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: 08/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of August 31, 2008  (Unaudited)** |
|----------------------|----------------------------------------|

 

 

**DWS Managed Municipal Bond Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Value ($)** |
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|        |
|   | **Municipal Bonds and Notes 92.7%** |  
**Alabama 0.1%**

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

 

4,000,000

 

**3,693,920**

**Alaska 0.3%**

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

 

5,000,000

 

5,970,100

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

 

5,000,000

 

4,569,500

 

**10,539,600**

 

 

 

**Arizona 1.2%**

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

 

12,000,000

 

11,803,200

Arizona, Salt Verde Financial Corp., Gas Revenue, 5.5%, 12/1/2029 

 

9,600,000

 

8,961,312

Mesa, AZ, Electric Revenue:

 
 

5.25%, 7/1/2016 (a) 

 

7,500,000 

 

8,199,000 

 

5.25%, 7/1/2017 (a) 

 

10,000,000 

 

10,903,000 

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

 

4,675,000

 

4,085,810

 

**43,952,322**

**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

 

3,313,956

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

 

13,080,000

 

14,780,008

 

**18,093,964**

**California 12.5%**

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

 

800,000

 

976,456

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

 

655,000

 

769,153

California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A-1, Prerefunded, 6.625%, 6/1/2040 

 

17,545,000

 

20,196,225

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

 

1,000,000

 

788,540

California, Senior Care Revenue, Statewide Community Development Authority, California Lutheran Homes, ETM, 5.5%, 11/15/2008 

 

610,000

 

615,106

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

 
 

Series B, Prerefunded, 5.5%, 6/1/2043 

 

9,950,000 

 

10,963,109 

 

Series B, Prerefunded, 5.625%, 6/1/2038 

 

37,265,000 

 

41,263,534 

 

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

 

6,670,000 

 

5,583,724 

 

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

 

37,520,000 

 

43,394,882 

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

 

25,000

 

27,510

California, State General Obligation:

 
 

Series 1, 5.0%, 9/1/2019 

 

12,700,000 

 

13,354,050 

 

5.0%, 3/1/2025 

 

10,000,000 

 

10,156,300 

 

5.0%, 6/1/2029 (a) 

 

25,000,000 

 

25,078,000 

 

5.0%, 2/1/2031 (a) 

 

26,975,000 

 

26,937,774 

 

5.125%, 11/1/2024 

 

5,000,000 

 

5,093,950 

California, State General Obligation, Various Purposes:

 
 

5.0%, 11/1/2026 

 

10,000,000 

 

10,146,300 

 

5.0%, 3/1/2027 

 

10,000,000 

 

10,087,100 

 

5.0%, 11/1/2027 

 

5,000,000 

 

5,050,950 

 

5.0%, 12/1/2031 (a) 

 

13,545,000 

 

13,525,495 

 

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

 
 

Series A, 5.5%, 6/1/2021 

 

5,275,000 

 

5,561,327 

 

Series A, 5.5%, 6/1/2022 

 

1,400,000 

 

1,469,468 

California, State Revenue Lease, 5.25%, 12/1/2020 (a) 

 

22,040,000

 

22,753,214

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

 
 

Series C, 5.0%, 6/1/2025 

 

2,500,000 

 

2,513,575 

 

Series C, 5.5%, 6/1/2020

 

5,000,000

 

5,279,200

 

Series C, 5.5%, 6/1/2021 

 

2,500,000 

 

2,625,200 

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

 
 

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

 

11,000,000 

 

8,789,770 

 

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

 

5,000,000 

 

3,614,300 

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

 
 

Series A, ETM, Zero Coupon, 1/1/2018 

 

21,890,000 

 

14,984,362 

 

Series A, ETM, 7.05%, 1/1/2009 

 

5,000,000 

 

5,090,750 

 

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

 

4,000,000 

 

4,354,200 

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

 

5,425,000

 

5,294,258

 

 

 

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

 

2,500,000

 

2,220,275

Los Angeles, CA, School District General Obligation, Unified School District, 5.75%,    7/1/2016 (a) 

 

17,000,000

 

19,557,480

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

 

2,840,000

 

3,000,886

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

 

4,235,000

 

3,323,416

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

 

6,915,000

 

5,545,069

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

 

2,000,000

 

2,163,660

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

 

1,000,000

 

760,470

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

 

3,420,000

 

2,738,873

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

 

4,500,000

 

4,608,180

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

 

8,565,000

 

8,445,775

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

 

3,895,000

 

4,191,020

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

 
 

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

 

5,000,000 

 

4,427,750 

 

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

 

35,295,000 

 

29,826,040 

 

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

 

14,905,000 

 

11,955,897 

Southern California, Public Power Authority, Natural Gas Project Revenue, Project No. 1:

 
 

Series A, 5.25%, 11/1/2026 

 

6,000,000 

 

5,957,880 

 

Series A, 5.25%, 11/1/2027 

 

8,250,000 

 

8,170,717 

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

 

2,000,000

 

1,495,380

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

 

3,905,000

 

4,151,015

 

**448,877,565**

**Colorado 4.0%**

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

 

5,000,000

 

3,430,950

Colorado, E-470 Public Highway Authority Revenue:

 
 

Series B, Prerefunded, Zero Coupon, 9/1/2034 

 

15,200,000 

 

2,376,824 

 

Series A-1, 5.5%, 9/1/2024 (a) 

 

4,000,000 

 

4,023,080 

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

 

3,000,000

 

3,394,620

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

 

20,000,000

 

19,306,400

Colorado, Transportation/Tolls Revenue:

 
 

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

 

11,295,000 

 

8,734,424 

 

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

 

21,500,000 

 

15,623,190 

 

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

 

8,000,000 

 

5,174,560 

 

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

 

20,560,000 

 

12,522,890 

 

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

 

36,500,000 

 

20,863,765 

 

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

 

7,000,000 

 

3,735,550 

 

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

 

14,700,000 

 

15,860,418 

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

 

10,000,000

 

10,320,900

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

 

3,000,000

 

3,275,010

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

 

2,500,000

 

2,982,775

Mesa County, CO, Residual Revenue, ETM, Zero Coupon, 12/1/2011 

 

11,435,000

 

10,401,848

 

**142,027,204**

**Connecticut 0.1%**

 
Connecticut, State General Obligation, Series E, ETM, 6.0%, 3/15/2012 

 

170,000

 

189,820

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

 

2,640,000

 

2,684,775

 

**2,874,595**

 

 

 

**District of Columbia 0.3%**

 
District of Columbia, Core City General Obligation:

 
 

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

 

1,050,000 

 

1,147,681 

 

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

 

1,095,000 

 

1,177,870 

 

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

 

1,175,000 

 

1,255,182 

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

 

5,000,000

 

5,787,800

 

**9,368,533**

**Florida 3.3%**

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

 

1,250,000

 

1,460,125

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

 

2,000,000

 

1,269,420

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

 

1,370,000

 

1,487,683

Highlands County, FL, Health Facilities Authority Revenue, Adventist Health Systems, Prerefunded:

 
 

5.25%, 11/15/2020 

 

1,000,000 

 

1,017,730 

 

5.25%, 11/15/2028 

 

5,300,000 

 

5,393,969

Highlands County, FL, Health Facilities Authority Revenue, Adventist Sunbelt, Series A, Prerefunded, 6.0%, 11/15/2031 

 

7,000,000

 

7,785,890

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

 

1,000,000

 

1,173,430

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

 

85,000

 

113,569

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

 
 

5.5%, 10/1/2015 (a) 

 

4,730,000 

 

5,295,566 

 

5.5%, 10/1/2016 (a) 

 

6,760,000 

 

7,601,215 

 

5.5%, 10/1/2018 (a) 

 

6,470,000 

 

7,253,517 

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

 

1,350,000

 

993,641

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

 

725,000

 

766,419

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

 
 

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

 

2,195,000 

 

1,652,264 

 

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

 

7,000,000 

 

3,337,600 

North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:

 
 

5.5%, 10/1/2028 

 

5,290,000 

 

5,252,864 

 

5.75%, 10/1/2038 

 

5,000,000 

 

4,846,800 

Orange County, FL, Health Facilities Authority Revenue:

 
 

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

 

70,000 

 

82,030 

 

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

 

1,100,000 

 

1,224,454 

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

 
 

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

 

6,500,000 

 

6,643,845 

 

Prerefunded, 5.75%, 12/1/2032 

 

1,000,000 

 

1,115,100 

 

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

 

500,000 

 

562,445 

 

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

 

6,000,000 

 

6,861,300 

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

 

2,830,000

 

3,345,824

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

 

1,000,000

 

1,124,420

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

 

6,500,000

 

7,612,020

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

 

500,000

 

494,240

Palm Beach County, FL, Airport Systems Revenue:

 
 

5.75%, 10/1/2012 (a) 

 

3,775,000 

 

4,140,609 

 

5.75%, 10/1/2013 (a) 

 

3,770,000 

 

4,180,289 

 

5.75%, 10/1/2014 (a) 

 

755,000 

 

843,811 

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

 

110,000

 

134,053

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

 

12,500,000

 

13,577,125

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

 

1,005,000

 

1,135,308

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

 

1,000,000

 

1,068,470

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

 

500,000

 

537,150

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

 

2,075,000

 

2,246,582

 

 

 

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

 

3,165,000

 

2,521,207

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

 

2,080,000

 

2,085,678

 

**118,237,662**

**Georgia 4.3%**

 
Atlanta, GA, Airport Revenue, AMT:

 
 

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

 

4,240,000 

 

4,359,017 

 

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

 

1,590,000 

 

1,643,011 

 

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

 

7,375,000 

 

7,641,754 

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

 

13,000,000

 

14,068,990

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

 
 

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

 

10,000,000 

 

10,013,800 

 

Series B, 5.5%, 1/1/2033 

 

4,000,000 

 

4,031,640 

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

 

1,775,000

 

1,863,519

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

 
 

Series A, 5.0%, 3/15/2019 

 

17,440,000 

 

17,062,250 

 

Series B, 5.0%, 3/15/2019 

 

5,000,000 

 

4,565,800 

 

Series A, 5.0%, 3/15/2020 

 

9,950,000 

 

9,627,720 

 

Series B, 5.0%, 3/15/2020 

 

5,000,000 

 

4,479,850 

 

Series A, 5.0%, 3/15/2022 

 

10,000,000 

 

9,499,100 

 

Series A, 5.5%, 9/15/2023 

 

5,000,000 

 

4,542,300 

 

Series A, 5.5%, 9/15/2024 

 

9,635,000 

 

8,728,057 

 

Series A, 5.5%, 9/15/2028 

 

15,000,000 

 

13,255,500 

Georgia, Municipal Electric Authority Power Revenue:

 
 

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

 

9,200,000 

 

10,911,384 

 

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

 

195,000 

 

216,393 

 

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

 

35,000 

 

38,319 

 

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

 

3,270,000 

 

3,623,356 

 

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

 

4,135,000 

 

4,434,126 

 

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

 

2,880,000 

 

3,081,110 

 

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

 

11,225,000 

 

13,053,777 

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

 

200,000

 

238,184

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

 

1,890,000

 

1,992,892

 

**152,971,849**

**Hawaii 0.3%**

 
Honolulu, HI, City & County General Obligation:

 
 

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

 

4,000,000 

 

4,218,920 

 

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

 

3,000,000 

 

3,150,630 

 

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

 

3,000,000 

 

3,139,410 

 

**10,508,960**

**Illinois 12.7%**

 
Chicago, IL, Core City General Obligation:

 
 

Zero Coupon, 1/1/2017 (a) 

 

20,000,000 

 

13,878,600 

 

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

 

1,620,000 

 

1,715,191 

 

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

 

9,550,000 

 

10,219,168 

 

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

 

15,410,000 

 

16,466,355 

 

6.25%, 1/1/2011 (a) 

 

3,000,000 

 

3,140,610 

Chicago, IL, General Obligation, Series A, 5.0%, 1/1/2025 (a) 

 

13,985,000

 

14,456,015

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

 

5,000,000

 

5,440,000

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

 
 

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

 

11,025,000 

 

12,740,710 

 

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

 

46,340,000 

 

52,014,796 

 

Series A, 6.25%, 1/1/2009 (a) 

 

6,735,000 

 

6,835,756 

 

 

 

 

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

 

28,725,000 

 

31,857,461 

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

 

9,705,000

 

10,398,810

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

 
 

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

 

7,615,000 

 

7,386,245 

 

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

 

2,000,000 

 

1,569,080 

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

 

1,600,000

 

1,774,592

Chicago, IL, Water & Sewer Revenue:

 
 

Zero Coupon, 11/1/2012 (a) 

 

6,350,000 

 

5,477,764 

 

Zero Coupon, 11/1/2018 (a) 

 

5,165,000 

 

3,220,532 

 

5.375%, 1/1/2013 (a) 

 

3,215,000 

 

3,459,726 

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

 
 

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

 

2,575,000 

 

2,502,926 

 

Zero Coupon, 12/1/2009 (a) 

 

285,000 

 

276,826 

Cook County, IL, County General Obligation:

 
 

6.5%, 11/15/2013 (a) 

 

21,220,000 

 

24,696,897 

 

6.5%, 11/15/2014 (a) 

 

18,560,000 

 

21,924,557 

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

 

22,990,000

 

22,526,062

Illinois, Health Facilities Authority, ETM, 7.0%, 2/15/2009 

 

815,000

 

832,417

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

 

3,300,000

 

2,549,448

Illinois, Hospital & Healthcare Revenue, Health Facilities Authority:

 
 

5.2%, 9/1/2012 

 

1,000,000 

 

1,011,030 

 

6.0%, 8/15/2009 (a) 

 

1,640,000 

 

1,687,412 

 

6.25%, 8/15/2013 (a) 

 

2,915,000 

 

3,171,899 

 

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

 

15,295,000 

 

16,737,318 

Illinois, Metropolitan Pier and Exposition Authority:

 
 

Series A, ETM, Zero Coupon, 6/15/2011 (a) 

 

2,900,000 

 

2,678,324 

 

Series A, Zero Coupon, 6/15/2011 (a) 

 

895,000 

 

822,496 

Illinois, Municipal Electric Agency Power Supply:

 
 

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

 

3,500,000 

 

3,578,715 

 

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

 

2,500,000 

 

2,547,600 

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

 

5,000,000

 

5,492,300

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

 

17,975,000

 

14,710,021

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

 

10,000,000

 

7,262,000

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

 

25,800,000

 

30,707,418

Illinois, Sales & Special Tax Revenue:

 
 

6.25%, 12/15/2011 (a) 

 

3,000,000 

 

3,187,830 

 

6.25%, 12/15/2020 (a) 

 

6,975,000 

 

8,065,193 

 

Series A, 6.5%, 12/15/2008 (a) 

 

5,255,000 

 

5,327,466 

 

Series P, 6.5%, 6/15/2013 

 

1,805,000 

 

1,983,533 

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

 

7,565,000

 

6,388,794

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

 

6,660,000

 

4,237,825

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

 

1,535,000

 

1,666,289

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

 
 

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

 

1,040,000 

 

971,370 

 

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

 

1,300,000 

 

1,167,335 

 

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

 

4,595,000 

 

3,962,912 

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

 

1,775,000

 

1,865,898

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

 

1,885,000

 

2,273,235

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

 
 

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

 

5,880,000 

 

4,744,925 

 

 

 

 

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

 

5,985,000 

 

4,573,318 

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

 

3,000,000

 

2,703,690

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

 

1,155,000

 

1,159,170

Will County, IL, County General Obligation:

 
 

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

 

4,145,000 

 

3,726,023 

 

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

 

2,480,000 

 

2,130,915 

 

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

 

12,030,000 

 

9,856,901 

 

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

 

10,255,000 

 

7,971,724 

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

 

8,000,000

 

6,055,760

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

 

1,825,000

 

1,943,297

 

**453,730,480**

**Indiana 1.5%**

 
Indiana, Electric Revenue, Municipal Power Agency:

 
 

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

 

10,160,000 

 

11,060,379 

 

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

 

1,750,000 

 

1,906,222 

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

 

1,035,000

 

1,105,556

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

 

2,100,000

 

1,822,758

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

 
 

Series D, 5.75%, 11/15/2012 

 

4,660,000 

 

4,874,919 

 

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

 

980,000 

 

1,014,212 

 

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

 

310,000 

 

320,016 

 

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

 

325,000 

 

345,124 

 

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

 

1,100,000 

 

1,206,898 

 

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

 

345,000 

 

373,635 

 

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

 

1,165,000 

 

1,304,474 

 

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

 

370,000 

 

406,985 

 

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

 

1,230,000 

 

1,400,048 

 

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

 

390,000 

 

433,953 

 

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

 

1,310,000 

 

1,510,286 

 

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

 

410,000 

 

460,692 

 

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

 

1,385,000 

 

1,615,422 

 

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

 

440,000 

 

496,945 

 

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

 

1,470,000 

 

1,729,323 

 

6.0%, 7/1/2016 (a) 

 

465,000 

 

527,691 

 

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

 

1,560,000 

 

1,836,682 

 

6.0%, 7/1/2017 (a) 

 

490,000 

 

557,444 

 

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

 

1,655,000 

 

1,958,179 

 

6.0%, 7/1/2018 (a) 

 

520,000 

 

592,966 

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

 

3,120,000

 

3,604,349

Indiana, Transportation/Tolls Revenue, Transportation Authority:

 
 

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

 

4,550,000 

 

5,025,475 

 

Series A, 7.25%, 6/1/2015 

 

880,000 

 

953,691 

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

 

450,000

 

486,635

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

 

4,000,000

 

3,715,680

 

**52,646,639**

**Iowa 0.2%**

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

 

6,645,000

 

**7,410,703**

**Kansas 0.6%**

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

 

1,860,000

 

2,104,887

 

 

 

Kansas, Pollution Control Revenue, Development Financing Authority:

 
 

Series II, 5.5%, 11/1/2015 

 

1,000,000 

 

1,144,450 

 

Series II, 5.5%, 11/1/2017 

 

1,000,000 

 

1,151,300 

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

 

12,000,000

 

13,381,200

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

 
 

5.5%, 9/1/2017 (a) 

 

2,465,000 

 

2,658,971 

 

5.5%, 9/1/2017 (a) 

 

775,000 

 

831,676 

 

**21,272,484**

**Kentucky 2.0%**

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

 
 

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

 

4,560,000 

 

5,074,185 

 

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

 

9,110,000 

 

9,939,648 

 

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

 

2,750,000 

 

3,111,102 

 

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

 

5,495,000 

 

6,073,843 

 

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

 

1,710,000 

 

1,952,974 

 

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

 

3,420,000 

 

3,796,268 

 

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

 

1,745,000 

 

1,997,048 

 

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

 

3,490,000 

 

3,844,340 

 

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

 

2,170,000 

 

2,488,513 

 

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

 

4,330,000 

 

4,747,975 

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

 

4,500,000

 

4,592,745

Kentucky, Project Revenue:

 
 

5.5%, 8/1/2017 (a) 

 

6,770,000 

 

7,579,963 

 

5.5%, 8/1/2018 (a) 

 

5,000,000 

 

5,587,800 

 

5.5%, 8/1/2019 (a) 

 

6,870,000 

 

7,652,699 

 

5.5%, 8/1/2020 (a) 

 

4,320,000 

 

4,813,992 

 

**73,253,095**

**Louisiana 0.0%**

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

 

1,055,000

 

**1,061,857**

**Maryland 0.1%**

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

 

3,100,000

 

**3,378,070**

**Massachusetts 6.2%**

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

 

3,025,000

 

3,128,606

Massachusetts, Airport Revenue, Port Authority, Delta Air Lines, Inc. Project, Series A, AMT, 5.5%, 1/1/2017 (a) 

 

4,000,000

 

3,824,440

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

 

17,450,000

 

20,022,653

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

 

5,500,000

 

6,449,850

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

 

625,000

 

670,588

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

 

4,700,000

 

4,740,655

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

 

930,000

 

1,195,217

Massachusetts, Port Authority Revenue, Delta Air Lines, Inc. Project, Series A, AMT, 5.5%, 1/1/2018 (a) 

 

5,000,000

 

4,710,250

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

 

17,000,000

 

21,408,610

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

 

3,000,000

 

3,772,140

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

 

27,680,000

 

22,019,440

Massachusetts, State Development Finance Agency, Resource Recovery Revenue:

 
 

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

 

4,000,000 

 

4,315,520 

 

 

 

 

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

 

2,750,000 

 

2,966,920 

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

 

4,110,000

 

4,472,790

Massachusetts, State General Obligation, Consolidated Loan:

 
 

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

 

4,000,000 

 

4,581,760 

 

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

 

7,500,000 

 

8,530,575 

 

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

 

2,000,000 

 

2,272,680 

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

 

10,075,000

 

11,405,706

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

 

9,000,000

 

10,392,390

Massachusetts, State Water Resource Authority:

 
 

Series C, ETM, 6.0%, 12/1/2011 

 

6,095,000 

 

6,565,839 

 

Series C, 6.0%, 12/1/2011 

 

3,905,000 

 

4,209,043 

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

 

10,000,000

 

6,533,500

Massachusetts, Water & Sewer Revenue, Water Authority:

 
 

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

 

34,315,000 

 

39,128,708 

 

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

 

5,685,000 

 

6,458,672 

Massachusetts, Water & Sewer Revenue, Water Resource Authority:

 
 

Series A, ETM, 6.5%, 7/15/2009 

 

2,625,000 

 

2,735,513 

 

Series A, ETM, 6.5%, 7/15/2019 

 

13,710,000 

 

16,306,400 

 

**222,818,465**

**Michigan 1.2%**

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

 

1,000,000

 

1,093,740

Detroit, MI, Sewer Disposal Revenue, Series D, 2.47% ***, 7/1/2032 (a) 

 

6,395,000

 

5,117,599

Detroit, MI, State General Obligation:

 
 

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

 

2,760,000 

 

2,845,256 

 

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

 

3,000,000 

 

3,065,070 

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

 

8,710,000

 

6,511,161

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

 

2,955,000

 

3,130,911

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

 

11,000,000

 

12,225,290

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

 

7,000,000

 

7,999,600

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

 

1,290,000

 

1,360,705

 

**43,349,332**

**Minnesota 0.3%**

 
University of Minnesota, Higher Education Revenue:

 
 

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

 

3,240,000 

 

3,753,896 

 

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

 

6,760,000 

 

7,860,461 

 

**11,614,357**

**Mississippi 0.1%**

 
Warren County, MS, Gulf Opportunity, International Paper Co., Series A, 5.5%, 9/1/2031 

 

5,000,000

 

**4,399,250**

**Missouri 0.5%**

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

 
 

Series B, 5.5%, 7/1/2014 

 

3,000,000 

 

3,395,400 

 

Series B, 5.5%, 7/1/2015 

 

3,500,000 

 

3,990,770 

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

 

6,895,000

 

4,832,913

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

 

2,035,000

 

2,217,641

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

 

4,200,000

 

3,113,082

 

**17,549,806**

 

 

 

**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

 

**4,843,061**

**Nebraska 0.3%**

 
Omaha, NE, Public Power District, Electric Revenue, Series B, ETM, 6.2%, 2/1/2017 

 

4,700,000

 

5,445,749

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

 

4,000,000

 

4,908,760

 

**10,354,509**

**Nevada 0.3%**

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

 
 

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

 

1,500,000 

 

1,498,755 

 

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

 

1,100,000 

 

1,085,711 

 

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

 

1,100,000 

 

1,072,665 

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

 
 

Zero Coupon, 1/1/2013 (a) 

 

5,000,000 

 

3,484,250 

 

7.375%, 1/1/2040 

 

15,000,000 

 

4,310,550 

 

**11,451,931**

**New Jersey 5.5%**

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

 

4,500,000

 

5,255,100

New Jersey, Economic Development Authority Revenue, Cigarette Tax:

 
 

5.5%, 6/15/2031 

 

3,000,000 

 

2,741,790 

 

5.75%, 6/15/2034 

 

2,455,000 

 

2,287,520 

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

 
 

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

 

7,140,000 

 

7,369,194 

 

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

 

8,845,000 

 

9,101,417 

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

 

5,000,000

 

5,584,100

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

 

1,485,000

 

1,560,735

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

 

1,000,000

 

924,800

New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032 

 

7,370,000

 

8,011,706

New Jersey, Special Assessment Revenue, Prerefunded, 6.75%, 6/1/2039 

 

25,480,000

 

29,920,909

New Jersey, State General Obligation, Series H, 5.25%, 7/1/2017 

 

14,665,000

 

16,452,810

New Jersey, State Turnpike Authority Revenue:

 
 

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

 

2,725,000 

 

3,292,045 

 

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

 

8,025,000 

 

9,474,074 

 

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

 

425,000 

 

513,438 

 

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

 

1,210,000 

 

1,428,490 

New Jersey, Tobacco Settlement Financing Corp.:

 
 

Series 1-A, 5.0%, 6/1/2029 

 

12,640,000 

 

9,818,499 

 

Series 1-A, 5.0%, 6/1/2041 

 

10,500,000 

 

7,505,610 

 

Prerefunded, 6.25%, 6/1/2043 

 

18,000,000 

 

20,739,240 

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

 

8,000,000

 

9,186,800

New Jersey, Turnpike Authority Revenue, Series C, ETM, 6.5%, 1/1/2016 (a) 

 

38,720,000

 

44,399,837

 

**195,568,114**

**New Mexico 0.1%**

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

 

2,180,000

 

**2,218,564**

**New York 5.1%**

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

 
 

5.75%, 1/1/2014 (a) 

 

4,010,000 

 

4,233,598 

 

5.75%, 1/1/2015 (a) 

 

5,030,000 

 

5,313,440 

 

5.875%, 1/1/2016 (a) 

 

3,830,000 

 

4,072,133 

New York, Electric Revenue, ETM, Zero Coupon, 6/1/2009 (a) 

 

2,050,000

 

2,020,501

 

 

 

New York, Higher Education Revenue, 5.75%, 7/1/2013 

 

10,000,000

 

10,761,900

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

 

11,860,000

 

13,075,294

New York, Higher Education Revenue, Dormitory Authority, City University:

 
 

Series A, 5.625%, 7/1/2016 (a) 

 

5,075,000 

 

5,677,453 

 

Series B, 6.0%, 7/1/2014 (a) (b) 

 

7,000,000 

 

7,585,690 

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

 

1,500,000

 

1,669,875

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

 

2,000,000

 

2,161,400

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

 

6,775,000

 

7,297,691

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

 
 

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

 

595,000 

 

617,771 

 

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

 

2,200,000 

 

2,337,038 

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

 

5,000,000

 

5,902,100

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

 

4,500,000

 

4,922,415

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

 

3,600,000

 

4,102,344

New York, State Dormitory Authority, Personal Income Tax Revenue, Series F, 5.0%, 3/15/2019 (a) 

 

3,000,000

 

3,215,970

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

 

4,655,000

 

5,171,519

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

 
 

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

 

2,600,000 

 

2,703,896 

 

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

 

6,850,000 

 

7,266,137 

New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019 

 

10,000,000

 

10,607,500

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

 

5,000,000

 

5,395,200

New York, Transportation/Tolls Revenue, Transportation Authority:

 
 

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

 

3,750,000 

 

3,997,950 

 

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

 

6,000,000 

 

6,396,720 

New York, Transportation/Tolls Revenue, Triborough Bridge and Tunnel Authority, Series Y, ETM, 5.5%, 1/1/2017 

 

5,050,000

 

5,681,048

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

 

4,560,000

 

4,578,103

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

 

10,000,000

 

10,110,900

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

 

16,500,000

 

14,795,550

New York, NY, Core City General Obligation:

 
 

Series G, Zero Coupon, 8/1/2009 (a) 

 

4,995,000 

 

4,898,497 

 

Series A, 5.75%, 8/1/2016 

 

6,350,000 

 

6,959,409 

New York, NY, General Obligation:

 
 

Series D, 5.0%, 8/1/2019 

 

6,930,000 

 

7,301,101 

 

Series A, 6.5%, 5/15/2012 

 

770,000 

 

823,546 

 

Series G, ETM, 6.75%, 2/1/2009 

 

105,000 

 

107,250 

 

Series G, 6.75%, 2/1/2009 

 

1,895,000 

 

1,933,715 

 

**183,694,654**

**North Carolina 1.3%**

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

 

4,165,000

 

4,515,610

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

 

4,000,000

 

4,091,480

North Carolina, Electric Revenue, Catawba Municipal Power Agency, 6.0%, 1/1/2011 (a) 

 

8,235,000

 

8,767,475

North Carolina, Electric Revenue, Eastern Municipal Power Agency:

 
 

6.0%, 1/1/2018 (a) 

 

8,775,000 

 

9,663,556 

 

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

 

18,775,000 

 

20,489,533 

 

**47,527,654**

 

 

 

**Ohio 2.5%**

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

 

1,000,000

 

1,088,250

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

 

940,000

 

1,114,285

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

 

1,500,000

 

1,742,055

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

 

420,000

 

367,307

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

 

47,025,000

 

40,866,136

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

 

1,280,000

 

1,404,826

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

 

1,050,000

 

1,156,869

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

 

1,027,420

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

 

500,000

 

566,595

Dublin City, OH, School District General Obligation, Capital Appreciation, ETM, Zero Coupon, 12/1/2011 (a) 

 

1,095,000

 

997,983

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

 

65,000

 

69,037

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

 

320,000

 

380,893

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

 

1,000,000

 

977,030

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

 

500,000

 

562,970

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

 

3,555,000

 

3,320,797

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

 

4,405,000

 

3,877,810

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

 

1,655,000

 

1,432,783

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

 

1,005,000

 

870,420

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

 

570,000

 

456,678

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

 

255,000

 

217,773

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

 

535,000

 

564,211

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

 

255,000

 

255,441

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

 

2,000,000

 

2,123,120

Ohio, Higher Education Revenue, Case Western Reserve University:

 
 

6.0%, 10/1/2014 

 

1,000,000 

 

1,152,870 

 

Series B, 6.5%, 10/1/2020 

 

2,250,000 

 

2,668,725 

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

 

7,875,000

 

5,683,635

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

 

475,000

 

543,219

Ohio, State General Obligation, 6.0%, 8/1/2010 

 

1,000,000

 

1,073,140

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

 

6,925,000

 

7,788,547

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

 

3,450,000

 

3,279,052

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

 

415,000

 

438,045

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

 

1,000,000

 

1,012,320

Wayne, OH, School District General Obligation:

 
 

6.45%, 12/1/2011 (a) 

 

125,000 

 

134,176 

 

6.6%, 12/1/2016 (a) 

 

200,000 

 

232,860 

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

 

930,000

 

775,899

 

**90,223,177**

**Oklahoma 0.8%**

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

 

2,130,000

 

2,232,112

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

 

23,125,000

 

26,387,475

 

**28,619,587**

 

 

 

**Oregon 0.2%**

 
Chemeketa, OR, School District General Obligation, ETM, 5.5%, 6/1/2015 (a) 

 

2,600,000

 

2,963,974

Oregon, State General Obligation, Veterans Welfare, Series 89-B, AMT, 2.45% **, 12/1/2038 

 

2,500,000

 

2,500,000

 

**5,463,974**

**Pennsylvania 2.6%**

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

 
 

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

 

3,000,000 

 

3,117,960 

 

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

 

9,400,000 

 

9,850,260 

 

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

 

10,500,000 

 

10,989,300 

 

Allegheny County, PA, Port Authority Revenue:

 
 

5.5%, 3/1/2015 (a) 

 

2,000,000 

 

2,127,680 

 

5.5%, 3/1/2016 (a) 

 

1,000,000 

 

1,063,840 

 

5.5%, 3/1/2017 (a) 

 

1,000,000 

 

1,063,840 

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

 

1,000,000

 

1,079,810

Bucks County, PA, Water & Sewer Authority Revenue, ETM, 6.375%, 12/1/2008 

 

15,000

 

15,187

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

 

1,000,000

 

1,001,080

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

 

3,700,000

 

2,492,875

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

 

1,000,000

 

1,053,990

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

 

1,000,000

 

1,045,950

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

 

845,000

 

890,774

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

 

28,000,000

 

29,149,400

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

 

7,340,000

 

7,720,873

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

 

2,200,000

 

2,600,466

Pennsylvania, State General Obligation:

 
 

Series A, 5.0%, 8/1/2022 

 

140,000 

 

148,687 

 

6.25%, 7/1/2010 

 

1,000,000 

 

1,074,630 

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

 

3,750,000

 

4,062,375

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

 

1,750,000

 

1,907,640

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

 

1,000,000

 

1,062,550

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

 

1,500,000

 

1,588,605

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

 

100,000

 

113,426

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

 

3,935,000

 

4,113,688

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

 

6,230,000

 

4,223,566

 

**93,558,452**

**Puerto Rico 2.5%**

 
Puerto Rico, Electric Revenue, 5.375%, 7/1/2018 (a) 

 

8,710,000

 

9,171,804

Puerto Rico, Public Buildings Authority Revenue, Government Facilities, Series A, ETM, 6.25%, 7/1/2013 (a) 

 

1,000,000

 

1,159,240

Puerto Rico Commonwealth, General Obligation:

 
 

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

 

7,440,000 

 

7,757,316 

 

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

 

22,650,000 

 

23,616,023 

 

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

 

6,000,000 

 

6,215,040 

 

6.0%, 7/1/2013 (a) 

 

5,000,000 

 

5,436,800 

 

6.0%, 7/1/2014 (a) 

 

10,000,000 

 

10,947,200 

 

6.0%, 7/1/2016 (a) 

 

2,000,000 

 

2,207,300 

 

6.25%, 7/1/2013 (a) 

 

1,850,000 

 

2,030,079 

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

 

19,545,000

 

20,263,865

 

**88,804,667**

 

 

 

**Rhode Island 1.1%**

 
Rhode Island, Economic Protection Corp., Special Obligation:

 
 

Series B, ETM, 5.8%, 8/1/2011 (a) 

 

1,025,000 

 

1,124,036 

 

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

 

2,500,000 

 

2,795,125 

 

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

 

7,340,000 

 

8,331,634 

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

 

22,000,000

 

23,580,480

Rhode Island, Water & Sewer Revenue, Clean Water Protection Agency, Revolving Fund, Series A, 5.4%, 10/1/2015 (a) 

 

2,000,000

 

2,164,480

 

**37,995,755**

**South Carolina 1.0%**

 
Lexington County, SC, Hospital & Healthcare Revenue, Prerefunded, 5.5%, 11/1/2032 

 

4,515,000

 

5,004,155

Piedmont, SC, Electric Revenue, Municipal Power Agency:

 
 

5.5%, 1/1/2012 (a) 

 

2,810,000 

 

3,016,676 

 

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

 

430,000 

 

518,546 

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

 
 

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

 

7,740,000 

 

9,151,443 

 

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

 

4,500,000 

 

5,084,145 

South Carolina, Piedmont Municipal Power Agency, Electric Revenue:

 
 

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

 

1,460,000 

 

1,818,926 

 

6.75%, 1/1/2019 (a) 

 

2,065,000 

 

2,443,721 

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

 

6,750,000

 

7,140,353

 

**34,177,965**

**Tennessee 1.8%**

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

 

16,000,000

 

15,716,160

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

 

17,880,000

 

19,253,363

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

 
 

5.75%, 1/1/2011 (a) 

 

15,405,000 

 

16,322,060 

 

5.75%, 1/1/2014 (a) 

 

2,000,000 

 

2,192,820 

 

6.25%, 1/1/2013 (a) 

 

4,000,000 

 

4,430,520 

 

7.25%, 1/1/2009 (a) 

 

3,750,000 

 

3,809,212 

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

 

4,965,000

 

4,006,954

 

**65,731,089**

**Texas 9.6%**

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

 

3,250,000

 

3,165,110

Austin, TX, Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A, 6.413%, 4/1/2027 (d) 

 

21,495,000

 

15,375,589

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

 

13,520,000

 

11,679,658

Boerne, TX, School District General Obligation Lease, Independent School District:

 
 

Zero Coupon, 2/1/2014 

 

2,785,000 

 

2,293,280 

 

Zero Coupon, 2/1/2016 

 

3,285,000 

 

2,449,230 

Brownsville, TX, Electric Revenue, Utility Systems, ETM, 6.25%, 9/1/2010 (a) 

 

4,085,000

 

4,411,269

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

 
 

Series A, Zero Coupon, 2/15/2012 

 

5,750,000 

 

5,149,930 

 

Series A, Zero Coupon, 2/15/2013 

 

8,840,000 

 

7,605,582 

 

Series A, Zero Coupon, 2/15/2014 

 

6,000,000 

 

4,933,260 

Dallas County, TX, Utility & Reclamation District:

 
 

5.25%, 2/15/2018 (a) 

 

7,830,000 

 

8,159,565 

 

5.25%, 2/15/2019 (a) 

 

8,220,000 

 

8,501,782 

 

5.25%, 2/15/2020 (a) 

 

10,250,000 

 

10,546,943 

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

 

810,000

 

355,946

 

 

 

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

 

3,910,000

 

2,656,102

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

 

3,000,000

 

3,165,510

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

 

21,030,000

 

20,527,173

Houston, TX, Utility Systems Revenue:

 
 

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

 

8,000,000 

 

8,536,720 

 

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

 

10,000,000 

 

10,593,200 

 

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

 

30,000,000 

 

31,544,100 

Houston, TX, Water & Sewer Revenue:

 
 

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

 

14,750,000 

 

14,306,910 

 

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

 

5,000,000 

 

4,703,050 

 

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

 

4,350,000 

 

3,758,052 

 

Series A, 5.5%, 12/1/2016 (a) 

 

10,000,000 

 

10,776,500 

Lubbock, TX, Health Facilities Development Corp., Methodist Hospital, Series B, ETM, 5.625%, 12/1/2008 (a) 

 

4,400,000

 

4,446,024

North Texas, Tollway Authority Revenue:

 
 

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

 

6,500,000 

 

6,393,660 

 

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

 

26,000,000 

 

25,175,020 

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

 

2,180,000

 

2,302,254

Texas, Dallas/Fort Worth International Airport Revenue:

 
 

Series A, AMT, 5.5%, 11/1/2019 (a) 

 

20,000,000 

 

20,005,400 

 

Series A, AMT, 5.5%, 11/1/2020 (a) 

 

15,750,000 

 

15,567,300 

Texas, Electric Revenue:

 
 

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

 

120,000 

 

83,948 

 

Zero Coupon, 9/1/2017 (a) 

 

5,880,000 

 

3,915,316 

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

 

18,300,000

 

12,906,075

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

 
 

Series B, 2.41% ***, 12/15/2017 

 

10,000,000 

 

8,565,000 

 

Series B, 2.56% ***, 12/15/2026 

 

9,300,000 

 

6,640,200 

 

Series D, 6.25%, 12/15/2026 

 

20,000,000 

 

19,571,600 

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

 

375,000

 

276,994

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

 

4,871,212

 

4,942,770

Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2025 

 

10,000,000

 

9,533,800

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

 

3,145,000

 

3,410,249

Waxahachie, TX, School District General Obligation, Independent School District:

 
 

Zero Coupon, 8/15/2012 

 

4,120,000 

 

3,626,094 

 

Zero Coupon, 8/15/2013 

 

2,060,000 

 

1,739,752 

 

**344,295,917**

**Utah 0.1%**

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

 

1,120,000

 

1,410,898

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

 

25,000

 

26,450

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

 

1,500,000

 

1,624,650

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

 

540,000

 

540,956

 

**3,602,954**

**Vermont 0.3%**

 
Burlington, VT, Electric Revenue:

 
 

5.375%, 7/1/2013 (a) 

 

4,800,000 

 

5,173,200 

 

5.375%, 7/1/2014 (a) 

 

5,055,000 

 

5,420,628 

 

**10,593,828**

**Virgin Islands 0.0%**

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

 

1,500,000

 

**1,646,085**

 

 

 

**Virginia 0.8%**

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

 

2,000,000

 

2,146,980

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

 

7,100,000

 

7,640,736

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

 

5,500,000

 

6,396,445

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

 

4,800,000

 

3,418,032

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

 

3,000,000

 

3,216,720

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

 

5,700,000

 

6,271,311

 

**29,090,224**

**Washington 2.5%**

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

 

12,685,000

 

10,107,915

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

 

1,515,000

 

1,628,322

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

 

6,725,000

 

4,512,677

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

 

1,650,000

 

1,730,933

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

 

4,000,000

 

4,243,040

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

 

1,765,000

 

1,862,746

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

 

3,485,000

 

3,813,635

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

 

2,500,000

 

1,943,375

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

 

11,200,000

 

12,070,128

Washington, Electric Revenue, Public Power Supply Systems:

 
 

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

 

5,860,000 

 

5,582,060 

 

Series A, ETM, Zero Coupon, 7/1/2011 (a) 

 

4,200,000 

 

3,873,618 

 

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

 

2,880,000 

 

2,990,995 

Washington, Hospital & Healthcare Revenue, HealthCare Facilities Authority:

 
 

5.8%, 11/1/2008 (a) 

 

4,865,000 

 

4,891,612 

 

5.8%, 11/1/2009 (a) 

 

4,595,000 

 

4,751,873 

 

5.8%, 11/1/2010 (a) 

 

2,100,000 

 

2,222,031 

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

 

4,535,000

 

3,185,747

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

 

7,580,000

 

7,348,810

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

 

12,035,000

 

11,646,992

 

**88,406,509**

**West Virginia 0.1%**

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

 

590,000

 

647,431

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

 

2,410,000

 

2,644,589

 

**3,292,020**

**Wisconsin 1.8%**

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

 

220,000

 

200,187

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

 
 

6.0%, 11/15/2008 (a) 

 

4,085,000 

 

4,120,090 

 

6.1%, 8/15/2009 (a) 

 

2,000,000 

 

2,071,700 

 

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

 

4,420,000 

 

5,131,620 

 

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

 

7,720,000 

 

9,082,117 

 

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

 

2,485,000 

 

2,569,664 

 

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

 

2,650,000 

 

2,838,282 

 

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

 

2,820,000 

 

3,115,649 

 

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

 

3,000,000 

 

3,392,340 

 

 

 

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

 
 

Series A, 5.6%, 2/15/2029 

 

17,800,000 

 

16,952,720 

 

6.875%, 4/15/2030 

 

14,000,000 

 

14,656,181 

Wisconsin, State Health & Educational Facilities Authority Revenue, Beloit Memorial Hospital, Inc., 2.48% **, 4/1/2036, JPMorgan Chase Bank (a) (e) 

 

1,000,000

 

1,000,000

 

**65,130,550**

**Total Municipal Bonds and Notes** (Cost $3,168,170,726)

 

**3,319,921,952**

 

**Municipal Inverse Floating Rate Notes (f) 21.8%**

 
**Alabama 1.5%**

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

 

50,000,000

 

**52,334,750**

 

*Trust: Alabama, State Public School & College Authority, Series 2200, 144A, 61.43%,*

*12/1/2023, Leverage Factor at purchase date: 20 to 1***

 

 

 

 

**California 3.8%**

 
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (g)

 

10,700,000

 

10,841,080

 

*Trust: California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-4, 144A,*

*14.0%, 4/1/2031, Leverage Factor at purchase date: 4 to 1***

 

 

 

 

California, State Economic Recovery, Series A, 5.0%, 7/1/2015 (a) (g)

 

17,000,000

 

18,588,820

 

*Trust: California, General Obligation, Economic Recovery, Series R-278, 144A,*

*7.795%, 7/1/2015, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2023 (g)

 

5,236,056

 

5,548,112

California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2024 (g)

 

3,742,268

 

3,965,297

California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2025 (g)

 

3,118,557

 

3,304,414

 

*Trust: California, State Department of Water Resources Revenue, Series 2705, 144A,*

*30.913%, 12/1/2023, Leverage Factor at purchase date: 10 to 1***

 

 

 

 

California, State Department of Water Resources, Power Supply Revenue, Series A, Prerefunded, 5.375%, 5/1/2018 (a) (g)

 

11,250,000

 

12,516,075

 

*Trust: California, State Department of Water Resources, Power Supply Revenue, Series*

*309, 144A, 8.565%, 5/1/2018, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

California, State Economic Recovery, Series A, 5.25%, 7/1/2014 (a) (g)

 

11,955,000

 

13,226,474

 

*Trust:****California, State Economic Recovery, Series 926, 144A, 8.012%, 7/1/2014,*

*Leverage Factor at purchase date: 2 to 1***

 

 

 

 

California, State General Obligation, 5.0%, 6/1/2023 (a) (g)

 

25,000,000

 

26,115,500

 

*Trust:****California, State General Obligation, Series 2571, 144A, 50.6%, 6/1/2023,*

*Leverage Factor at purchase date: 20 to 1***

 

 

 

 

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2026 (a) (g)

 

10,454,712

 

10,753,259

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2027 (a) (g)

 

8,101,819

 

8,333,176

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2028 (a) (g)

 

8,175,138

 

8,408,590

 

*Trust: Sacramento, CA, Municipal Utility District, Electric Revenue, Series 2815, 144A,*

*15.513%, 8/15/2026, Leverage Factor at purchase date: 5 to 1***

 

 

 

 

San Francisco, CA, Bay Area Rapid Transportation District, Election of 2004, Series B, 5.0%, 8/1/2032 (a) (g)

 

15,000,000

 

15,357,300

 

*Trust: San Francisco, CA, Bay Area Rapid Transportation District, Series 2665,*

*144A, 30.92%, 8/1/2032, Leverage Factor at purchase date: 10 to 1***

 

 

 

 

 

**136,958,097**

**Connecticut 0.7%**

 
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series B, 5.375%, 10/1/2014 (a) (g)

 

16,780,000

 

17,945,790

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 8.35%,*

*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) (g)

 

4,000,000

 

4,277,900

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 8.35%,*

*10/1/2015, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series A, 5.375%, 10/1/2016 (a) (g)

 

2,100,000

 

2,289,798

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 8.35%,*

*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) (g)

 

1,660,000

 

1,810,031

 

*Trust: Connecticut, Sales & Special Tax Revenue, Series II-R-122, 144A, 8.35%,*

*10/1/2017, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

 

**26,323,519**

**Florida 2.8%**

 
Florida, State Turnpike Authority Revenue, Department of Transportation, Series A, 5.0%, 7/1/2021 (g)

 

30,130,000

 

31,934,650

 

*Trust: Florida, State Turnpike Authority Revenue, Series 2514, 144A, 59.779%, 7/1/2021,*

*Leverage Factor at purchase date: 20 to 1***

 

 

 

 

Lee County, FL, Airport Revenue, AMT, Series A, 6.0%, 10/1/2013 (a) (g)

 

7,920,000

 

8,270,499

 

*Trust: Lee County, FL, Airport Revenue, AMT, Series 14, 144A, 9.47%, 10/1/2013,*

*Leverage Factor at purchase date: 2 to 1***

 

 

 

 

 

* *

 

 

 

 

Lee County, FL, Airport Revenue, AMT, Series A, 6.0%, 10/1/2020 (a) (g)

 

2,820,000

 

2,881,843

 

*Trust: Lee County, FL, Airport Revenue, AMT, Series 14, 144A, 9.47%, 10/1/2020,*

*Leverage Factor at purchase date: 2 to 1***

 

 

 

 

Lee County, FL, Airport Revenue, AMT, Series A, 6.125%, 10/1/2015 (a) (g)

 

3,000,000

 

3,113,925

 

*Trust: Lee County, FL, Airport Revenue, AMT,**Series 14, 144A, 9.72%, 10/1/2015,*

*Leverage Factor at purchase date: 2 to 1***

 

 

 

 

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

 

3,740,000

 

3,821,738

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

 

3,915,000

 

4,000,563

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

 

4,122,500

 

4,212,597

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

 

4,317,500

 

4,411,859

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

 

16,470,000

 

16,829,953

 

*Trust:  Miami-Dade County, FL, Series 2008-1160, 144A, 13.395%, 7/1/2023, Leverage*

*Factor at purchase date: 4 to 1***

 

 

 

 

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

 

20,000,000

 

19,744,500

 

*Trust: Miami-Dade County, FL, Aviation Revenue, Series 2199-1, 144A, AMT, 60.73%,*

*10/1/2022, Leverage Factor at purchase date: 20 to 1***

 

 

 

 

 

**99,222,127**

**Illinois 0.4%**

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

 

14,275,000

 

**14,924,928**

 

*Trust: Chicago, IL, Water Revenue, Series 2619, 144A, 11.433%, 11/1/2023, Leverage*

*Factor at purchase date: 3.3 to 1***

 

 

 

 

**Massachusetts 1.5%**

 
Massachusetts, State General Obligation, Series C, Prerefunded, 5.75%, 10/1/2015 (g)

 

12,190,000

 

13,007,888

 

*Trust: Massachusetts, State General Obligation, RITES-PA 793, 144A, 9.445%,*

*10/1/2015, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

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

 

20,000,000

 

20,802,100

 

*Trust: Massachusetts, State General Obligation, Series 2022-1, 144A, 30.47%,*

*8/1/2026, Leverage Factor at purchase date: 10 to 1***

 

 

 

 

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

 

20,000,000

 

20,802,100

 

*Trust: Massachusetts, State General Obligation, Series 2022-2, 144A, 30.47%,*

*8/1/2027, Leverage Factor at purchase date: 10 to 1***

 

 

 

 

 

**54,612,088**

 

 

 

 
**Michigan 0.2%**

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

 

7,500,000

 

**7,948,350**

 
 

*Trust: Michigan State, Series 2081, 144A, 14.49%, 9/15/2023, Leverage Factor at*

*purchase date: 4 to 1*

 

 

 

 

 
**Nevada 1.8%**

 
 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (g)

 

6,278,372

 

6,413,951

 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (g)

 

6,592,290

 

6,734,649

 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (g)

 

6,398,340

 

6,536,511

 
 

*Trust: Clark County, NV, General Obligation, Series 2841, 144A, 16.396%, 6/1/2028,*

*Leverage Factor at purchase date: 5 to 1***

 

 

 

 

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

 

16,119,659

 

16,996,932

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

 

16,842,590

 

17,759,206

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

 

10,877,576

 

11,469,561

 
 

*Trust: Clark County, NV, Series 2008-1153, 144A, 13.395%, 6/15/2021, Leverage Factor*

*at purchase date: 4 to 1***

 

 

 

 

 
 
 

**65,910,810**

 
 

 

 

 

 

 

 
**New Jersey 3.3%**

 
 
New Jersey, Highway Authority Revenue, Garden State Parkway, 5.5%, 1/1/2013 (a) (g)

 

9,000,000

 

10,161,135

 
New Jersey, Highway Authority Revenue, Garden State Parkway, ETM, 5.5%, 1/1/2014 (a) (g)

 

8,000,000

 

9,032,120

 
New Jersey, Highway Authority Revenue, Garden State Parkway, 5.5%, 1/1/2015 (a) (g)

 

5,500,000

 

6,209,582

 
New Jersey, Highway Authority Revenue, Garden State Parkway, ETM, 5.5%, 1/1/2016 (a) (g)

 

7,370,000

 

8,320,841

 
 

*Trust: New Jersey, Highway Authority Revenue, Garden State Parkway, Series 247,*

*ETM, 144A, 8.942%, 1/1/2013, Leverage Factor at purchase date: 2 to 1***

 

 

 

 

 
New Jersey, State Transportation Trust Fund Authority, Series A, 5.75%, 6/15/2016 (g)

 

4,000,000

 

4,521,720

 
New Jersey, State Transportation Trust Fund Authority, Series A, 5.75%, 6/15/2017 (g)

 

4,000,000

 

4,521,720

 
New Jersey, State Transportation Trust Fund Authority, Series A, 5.75%, 6/15/2018 (g)

 

3,000,000

 

3,391,290

 
New Jersey, State Transportation Trust Fund Authority, Series A, 5.75%, 6/15/2020 (g)

 

11,000,000

 

12,434,730

 
 

*Trust:  New Jersey, State Agency Revenue, Transportation Trust Fund Authority,*

*Residual Certificates, Series 224, 144A, 9.375%, 6/15/2016, Leverage Factor at*

*purchase date: 2 to 1*

 

 

 

 

 
New Jersey, State Transportation Corporate Certificates, Series B, Prerefunded, 6.0%, 9/15/2015 (a) (g)

 

10,380,000

 

11,170,022

 
 

*Trust: New Jersey, State Revenue Lease, Transportation Trust Fund Authority, RITES-*

*PA 785, 144A, 9.955%, 9/15/2015, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 
New Jersey, State Turnpike Authority Revenue, ETM, Series C, 6.5%, 1/1/2016 (a) (g)

 

42,340,000

 

49,985,334

 
 

*Trust: New Jersey, State Turnpike Authority Revenue, RITES-PA 613, 144A, 9.485%,*

*1/1/2016, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 
 
 

**119,748,494**

 
**New York 0.6%**

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

 

19,425,000

 

**20,364,633**

 

*Trust: New York, NY, Series 2008-1131, 144A, 13.152%,10/1/2024, Leverage Factor at*

*purchase date: 4 to 1***

 

 

 

 

 
**Ohio 0.5%**

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

 

8,725,000

 

9,332,040

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

 

8,725,000

 

9,332,041

 
 

*Trust: Columbus, OH, General Obligation, Series 2365, 144A, 13.843% , 9/1/2021,*

*Leverage Factor at purchase date: 4 to 1***

 

 

 

 

 
 
 

**18,664,081**

 

 

 

**Pennsylvania 1.8%**

 
Delaware Valley, PA, Regional Financial Authority, Local Government Revenue, 5.75%, 7/1/2017 (g)

 

25,000,000

 

27,669,750

 

*Trust: Delaware Valley, PA, Core City General Obligation, Regional Financial*

*Authority, RITES-PA 1028, 144A, 9.43%, 7/1/2017, Leverage Factor at purchase*

*date: 2 to 1***

 

 

 

 

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

 

34,000,000

 

36,109,700

 

*Trust:****Pennsylvania, State General Obligation, Series 2223, 144A, 61.05%, 8/1/2022,*

*Leverage Factor at purchase date: 20 to 1***

 

 

 

 

 

**63,779,450**

**Tennessee 1.9%**

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

 

20,800,000

 

21,778,640

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2,*

*144A, 13.55%, 1/1/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

21,793,305

 

22,717,080

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3,*

*144A, 13.546%, 1/1/2027, Leverage Factor at purchase date: 4 to 1***

 

 

 

 

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

 

21,610,075

 

22,441,675

 

*Trust:****Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4,*

*144A, 13.555%, 1/1/2028, Leverage Factor at purchase date: 4 to 1***

 

 

 

 

 

**66,937,395**

**Texas 1.0%**

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

 

3,000,000

 

3,089,103

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

 

7,425,000

 

7,645,530

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

 

6,540,000

 

6,734,245

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

 

7,000,000

 

7,207,908

 

*Trust:  San Antonio, TX, Series 2008-1150, 144A, 13.393%, 2/1/2022, Leverage Factor*

*at purchase date: 4 to 1***

 

 

 

 

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

 

10,000,000

 

10,521,000

 

*Trust:  Texas, Water Development Board, Series 2008-1173, 144A, 14.4%, 7/15/2026,*

*Leverage Factor at purchase date: 4 to 1***

 

 

 

 

 

* *

 

 

 

**35,197,786**

**Total Municipal Inverse Floating Rate Notes** (Cost $765,424,623)

 

**782,926,508**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $3,933,595,349) †

114.5

 

**4,102,848,460**

**Other Assets and Liabilities, Net**

(14.5)

 

**(520,057,952)**

**Net Assets**

100.0

 

**3,582,790,508**

 

*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 or has filed for bankruptcy. 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

3,508,947

3,320,797

 
Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A

7.125%

5/15/2025

4,405,000

4,343,833

3,877,810

 
 

 

 

 
 

 

 

 

**7,852,780**

**7,198,607**

 
 
****

*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 August 31, 2008.*

 
*****

*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 August 31, 2008.*

 
*†*

*The cost for federal income tax purposes was $3,928,084,359.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $174,764,101.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $234,296,192 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $59,532,091.*

 
*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total**

**Investment Portfolio**

 
Ambac Financial Group

9.1

 
Assured Guaranty Corp.

0.1

 
Financial Guaranty Insurance Company

10.2

 
Financial Security Assurance Inc.

12.0

 
MBIA Corp.

28.7

 
XL Capital Assurance

0.2

 
 
*(b)*

*At August 31, 2008, this security has been pledged, in whole or in part, as collateral for open interest rate swaps.*

 
*(c)*

*When-issued security.*

 
*(d)*

*Partial interest paying security.  The rate shown represents 95% of the original coupon rate.*

 
*(e)*

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

 
*(f)*

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

 
*(g)*

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

 
*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.*

 
*RITES: Residual Interest Tax Exempt Security*

*At August 31, 2008, 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) ($)**

 

9/26/2008

9/26/2018

 

39,000,0001

 

Fixed — 4.145%

 

Floating — LIBOR

 

1,146,963

 
2/8/2009

2/8/2021

 

17,400,0002

 

Fixed — 4.681%

 

Floating — LIBOR

 

(104,405)

 
11/18/2008

11/18/2022

 

9,700,0002

 

Fixed — 5.237%

 

Floating — LIBOR

 

(569,585)

 
12/5/2008

12/5/2022

 

10,900,0003

 

Fixed — 4.848%

 

Floating — LIBOR

 

(194,644)

 
12/17/2008

12/17/2022

 

18,800,0001

 

Fixed — 5.084%

 

Floating — LIBOR

 

(800,532)

 
11/19/2008

11/19/2023

 

5,100,0004

 

Fixed — 5.237%

 

Floating — LIBOR

 

(298,251)

 
12/10/2008

12/10/2023

 

27,400,0003

 

Fixed — 4.908%

 

Floating — LIBOR

 

(610,724)

 
 

 

 

12/10/2008

12/10/2023

 

46,000,0005

 

Fixed — 5.06%

 

Floating — LIBOR

 

(1,796,663)

12/10/2008

12/10/2023

 

45,300,0003

 

Fixed — 5.048%

 

Floating — LIBOR

 

(1,709,663)

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

**(4,937,504)**

 

*Counterparties:*

*1*

*The Goldman Sachs & Co.*

*2*

*JPMorgan Chase Securities, Inc.*

*3*

*Morgan Stanley Co., Inc.*

*4*

*Lehman Brothers, Inc.*

*5*

*Citigroup Global Markets, Inc.*

*LIBOR: Represents the London InterBank Offered Rate.*

 

 

 

 

 

 

 

 

***Fair Value Measurements***

 

*The following is a summary of the inputs used as of August 31, 2008 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

4,102,848,460

(4,937,504)

Level 3 

-   

-   

**Total**

**$            4,102,848,460**

**$            (4,937,504)**

 

*†† 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.*

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year. FAS* *157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs 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, credit risk, etc.).  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.*

 

 

 

**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:

October 22, 2008

 

 

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:

October 22, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 22, 2008

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