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)

 

Two            International Place

Boston, MA 02110

(Address of principal executive offices)                        (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(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:08/31/07

 

ITEM 1.            SCHEDULE OF INVESTMENTS

 

Investment            Portfolio                                                   **as of****August 31, 2007            (Unaudited)** 

 

**DWS            High Yield Tax Free Fund**

 

|                                                                                                                           | **Principal****Amount ($)**         |      | **Value                            ($)** |
|--------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------|------------------------------------------|
|                                                                                                                                |
|                                                                                                                           | **Municipal Bonds and Notes 90.5%** |      |
| **Alabama 1.4%**                                                                                                               |                                |
| Birmingham, AL, Waterworks & Sewer Board                            Revenue:                                               |                                |
|                                                                                                                           | Series A, 5.0%, 1/1/2020 (a)        |      | 1,505,000                                |   | 1,581,063 |
|                                                                                                                           | Series A, 5.0%, 1/1/2021 (a)        |      | 825,000                                  |   | 864,113 |
|                                                                                                                           | Series A, 5.0%, 1/1/2022 (a)        |      | 1,130,000                                |   | 1,180,048 |
|                                                                                                                           | Series A, 5.0%, 1/1/2023 (a)        |      | 1,110,000                                |   | 1,155,721 |
| Camden, AL, Industrial Development Board Revenue,                            Weyerhaeuser, Series A, 6.125%, 12/1/2024         |                                | 1,000,000 |                                     | 1,066,390 |
| Huntsville, AL, Hospital & Healthcare Revenue,                            Health Care Authority, Series A, 5.75%, 6/1/2031 |                                | 3,700,000 |                                     | 3,991,005 |
| Southeast, AL, Gas District Revenue, Supply Project,                            Series A, 3.98% *, 8/1/2027                    |                                | 1,500,000 |                                     | 1,500,000 |
|                                                                                                                                |                                     |           |                                          |  |  |  |  |

 

 

 

| Sylacauga, AL, Health Care Authority Revenue, Coosa                            Valley Medical Center, Series A, 6.0%, 8/1/2035                                                           |                                   | 2,000,000  |       | 2,001,120     |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|------------|------------|---------------|
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **13,339,460**                         |
| **Alaska 0.3%**                                                                                                                                                                          |                                   |
| Anchorage, AK, State General Obligation, 5.5%,                            7/1/2018 (a)                                                                                                   |                                   | 2,680,000  |       | **2,894,641** |
| **Arizona 0.8%**                                                                                                                                                                         |                                   |
| Arizona, Health Facilities Authority Revenue, Banner                            Health, Series A, 5.0%, 1/1/2024                                                                         |                                   | 3,395,000  |       | 3,433,907     |
| Arizona, Water & Sewer Revenue, Water                            Infrastructure Finance Authority, Series A, Prerefunded, 5.375%,                            10/1/2013               |                                   | 3,625,000  |       | 3,856,565     |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **7,290,472**                          |
| **California 14.6%**                                                                                                                                                                     |                                   |
| California, Electric Revenue, Department of Water                            Resources and Power Supply, Series A, 5.875%, 5/1/2016                                                      |                                   | 4,500,000  |       | 4,971,555     |
| California, Housing Finance Agency Revenue, Home                            Mortgage, Series C, AMT, 3.95% *, 8/1/2037                                                                   |                                   | 3,300,000  |       | 3,300,000     |
| California, Public Works Board, Lease Revenue,                            Department of Mental Health, Series A, 5.5%, 6/1/2020                                                          |                                   | 4,000,000  |       | 4,274,720     |
| California, Special Assessment Revenue, Golden State                            Tobacco Securitization Corp.:                                                                            |                                   |
|                                                                                                                                                                                     | Series B, 5.625%, 6/1/2038             |       | 15,110,000 |          | 16,413,237 |
|                                                                                                                                                                                     | Series A-1, 5.75%, 6/1/2047            |       | 1,665,000  |          | 1,620,478 |
|                                                                                                                                                                                     | Series 2003-A-1, 6.75%, 6/1/2039       |       | 17,750,000 |          | 20,397,945 |
| California, State General Obligation:                                                                                                                                                    |                                   |
|                                                                                                                                                                                     | 5.0%, 2/1/2020                         |       | 11,105,000 |          | 11,464,136 |
|                                                                                                                                                                                     | 5.25%, 2/1/2019                        |       | 8,000,000  |          | 8,373,440 |
| California, State Public Works Board, Lease Revenue,                            Department of Corrections, Series C, 5.5%, 6/1/2019                                                      |                                   | 3,825,000  |       | 4,080,663     |
| California, Whittier Union High School District,                            5.0%, 8/1/2016 (a)                                                                                           |                                   | 2,980,000  |       | 3,186,454     |
| Foothill, CA, Transportation/Tolls Revenue, Eastern                            Corridor Agency:                                                                                          |                                   |
|                                                                                                                                                                                     | Series A, Prerefunded, 7.1%, 1/1/2011  |       | 4,415,000  |          | 4,838,487 |
|                                                                                                                                                                                     | Series A, Prerefunded, 7.15%, 1/1/2014 |       | 2,875,000  |          | 3,153,703 |
| Los Angeles County, CA, Public Works Financing                            Authority Lease Revenue, Master Project, Series A, 5.0%, 12/1/2017                            (a)              |                                   | 5,310,000  |       | 5,624,936     |
| Los Angeles, CA, Airport Revenue, Regional Airports                            Improvement Corporation Lease, Series C, AMT, 7.5%,                            12/1/2024                  |                                   | 6,035,000  |       | 6,586,599     |
| Millbrae, CA, Senior Care Revenue, Magnolia of                            Millbrae Project, AMT, Series A, 7.375%, 9/1/2027                                                              |                                   | 920,000    |       | 948,456       |
| Sacramento, CA, Municipal Utility District Electric                            Revenue, Series R, 5.0%, 8/15/2015 (a)                                                                    |                                   | 11,220,000 |       | 12,067,334    |
| Sacramento, CA, Project Revenue, City Financing                            Authority, Convention Center Hotel, Series A, 6.25%,                            1/1/2030                      |                                   | 3,985,000  |       | 3,995,839     |
| San Joaquin Hills, CA, Transportation Corridor                            Agency:                                                                                                        |                                   |
|                                                                                                                                                                                     | Prerefunded, 7.6%, 1/1/2011            |       | 5,000,000  |          | 5,164,550 |
|                                                                                                                                                                                     | Prerefunded, 7.65%, 1/1/2012           |       | 15,000,000 |          | 15,496,050 |
|                                                                                                                                                                                     | Prerefunded, 7.65%, 1/1/2013           |       | 4,000,000  |          | 4,132,280 |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **140,090,862**                        |
| **Colorado 3.8%**                                                                                                                                                                        |                                   |
| Colorado, Health Facilities Authority Revenue,                            Adventist Health Sunbelt, Series D, 5.125%, 11/15/2029                                                         |                                   | 8,000,000  |       | 8,005,200     |
| Colorado, Hospital & Healthcare Revenue, Health                            Facilities Authority, Hospital-Portercare Adventist Health, 6.625%,                            11/15/2026 |                                   | 2,000,000  |       | 2,240,840     |
| Colorado, Transportation/Tolls Revenue, Northwest                            Parkway Public Highway Authority, Series D, 7.125%,                            6/15/2041                    |                                   | 8,000,000  |       | 8,409,760     |
| Denver, CO, Airport Revenue, AMT, Series D, 7.75%,                            11/15/2013                                                                                                 |                                   | 9,775,000  |       | 10,721,220    |
| Denver, CO, City & County Single Family Mortgage                            Revenue, Metro Mayors Caucus, AMT, 5.25%, 11/1/2040                                                      |                                   | 4,000,000  |       | 4,101,720     |
| Montrose, CO, Memorial Hospital Revenue, 6.375%,                            12/1/2023                                                                                                    |                                   | 2,355,000  |       | 2,501,976     |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **35,980,716**                         |
|                                                                                                                                                                                          |                                        |            |            |               |  |  |  |

 

 

 

| **Connecticut 1.4%**                                                                                                                                                                                                   |                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
| Mashantucket, CT, Project Revenue, Western Pequot                            Tribe:                                                                                                                                    |                                                                   |
|                                                                                                                                                                                                                   | Series B, 144A, Zero Coupon, 9/1/2010                                  |   | 2,000,000 |   | 1,747,480 |
|                                                                                                                                                                                                                   | Series B, 144A, Zero Coupon, 9/1/2011                                  |   | 2,000,000 |   | 1,661,480 |
|                                                                                                                                                                                                                   | Series B, 144A, Zero Coupon, 9/1/2012                                  |   | 2,000,000 |   | 1,581,580 |
|                                                                                                                                                                                                                   | Series B, 144A, Zero Coupon, 9/1/2013                                  |   | 2,000,000 |   | 1,494,960 |
|                                                                                                                                                                                                                   | Series B, 144A, Zero Coupon, 9/1/2014                                  |   | 2,000,000 |   | 1,407,740 |
| Mashantucket, CT, Sports, Expo & Entertainment                            Revenue, Western Pequot Tribe:                                                                                                           |                                                                   |
|                                                                                                                                                                                                                   | Series B, 144A, 5.7%, 9/1/2012                                         |   | 1,000,000 |   | 1,013,760 |
|                                                                                                                                                                                                                   | Series A, Prerefunded, 144A, 6.4%,                            9/1/2011 |   | 1,205,000 |   | 1,217,050 |
| Mohegan Tribe, CT, Gaming Authority, Priority                            Distribution, 144A, 5.25%, 1/1/2033                                                                                                           |                                                                   | 3,000,000 |   | 2,833,350 |
|                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                   | **12,957,400**                                                         |
| **Delaware 0.3%**                                                                                                                                                                                                      |                                                                   |
| Delaware, Industrial Development Revenue, 6.375%,                            5/1/2027                                                                                                                                  |                                                                   | 2,000,000 |   | 2,067,820 |
| Sussex County, DE, First Mortgage Revenue, Cadbury                            Lewes, Series A, 6.0%, 1/1/2035                                                                                                          |                                                                   | 1,000,000 |   | 1,000,550 |
|                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                   | **3,068,370**                                                          |
| **Florida 2.8%**                                                                                                                                                                                                       |                                                                   |
| Bayside, FL, Sales & Special Tax Revenue,                            Community Development District, Series A, 6.3%, 5/1/2018                                                                                      |                                                                   | 455,000 |   | 467,035 |
| Highlands County, FL, Health Facilities Authority                            Revenue, Adventist Sunbelt, Series A, 6.0%, 11/15/2031                                                                                    |                                                                   | 1,000,000 |   | 1,095,480 |
| Highlands County, FL, Hospital & Healthcare                            Revenue, Health Facilities Authority, Adventist Hospital, Series D,                            5.875%, 11/15/2029                           |                                                                   | 4,000,000 |   | 4,437,240 |
| Hillsborough County, FL, Hospital & Healthcare                            Revenue, Industrial Development Authority, University Community                            Hospital Project, Series A, 5.625%, 8/15/2019 |                                                                   | 3,425,000 |   | 3,462,914 |
| Miami Beach, FL, Health Facilities Authority Hospital                            Revenue, Mount Sinai Medical Center, 144A, 6.75%, 11/15/2029                                                                          |                                                                   | 6,400,000 |   | 6,907,456 |
| Orlando, FL, Greater Aviation Authority, Airport                            Facilities Revenue, Jet Blue Airways Corp., AMT, 6.5%,                            11/15/2036                                               |                                                                   | 1,000,000 |   | 1,029,210 |
| South Florida, Water Management District,                            Certificates of Participation, 5.0%, 10/1/2025 (a)                                                                                                |                                                                   | 3,745,000 |   | 3,842,445 |
| South Miami, FL, Health Facilities Authority Hospital                            Revenue, Baptist Health South Florida Group:                                                                                          |                                                                   |
|                                                                                                                                                                                                                   | 5.0%, 8/15/2023                                                        |   | 5,000,000 |   | 5,060,500 |
|                                                                                                                                                                                                                   | 5.0%, 8/15/2024                                                        |   | 1,000,000 |   | 1,009,740 |
|                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                   | **27,312,020**                                                         |
| **Georgia 0.9%**                                                                                                                                                                                                       |                                                                   |
| Americus-Sumter County, GA, Hospital & Healthcare                            Revenue, Hospital Authority, South Georgia Methodist, Series A, 6.375%,                            5/15/2029                          |                                                                   | 3,000,000 |   | 3,056,460 |
| Atlanta, GA, Tax Allocation, Princeton Lakes Project,                            144A, 5.5%, 1/1/2031                                                                                                                  |                                                                   | 1,235,000 |   | 1,151,292 |
|  

Georgia, Municipal Electric Authority, Power                            Revenue:                                                                                                                               |                                                                   |
|                                                                                                                                                                                                                   | Series 2005-Z, 5.5%, 1/1/2012                                          |   | 1,295,000 |   | 1,348,720 |
|                                                                                                                                                                                                                   | Series Z, Prerefunded, 5.5%, 1/1/2012                                  |   | 80,000 |   | 84,006 |
| Rockdale County, GA, Resource Recovery Revenue,                            Development Authority, Visy Paper, Inc. Project, AMT, 7.4%,                            1/1/2016                                             |                                                                   | 3,050,000 |   | 3,050,640 |
|                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                   | **8,691,118**                                                          |
| **Guam 0.1%**                                                                                                                                                                                                          |                                                                   |
| Government of Guam, Waterworks Authority, Water &                            Wastewater System Revenue, 5.5%, 7/1/2016                                                                                             |                                                                   | 1,300,000 |   | **1,309,347** |
| **Illinois 1.6%**                                                                                                                                                                                                      |                                                                   |
| Chicago, IL, General Obligation, Series A, 5.25%,                            1/1/2029 (a)                                                                                                                              |                                                                   | 1,000,000 |   | 1,035,020 |
| Illinois, Finance Authority Revenue, Three Crowns                            Park Plaza, Series A:                                                                                                                     |                                                                   |
|                                                                                                                                                                                                                   | 5.875%, 2/15/2026                                                      |   | 1,225,000 |   | 1,227,793 |
|                                                                                                                                                                                                                   | 5.875%, 2/15/2038                                                      |   | 500,000 |   | 489,100 |
|                                                                                                                                                                                                                        |                                                                        |  |  |  |  |  |  |

 

 

 

| Illinois, Health Facilities Authority Revenue,                            Benedict State, Series 2003A-1, 6.9%, 11/15/2033                                                                |                                     | 3,000,000  |      | 3,011,880  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|------------|-----------|------------|
| Kane County, IL, School District General Obligation,                            School District No. 129 Aurora West Side, Series A, 5.75%, 2/1/2018                            (a)        |                                     | 4,370,000  |      | 4,736,425  |
| Southern, IL, University Revenue, Housing &                            Auxiliary Facilities System, Series A, 5.0%, 4/1/2015 (a)                                                      |                                     | 3,130,000  |      | 3,337,112  |
| Winnebago County, IL, School District General                            Obligation, School District No. 122, Series 3, 6.45%, 6/1/2008                            (a)                    |                                     | 1,500,000  |      | 1,529,790  |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **15,367,120**                           |
| **Indiana 1.0%**                                                                                                                                                                          |                                     |
| Indiana, Health & Educational Facility Financing                            Authority, Hospital Revenue, Community Foundation Northwest, 5.5%,                            3/1/2037    |                                     | 1,750,000  |      | 1,677,427  |
| Indiana, Hospital & Healthcare Revenue, Health                            Facilities Finance Authority, Greenwood Village South Project, 5.625%,                            5/15/2028 |                                     | 1,000,000  |      | 968,550    |
| Indiana, Senior Care Revenue, Health Facilities                            Finance Authority, Franciscan Eldercare Community Services, 5.875%,                            5/15/2029       |                                     | 2,300,000  |      | 2,291,651  |
| North Manchester, IN, Senior Care Revenue, 7.25%,                            7/1/2033                                                                                                     |                                     | 3,000,000  |      | 3,070,650  |
| St. Joseph County, IN, Economic Development Revenue,                            Holy Cross Village, Notre Dame Project, Series A, 6.0%,                            5/15/2026              |                                     | 235,000    |      | 237,752    |
| Vigo County, IN, Hospital Authority Revenue, Union                            Hospital, Inc., 144A, 5.5%, 9/1/2027                                                                        |                                     | 1,000,000  |      | 942,770    |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **9,188,800**                            |
| **Iowa 0.9%**                                                                                                                                                                             |                                     |
| Cedar Rapids, IA, First Mortgage Revenue, Cottage                            Grove Place, Series A, 5.875%, 7/1/2028                                                                      |                                     | 5,335,000  |      | 4,893,689  |
| Wapello County, IA, Hospital & Healthcare                            Revenue, Ottumwa Regional Health Center Project, 6.375%,                            10/1/2031                    |                                     | 3,000,000  |      | 3,348,780  |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **8,242,469**                            |
| **Kansas 2.1%**                                                                                                                                                                           |                                     |
| Lenexa, KS, Hospital & Healthcare Revenue, Series                            C, 6.875%, 5/15/2032                                                                                     |                                     | 1,750,000  |      | 1,991,167  |
| Manhattan, KS, Senior Care Revenue, Meadowlark Hills                            Retirement, Series A, 6.5%, 5/15/2028                                                                     |                                     | 1,000,000  |      | 1,054,850  |
| Overland Park, KS, Industrial Development Revenue,                            Series A, 7.375%, 1/1/2032                                                                                  |                                     | 8,000,000  |      | 8,432,240  |
| Wichita, KS, Hospital & Healthcare                            Revenue:                                                                                                                |                                     |
|                                                                                                                                                                                      | Series 3, 5.5%, 11/15/2025               |       | 1,300,000 |       | 1,331,460 |
|                                                                                                                                                                                      | Series 3, 5.625%, 11/15/2031             |       | 3,750,000 |       | 3,841,275 |
| Wyandotte County, KS, Unified Government Special                            Obligation Revenue, Sales Tax, Series B, 5.0%, 12/1/2020                                                      |                                     | 3,600,000  |      | 3,533,076  |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **20,184,068**                           |
| **Kentucky 1.0%**                                                                                                                                                                         |                                     |
| Kentucky, Economic Development Finance Authority,                            Health System Revenue, Norton Healthcare:                                                                    |                                     |
|                                                                                                                                                                                      | Series A, Prerefunded, 6.625%, 10/1/2028 |       | 4,305,000 |       | 4,703,729 |
|                                                                                                                                                                                      | Series A, 6.625%, 10/1/2028              |       | 1,195,000 |       | 1,279,307 |
| Kentucky, Transportation/Tolls Revenue, State                            Turnpike Authority, Revitalization Project, Series A, 5.5%, 7/1/2014                            (a)              |                                     | 3,210,000  |      | 3,528,432  |
|                                                                                                                                                                                           |
|                                                                                                                                                                                      | **9,511,468**                            |
| **Maryland 3.6%**                                                                                                                                                                         |                                     |
| Anne Arundel County, MD, General Obligation, National                            Business Park Project, Prerefunded, 144A, 7.375%, 7/1/2028                                               |                                     | 1,966,000  |      | 2,185,091  |
| Maryland, Higher Education Revenue, Collegiate                            Housing Foundation, Series A, Prerefunded, 5.75%, 6/1/2031                                                      |                                     | 1,000,000  |      | 1,052,560  |
| Maryland, Hospital & Healthcare Revenue,                            University of Maryland Medical System, 6.75%, 7/1/2030                                                            |                                     | 2,500,000  |      | 2,728,150  |
| Maryland, Project Revenue, Economic Development                            Corp., Chesapeake Bay, Series B, 7.625%, 12/1/2022                                                             |                                     | 12,000,000 |      | 13,088,760 |
| Maryland, State & Local Facilities Loan, Second                            Series, 5.0%, 8/1/2022                                                                                     |                                     | 10,000,000 |      | 10,572,400 |
|                                                                                                                                                                                           |                                          |            |           |            |  |  |  |

 

 

 

| Maryland, State Health & Higher Educational                            Facilities Authority Revenue, King Farm Presbyterian Community, Series                            B, 4.75%, 1/1/2013               |                         | 5,000,000  |      | 4,910,850  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|------------|-----------|------------|
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **34,537,811**               |
| **Massachusetts 5.0%**                                                                                                                                                                                        |                         |
| Boston, MA, Industrial Development Financing                            Authority Revenue, Crosstown Center Project, AMT:                                                                                     |                         |
|                                                                                                                                                                                                          | 6.5%, 9/1/2035               |       | 3,955,000 |       | 3,991,426 |
|                                                                                                                                                                                                          | 8.0%, 9/1/2035               |       | 990,000   |       | 973,299 |
| Massachusetts, Health & Educational Facilities                            Authority Revenue, Caritas Christi Obligation, Series B, 6.25%,                            7/1/2022                             |                         | 1,750,000  |      | 1,822,992  |
| Massachusetts, Health & Educational Facilities                            Authority Revenue, Milford-Whitinsville Hospital, Series D, 6.5%,                            7/15/2023                          |                         | 2,685,000  |      | 3,023,686  |
| Massachusetts, Hospital & Healthcare Revenue,                            Health & Educational Facilities Authority, Civic Investments,                            Series A, 9.0%, 12/15/2015          |                         | 3,800,000  |      | 4,591,806  |
| Massachusetts, Hospital & Healthcare Revenue,                            Health & Educational Facilities Authority, Partners Healthcare                            System, Series B, 5.125%, 7/1/2019 |                         | 1,185,000  |      | 1,211,307  |
| Massachusetts, Hospital & Healthcare Revenue,                            Health & Educational Facilities Authority, South Shore                            Hospital:                                  |                         |
|                                                                                                                                                                                                          | Series F, 5.625%, 7/1/2019   |       | 1,000,000 |       | 1,023,580 |
|                                                                                                                                                                                                          | Series F, 5.75%, 7/1/2029    |       | 4,000,000 |       | 4,081,120 |
| Massachusetts, Industrial Development Revenue,                            Development Finance Agency, Series A, 7.1%, 7/1/2032                                                                                |                         | 3,795,000  |      | 3,897,541  |
| Massachusetts, Project Revenue, Health &                            Educational Facilities Authority, Series B, 9.15%,                            12/15/2023                                              |                         | 2,000,000  |      | 2,504,000  |
| Massachusetts, Project Revenue, Health &                            Educational Facilities Authority, Jordan Hospital, Series E, 6.75%,                            10/1/2033                              |                         | 7,450,000  |      | 7,841,050  |
| Massachusetts, State Health & Educational                            Facilities Authority Revenue, Milford Regional Medical Center, Series                            E, 5.0%, 7/15/2022                  |                         | 2,250,000  |      | 2,137,680  |
| Massachusetts, State Water Resources Authority,                            Series A, 5.25%, 8/1/2016 (a)                                                                                                      |                         | 10,000,000 |      | 10,908,300 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **48,007,787**               |
| **Michigan 2.9%**                                                                                                                                                                                             |                         |
| Delta County, MI, Pollution Control Revenue, Economic                            Development Corp., Series A, 6.25%, 4/15/2027                                                                                |                         | 5,000,000  |      | 5,533,550  |
| Detroit, MI, Sales & Special Tax Revenue,                            Downtown Development Authority:                                                                                                      |                         |
|                                                                                                                                                                                                          | Zero Coupon, 7/1/2011        |       | 3,150,000 |       | 2,670,979 |
|                                                                                                                                                                                                          | Zero Coupon, 7/1/2012        |       | 3,150,000 |       | 2,551,217 |
| Detroit, MI, School District General                            Obligation:                                                                                                                                   |                         |
|                                                                                                                                                                                                          | Series A, 5.5%, 5/1/2016 (a) |       | 1,500,000 |       | 1,616,340 |
|                                                                                                                                                                                                          | Series A, 5.5%, 5/1/2018 (a) |       | 1,565,000 |       | 1,686,381 |
|                                                                                                                                                                                                          | Series A, 5.5%, 5/1/2019 (a) |       | 1,200,000 |       | 1,293,072 |
| Detroit, MI, Sewer Disposal Revenue, Series D, 4.191%                            *, 7/1/2032 (a)                                                                                                              |                         | 1,615,000  |      | 1,590,969  |
| Kalamazoo, MI, Industrial Development Revenue,                            Economic Development Corp., Series A, 7.5%, 5/15/2029                                                                               |                         | 2,000,000  |      | 2,209,500  |
| Kentwood, MI, Economic Development, Limited                            Obligation, Holland Home, Series A, 5.375%, 11/15/2036                                                                                 |                         | 2,000,000  |      | 1,863,600  |
| Kentwood, MI, Industrial Development Revenue,                            Economic Development, Series A, 6.0%, 11/15/2032                                                                                     |                         | 1,750,000  |      | 1,832,303  |
| Michigan, Senior Care Revenue, Strategic Fund                            Limited, 5.75%, 11/15/2018                                                                                                           |                         | 1,500,000  |      | 1,543,815  |
| Michigan, State Hospital Finance Authority Revenue,                            Henry Ford Health System, Series A, 5.0%, 11/15/2016                                                                           |                         | 1,125,000  |      | 1,163,340  |
| Saginaw, MI, Hospital & Healthcare Revenue,                            Hospital Finance Authority, Covenant Medical Center, Series F, 6.5%,                            7/1/2030                           |                         | 2,000,000  |      | 2,130,740  |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **27,685,806**               |
| **Minnesota 0.2%**                                                                                                                                                                                            |                         |
| Duluth, MN, Economic Development Authority, Health                            Care Facilities Revenue, Benedictine Health Systems, St.                            Mary:                                       |                         |
|                                                                                                                                                                                                          | 5.375%, 2/15/2022            |       | 1,000,000 |       | 1,023,770 |
|                                                                                                                                                                                                               |                              |            |           |            |  |  |  |

 

 

 

|                                                                                                                                                                                                     | 5.5%, 2/15/2023              |      | 1,000,000 |          | 1,029,490 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|-----------|-----------|---------------|-----------|
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **2,053,260**                |
| **Mississippi 0.1%**                                                                                                                                                                                     |                         |
| Mississippi, Sales & Special Tax Revenue,                            Development Bank, Diamond Lakes Utilities, Series A, 6.25%,                            12/1/2017                                |                         | 1,200,000 |      | **1,202,388** |
| **Missouri 2.2%**                                                                                                                                                                                        |                         |
| Branson, MO, Regional Airport Transportation                            Development, District Airport Revenue, Series B, AMT, 6.0%,                            7/1/2037                                  |                         | 1,250,000 |      | 1,181,300     |
| Florissant, MO, Industrial Development Revenue,                            Desmet Acquisition, Series A, 8.5%, 8/15/2030                                                                                 |                         | 6,505,000 |      | 7,029,108     |
| Florissant, MO, Industrial Development Revenue, St.                            Catherine Acquisition, Series B, 9.0%, 8/15/2030                                                                          |                         | 3,070,000 |      | 3,315,017     |
| Kansas City, MO, Industrial Development Authority,                            Health Facilities Revenue, First Mortgage, Bishop Spencer, Series A,                            6.5%, 1/1/2035             |                         | 1,000,000 |      | 1,026,530     |
| Missouri, Hospital & Healthcare Revenue, Health                            & Educational Facilities Authority, Washington University, Series                            A, 5.5%, 6/15/2016       |                         | 7,600,000 |      | 8,458,724     |
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **21,010,679**               |
| **Nebraska 0.3%**                                                                                                                                                                                        |                         |
| Nebraska, Central Plains Energy Project Revenue,                            Project No. 1, Series A, 5.25%, 12/1/2021                                                                                    |                         | 3,000,000 |      | **3,092,550** |
| **Nevada 1.7%**                                                                                                                                                                                          |                         |
| Clark County, NV, County General Obligation, 5.5%,                            6/1/2015 (a)                                                                                                               |                         | 5,000,000 |      | 5,315,350     |
| Las Vegas, NV, Transportation/Tolls Revenue, Las                            Vegas Monorail Project, 7.375%, 1/1/2030                                                                                     |                         | 6,000,000 |      | 6,035,880     |
| Reno, NV, Hospital Revenue, Renown Regional Medical                            Center Project, Series A, 5.0%, 6/1/2027                                                                                  |                         | 5,000,000 |      | 4,919,500     |
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **16,270,730**               |
| **New Hampshire 0.9%**                                                                                                                                                                                   |                         |
| New Hampshire, Health & Education Facilities                            Authority Revenue, Havenwood Heritage Heights, Series A, 5.35%,                            1/1/2026                          |                         | 1,035,000 |      | 981,532       |
| New Hampshire, Higher Education Revenue, Health &                            Educational Facilities Authority, New Hampshire College Issue, 7.4%,                            1/1/2023                |                         | 2,000,000 |      | 2,243,260     |
| New Hampshire, Senior Care Revenue, Health &                            Educational Facilities Authority, New Hampshire Catholic Charities,                            5.8%, 8/1/2022                |                         | 2,760,000 |      | 2,765,824     |
| New Hampshire, Senior Care Revenue, Health &                            Educational Facilities Authority, Rivermead at Peterborough:                                                                 |                         |
|                                                                                                                                                                                                     | 5.5%, 7/1/2013               |      | 1,485,000 |          | 1,491,831 |
|                                                                                                                                                                                                     | 5.625%, 7/1/2018             |      | 1,615,000 |          | 1,616,534 |
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **9,098,981**                |
| **New Jersey 1.7%**                                                                                                                                                                                      |                         |
| Middlesex County, NJ, Pollution Control Authority                            Revenue, Pollution Control Amerada, 6.05%, 9/15/2034                                                                        |                         | 1,000,000 |      | 1,034,960     |
| New Jersey, Economic Development Authority Revenue,                            Cigarette Tax, 5.75%, 6/15/2034                                                                                           |                         | 1,165,000 |      | 1,211,623     |
| New Jersey, Economic Development Authority Revenue,                            Motor Vehicle Surplus Revenue:                                                                                            |                         |
|                                                                                                                                                                                                     | Series A, 5.0%, 7/1/2022 (a) |      | 1,430,000 |          | 1,478,377 |
|                                                                                                                                                                                                     | Series A, 5.0%, 7/1/2023 (a) |      | 1,770,000 |          | 1,824,605 |
| New Jersey, Economic Development Authority Revenue,                            United Methodist Homes, Series A-2, 6.625%, 7/1/2033                                                                      |                         | 2,500,000 |      | 2,678,200     |
| New Jersey, Industrial Development Revenue, Economic                            Development Authority, Harrogate, Inc., Series A, 5.875%,                            12/1/2026                           |                         | 1,425,000 |      | 1,430,643     |
| New Jersey, Tobacco Settlement Financing Corp.,                            6.25%, 6/1/2043                                                                                                               |                         | 5,500,000 |      | 6,179,195     |
|                                                                                                                                                                                                          |
|                                                                                                                                                                                                     | **15,837,603**               |
| **New York 5.0%**                                                                                                                                                                                        |                         |
| Brookhaven, NY, Hospital & Healthcare Revenue,                            Industrial Development Authority, Memorial Hospital Medical Center,                            Series A, 8.25%, 11/15/2030 |                         | 3,000,000 |      | 3,403,920     |
| New York, Liberty Development Corp. Revenue, National                            Sports Museum Project, Series A, 6.125%, 2/15/2019                                                                      |                         | 2,500,000 |      | 2,535,450     |
|                                                                                                                                                                                                          |                              |           |           |               |           |  |  |

 

 

 

| New York, State Agency General Obligation Lease,                            Metropolitan Transportation Authority, Series O, ETM, 5.75%,                            7/1/2013                           |                                  | 2,750,000  |      | 2,916,210     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------------|-----------|---------------|
| New York, State Dormitory Authority, Personal Income                            Tax Revenue, Series F, 5.0%, 3/15/2017 (a)                                                                             |                                  | 3,000,000  |      | 3,193,140     |
| New York, State General Obligation, Tobacco                            Settlement Financing Corp., Series A-1, 5.5%, 6/1/2019                                                                          |                                  | 2,750,000  |      | 2,925,698     |
| New York, State Thruway Authority, Highway &                            Bridge Trust Fund, Series B, 5.0%, 4/1/2016 (a)                                                                            |                                  | 2,500,000  |      | 2,671,125     |
| New York, Transportation/Tolls Revenue,                            Transportation Authority, Series A, 5.75%, 7/1/2018                                                                                 |                                  | 7,000,000  |      | 7,906,850     |
| New York City, NY, Industrial Development Agency                            Revenue, Liberty-7, World Trade Center, Series A, 6.25%,                            3/1/2015                               |                                  | 8,000,000  |      | 8,362,720     |
| New York City, NY, Industrial Development Agency,                            Special Facility Revenue, American Airlines, JFK International Airport,                            AMT:                   |                                  |
|                                                                                                                                                                                                   | 7.75%, 8/1/2031                       |       | 5,000,000 |          | 5,744,400 |
|                                                                                                                                                                                                   | 8.0%, 8/1/2028                        |       | 3,000,000 |          | 3,475,680 |
| New York City, NY, Transitional Finance Authority                            Revenue:                                                                                                                  |                                  |
|                                                                                                                                                                                                   | Series B, 5.5%, 2/1/2016              |       | 1,580,000 |          | 1,678,576 |
|                                                                                                                                                                                                   | Series B, Prerefunded, 5.5%, 2/1/2016 |       | 420,000   |          | 449,072 |
| New York, NY, Hospital & Healthcare Revenue,                            Industrial Development Agency, British Airways PLC Project, AMT,                            7.625%, 12/1/2032              |                                  | 1,500,000  |      | 1,627,275     |
| Orange County, NY, Senior Care Revenue, Industrial                            Development Agency, The Glen Arden Project, 5.7%, 1/1/2028                                                               |                                  | 1,250,000  |      | 1,214,025     |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **48,104,141**                        |
| **North Carolina 0.5%**                                                                                                                                                                                |                                  |
| North Carolina, Electric Revenue, Municipal Power                            Agency:                                                                                                                   |                                  |
|                                                                                                                                                                                                   | Series F, 5.5%, 1/1/2016              |       | 1,000,000 |          | 1,028,970 |
|                                                                                                                                                                                                   | Series F, 5.5%, 1/1/2017              |       | 1,495,000 |          | 1,534,782 |
|                                                                                                                                                                                                   | Series B, 6.375%, 1/1/2013            |       | 2,075,000 |          | 2,187,071 |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **4,750,823**                         |
| **North Dakota 0.4%**                                                                                                                                                                                  |                                  |
| Grand Forks, ND, Hospital & Healthcare Revenue,                            Altru Health Care System, 7.125%, 8/15/2024                                                                             |                                  | 3,750,000  |      | **4,126,162** |
| **Ohio 1.1%**                                                                                                                                                                                          |                                  |
| Franklin County, OH, Hospital & Healthcare                            Revenue, Health Care Facilities, Ohio Presbyterian Retirement Service,                            Series A, 7.125%, 7/1/2029 |                                  | 1,000,000  |      | 1,125,010     |
| Ohio, Industrial Development Revenue, Building                            Authority, Adult Correction Facilities, Series A, 5.5%, 10/1/2013                            (a)                             |                                  | 5,860,000  |      | 6,236,271     |
| Ohio, Transportation/Tolls Revenue, Turnpike                            Authority, Series B, 5.5%, 2/15/2013 (a)                                                                                       |                                  | 3,000,000  |      | 3,256,020     |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **10,617,301**                        |
| **Oregon 1.1%**                                                                                                                                                                                        |                                  |
| Clackamas County, OR, North Clackamas School District                            No. 12, Series B, Zero Coupon, 6/15/2023 (a)                                                                          |                                  | 10,420,000 |      | 9,010,903     |
| Medford, OR, Hospital Facilities Authority Revenue,                            Cascade Manor Project, 3.96% *, 7/1/2036, KBC Bank NV (b)                                                               |                                  | 1,380,000  |      | 1,380,000     |
|                                                                                                                                                                                                        |
|                                                                                                                                                                                                   | **10,390,903**                        |
|  

**Pennsylvania 4.3%**                                                                                                                                                                          |                                  |
| Allegheny County, PA, Hospital & Healthcare                            Revenue, Hospital Development Authority, West Pennsylvania Allegheny                            Health Services:            |                                  |
|                                                                                                                                                                                                   | Series B, 9.25%, 11/15/2022           |       | 2,000,000 |          | 2,361,980 |
|                                                                                                                                                                                                   | Series B, 9.25%, 11/15/2030           |       | 4,630,000 |          | 5,467,984 |
| Bucks County, PA, Industrial Development Authority,                            Retirement Community Revenue, Ann's Choice, Inc. Facility, Series A,                            6.25%, 1/1/2035         |                                  | 2,250,000  |      | 2,271,398     |
| Chester County, PA, Senior Care Revenue, Health &                            Education Facilities Authority, Jenners Pond, Inc. Project, 7.625%,                            7/1/2034               |                                  | 1,750,000  |      | 2,065,245     |
|                                                                                                                                                                                                        |                                       |            |           |               |  |  |  |

 

 

 

| Delaware County, PA, Project Revenue, Authority First                            Management, White Horse Village Project, Series A, 7.625%,                            7/1/2030                              |                                      | 1,000,000 |      | 1,109,740     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|-----------|-----------|---------------|
| Delaware Valley, PA, County General Obligation,                            Regional Financial Authority, 5.75%, 7/1/2017                                                                                     |                                      | 6,250,000 |      | 6,970,062     |
| Montgomery County, PA, Industrial Development                            Authority Revenue, Whitemarsh Continuing Care, 6.25%,                            2/1/2035                                           |                                      | 2,400,000 |      | 2,426,040     |
| Montgomery County, PA, Senior Care Revenue, Higher                            Education & Health Authority, Philadelphia Geriatric Center, Series                            A, 7.25%, 12/1/2027         |                                      | 3,125,000 |      | 3,393,062     |
| Pennsylvania, Hospital & Healthcare Revenue,                            Economic Development Financing Authority, UPMC Health System, Series A,                            6.0%, 1/15/2031               |                                      | 5,095,000 |      | 5,416,291     |
| Pennsylvania, Sales & Special Tax Revenue,                            Economic Development Financing Authority, Amtrak Project, AMT, Series                            A, 6.125%, 11/1/2021              |                                      | 700,000   |      | 725,732       |
| Pennsylvania, State General Obligation, 5.0%,                            1/1/2017                                                                                                                            |                                      | 4,000,000 |      | 4,261,920     |
| Westmoreland County, PA, Industrial Development                            Authority Revenue, Redstone Retirement Community, Series A, 5.875%,                            1/1/2032                           |                                      | 1,000,000 |      | 989,690       |
| Westmoreland County, PA, Senior Care Revenue,                            Industrial Development Authority, Health Care Facilities-Redstone,                            Series B, 8.125%, 11/15/2030          |                                      | 3,000,000 |      | 3,385,410     |
|                                                                                                                                                                                                              |
|                                                                                                                                                                                                         | **40,844,554**                            |
| **Puerto Rico 0.2%**                                                                                                                                                                                         |                                      |
| Commonwealth of Puerto Rico, Government Development                            Bank, Series B, 5.0%, 12/1/2015                                                                                               |                                      | 1,470,000 |      | **1,545,646** |
| **Rhode Island 0.2%**                                                                                                                                                                                        |                                      |
| Rhode Island, Special Assessment Revenue, Series A,                            6.125%, 6/1/2032                                                                                                              |                                      | 1,750,000 |      | **1,788,045** |
| **South Carolina 2.9%**                                                                                                                                                                                      |                                      |
| Berkeley County, SC, General Obligation, School                            District:                                                                                                                         |                                      |
|                                                                                                                                                                                                         | Prerefunded, 5.5%, 1/15/2017 (a)          |      | 620,000   |          | 670,028 |
|                                                                                                                                                                                                         | 5.5%, 1/15/2017 (a)                       |      | 8,350,000 |          | 9,023,761 |
| Charleston County, SC, Hospital Facilities Revenue,                            CareAlliance Health Services, 3.96% *, 8/15/2030, Bank of America NA                            (b)                           |                                      | 1,000,000 |      | 1,000,000     |
| Greenwood County, SC, Hospital & Healthcare                            Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031                                                                        |                                      | 1,500,000 |      | 1,520,970     |
| South Carolina, Hospital & Healthcare Revenue,                            Jobs Economic Development Authority, Bon Secours Health Systems, Inc.,                            Series A, 5.625%, 11/15/2030 |                                      | 5,000,000 |      | 5,085,150     |
| South Carolina, Jobs Economic Development Authority,                            Hospital Facilities Revenue, Palmetto Health Alliance:                                                                       |                                      |
|                                                                                                                                                                                                         | Series C, Prerefunded, 7.0%, 8/1/2030     |      | 4,820,000 |          | 5,606,624 |
|                                                                                                                                                                                                         | Series C, 7.0%, 8/1/2030                  |      | 600,000   |          | 696,372 |
|                                                                                                                                                                                                         | Series A, Prerefunded, 7.375%, 12/15/2021 |      | 3,500,000 |          | 3,952,795 |
|                                                                                                                                                                                                              |
|                                                                                                                                                                                                         | **27,555,700**                            |
| **South Dakota 0.1%**                                                                                                                                                                                        |                                      |
| South Dakota, State Health & Educational                            Facilities Authority Revenue, Sanford Health, 5.0%,                            11/1/2027                                             |                                      | 1,000,000 |      | **1,005,650** |
| **Tennessee 2.9%**                                                                                                                                                                                           |                                      |
| Clarksville, TN, Natural Gas Acquisition Corp., Gas                            Revenue:                                                                                                                      |                                      |
|                                                                                                                                                                                                         | 5.0%, 12/15/2017                          |      | 2,500,000 |          | 2,555,325 |
|                                                                                                                                                                                                         | 5.0%, 12/15/2018                          |      | 2,160,000 |          | 2,207,563 |
| Elizabethton, TN, Hospital & Healthcare Revenue,                            Health & Educational Facilities Board, Series B, 8.0%,                            7/1/2033                               |                                      | 3,000,000 |      | 3,432,510     |
| Johnson City, TN, Hospital & Healthcare Revenue,                            Health & Educational Facilities Board Hospital, Series A, 7.5%,                            7/1/2033                      |                                      | 5,000,000 |      | 5,672,850     |
| Shelby County, TN, Health Educational & Housing                            Facility Board, Hospital Revenue, Methodist Health Care:                                                                      |                                      |
|                                                                                                                                                                                                         | EMT, 6.5%, 9/1/2026                       |      | 1,870,000 |          | 2,109,285 |
|                                                                                                                                                                                                         | Prerefunded, 6.5%, 9/1/2026               |      | 3,130,000 |          | 3,530,515 |
| Tennessee, Energy Acquisition Corp., Gas Revenue,                            Series A, 5.25%, 9/1/2018                                                                                                       |                                      | 8,000,000 |      | 8,343,120     |
|                                                                                                                                                                                                              |
|                                                                                                                                                                                                         | **27,851,168**                            |
|                                                                                                                                                                                                              |                                           |           |           |               |  |  |  |

 

 

 

| **Texas 10.1%**                                                                                                                                                                                                  |                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
| Abilene, TX, Hospital & Healthcare Revenue,                            Health Facilities, Sears Methodist Retirement Facilities, Series A,                            7.0%, 11/15/2033                       |                           | 3,500,000 |   | 3,774,330 |
| Abilene, TX, Senior Care Revenue, Health Facilities                            Development, Sears Methodist Retirement Facilities, Series A, 5.9%,                            11/15/2025                         |                           | 2,500,000 |   | 2,487,325 |
| Austin, TX, Project Revenue, Bergstrom Landhost                            Enterprises, Inc. Airport Hotel Project, Series A, 4.388%,                            4/1/2027**                                      |                           | 4,950,000 |   | 3,864,366 |
| Conroe, TX, Independent School District, School                            Building:                                                                                                                             |                           |
|                                                                                                                                                                                                             | 5.0%, 2/15/2024                |   | 3,710,000 |   | 3,814,214 |
|                                                                                                                                                                                                             | 5.0%, 2/15/2025                |   | 4,315,000 |   | 4,424,040 |
| Fort Bend, TX, General Obligation, Independent School                            District, Series A, 5.25%, 8/15/2025                                                                                            |                           | 4,445,000 |   | 4,620,577 |
| Harris County, TX, Health Facilities Development                            Corp., Hospital Revenue, Memorial Hermann Healthcare Systems, Series A,                            5.125%, 12/1/2023                 |                           | 1,175,000 |   | 1,186,950 |
| Harris County, TX, Hospital & Healthcare Revenue,                            Health Facilities Development Corp., Memorial Hermann Healthcare                            Systems, Series A, 6.375%, 6/1/2029 |                           | 4,460,000 |   | 4,902,521 |
| Hidalgo County, TX, Health Services, Mission                            Hospital:                                                                                                                                |                           |
|                                                                                                                                                                                                             | Prerefunded, 6.75%, 8/15/2016  |   | 1,605,000 |   | 1,649,523 |
|                                                                                                                                                                                                             | 6.75%, 8/15/2016               |   | 1,895,000 |   | 1,935,724 |
|                                                                                                                                                                                                             | Prerefunded, 6.875%, 8/15/2026 |   | 2,290,000 |   | 2,356,067 |
|                                                                                                                                                                                                             | 6.875%, 8/15/2026              |   | 2,710,000 |   | 2,767,289 |
| Houston, TX, Transportation/Tolls Revenue, Special                            Facilities, Continental Airlines, Inc., AMT, Series E, 6.75%,                            7/1/2029                                  |                           | 10,100,000 |   | 10,419,867 |
| Jefferson County, TX, County General                            Obligation:                                                                                                                                      |                           |
|                                                                                                                                                                                                             | 5.75%, 8/1/2015 (a)            |   | 3,075,000 |   | 3,336,344 |
|                                                                                                                                                                                                             | 5.75%, 8/1/2017 (a)            |   | 1,185,000 |   | 1,280,748 |
| Lubbock, TX, Health Facilities Development Corp.                            Revenue, First Mortgage Carillon Project, Series A, 6.5%,                            7/1/2019                                        |                           | 2,395,000 |   | 2,529,024 |
| Plano, TX, Independent School District:                                                                                                                                                                          |                           |
|                                                                                                                                                                                                             | Prerefunded, 5.375%, 2/15/2016 |   | 3,300,000 |   | 3,477,705 |
|                                                                                                                                                                                                             | 5.375%, 2/15/2016              |   | 1,700,000 |   | 1,785,850 |
| San Antonio, TX, Gas & Electric System, 5.375%,                            2/1/2020                                                                                                                          |                           | 2,500,000 |   | 2,665,425 |
| Tarrant County, TX, Cultural Educational Facilities                            Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%,                            2/15/2022                               |                           | 2,000,000 |   | 2,026,280 |
| Tarrant County, TX, Hospital & Healthcare                            Revenue, Health Facilities Development Corp., 6.7%,                            11/15/2030                                               |                           | 2,500,000 |   | 2,744,800 |
| Texas, Industrial Development Revenue, Waste Disposal                            Authority, AMT, Series A, 6.1%, 8/1/2024                                                                                        |                           | 5,000,000 |   | 5,154,550 |
| Texas, North East Independent School District, School                            Building, Series A, 5.0%, 8/1/2024                                                                                              |                           | 10,000,000 |   | 10,343,500 |
| Texas, Water & Sewer Revenue, Waste Disposal                            Authority, AMT, 6.65%, 4/1/2032                                                                                                      |                           | 2,000,000 |   | 2,089,900 |
| Tom Green County, TX, Hospital & Healthcare                            Revenue, Health Facilities Development Corp., Shannon Health System                            Project, 6.75%, 5/15/2021              |                           | 1,000,000 |   | 1,053,410 |
| Travis County, TX, Hospital & Healthcare Revenue,                            Health Facilities Development Corp., Ascension Health, Series A,                            Prerefunded, 6.25%, 11/15/2015 (a)  |                           | 10,000,000 |   | 10,628,000 |
|                                                                                                                                                                                                                  |
|                                                                                                                                                                                                             | **97,318,329**                 |
| **Utah 0.2%**                                                                                                                                                                                                    |                           |
| Salt Lake City, UT, Hospital & Healthcare                            Revenue, IHC Hospitals, Inc., 6.15%, 2/15/2012                                                                                          |                           | 2,000,000 |   | **2,179,040** |
| **Vermont 0.1%**                                                                                                                                                                                                 |                           |
| Vermont, Multi-Family Housing Revenue, Housing                            Finance Agency, Northgate Project, AMT, 144A, 8.25%, 6/15/2020                            (c)                                          |                           | 795,000 |   | **795,541** |
| **Virginia 1.1%**                                                                                                                                                                                                |                           |
| Fairfax County, VA, Hospital & Healthcare                            Revenue, Economic Development Authority, Greenspring Retirement                            Community, Series A, 7.25%, 10/1/2019        |                           | 3,000,000 |   | 3,253,500 |
| Virginia, Peninsula Town Center Community Development                            Authority Revenue, Special Obligation, 6.45%, 9/1/2037 (e)                                                                      |                           | 3,000,000 |   | 3,012,060 |
| Virginia, Senior Care Revenue, 7.375%,                            12/1/2032                                                                                                                                      |                           | 3,500,000 |   | 4,180,330 |
|                                                                                                                                                                                                                  |
|                                                                                                                                                                                                             | **10,445,890**                 |
|                                                                                                                                                                                                                  |                                |  |  |  |  |  |  |

 

 

 

| **Washington 5.8%**                                                                                                                                                                                               |                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Port Seattle, WA, Airport Revenue, Series B, AMT,                            6.0%, 2/1/2014 (a)                                                                                                                   |                                                                                                                                                                                                                                       | 4,885,000 |   | 5,385,859 |
| Tacoma, WA, Electric Revenue, Series A, 5.75%,                            1/1/2016 (a)                                                                                                                            |                                                                                                                                                                                                                                       | 5,000,000 |   | 5,366,700 |
| Washington, Electric Revenue, Energy Northeast                            Electric, Series A, 5.75%, 7/1/2018 (a)                                                                                                 |                                                                                                                                                                                                                                       | 3,500,000 |   | 3,768,940 |
| Washington, Electric Revenue, Energy Northwest,                            Columbia Station, Series A, 5.0%, 7/1/2024                                                                                             |                                                                                                                                                                                                                                       | 10,000,000 |   | 10,305,400 |
| Washington, Electric Revenue, Public Power Supply                            System, Nuclear Project No. 2, Series A, 6.3%, 7/1/2012                                                                              |                                                                                                                                                                                                                                       | 10,000,000 |   | 11,062,100 |
| Washington, Electric Revenue, Public Power Supply                            System, Nuclear Project No. 3, Series B, 7.125%, 7/1/2016                                                                            |                                                                                                                                                                                                                                       | 2,500,000 |   | 3,044,125 |
| Washington, State Housing Finance Commission,                            Multi-Family Revenue, Park Vista Retirement Project, Series A, AMT,                            3.95% *, 3/1/2041, Bank of America NA (b) |                                                                                                                                                                                                                                       | 3,100,000 |   | 3,100,000 |
| Washington, Various Purpose, Series 2007-A, 5.0%,                            7/1/2023 (a)                                                                                                                         |                                                                                                                                                                                                                                       | 10,000,000 |   | 10,371,600 |
| Whatcom County, WA, General Obligation, Washington                            School District No. 503, 5.5%, 12/1/2014 (a)                                                                                        |                                                                                                                                                                                                                                       | 3,375,000 |   | 3,598,155 |
|                                                                                                                                                                                                                   |
|                                                                                                                                                                                                              | **56,002,879**                                                                                                                                                                                                                             |
| **West Virginia 0.6%**                                                                                                                                                                                            |                                                                                                                                                                                                                                       |
| West Virginia, Hospital & Healthcare Revenue,                            Hospital Finance Authority, Charleston Medical Center, 6.75%,                            9/1/2030                                    |                                                                                                                                                                                                                                       | 980,000 |   | 1,036,664 |
| West Virginia, Hospital Finance Authority, Charleston                            Medical Center, Prerefunded, 6.75%, 9/1/2030                                                                                     |                                                                                                                                                                                                                                       | 4,020,000 |   | 4,400,573 |
|                                                                                                                                                                                                                   |
|                                                                                                                                                                                                              | **5,437,237**                                                                                                                                                                                                                              |
| **Wisconsin 1.8%**                                                                                                                                                                                                |                                                                                                                                                                                                                                       |
| Wisconsin, Hospital & Healthcare Revenue, Health                            & Education Facilities Authority, Aurora Health Care, Inc., 6.875%,                            4/15/2030                      |                                                                                                                                                                                                                                       | 5,000,000 |   | 5,354,350 |
| Wisconsin, State General Obligation, Series 1, 5.5%,                            5/1/2014 (a)                                                                                                                      |                                                                                                                                                                                                                                       | 8,410,000 |   | 9,222,742 |
| Wisconsin, State Health & Educational Facilities                            Authority Revenue, Beaver Dam Community Hospitals, Inc., Series A,                            6.75%, 8/15/2034                    |                                                                                                                                                                                                                                       | 2,500,000 |   | 2,657,174 |
|                                                                                                                                                                                                                   |
|                                                                                                                                                                                                              | **17,234,266**                                                                                                                                                                                                                             |
| **Multi-State 0.5%**                                                                                                                                                                                              |                                                                                                                                                                                                                                       |
| Non-Profit Preferred Funding Trust I, Series A1,                            4.22%, 9/15/2037                                                                                                                      |                                                                                                                                                                                                                                       | 5,000,000 |   | **4,920,700** |
|                                                                                                                                                                                                                   |
| **Total Municipal Bonds and Notes**(Cost $821,793,431)                                                                                                                                                            |                                                                                                                                                                                                                                       | **867,139,901** |
|                                                                                                                                                                                                              | **Municipal Inverse Floating Rate Notes                            24.2%**                                                                                                                                                                 |   |
| **California 2.2%**                                                                                                                                                                                               |                                                                                                                                                                                                                                       |
| California, State Department Water Resources, Power                            Supply Revenue, Series A, 5.375%, 5/1/2018 (a) (d)                                                                                 |                                                                                                                                                                                                                                       | 3,750,000 |   | 4,063,125 |
|                                                                                                                                                                                                              | *Trust:                            California, State Department Water Resources, Power Supply Revenue,                            Series 309, 144A, 6.515%, 5/1/2018, Leverage Factor at purchase date: 2                            to 1* |   |   |   |   |
| California, State General Obligation, 5.0%, 8/1/2020                            (d)                                                                                                                               |                                                                                                                                                                                                                                       | 10,400,000 |   | 10,823,592 |
|                                                                                                                                                                                                              | *Trust: California, Puttable Floating Option,                            Tax-Exempt Receipts, RITES-PA-1513,*

*144A, 7.22%, 8/1/2020, Leverage Factor at purchase                            date: 4 to 1*                                |   |   |   |   |
| California, State Economic Recovery, Series A, 5.25%,                            7/1/2015 (a)(d)                                                                                                                  |                                                                                                                                                                                                                                       | 5,800,000 |   | 6,246,281 |
|                                                                                                                                                                                                              | *Trust: California, State Economic Recovery, Series                            926, 144A, 6.092%,*

*7/1/2015, Leverage Factor at purchase date: 2 to                            1*                                                        |   |   |   |   |
|                                                                                                                                                                                                                   |
|                                                                                                                                                                                                              | **21,132,998**                                                                                                                                                                                                                             |
|  

**District of Columbia 1.3%**                                                                                                                                                                             |                                                                                                                                                                                                                                       |
| District of Columbia, Water & Sewer Authority,                            Public Utility Revenue,

6.0%, 10/1/2014 (a)                            (d)                                                         |                                                                                                                                                                                                                                       | 8,440,000 |   | 9,516,311 |
|                                                                                                                                                                                                              | *Trust: District of Columbia, Water & Sewer                            Authority, Public Utility Revenue,*

*RITES-PA-612A, 144A, 7.675%, 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)                            (d)                                                         |                                                                                                                                                                                                                                       | 2,310,000 |   | 2,645,631 |
|                                                                                                                                                                                                                   |                                                                                                                                                                                                                                            |  |  |  |  |  |  |  |

 

 

 

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

*RITES-PA-612B, 144A, 7.675%, 10/1/2016, Leverage                            Factor at purchase date: 2 to 1* |      |   |          |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|---------------|--------|
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **12,161,942**                                                                                                                                                                                                                |
| **Florida 0.8%**                                                                                                                                                                         |                                                                                                                                                                                                                          |
| Highlands County, FL, Health Facilities Authority                            Revenue, Adventist Health System, Series G, 5.125%, 11/15/2020                            (d)               |                                                                                                                                                                                                                          | 1,000,000 |   | 1,020,150     |
|                                                                                                                                                                                     | *Trust: Florida, Puttable Floating Option                            Tax-Exempt Receipts, RITES-PA-1508-A,*

*144A, 5.91%, 11/15/2020, Leverage Factor at                            purchase date: 2 to 1*                   |      |   |          |   |
| Highlands County, FL, Health Facilities Authority                            Revenue, Adventist Health System, Series G, 5.125%, 11/15/2021                            (d)               |                                                                                                                                                                                                                          | 2,000,000 |   | 2,032,880     |
|                                                                                                                                                                                     | *Trust: Florida, Puttable Floating Option                            Tax-Exempt Receipts, RITES-PA-1508-B,*

*144A, 5.91%, 11/15/2021, Leverage Factor at                            purchase date: 2 to 1*                   |      |   |          |   |
| Highlands County, FL, Health Facilities Authority                            Revenue, Adventist Health System, Series G, 5.125%, 11/15/2022                            (d)               |                                                                                                                                                                                                                          | 2,280,000 |   | 2,310,734     |
|                                                                                                                                                                                     | *Trust: Florida, Puttable Floating Option                            Tax-Exempt Receipts, RITES-PA-1508-C,*

*144A, 5.91%, 11/15/2022, Leverage Factor at                            purchase date: 2 to 1*                   |      |   |          |   |
| Highlands County, FL, Health Facilities Authority                            Revenue, Adventist Health System, Series G, 5.125%, 11/15/2023                            (d)               |                                                                                                                                                                                                                          | 2,425,000 |   | 2,452,374     |
|                                                                                                                                                                                     | *Trust: Florida, Puttable Floating Option                            Tax-Exempt Receipts, RITES-1508-D,*

*144A, 5.907%, 11/15/2023, Leverage Factor at                            purchase date: 2 to 1*                     |      |   |          |   |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **7,816,138**                                                                                                                                                                                                                 |
| **Illinois 1.4%**                                                                                                                                                                        |                                                                                                                                                                                                                          |
| Aurora, IL, Single Family Mortgage Revenue, Series C,                            AMT, 5.5%, 6/1/2045 (d)                                                                                 |                                                                                                                                                                                                                          | 7,000,000 |   | 7,356,650     |
|                                                                                                                                                                                     | *Trust: Illinois, Puttable Floating Option Tax                            Exempt Receipts, RITES-PA-1499, AMT,*

*144A, 9.1%, 6/1/2045, Leverage Factor at purchase                            date: 4 to 1*                  |      |   |          |   |
| Illinois, Municipal Electric Agency, Power Supply                            Revenue, Series A, 5.25%, 2/1/2023 (a) (d)                                                                  |                                                                                                                                                                                                                          | 3,500,000 |   | 3,688,108     |
| Illinois, Municipal Electric Agency, Power Supply                            Revenue, Series A, 5.25%, 2/1/2024 (a) (d)                                                                  |                                                                                                                                                                                                                          | 2,500,000 |   | 2,634,363     |
|                                                                                                                                                                                     | *Trust: Illinois, Municipal Electric Agency, Power                            Supply Revenue, Series 2094,*

*144A, 8.67%, 2/1/2015, Leverage Factor at purchase                            date: 4 to 1*                     |      |   |          |   |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **13,679,121**                                                                                                                                                                                                                |
| **Massachusetts 2.4%**                                                                                                                                                                   |                                                                                                                                                                                                                          |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2016 (a)                            (d)         |                                                                                                                                                                                                                          | 5,915,000 |   | 6,283,579     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2015 (a)                            (d)         |                                                                                                                                                                                                                          | 1,955,000 |   | 2,076,821     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2014 (a)                            (d)         |                                                                                                                                                                                                                          | 1,880,000 |   | 1,997,147     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Nuclear Project, Series 5-A, 5.25%,                            7/1/2015 (a) (d) |                                                                                                                                                                                                                          | 1,570,000 |   | 1,667,831     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Nuclear Project, Series 5-A, 5.25%,                            7/1/2014 (a) (d) |                                                                                                                                                                                                                          | 4,250,000 |   | 4,514,828     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Nuclear Project, Series 4-A, 5.25%,                            7/1/2015 (a) (d) |                                                                                                                                                                                                                          | 3,750,000 |   | 3,983,672     |
| Massachusetts, Municipal Wholesale Electric Co.,                            Power Supply, System Revenue Nuclear Project, Series 4-A, 5.25%,                            7/1/2014 (a) (d) |                                                                                                                                                                                                                          | 2,250,000 |   | 2,390,203     |
|                                                                                                                                                                                     | *Trust: Massachusetts, Municipal Wholesale Electric                            Co. Power Supply System*

*Revenue, Series 674, 144A, 8.235%, 7/1/2016,                            Leverage Factor at purchase date: 4 to 1*   |      |   |          |   |
|                                                                                                                                                                                          |
|                                                                                                                                                                                     | **22,914,081**                                                                                                                                                                                                                |
| **Michigan 0.8%**                                                                                                                                                                        |                                                                                                                                                                                                                          |
| Michigan State, Grant Anticipation Bonds, 5.25%,                            9/15/2023 (a) (d)                                                                                            |                                                                                                                                                                                                                          | 7,500,000 |   | **8,015,850** |
|                                                                                                                                                                                     | *Trust: Michigan State, Series 2081, 144A, 8.37%,                            3/15/2015,*

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

 

 

 

| **Nevada 0.8%**                                                                                                                                                                         |                                                                                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Clark County, NV, School District, Series A, 5.0%,                            6/15/2022 (a) (d)                                                                                         |                                                                                                                                                                                                                           | 7,327,500 |   | **7,720,072** |
|                                                                                                                                                                                    | *Trust: Clark County, NV, School District, Series                            1976, 144A, 7.373%, 6/15/2015,*

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

**New Jersey 1.1%**                                                                                                                                                             |                                                                                                                                                                                                                           |
| New Jersey, Economic Development Authority Revenue,                            School Facilities Construction, Series G, Prerefunded, 5.0%, 9/1/2019                            (a) (d) |                                                                                                                                                                                                                           | 10,125,000 |   | **10,787,034** |
|                                                                                                                                                                                    | *Trust: New Jersey, Economic Development Authority                            Revenue, RITES-PA-1253,*

*144A, 11.911%, 9/1/2011, Leverage Factor at                            purchase date: 10 to 1*                        |   |   |   |   |
|  

**New York 7.2%**                                                                                                                                                               |                                                                                                                                                                                                                           |
| New York, Long Island Power Authority, Electric                            System Revenue, Series D, 5.0%, 9/1/2023 (a) (d)                                                             |                                                                                                                                                                                                                           | 10,000,000 |   | 10,400,500 |
|                                                                                                                                                                                    | *Trust: New York, Long Island Power Authority,                            Electric System Revenue, Series 1914,*

*144A, 7.43%, 9/1/2014, Leverage Factor at purchase                            date: 4 to 1*                 |   |   |   |   |
| New York, Long Island Power Authority, Electric                            System Revenue, Series E, 5.0%, 12/1/2021 (a) (d)                                                            |                                                                                                                                                                                                                           | 4,000,000 |   | 4,185,140 |
|                                                                                                                                                                                    | *Trust: New York, Long Island Power Authority,                            Electric System Revenue, Series 1917,*

*144A, 7.43%, 12/1/2014, Leverage Factor at                            purchase date: 4 to 1*                |   |   |   |   |
| New York, Long Island Power Authority, Electric                            System Revenue, Series E, 5.0%, 12/1/2022 (a) (d)                                                            |                                                                                                                                                                                                                           | 16,075,000 |   | 16,769,575 |
|                                                                                                                                                                                    | *Trust: New York, Long Island Power Authority,                            Electric System Revenue, Series 1912*

*144A, 7.429%, 12/1/2014, Leverage Factor at                            purchase date: 4 to 1*                |   |   |   |   |
| California, State General Obligation, 5.0%, 6/1/2022                            (a) (d)                                                                                                 |                                                                                                                                                                                                                           | 8,000,000 |   | 8,397,800 |
|                                                                                                                                                                                    | *Trust: New York, Municipal Securities Trust                            Certificates, Series 7066, Class B, 144A,*

*7.535%,                            6/1/2022, Leverage Factor at purchase date: 4 to 1*                    |   |   |   |   |
| New York, Metropolitan Transportation Authority                            Revenue, Series A,

5.50%, 11/15/2016 (a)                            (d)                                     |                                                                                                                                                                                                                           | 10,000,000 |   | 10,810,700 |
|                                                                                                                                                                                    | *Trust: New York, Municipal Securities Trust                            Certificates, Series 7000, Class B, 144A,*

*6.8%, 11/15/2016, Leverage Factor at purchase                            date: 2 to 1*                    |   |   |   |   |
| New York, State Dormitory Authority Revenues, Mental                            Health Services, Series B, 6.0%, 8/15/2016 (a) (d)                                                      |                                                                                                                                                                                                                           | 3,780,000 |   | 4,230,406 |
|                                                                                                                                                                                    | *Trust: New York, State Dormitory Authority                            Revenues, Residual Certificates, Series 310,*

*144A, 7.725%, 2/15/2010, Leverage Factor at                            purchase date: 2 to 1*           |   |   |   |   |
| New York, State Dormitory Authority, Personal Income                            Tax Revenue, Series A, 5.0%, 3/15/2023 (d)                                                              |                                                                                                                                                                                                                           | 5,095,207 |   | 5,321,083 |
|                                                                                                                                                                                    | *Trust: New York, State Dormitory Authority                            Revenues, Secondary Issues, Series 1955-2*

*144A, 7.427%, 3/15/2015, Leverage Factor at                            purchase date: 4 to 1*              |   |   |   |   |
| New York & New Jersey Port Authority Revenue,                            Series 147, AMT, 5.0%, 10/15/2023 (a) (d)                                                                  |                                                                                                                                                                                                                           | 8,260,000 |   | 8,462,453 |
|                                                                                                                                                                                    | *Trust: New York & New Jersey Port Authority                            Revenue, Series 1969, AMT, 144A, 7.31%,*

*4/15/2015, Leverage Factor at purchase date: 4 to                            1*                         |   |   |   |   |
|                                                                                                                                                                                         |
|                                                                                                                                                                                    | **68,577,657**                                                                                                                                                                                                                 |
| **Texas 4.5%**                                                                                                                                                                          |                                                                                                                                                                                                                           |
| Texas, Dallas-Fort Worth International Airport                            Revenue, Series A, AMT, 5.50%, 11/1/2020 (a) (d)                                                              |                                                                                                                                                                                                                           | 7,130,000 |   | 7,497,551 |
|                                                                                                                                                                                    | *Trust: Texas, Dallas-Fort Worth International                            Airport Revenue, Series 350, AMT, 144A,*

*6.712%, 5/1/2011, Leverage Factor at purchase                            date: 2 to 1*                    |   |   |   |   |
|                                                                                                                                                                                    |                                                                                                                                                                                                                           |   |   |   |
|                                                                                                                                                                                    |                                                                                                                                                                                                                           |   |   |   |
| Texas, Municipal Gas Acquisition & Supply Corp.                            I, Gas Supply Revenue, Series B, 4.291% ***, 12/15/2026 (d)                                              |                                                                                                                                                                                                                           | 5,350,000 |   | 5,035,046 |
|                                                                                                                                                                                    | *Trust: Texas, Municipal Gas Acquisition &                            Supply Corp. I, Gas Supply Revenue,*

*RITES-PA-1439, 144A, 4.252%, 12/15/2026, Leverage                            Factor at purchase date: 2 to 1* |   |   |   |   |
| Texas, Municipal Gas Acquisition & Supply Corp.                            I, Gas Supply Revenue, Series B, 4.141% ***, 12/15/2017 (d)                                              |                                                                                                                                                                                                                           | 20,000,000 |   | 19,449,536 |
|                                                                                                                                                                                         |                                                                                                                                                                                                                                |  |  |  |  |  |  |

 

 

 

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

*RITES-PA-1447, 144A, 3.425%, 12/15/2017, Leverage                            Factor at purchase date: 5 to 1*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                  |                                     |             |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|------------------------------------------|------------------|--------|
| Texas, SA Energy Acquisition Public Facility Corp.,                            Gas Supply Revenue, 5.5%, 8/1/2020 (d)                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10,000,000            |                                     | 10,544,300       |
|                                                                                                                                                                                 | *Trust: Texas, Municipal Securities Trust                            Certificates, Series 7062, Class B, 144A, 9.415%, 8/1/2020, Leverage                            Factor at purchase date: 4 to 1*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                  |                                     |             |   |
|                                                                                                                                                                                      |
|                                                                                                                                                                                 | **42,526,433**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| **Washington 1.7%**                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Washington, Energy Northwest, Electric Revenue,                            Columbia Generating, Series A, 5.375%, 7/1/2015 (a) (d)                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 12,500,000            |                                     | 13,250,813       |
|                                                                                                                                                                                 | *Trust: Washington, Energy Northwest, Electric                            Revenue, RITES-PA-825, 6.44%, 144A,*

*7/1/2015, Leverage Factor at purchase date: 2 to                            1*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                  |                                     |             |   |
| Washington, State Public Power Supply System, Nuclear                            Project No. 2, 6.72%, 7/1/2012, Leverage Factor at purchase date: 2 to                            1 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3,000,000             |                                     | 3,410,370        |
|                                                                                                                                                                                      |
|                                                                                                                                                                                 | **16,661,183**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                      |
| **Total Municipal Inverse Floating Rate                            Notes**(Cost $228,552,593)                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **231,992,509**       |
|                                                                                                                                                                                 | **%                            of****Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                  | **Value                            ($)** |
|                                                                                                                                                                                      |
| **Total Investment Portfolio**(Cost $1,050,346,024)                                                                                                                                  | 114.7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                  | **1,099,132,410**                        |
| **Other Assets and Liabilities, Net**                                                                                                                                                | (14.7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                  | **(140,453,210)**                        |
|                                                                                                                                                                                      |
| **Net Assets**                                                                                                                                                                       | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                  | **958,679,200**                          |
|                                                                                                                                                                                 | *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, 2007.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| ****                                                                                                                                                                                 | *Partial interest paying security. The rate shown                            represents 65% of the original coupon rate.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *****                                                                                                                                                                                | *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, 2007.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *(a)*                                                                                                                                                                                | *Bond is insured by one of these                            companies:*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | ***As a % of Total*** |
| ***Insurance Coverage***                                                                                                                                                             | ***Investment Portfolio***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *Ambac Financial Group, Inc.*                                                                                                                                                        | *4.2*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *Financial Guaranty Insurance Company*                                                                                                                                               | *6.3*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *Financial Security Assurance, Inc.*                                                                                                                                                 | *8.3*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| *MBIA Corp.*                                                                                                                                                                         | *10.5*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| *(b)*                                                                                                                                                                                | *Security incorporates a letter of credit from a                            major bank.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| *(c)*                                                                                                                                                                                | *The Fund may purchase securities that are subject                            to legal or contractual restrictions on resale (“restricted                            securities”). Restricted securities are securities which have not                            been registered with the Securities and Exchange Commission under the                            Securities Act of 1933. The fund may be unable to sell a restricted                            security and it may be more difficult to determine a market value for a                            restricted security. Moreover, if adverse market conditions were to                            develop during the period between the Fund’s decision to sell a                            restricted security and the point at which the Fund is permitted or                            able to sell such security, the Fund might obtain a price less                            favorable than the price that prevailed when it decided to sell. This                            investment practice, therefore, could have the effect of increasing the                            level of illiquidity of the Fund. The future value of these securities                            is uncertain and there may be changes in the estimated value of these                            securities.* |
| *Schedule of Restricted Securities*                                                                                                                                                  |
|                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                  |                                     | ***Value as a*** |
|                                                                                                                                                                                 | ***Acquisition***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | ***Acquisition***     |                                     | ***% of Net***   |
| ***Security***                                                                                                                                                                       | ***Date***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ***Cost ($)***        | ***Value ($)***                          | ***Assets***     |
| *Vermont, Multi-Family Housing Revenue, Housing                            Finance Agency, Northgate Project, AMT, 144A, 8.25%,                            6/15/2020*                | *12/12/1989*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | *814,284*             | *795,541*                                | *0.1*            |
| *(d)*                                                                                                                                                                                | *Security forms part of the below tender option                            bond trust. The principal amount and value shown take into account the                            leverage factor.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| *(e)*                                                                                                                                                                                | *Delayed delivery.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                       |                                          |                  |        |  |  |  |  |  |  |  |  |  |

 

 

 

| *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 are 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*                                                                                                                                                                                                                                                                                            |

 

 

| **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 half-year                            (the registrant’s second fiscal half-year in the case of the                            annual report) 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 High Yield Tax Free Fund, a series of DWS Municipal                            Trust |
|-------------|------------------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | October 17, 2007 |
|-------|------------------|

 

 

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

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | October 17, 2007 |
|-------|------------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | October 17, 2007 |
|-------|------------------|