,223,880

Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2012 (a) 

 

1,765,000

 

1,858,068

Snohomish County, WA, School District General Obligation, 5.75%, 12/1/2011 (a) 

 

3,485,000

 

3,863,715

Spokane County, WA, School District General Obligation, Series B, Zero Coupon, 12/1/2014 (a) 

 

2,500,000

 

2,066,500

Washington, Electric Revenue, Series A, 5.5%, 7/1/2017 (a) (b) 

 

11,200,000

 

12,099,136

Washington, Electric Revenue, Public Power Supply Systems:

 
 

Series A, Zero Coupon, 7/1/2010 (a) 

 

5,860,000 

 

5,683,321 

 

Series B, 7.25%, 7/1/2009 (a) 

 

2,880,000 

 

2,935,670 

Washington, Hospital & Healthcare Revenue, HealthCare Facilities Authority:

 
 

ETM, 5.8%, 11/1/2009 (a) 

 

4,595,000 

 

4,753,298 

 

ETM, 5.8%, 11/1/2010 (a) 

 

2,100,000 

 

2,254,392 

Washington, State General Obligation, Series 5, Zero Coupon, 1/1/2017 (a) 

 

4,535,000

 

3,441,113

Washington, State Health Care Facilities Authority Revenue, Series B, 5.0%, 2/15/2027 (a) 

 

7,360,000

 

6,030,563

Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037 

 

12,035,000

 

9,325,079

 

**77,062,290**

**West Virginia 0.1%**

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

 

590,000

 

642,658

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

 

2,410,000

 

2,625,092

 

**3,267,750**

**Wisconsin 1.6%**

 
Milwaukee County, WI, Series A, ETM, Zero Coupon, 12/1/2011 (a) 

 

220,000

 

208,465

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority:

 
 

6.1%, 8/15/2009 (a) 

 

2,000,000 

 

2,001,580 

 

Series B, ETM, 6.25%, 1/1/2022 (a) 

 

4,215,000 

 

5,146,262 

 

Series C, ETM, 6.25%, 1/1/2022 (a) 

 

7,360,000 

 

9,106,675 

 

Series AA, ETM, 6.45%, 6/1/2009 (a) 

 

2,485,000 

 

2,522,499 

 

Series AA, ETM, 6.45%, 6/1/2010 (a) 

 

2,650,000 

 

2,828,796 

 

Series AA, ETM, 6.5%, 6/1/2011 (a) 

 

2,820,000 

 

3,131,638 

 

Series AA, ETM, 6.5%, 6/1/2012 (a) 

 

3,000,000 

 

3,446,070 

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc.:

 
 

Series A, 5.6%, 2/15/2029 

 

17,800,000 

 

13,610,770 

 

 

 

 

6.875%, 4/15/2030 

 

14,000,000 

 

12,346,600 

 

**54,349,355**

**Wyoming 0.2%**

 
Platte County, WY, Pollution Control Revenue, Tri-State Generation & Transmission Association, Inc., Series B, 1.2% **, 7/1/2014, National Rural Utilities Cooperative Finance Corp. (c) 

 

6,700,000

 

**6,700,000**

**Total Municipal Bonds and Notes** (Cost $3,132,525,868)

 

**3,188,421,956**

 

**Municipal Inverse Floating Rate Notes (d) 14.8%**

 
**Alabama 1.6%**

 
Alabama, State Public School & College Authority, 5.0%, 12/1/2023 (e)

 

50,000,000

 

**52,499,800**

 

*Trust: Alabama, State Public School & College Authority, Series 2200, 144A, 11.225%, 12/1/2023, Leverage Factor at purchase date: 2.5 to 1*

 

 

 

 

**California 1.1%**

 
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%,       

4/1/2031 (e)

 

10,700,000

 

10,523,963

 

*Trust: California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-4, 144A, 13.528%, 4/1/2031, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

California, State Department of Water Resources Revenue, Central Valley Project, Series AE,  

5.0%, 12/1/2023 (e)

 

5,236,056

 

5,514,136

California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 

5.0%, 12/1/2024 (e)

 

3,742,268

 

3,941,015

California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 

5.0%, 12/1/2025 (e)

 

3,118,557

 

3,284,180

 

*Trust: California, State Department of Water Resources Revenue, Series 2705, 144A, 12.463%, 12/1/2023, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

San Francisco, CA, Bay Area Rapid Transportation District, Election of 2004, Series B, 5.0%, 

8/1/2032 (e)

 

14,997,001

 

15,119,651

 

*Trust: San Francisco, CA, General Obligation, Series 3161, 144A, 12.978%, 8/1/2032, Leverage Factor at purchase date: 3 to 1 (e)*

 

 

 

 

 

**38,382,945**

**Connecticut 0.8%**

 
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series B, 

5.375%, 10/1/2014 (a) (e)

 

16,780,000

 

18,159,400

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 9.85%, 10/1/2014, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series B, 

5.375%, 10/1/2015 (a) (e)

 

4,000,000

 

4,328,820

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 9.85%, 10/1/2015, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series A,   

Prerefunded, 5.375%, 10/1/2016 (a) (e)

 

2,100,000

 

2,317,318

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 9.85%, 10/1/2016, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series A, 

Prerefunded, 5.375%, 10/1/2017 (a) (e)

 

1,660,000

 

1,831,785

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 9.85%, 10/1/2017, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**26,637,323**

**Florida 1.9%**

 
Florida, State Turnpike Authority Revenue, Department of Transportation, Series A, 5.0%, 

7/1/2021 (e)

 

30,130,000

 

31,418,242

 

*Trust: Florida, State Turnpike Authority Revenue, Series 2514, 144A, 42.164%, 7/1/2021, Leverage Factor at purchase date: 10 to 1*

 

 

 

 

 

 

 

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023 (a) (e)

 

3,740,000

 

3,662,949

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024 (a) (e)

 

3,915,000

 

3,834,344

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025 (a) (e)

 

4,122,500

 

4,037,569

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026 (a) (e)

 

4,317,500

 

4,228,551

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032 (a) (e)

 

16,470,000

 

16,130,688

 

*Trust: Miami-Dade County, FL, Series 2008-1160, 144A, 9.021%, 7/1/2023, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**63,312,343**

**Massachusetts 1.6%**

 
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2027 (e)

 

7,825,000

 

7,918,018

Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2033 (e)

 

3,000,000

 

3,035,662

Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2038 (e)

 

2,750,000

 

2,782,690

 

*Trust: Massachusetts, State General Obligation, Series 2008-1203, 144A, 13.906%, 8/1/2027, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2026 (a) (e)

 

20,000,000

 

20,563,100

 

*Trust: Massachusetts, State General Obligation, Series 2022-1, 144A, 40.1%, 8/1/2026, Leverage Factor at purchase date: 10 to 1*

 

 

 

 

Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2027 (a) (e)

 

20,000,000

 

20,563,100

 

*Trust: Massachusetts, State General Obligation, Series 2022-2, 144A, 40.1%, 8/1/2027, Leverage Factor at purchase date: 10 to 1*

 

 

 

 

 

**54,862,570**

**Nevada 1.9%**

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

 

16,118,519

 

16,235,683

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

 

16,841,398

 

16,963,816

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

 

10,876,807

 

10,955,869

 

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

 

 

 

 

Clark County, NV, General Obligation, 5.0%, 6/1/2028 (e)

 

6,252,645

 

6,103,567

Clark County, NV, General Obligation, 5.0%, 6/1/2029 (e)

 

6,565,277

 

6,408,745

Clark County, NV, General Obligation, 5.0%, 6/1/2030 (e)

 

6,372,122

 

6,220,196

 

*Trust: Clark County, NV, General Obligation, Series 3158, 144A, 12.874%, 6/1/2028, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

 

**62,887,876**

**New York 1.4%**

 
New York, State Dormitory Authority Revenues, Columbia University, 5.0%, 7/1/2038 (e)

 

27,925,000

 

28,424,427

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series R-11722-1, 144A, 16.452%, 7/1/2038, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, NY, General Obligation, Series C-1, 5.0%, 10/1/2024, (a) (e)

 

19,425,000

 

19,588,905

 

*Trust: New York, NY, Series 2008-1131, 144A, 8.722%, 10/1/2024, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**48,013,332**

**North Carolina 0.6%**

 
North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series B, 

5.0%, 10/1/2038 (e)

 

20,000,000

 

**20,316,200**

 

*Trust: North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series 3333, 144A, 16.52%, 10/1/2038, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Ohio 1.0%**

 
Columbus, OH, General Obligation, Series A, 5.0%, 9/1/2021 (e)

 

8,725,000

 

9,523,969

Columbus, OH, General Obligation, Series A, 5.0%, 9/1/2022 (e)

 

8,725,000

 

9,523,969

 

*Trust: Columbus, OH, General Obligation, Series 2365, 144A, 17.65%, 9/1/2021, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

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

 

6,032,233

 

5,878,552

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

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

 

10,287,087

 

10,025,006

 

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

 

 

 

 

 

**34,951,496**

**Tennessee 1.9%**

 
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (e)

 

21,793,305

 

22,451,883

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.355%, 1/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

 

 

Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (e)

 

20,800,000

 

21,612,344

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.36%, 1/1/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (e)

 

21,610,075

 

22,136,143

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.368%, 1/1/2028, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**66,200,370**

**Texas 1.0%**

 
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2022 (e)

 

3,000,000

 

3,048,605

San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2027 (e)

 

7,425,000

 

7,545,297

San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2028 (e)

 

6,540,000

 

6,645,959

San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2029 (e)

 

7,000,000

 

7,113,411

 

*Trust: San Antonio, TX, Series 2008-1150, 144A, 9.022%, 2/1/2022, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

Texas, Water Development Board Revenue, Series B, 5.25%, 7/15/2026 (e)

 

10,000,000

 

10,429,750

 

*Trust: Texas, Water Development Board, Series 2008-1173, 144A, 18.06%, 7/15/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**34,783,022**

**Total Municipal Inverse Floating Rate Notes** (Cost $506,570,854)

 

**502,847,277**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $3,639,096,722) †

108.8

 

**3,691,269,233**

**Other Assets and Liabilities, Net**

(8.8)

 

**(298,751,949)**

**Net Assets**

100.0

 

**3,392,517,284**

*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.*

***

*Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest. The following table represents bonds that are in default:*

**Securities**

 

**Coupon**

 

**Maturity****Date**

 

**Principal Amount ($)**

**Acquisition****Cost ($)**

 

**Value ($)**

 
Green Springs, OH, Senior 

Care Revenue, Hospital & 

Healthcare Facilities Revenue,

Series A

 

7.0%

 

5/15/2014

 

3,555,000

 

USD

 

3,508,947

 

3,039,205

 
Green Springs, OH, Senior 

Care Revenue, St. Francis 

Health Care Center Project, 

Series A

 

7.125%

 

5/15/2025

 

4,405,000

 

USD

 

4,343,833

 

3,205,034

 
 

 

 

 

 

 

 

 

**7,852,780**

 

**6,244,239**

 
****

*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.*

*****

*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.*

*†*

*The cost for federal income tax purposes was $3,633,607,505.  At February 28, 2009, net unrealized appreciation for all securities based on tax cost was $57,661,728.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $191,489,769 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $133,828,041.*

*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

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

 
Ambac Financial Group, Inc.

8.9

 
Assured Guaranty Corp.

0.7

 
Financial Guaranty Insurance Co.

9.6

 
Financial Security Assurance, Inc.

12.2

 
MBIA Corp.

25.9

 
XL Capital Assurance

0.2

 
*(b)*

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

 

 

 

*(c)*

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

*(d)*

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

*(e)*

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

*(f)      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) ($)**

 

2/8/2009

2/8/2021

 

17,400,0001

 

Fixed — 4.681%

Floating — LIBOR

(2,126,774)

 
9/2/2009

3/2/2021

 

37,000,0002

 

Fixed — 3.59%

Floating — LIBOR

—

 
11/18/2008

11/18/2022

 

9,700,0001

 

Fixed — 5.237%

Floating — LIBOR

(1,855,449)

 
12/17/2008

12/17/2022

 

18,800,0002

 

Fixed — 5.084%

Floating — LIBOR

(3,282,536)

 
12/10/2008

12/10/2023

 

46,000,0003

 

Fixed — 5.06%

Floating — LIBOR

(8,229,920)

 
3/17/2009

3/17/2024

 

5,900,0003

 

Fixed — 4.43%

Floating — LIBOR

(627,613)

 
7/8/2009

1/8/2025

 

12,000,0001

 

Fixed — 3.222%

Floating — LIBOR

465,245

 
7/9/2009

1/8/2026

 

49,800,0001

 

Fixed — 3.133%

Floating — LIBOR

2,557,907

 
7/12/2009

1/12/2026

 

30,000,0001

 

Fixed — 3.034%

Floating — LIBOR

1,920,267

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

**(11,178,873)**

 
*Counterparties:***

*1***

*JPMorgan Chase Securities, Inc.***

*2***

*The Goldman Sachs and Co.***

*3***

*Citigroup, 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 

3,691,269,233   

(11,178,873)  

Level 3 

-   

-   

**Total**

**$            3,691,269,233**

**$           (11,178,873)**

 

*†† 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

(11,178,873)

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 Managed Municipal Bond 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 Managed Municipal Bond 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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