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 Strategic High Yield Tax Free Fund**

 

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Value ($)** |
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|        |
|   | **Municipal Bonds and Notes 93.3%** |  
**Alabama 0.7%**

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

 

1,000,000

 

1,136,160

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, Prerefunded, 5.75%, 6/1/2031 

 

3,700,000

 

4,049,021

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

 

2,000,000

 

1,796,700

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

 

2,000,000

 

1,773,240

 

**8,755,121**

 

 

 

**Arizona 1.2%**

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

 

4,000,000

 

3,736,920

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

 
 

Series A, 5.0%, 7/1/2022 

 

3,570,000 

 

3,696,057 

 

Series A, 5.0%, 7/1/2023 

 

2,540,000 

 

2,617,495 

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

 

5,000,000

 

4,837,300

 

**14,887,772**

**California 8.9%**

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

 

5,000,000

 

4,867,100

California, Public Works Board, Lease Revenue, Department of Mental Health, Series A, 5.5%, 6/1/2020 

 

4,000,000

 

4,242,160

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

 
 

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

 

35,015,000 

 

27,794,207 

 

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

 

15,110,000 

 

16,731,303 

 

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

 

1,665,000 

 

1,393,838 

 

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

 

17,750,000 

 

20,529,295 

California, State General Obligation:

 

 

 

 

 

5.0%, 6/1/2022 (a)

 

8,000,000

 

8,251,200

 

5.25%, 2/1/2019 (d)

 

8,000,000

 

8,387,120

California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2019 

 

3,825,000

 

4,068,538

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

 

620,000

 

582,211

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

 

5,310,000

 

5,604,917

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

 

6,035,000

 

5,359,744

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

 

895,000

 

903,914

Southern California, Public Power Authority, National Gas Project Revenue, Project No. 1, Series A, 5.25%, 11/1/2022 

 

2,500,000

 

2,504,775

 

**111,220,322**

**Colorado 4.5%**

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

 

3,500,000

 

3,520,195

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

 

8,000,000

 

7,699,040

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

 

11,750,000

 

9,614,203

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

 

2,000,000

 

1,945,800

Colorado, Hospital & Healthcare Revenue, Health Facilities Authority, Hospital-Portercare Adventist Health, Prerefunded, 6.625%, 11/15/2026 

 

2,000,000

 

2,270,740

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

 

6,365,000

 

6,186,589

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

 

7,960,000

 

8,978,004

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

 

8,670,000

 

9,460,097

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

 

3,912,139

 

3,667,669

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

 

2,355,000

 

2,451,108

 

**55,793,445**

**Connecticut 1.5%**

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

 

3,000,000

 

2,409,480

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

 
 

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

 

2,000,000 

 

1,842,940 

 

 

 

 

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

 

2,000,000 

 

1,747,040 

 

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

 

2,000,000 

 

1,650,500 

 

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

 

2,000,000 

 

1,553,820 

 

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

 

2,000,000 

 

1,455,960 

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

 

7,295,000

 

7,021,729

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

 

1,000,000

 

1,003,000

 

**18,684,469**

**Delaware 0.3%**

 
Delaware, Industrial Development Revenue, Prerefunded, 6.375%, 5/1/2027 

 

2,000,000

 

2,266,200

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

 

1,000,000

 

881,990

 

**3,148,190**

**Florida 7.0%**

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

 

445,000

 

449,406

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

 

1,750,000

 

1,712,778

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

 

10,000,000

 

8,183,700

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

 
 

Series G, 5.125%, 11/15/2020 

 

1,000,000 

 

1,010,270 

 

Series G, 5.125%, 11/15/2021 

 

2,000,000 

 

2,011,160 

 

Series G, 5.125%, 11/15/2022 

 

2,280,000 

 

2,282,234 

 

Series G, 5.125%, 11/15/2023 

 

2,425,000 

 

2,421,265 

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

 

1,000,000

 

1,112,270

Hillsborough County, FL, Hospital & Healthcare Revenue, Industrial Development Authority, University Community Hospital Project, Series A, Prerefunded, 5.625%, 8/15/2019 

 

3,425,000

 

3,578,269

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

 

13,125,000

 

12,564,431

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

 

8,100,000

 

8,145,684

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

 
 

Series A-2, 2.65% *, 10/1/2041 (a) 

 

1,460,000 

 

1,460,000 

 

Series C, 5.25%, 10/1/2035 

 

5,000,000 

 

4,790,800 

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

 

1,000,000

 

689,200

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

 

2,600,000

 

2,446,054

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

 

2,500,000

 

2,391,050

Seminole Tribe, FL, Special Obligation Revenue:

 
 

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

 

8,000,000 

 

7,531,440 

 

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

 

9,500,000 

 

9,245,780 

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

 

3,745,000

 

3,799,565

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

 
 

5.0%, 8/15/2023 

 

5,000,000 

 

4,968,650 

 

5.0%, 8/15/2024 

 

1,000,000 

 

987,000 

 

5.0%, 8/15/2025 

 

5,000,000 

 

4,910,200 

 

**86,691,206**

**Georgia 3.0%**

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

 

3,000,000

 

2,943,240

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

 

1,225,000

 

1,086,171

 

 

 

Effingham County, GA, Industrial Development Authority, Pollution Control Revenue, 2.47%*, 2/1/2038 

 

13,870,000

 

13,870,000

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

 

5,500,000

 

5,414,915

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

 
 

Series A, 5.0%, 3/15/2019 

 

10,000,000 

 

9,783,400 

 

Series A, 5.5%, 9/15/2024 

 

2,440,000 

 

2,210,323 

Georgia, Municipal Electric Authority, Power Revenue:

 
 

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

 

1,295,000 

 

1,369,907 

 

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

 

80,000 

 

85,238 

 

**36,763,194**

**Guam 0.1%**

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

 

1,300,000

 

**1,312,051**

**Illinois 2.3%**

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

 

175,000

 

179,653

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

 

9,500,000

 

9,192,295

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

 
 

Series A, 7.0%, 12/1/2027 

 

5,000,000 

 

5,004,300 

 

Series A, 7.0%, 12/1/2037 

 

5,000,000 

 

4,851,200 

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

 

1,250,000

 

1,269,125

Illinois, Finance Authority Revenue, Three Crowns Park Plaza:

 
 

Series A, 5.875%, 2/15/2026 

 

1,225,000 

 

1,147,176 

 

Series A, 5.875%, 2/15/2038 

 

500,000 

 

442,600 

Illinois, Municipal Electric Agency Power Supply Revenue:

 
 

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 

 

**28,212,664**

**Indiana 0.7%**

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

 

1,750,000

 

1,538,547

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

 

1,000,000

 

867,980

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

 

2,300,000

 

2,055,809

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

 

3,000,000

 

3,039,480

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

 

235,000

 

217,488

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

 

1,000,000

 

884,310

 

**8,603,614**

 

 

**Iowa 1.3%**

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

 
 

6.0%, 6/1/2034 

 

1,000,000 

 

976,830 

 

6.0%, 6/1/2039 

 

2,000,000 

 

1,939,780 

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

 

5,335,000

 

4,541,632

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

 

5,000,000

 

4,689,850

Iowa, Finance Authority Small Business Development Revenue, Corporate Center Associates LP Project, 1.9% *, 9/1/2015, Wells Fargo Bank NA (c)

 

1,000,000

 

1,000,000

Wapello County, IA, Hospital & Healthcare Revenue, Ottumwa Regional Health Center Project, Prerefunded, 6.375%, 10/1/2031 

 

3,000,000

 

3,406,590

 

**16,554,682**

 

 

 

**Kansas 1.6%**

 
Lenexa, KS, Hospital & Healthcare Revenue, Series C, Prerefunded, 6.875%, 5/15/2032 

 

1,750,000

 

2,021,093

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

 

8,000,000

 

8,920,800

Wichita, KS, Hospital & Healthcare Revenue:

 
 

Series 3, 5.5%, 11/15/2025 

 

1,300,000 

 

1,315,600 

 

Series 3, 5.625%, 11/15/2031 

 

3,750,000 

 

3,784,012 

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

 

3,600,000

 

3,520,692

 

**19,562,197**

**Kentucky 0.8%**

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

 
 

Series A, Prerefunded, 6.625%, 10/1/2028 

 

4,305,000 

 

4,725,857 

 

Series A, 6.625%, 10/1/2028 

 

1,195,000 

 

1,246,504 

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

 

3,635,000

 

3,712,644

 

**9,685,005**

**Louisiana 1.8%**

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

 

5,000,000

 

4,257,750

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

 

6,000,000

 

5,904,480

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

 

14,000,000

 

12,099,360

 

**22,261,590**

**Maryland 1.8%**

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

 

1,933,000

 

2,141,551

Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, Prerefunded, 6.75%, 7/1/2030 

 

2,500,000

 

2,731,400

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

 

5,000,000

 

4,886,750

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

 

5,005,000

 

4,390,136

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

 
 

5.75%, 1/1/2033 

 

2,660,000 

 

2,611,934 

 

6.0%, 1/1/2028 

 

6,100,000 

 

6,239,385 

 

**23,001,156**

**Massachusetts 4.1%**

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

 
 

6.5%, 9/1/2035 

 

8,935,000 

 

7,804,186 

 

8.0%, 9/1/2035 

 

970,000 

 

848,168 

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

 

1,750,000

 

1,771,980

Massachusetts, Health & Educational Facilities Authority Revenue, Milford-Whitinsville Hospital, Series D, Prerefunded, 6.5%, 7/15/2023 

 

2,685,000

 

3,069,626

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

 

3,600,000

 

4,347,468

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

 

1,185,000

 

1,197,845

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

 

3,750,000

 

3,782,438

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

 

2,000,000

 

2,514,760

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

 

7,450,000

 

7,404,853

 

 

 

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

 
 

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

 

1,500,000 

 

1,416,060 

 

Series E-1, 5.125%, 7/1/2033 

 

1,500,000 

 

1,396,380 

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

 

5,645,000

 

5,661,935

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

 
 

Series E, 5.0%, 7/15/2022 

 

2,250,000 

 

2,076,840 

 

Series E, 5.0%, 7/15/2032 

 

3,250,000 

 

2,761,753 

 

Series E, 5.0%, 7/15/2037 

 

2,750,000 

 

2,283,298 

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

 

1,500,000

 

1,429,260

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

 
 

Series F, 5.625%, 7/1/2019 

 

370,000 

 

374,362 

 

Series F, 5.75%, 7/1/2029 

 

1,480,000 

 

1,484,085 

 

**51,625,297**

**Michigan 1.8%**

 
Delta County, MI, Pollution Control Revenue, Economic Development Corp., Series A, Prerefunded, 6.25%, 4/15/2027 

 

5,000,000

 

5,583,600

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

 
 

Zero Coupon, 7/1/2011 

 

3,150,000 

 

2,856,892 

 

Zero Coupon, 7/1/2012 

 

3,150,000 

 

2,728,215 

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

 

1,610,000

 

1,288,403

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

 

1,000,000

 

817,960

Kalamazoo, MI, Industrial Development Revenue, Economic Development Corp., Series A, Prerefunded, 7.5%, 5/15/2029 

 

2,000,000

 

2,204,920

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

 

2,000,000

 

1,764,340

Kentwood, MI, Industrial Development Revenue, Economic Development, Series A, Prerefunded, 6.0%, 11/15/2032 

 

1,750,000

 

1,832,967

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

 

1,125,000

 

1,157,738

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

 

2,000,000

 

2,104,060

 

**22,339,095**

**Mississippi 0.8%**

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

 

5,500,000

 

5,780,555

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

 

1,100,000

 

1,074,249

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

 

4,250,000

 

3,739,362

 

**10,594,166**

**Missouri 1.2%**

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

 

1,250,000

 

1,010,562

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

 

2,000,000

 

1,885,640

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

 

6,400,000

 

7,102,336

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

 

3,025,000

 

3,384,219

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

 

1,000,000

 

951,040

 

**14,333,797**

 

 

 

**Nebraska 0.2%**

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

 

3,000,000

 

**2,870,490**

**Nevada 1.3%**

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

 

7,330,000

 

7,744,658

Las Vegas, NV, Transportation/Tolls Revenue, Las Vegas Monorail Project, 7.375%, 1/1/2030 

 

6,000,000

 

1,724,640

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

 

5,000,000

 

4,707,100

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

 

2,000,000

 

1,936,680

 

**16,113,078**

**New Hampshire 0.7%**

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

 
 

Series A, 5.35%, 1/1/2026 

 

1,035,000 

 

881,551 

 

Series A, 5.4%, 1/1/2030 

 

550,000 

 

456,093 

New Hampshire, Higher Education Revenue, Health & Educational Facilities Authority, New Hampshire College Issue, Prerefunded, 7.4%, 1/1/2023 

 

2,000,000

 

2,247,140

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

 

2,760,000

 

2,730,274

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

 
 

5.5%, 7/1/2013 

 

1,285,000 

 

1,263,258 

 

5.625%, 7/1/2018 

 

1,615,000 

 

1,542,971 

 

**9,121,287**

**New Jersey 2.0%**

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

 

1,000,000

 

1,004,730

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

 

1,165,000

 

1,085,524

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

 

1,770,000

 

1,821,312

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

 

2,500,000

 

2,457,000

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

 

11,570,000

 

11,086,837

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

 

1,425,000

 

1,317,840

New Jersey, Tobacco Settlement Financing Corp., Prerefunded, 6.25%, 6/1/2043 

 

5,500,000

 

6,336,990

 

**25,110,233**

**New York 7.3%**

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

 
 

Series A, 5.25%, 11/15/2027 

 

3,000,000 

 

2,880,870 

 

Series A, 5.75%, 11/15/2022 

 

1,500,000 

 

1,537,680 

Brookhaven, NY, Hospital & Healthcare Revenue, Industrial Development Authority, Memorial Hospital Medical Center, Series A, Prerefunded, 8.25%, 11/15/2030 

 

3,000,000

 

3,390,780

Long Island, NY, Power Authority, Electric Systems Revenue:

 
 

Series E, 5.0%, 12/1/2021 (a) 

 

4,000,000 

 

4,095,360 

 

Series E, 5.0%, 12/1/2022 (a) 

 

16,075,000 

 

16,378,656 

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

 

5,000,000

 

4,974,750

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

 

2,500,000

 

2,219,700

New York, Metropolitan Transportation Authority Revenue, Series E-1, 1.68% *, 11/1/2035, Fortis Bank SA (c) 

 

500,000

 

500,000

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

 

1,000,000

 

973,200

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

 

2,000,000

 

1,953,580

 

 

 

New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 144, AMT, 2.7% *, 10/1/2037 

 

15,700,000

 

15,700,000

New York, Transportation/Tolls Revenue, Transportation Authority, Series A, 5.75%, 7/1/2018 

 

7,000,000

 

8,105,160

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

 

8,260,000

 

8,223,078

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

 

8,000,000

 

8,088,720

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

 
 

7.75%, 8/1/2031 

 

5,000,000 

 

4,483,500 

 

8.0%, 8/1/2028 

 

3,000,000 

 

2,774,670 

New York City, NY, Transitional Finance Authority Revenue, Series B, 5.5%, 2/1/2016 (d) 

 

1,580,000

 

1,697,331

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

 

1,500,000

 

1,295,910

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

 

1,250,000

 

1,082,050

 

**90,354,995**

**North Carolina 0.6%**

 
North Carolina, Electric Revenue, Municipal Power Agency:

 
 

Series F, 5.5%, 1/1/2016 

 

1,000,000 

 

1,040,950 

 

Series F, 5.5%, 1/1/2017 

 

1,495,000 

 

1,547,878 

 

Series B, 6.375%, 1/1/2013 

 

2,075,000 

 

2,192,985 

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

 

2,500,000

 

2,390,600

 

**7,172,413**

**North Dakota 0.3%**

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

 

3,750,000

 

**4,125,188**

**Ohio 1.4%**

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

 

18,755,000

 

16,298,658

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

 

1,000,000

 

1,132,900

 

**17,431,558**

**Oregon 0.8%**

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

 

10,420,000

 

**9,481,366**

**Pennsylvania 5.4%**

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

 
 

Series A, 5.0%, 11/15/2028 

 

12,160,000 

 

8,622,413 

 

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

 

2,000,000 

 

2,330,880 

 

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

 

4,630,000 

 

5,395,987 

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

 

2,250,000

 

2,190,330

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

 

1,750,000

 

2,078,878

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

 

1,000,000

 

1,104,020

Delaware Valley, PA, County General Obligation, Regional Financial Authority, 5.75%, 7/1/2017 

 

6,250,000

 

6,917,437

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

 

1,000,000

 

992,090

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

 

2,400,000

 

2,165,856

 

 

 

Montgomery County, PA, Senior Care Revenue, Higher Education & Health Authority, Philadelphia Geriatric Center, Series A, Prerefunded, 7.25%, 12/1/2027 

 

3,125,000

 

3,373,812

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

 
 

Series A, 5.375%, 8/15/2028 

 

3,500,000 

 

3,407,600 

 

Series A, 5.5%, 8/15/2035 

 

6,500,000 

 

6,235,580 

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

 

4,000,000

 

4,015,480

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

 

5,095,000

 

5,359,380

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

 

700,000

 

706,552

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

 

10,000,000

 

8,440,700

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

 

1,000,000

 

887,640

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

 

3,000,000

 

3,390,060

 

**67,614,695**

**Puerto Rico 3.2%**

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

 

25,000,000

 

26,209,000

Commonwealth of Puerto Rico, General Obligation, Series A, 5.0%, 7/1/2021 

 

5,000,000

 

4,899,950

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

 

1,470,000

 

1,502,634

Puerto Rico, Public Buildings Authority Revenue, Government Facilities:

 
 

Series N, 5.5%, 7/1/2024 

 

2,000,000 

 

2,032,020 

 

Series M, 6.25%, 7/1/2022 

 

5,000,000 

 

5,481,900 

 

**40,125,504**

**Rhode Island 0.1%**

 
Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032 

 

1,750,000

 

**1,647,783**

**South Carolina 1.8%**

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

 

1,500,000

 

1,492,740

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

 
 

Series B, 7.5%, 11/1/2015 

 

1,000,000 

 

997,000 

 

Series A, 7.75%, 11/1/2039 

 

5,000,000 

 

4,967,150 

South Carolina, Jobs Economic Development Authority Revenue, Bon Secours Health System:

 
 

Series A, Prerefunded, 5.625%, 11/15/2030 

 

1,040,000 

 

1,158,872 

 

Series B, 5.625%, 11/15/2030 

 

3,960,000 

 

3,982,889 

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

 
 

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

 

4,820,000 

 

5,701,096 

 

Series C, Prerefunded, 7.0%, 8/1/2030 (d)

 

600,000 

 

707,274 

 

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

 

3,500,000 

 

3,954,335 

 

**22,961,356**

**South Dakota 0.7%**

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

 
 

Series B, 5.25%, 7/1/2038 

 

3,000,000 

 

2,848,350 

 

Series B, 5.5%, 7/1/2035 

 

5,000,000 

 

4,930,600 

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

 

1,000,000

 

969,940

 

**8,748,890**

**Tennessee 4.0%**

 
Blount County, TN, Public Building Authority, Local Government, Public Improvement Revenue, Series E-5A, 2.45% *, 6/1/2030, Branch Banking & Trust (c) 

 

5,000,000

 

5,000,000

 

 

 

 

 

 

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

 
 

 

 

 

5.0%, 12/15/2017 

 

2,500,000 

 

2,337,500 

 

5.0%, 12/15/2018 

 

2,160,000 

 

1,988,194 

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

 

3,000,000

 

3,429,930

Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.5%, 4/1/2033 

 

3,000,000

 

2,955,300

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

 

15,225,000

 

13,969,242

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

 

5,000,000

 

5,973,050

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care, Prerefunded, 6.5%, 9/1/2026

 

5,000,000

 

5,732,750

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

 

8,000,000

 

7,948,960

 

**49,334,926**

**Texas 9.9%**

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

 

3,500,000

 

3,567,235

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

 

2,500,000

 

2,354,325

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

 

4,930,000

 

3,526,478

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

 

7,000,000

 

7,038,430

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

 

4,445,000

 

4,666,583

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

 

1,175,000

 

1,169,489

Houston, TX, Higher Education Finance Revenue Corp, Rice University Project, Series A, 2.55% *, 5/15/2048 

 

1,500,000

 

1,500,000

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

 

10,100,000

 

8,132,520

Jefferson County, TX, County General Obligation:

 
 

5.75%, 8/1/2015 (a) 

 

3,075,000 

 

3,353,503 

 

5.75%, 8/1/2017 (a) 

 

1,185,000 

 

1,292,325 

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

 

17,200,000

 

16,674,196

North Texas, Tollway Authority Revenue:

 
 

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

 

1,000,000 

 

983,640 

 

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

 

12,210,000 

 

11,927,583 

 

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

 

5,000,000 

 

4,841,350 

Plano, TX, Independent School District, 5.375%, 2/15/2016 (d) 

 

1,700,000

 

1,806,352

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

 

2,000,000

 

1,992,200

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Prerefunded, 6.7%, 11/15/2030 

 

2,500,000

 

2,758,325

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

 

7,125,000

 

7,042,350

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

 

5,000,000

 

4,683,200

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

 
 

Series D, 5.625%, 12/15/2017 

 

14,790,000 

 

14,482,072 

 

Series D, 6.25%, 12/15/2026 

 

6,875,000 

 

6,727,738 

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

 

10,000,000

 

9,905,700

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

 

2,000,000

 

2,009,000

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

 

1,000,000

 

1,037,820

 

**123,472,414**

**Utah 0.2%**

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

 

2,000,000

 

**2,197,180**

 

 

 

**Vermont 0.1%**

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

 

760,000

 

**760,205**

**Virginia 1.6%**

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

 

3,000,000

 

3,220,470

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

 

7,500,000

 

7,276,950

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

 

2,600,000

 

2,129,738

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

 

3,000,000

 

2,700,600

Virginia, Senior Care Revenue, Prerefunded, 7.375%, 12/1/2032 

 

3,500,000

 

4,233,110

 

**19,560,868**

**Washington 4.1%**

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

 

3,205,000

 

3,013,726

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

 

4,885,000

 

5,181,812

Washington, Electric Revenue, Energy Northeast Electric, Series A, 5.75%, 7/1/2018 (a) 

 

3,500,000

 

3,745,980

Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 2, Series A, 6.3%, 7/1/2012 

 

10,000,000

 

11,232,900

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

 

2,500,000

 

3,093,225

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

 

2,970,000

 

2,831,242

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

 
 

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

 

6,675,000 

 

6,122,577 

 

Series A, 6.125%, 8/15/2037 

 

16,000,000 

 

15,484,160 

 

**50,705,622**

**West Virginia 1.2%**

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

 

980,000

 

1,075,393

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

 

4,020,000

 

4,411,307

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

 
 

6.5%, 10/1/2028 

 

7,000,000 

 

6,910,680 

 

6.5%, 10/1/2038 

 

3,000,000 

 

2,875,860 

 

**15,273,240**

**Wisconsin 0.6%**

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

 

5,000,000

 

5,234,350

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

 

2,500,000

 

2,542,700

 

**7,777,050**

**Multi-State 0.4%**

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

 

4,937,882

 

**4,834,236**

 

 

**Total Municipal Bonds and Notes** (Cost $1,158,552,590)

 

**1,160,823,610**

 

**Municipal Inverse Floating Rate Notes (f) 25.3%**

 
**California 2.8%**

 
San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A, 5.0%, 5/1/2027 (a) (g)

 

2,110,335

 

2,184,116

San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A, 5.0%, 5/1/2028 (a) (g)

 

1,948,001

 

2,016,107

 

*Trust: California, Series 2008-1104, 144A, 13.186%, 5/1/2027, Leverage Factor at*

*purchase date: 4 to 1***

 

 

 

 

 

 

 

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

 

3,750,000

 

4,172,025

 

*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%, 7/1/2015 (a) (g)

 

5,800,000

 

6,416,859

 

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

*Leverage Factor at purchase date: 2 to 1*

 

 

 

 

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

 

8,500,000

 

8,825,414

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

 

11,000,000

 

11,421,124

* *

*Trust: Sacramento, CA, Municipal Utility District, Electric Revenue, Series R 11513-1,*

*144A, 51.55%, 8/15/2024, Leverage Factor at purchase date: 20 to 1***

* *

* *

* *

* *

 

**35,035,645**

**District of Columbia 1.8%**

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

 

10,000,000

 

9,741,200

* *

*Trust: District of Columbia, Metropolitan Airport Authority System, AMT, Series 2169,*

*144A, 49.27%, 10/1/2023, Leverage Factor at purchase date: 20 to 1***

* *

* *

* *

* *

District of Columbia, Water & Sewer Authority, Public Utility Revenue, 6.0%,            10/1/2014 (a) (g)

 

8,440,000

 

9,730,223

 

*Trust: District of Columbia, Water & Sewer Authority, Public Utility Revenue, RITES-*

*PA-612A, 144A, 9.745%, 10/1/2014, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

District of Columbia, Water & Sewer Authority, Public Utility Revenue, 6.0%, 10/1/2016       (a) (g)

 

2,310,000

 

2,703,058

 

*Trust: District of Columbia, Water & Sewer Authority, Public Utility Revenue, RITES-*

*PA-612B, 144A, 9.745%, 10/1/2016, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**22,174,481**

**Hawaii 0.8%**

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

 

10,000,000

 

**10,419,950**

 

*Trust: Hawaii, State General Obligation, Series 2867, 144A, 13.31%, 5/1/2027, Leverage*

*Factor at purchase date: 4 to 1*

 

 

 

 

**Illinois 0.6%**

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

 

6,840,000

 

**6,848,789**

 

*Trust: Illinois, Puttable Floating Option Tax Exempt Receipts, RITES-PA-1499, AMT,*

*144A, 15.64%, 6/1/2045, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Maryland 0.9%**

 
Maryland, State General Obligation, State & Location Facilities Loan, Series 2, 5.0%,   8/1/2022 (g)

 

10,000,000

 

**10,689,700**

 

*Trust: Maryland, DFA Municipal Trust, Series 3002, 144A, 13.94%, 8/1/2022,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Michigan 0.6%**

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

 

7,850,340

 

8,277,576

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

 

8,202,410

 

8,648,806

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

 

5,297,425

 

5,585,724

* *

*Trust: Clark County, NV, Series 2008-1153, 144A, 13.395%, 6/15/2021, Leverage Factor at purchase date: 4 to 1***

* *

* *

* *

* *

 

**22,512,106**

 

 

 

**New Jersey 0.9%**

 
New Jersey, Economic Development Authority Revenue, School Facilities Construction, Series G, 5.0%, 9/1/2019 (a) (g)

 

10,125,000

 

**11,168,674**

 

*Trust: New Jersey, Economic Development Authority Revenue, RITES, Series PA-1253,*

*144A, 31.029%, 9/1/2019, Leverage Factor at purchase date: 10 to 1*

 

 

 

 

 

* *

 

 

 

 

**New York 2.1%**

 
New York, State Dormitory Authority, Personal Income Tax Revenue, Series A, 5.0%, 3/15/2023 (g)

 

5,095,207

 

5,355,381

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-2,*

*144A, 13.929%, 3/15/2023, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, State Environmental Facilities Corp., Clean Drinking Water, NYC Municipal Water, Series A, 5.0%, 6/15/2025 (g)

 

4,000,000

 

4,201,750

New York, State Environmental Facilities Corp., Clean Drinking Water, NYC Municipal Water, Series A, 5.0%, 6/15/2026 (g)

 

3,000,000

 

3,151,313

New York, State Environmental Facilities Corp., Clean Drinking Water, NYC Municipal Water, Series A, 5.0%, 6/15/2027 (g)

 

3,000,000

 

3,151,312

 

*Trust: New York, State Environmental Facilities Corp., Clean Drinking Water, Series*

*2870, 144A, 13.4%, 6/15/2025, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

10,000,000

 

10,387,000

 

*Trust: New York City, NY, Transitional Finance Authority Revenue, Series 2072, 144A,*

*61.81%, 11/1/2027, Leverage Factor at purchase date: 20 to 1*

 

 

 

 

 

**26,246,756**

**Pennsylvania 3.2%**

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

 

21,790,000 

 

23,042,737 

 

*Trust: Pennsylvania, State General Obligation, Series R-11505-1, 144A, 30.187%, 8/1/2023 , Leverage Factor at purchase date: 10 to 1*

 

 

 

 

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

 

15,475,000 

 

16,295,027 

* *

*Trust: Pennsylvania, State Revenue Bond, Series 2720, 144A, 30.604%, 8/1/2024, Leverage Factor at purchase date: 10 to 1***

* *

* *

* *

* *

 

**39,337,764**

**Tennessee 1.3%**

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

 

14,996,415

 

**15,831,690**

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-1,*

*144A, 13.547%, 1/1/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Texas 3.8%**

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

 

3,710,000

 

3,814,102

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

 

4,315,000

 

4,477,424

 

*Trust: Conroe, TX, Independent School District, Series 2487, 144A, 13.589%,*

*2/15/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

15,000,000

 

15,675,825

 

*Trust: San Antonio, TX, Electric & Gas Revenue, Series 2957, 144A, 13.31%, 2/1/2024,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

10,000,000

 

10,408,550

 

*Trust: Texas, North East Independent School District, Series 2355, 144A, 61.05%,*

*8/1/2024, Leverage Factor at purchase date: 20 to 1*

 

 

 

 

Texas, State Transportation Commission Revenue, First-Tier, 5.0%, 4/1/2026 (g)

 

12,500,000

 

12,958,750

 

*Trust: Texas, State Transportation Commission Revenue, Series 2563, 144A, 73.88%,*

*4/1/2026, Leverage Factor at purchase date: 25 to 1*

 

 

 

 

 

**47,334,651**

**Washington 4.7%**

 
Washington, State General Obligation, Motor Vehicle Fuel Tax, Series B, 5.0%,            7/1/2024 (a) (g)

 

10,000,000

 

10,449,800

 

*Trust: Washington, DFA Municipal Trust, Series 3003, 144A, 13.73%,*

*7/1/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

 

 

Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 5.375%, 7/1/2015 (a) (g)

 

12,500,000 

 

13,428,875 

* *

*Trust: Washington, Energy Northwest Electric Revenue, RITES-PA-825, 144A, 8.51%,*

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

* *

* *

* *

* *

 

 

 

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

A, 5.0%, 7/1/2024 (g)

 

10,000,000 

 

10,353,360 

 

*Trust: Washington, Energy Northwest Electric Revenue, Series 2301, 144A, 16.8%,*

*7/1/2024, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

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

 

10,000,000 

 

10,440,800 

 

*Trust: Washington, State General Obligation Series 2302, 144A, 15.72%, 7/1/2023,*

*Leverage Factor at purchase date: 5 to 1*

 

 

 

 

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

 

10,000,000 

 

10,397,750 

 

*Trust: Washington, State General Obligation, Series 2154, 144A, 61.05%,*

*7/1/2025, Leverage Factor at purchase date: 20 to 1*

 

 

 

 

Washington, State Public Power Supply System, Nuclear Project No. 2, 5.4%, 7/1/2012

 

3,000,000

 

3,552,390

 

**58,622,975**

**Total Municipal Inverse Floating Rate Notes** (Cost $311,419,396)

 

**314,171,531**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $1,469,971,986) †

118.6

 

**1,474,995,141**

**Other Assets and Liabilities, Net**

(18.6)

 

**(231,082,977)**

**Net Assets**

100.0

 

**1,243,912,164**

 

*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.*

***

*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.*

*****

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

*†*

*The cost for federal income tax purposes was $1,469,085,035.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $5,910,106.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $44,222,873 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $38,312,767.*

*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total**

**Investment Portfolio**

 
Ambac Financial Group, Inc.

2.5

 
American Capital Assurance

0.4

 
Assured Guaranty Corp.

0.3

 
Financial Guaranty Insurance Company

3.6

 
Financial Security Assurance, Inc.

6.2

 
MBIA Corp.

2.1

 
Radian Asset Assurance, Inc.

0.2

 
*(b)*

*When-issued security.*

*(c)*

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

*(d)*

*All or a portion of these securities represent collateral held in connection with open interest rate swaps.*

 

 

 

 

 

 

 

 

 

 

 

 

 

*(e)*

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

**Schedule of Restricted Security**

 

 

 

 

 
**Security**

**Acquisition**

**Date**

**Acquisition**

**Cost ($)**

**Value ($)**

**Value as a**

**% of Net**

**Assets**

 
Vermont, Multi-Family Housing

Revenue, Housing Finance 

Agency, Northgate Project, AMT, 

144A, 8.25%, 6/15/2020

12/12/1989

745,610

760,205

0.1

 
*(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

 

19,300,0001

 

Fixed — 4.145%

 

Floating — LIBOR

 

567,599

 
12/10/2008

12/10/2023

 

5,300,0002

 

Fixed — 5.06%

 

Floating — LIBOR 

 

(207,007)

 
12/11/2008

12/10/2023

 

5,250,0003

 

Fixed — 5.048%

 

Floating — LIBOR 

 

(198,140)

 
10/1/2008

4/1/2025

 

9,400,0002

 

Fixed — 4.662%

 

Floating — LIBOR 

 

77,854

 
2/12/2008

2/12/2026

 

5,400,0004

 

Fixed — 5.006%

 

Floating — LIBOR 

 

(165,441)

 
11/21/2008

11/21/2028

 

15,000,0003

 

Fixed — 4.854%

 

Floating — LIBOR 

 

(132,066)

 
12/12/2008

12/12/2028

 

16,600,0004

 

Fixed — 5.214%

 

Floating — LIBOR 

 

(928,041)

 
1/31/2008

1/31/2029

 

31,300,0004

 

Fixed — 5.116%

 

Floating — LIBOR 

 

(1,353,975)

 
12/19/2008

12/19/2031

 

13,000,0001

 

Fixed — 5.185%

 

Floating — LIBOR 

 

(690,274)

 
12/19/2008

12/19/2031

 

30,000,0001

 

Fixed — 5.195%

 

Floating — LIBOR 

 

(1,614,135)

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

**(4,643,626)**

 
 

*Counterparties:*

*1*

*The Goldman Sachs & Co.*

*2*

*Citigroup Global Markets, Inc.*

*3*

*Morgan Stanley Co., Inc.*

*4*

*JPMorgan Chase Securities, 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 

$                 1,474,995,141   

$                    (4,643,626)   

Level 3 

-   

-   

**Total**

**$                 1,474,995,141**

**$                    (4,643,626)**

 

*†† 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 Strategic High Yield Tax Free 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 Strategic High Yield Tax Free 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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