N-Q 1 nq022807dmt_hyt.htm N-Q FILING

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: 2/28/07

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of February 28, 2007 (Unaudited)

 

 

DWS High Yield Tax-Free Fund

 

 

Principal

Amount ($)

 

Value ($)

 

Municipal Bonds and Notes 94.5%

 

Alabama 1.3%

 

Birmingham, AL, Waterworks & Sewer Board Revenue:

 

 

Series A, 5.0%, 1/1/2020 (a)

 

1,505,000

 

1,635,950

 

Series A, 5.0%, 1/1/2021 (a)

 

825,000

 

896,783

 

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

 

1,130,000

 

1,227,361

 

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

 

1,110,000

 

1,202,807

 

 

 

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

 

1,000,000

 

1,100,250

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

 

3,700,000

 

3,955,966

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

 

2,000,000

 

2,109,340

 

12,128,457

Alaska 0.3%

 

Anchorage, AK, State General Obligation, 5.5%, 7/1/2018 (a)

 

2,680,000

 

2,917,823

Arizona 0.4%

 

Arizona, Water & Sewer Revenue, Water Infrastructure Finance Authority, Series A, Prerefunded, 5.375%, 10/1/2013

 

3,625,000

 

3,887,812

California 15.7%

 

California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.875%, 5/1/2016

 

4,500,000

 

5,029,020

California, Housing Finance Agency Revenue, Home Mortgage, Series F, AMT, 3.62% *, 2/1/2033 (a)

 

3,500,000

 

3,500,000

California, Multi-Family Housing Revenue, Communities Development Authority Revenue, East Valley Tourist, Series A, 9.25%, 10/1/2020

 

4,000,000

 

4,417,000

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

 

4,000,000

 

4,447,680

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

 

 

Series B, 5.625%, 6/1/2038

 

15,110,000

 

16,725,259

 

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

 

17,750,000

 

20,358,718

California, State Department of Water Resources, Power Supply Revenue, Series C-15, 3.48%*, 5/1/2022, Bank of Nova Scotia (b)

 

650,000

 

650,000

California, State General Obligation:

 

 

Series C-4, 3.58% *, 5/1/2033, Landesbank Hessen-Thuringen (b)

 

2,800,000

 

2,800,000

 

5.0%, 2/1/2020

 

11,105,000

 

11,878,019

 

5.25%, 2/1/2019

 

8,000,000

 

8,671,680

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

 

3,825,000

 

4,228,576

California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Village at Shaw Apartments, Series E, AMT, 3.69% *, 11/15/2035

 

505,000

 

505,000

California, Whittier Union High School District, 5.0%, 8/1/2016 (a)

 

2,980,000

 

3,264,679

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

 

 

Series A, Prerefunded, 7.1%, 1/1/2011

 

4,415,000

 

4,921,974

 

Series A, Prerefunded, 7.15%, 1/1/2014

 

2,875,000

 

3,208,673

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

 

5,310,000

 

5,791,776

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

 

6,035,000

 

6,967,287

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

 

920,000

 

955,144

Sacramento, CA, Municipal Utility District Electric Revenue, Series R, 5.0%, 8/15/2015 (a)

 

11,220,000

 

12,325,394

Sacramento, CA, Project Revenue, City Financing Authority, Convention Center Hotel, Series A, 6.25%, 1/1/2030

 

3,985,000

 

4,152,848

San Joaquin Hills, CA, Transportation Corridor Agency:

 

 

Prerefunded, 7.6%, 1/1/2011

 

5,000,000

 

5,265,550

 

Prerefunded, 7.65%, 1/1/2012

 

15,000,000

 

15,802,800

 

Prerefunded, 7.65%, 1/1/2013

 

4,000,000

 

4,214,080

 

150,081,157

Colorado 3.8%

 

Colorado, Educational & Cultural Facilities Authority Revenue, National Jewish Federal Bond Program, Series A1, 3.64% *, 9/1/2033, Bank of America NA (b)

 

1,390,000

 

1,390,000

 

 

 

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

 

8,000,000

 

8,489,680

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

 

2,000,000

 

2,266,220

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

 

8,000,000

 

8,642,960

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

 

9,775,000

 

10,886,809

Denver, CO, Sales & Special Tax Revenue, Urban Renewal Authority, AMT, 7.75%, 9/1/2016

 

2,155,000

 

2,177,218

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

 

2,355,000

 

2,664,447

 

36,517,334

Connecticut 1.4%

 

Mashantucket, CT, Project Revenue, Western Pequot Tribe:

 

 

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

 

2,000,000

 

1,706,220

 

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

 

2,000,000

 

1,619,940

 

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

 

2,000,000

 

1,540,960

 

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

 

2,000,000

 

1,458,560

 

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

 

2,000,000

 

1,387,460

Mashantucket, CT, Sports, Expo & Entertainment Revenue, Western Pequot Tribe:

 

 

Series B, 144A, 5.7%, 9/1/2012

 

1,000,000

 

1,025,670

 

Series A, Prerefunded, 144A, 6.4%, 9/1/2011

 

1,490,000

 

1,525,954

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

 

3,000,000

 

3,120,300

 

13,385,064

Delaware 0.3%

 

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

 

2,000,000

 

2,144,540

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

 

1,000,000

 

1,061,870

 

3,206,410

Florida 4.5%

 

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

 

455,000

 

469,237

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

 

 

Series G, 5.125%, 11/15/2020

 

1,000,000

 

1,073,510

 

Series G, 5.125%, 11/15/2021

 

2,000,000

 

2,147,020

 

Series G, 5.125%, 11/15/2022

 

2,280,000

 

2,443,841

 

Series G, 5.125%, 11/15/2023

 

2,425,000

 

2,599,260

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

 

1,000,000

 

1,106,320

Highlands County, FL, Hospital & Healthcare Revenue, Health Facilities Authority, Adventist Hospital, Series D, 5.875%, 11/15/2029

 

4,000,000

 

4,506,440

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

 

3,425,000

 

3,572,652

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

 

6,400,000

 

7,309,056

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

 

1,000,000

 

1,071,430

Pinellas County, FL, Health Facilities Authority Revenue, Hospital Facilities, Bayfront Projects, Inc., 3.63% *, 7/1/2034, SunTrust Bank (b)

 

500,000

 

500,000

Pinellas County, FL, Health Facilities Authority Revenue, Pooled Hospital Loan Program, 3.67% *, 12/1/2015 (a)

 

1,550,000

 

1,550,000

Port State Lucie, FL, Community Redevelopment Agency Revenue, City Center Project, 4.75%, 1/1/2023 (a)

 

10,540,000

 

11,033,167

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

 

3,745,000

 

4,029,957

 

43,411,890

Georgia 1.0%

 

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

 

3,000,000

 

3,106,680

Athens-Clarke County, GA, Senior Care Revenue, Wesley Woods, 6.35%, 10/1/2017

 

1,235,000

 

913,567

 

 

 

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

 

1,235,000

 

1,268,394

Georgia, Municipal Electric Authority, Power Revenue:

 

 

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

 

1,295,000

 

1,361,394

 

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

 

80,000

 

84,627

Rockdale County, GA, Resource Recovery Revenue, Development Authority, Visy Paper, Inc. Project, AMT, 7.4%, 1/1/2016

 

3,175,000

 

3,201,321

 

9,935,983

Guam 0.2%

 

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

 

1,300,000

 

1,389,960

Illinois 1.7%

 

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

 

1,000,000

 

1,078,150

Illinois, Finance Authority Revenue, Three Crowns Park Plaza, Series A:

 

 

5.875%, 2/15/2026

 

1,225,000

 

1,298,929

 

5.875%, 2/15/2038

 

500,000

 

528,325

Illinois, Health Facilities Authority Revenue, Benedict State, Series 2003A-1, 6.9%, 11/15/2033

 

3,000,000

 

3,332,070

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

 

4,779,076

Southern, IL, University Revenue, Housing & Auxiliary Facilities System, Series A, 5.0%, 4/1/2015 (a)

 

3,130,000

 

3,400,776

Winnebago County, IL, School District General Obligation, School District No. 122, Series 3, 6.45%, 6/1/2008 (a)

 

1,500,000

 

1,550,160

 

15,967,486

Indiana 0.7%

 

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

 

1,000,000

 

1,010,750

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

 

2,300,000

 

2,349,358

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

 

3,000,000

 

3,156,840

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

 

235,000

 

252,341

 

6,769,289

Iowa 0.8%

 

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

 

5,335,000

 

4,448,696

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

 

3,000,000

 

3,383,310

 

7,832,006

Kansas 2.2%

 

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

 

1,750,000

 

1,911,893

Manhattan, KS, Senior Care Revenue, Meadowlark Hills Retirement, Series A, 6.5%, 5/15/2028

 

1,000,000

 

1,069,140

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

 

8,000,000

 

8,755,840

Wichita, KS, Hospital & Healthcare Revenue:

 

 

Series 3, 5.5%, 11/15/2025

 

1,300,000

 

1,383,915

 

Series 3, 5.625%, 11/15/2031

 

3,750,000

 

4,011,937

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

 

3,600,000

 

3,764,664

 

20,897,389

Kentucky 1.0%

 

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

 

 

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

 

4,305,000

 

4,763,181

 

Series A, 6.625%, 10/1/2028

 

1,195,000

 

1,323,463

 

 

 

Kentucky, Transportation/Tolls Revenue, State Turnpike Authority, Revitalization Project, Series A, 5.5%, 7/1/2014 (a)

 

3,210,000

 

3,585,987

 

9,672,631

Louisiana 0.6%

 

Louisiana, State General Obligation, Series C, 5.0%, 5/1/2022 (a)

 

5,000,000

 

5,414,500

Maryland 2.6%

 

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

 

1,983,000

 

2,243,090

Maryland, Higher Education Revenue, Collegiate Housing Foundation, Series A, Prerefunded, 5.75%, 6/1/2031

 

1,000,000

 

1,063,160

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

 

2,500,000

 

2,764,975

Maryland, Project Revenue, Economic Development Corp., Chesapeake Bay, Series B, 7.625%, 12/1/2022

 

12,000,000

 

13,336,800

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

 

5,000,000

 

5,004,950

Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington Christian Academy:

 

 

5.25%, 7/1/2018

 

125,000

 

128,228

 

5.5%, 7/1/2038

 

600,000

 

619,986

 

25,161,189

Massachusetts 5.2%

 

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

 

 

6.5%, 9/1/2035

 

3,955,000

 

4,125,461

 

8.0%, 9/1/2035

 

990,000

 

1,007,582

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

 

1,750,000

 

1,927,345

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

 

2,685,000

 

3,055,852

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

 

3,800,000

 

4,643,600

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

 

1,185,000

 

1,223,915

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

 

 

Series F, 5.625%, 7/1/2019

 

1,000,000

 

1,044,350

 

Series F, 5.75%, 7/1/2029

 

4,000,000

 

4,193,040

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

 

3,855,000

 

4,032,291

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

 

2,000,000

 

2,459,000

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

 

7,450,000

 

8,268,830

Massachusetts, State Health & Educational Facilities Authority Revenue, Milford Regional Medical Center, Series E, 5.0%, 7/15/2022

 

2,250,000

 

2,356,650

Massachusetts, State Water Resources Authority, Series A, 5.25%, 8/1/2016 (a)

 

10,000,000

 

11,183,900

 

49,521,816

Michigan 2.9%

 

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

 

5,000,000

 

5,591,800

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

 

 

Zero Coupon, 7/1/2011

 

3,150,000

 

2,613,177

 

Zero Coupon, 7/1/2012

 

3,150,000

 

2,488,752

Detroit, MI, School District General Obligation:

 

 

Series A, 5.5%, 5/1/2016 (a)

 

1,500,000

 

1,629,330

 

Series A, 5.5%, 5/1/2018 (a)

 

1,565,000

 

1,699,934

 

Series A, 5.5%, 5/1/2019 (a)

 

1,200,000

 

1,303,464

 

 

 

Detroit, MI, Sewer Disposal Revenue, Series D, 4.191% *, 7/1/2032 (a)

 

1,650,000

 

1,653,300

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

 

2,000,000

 

2,174,940

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

 

2,000,000

 

2,120,180

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

 

1,750,000

 

1,853,600

Michigan, Senior Care Revenue, Strategic Fund Limited, 5.75%, 11/15/2018

 

1,500,000

 

1,557,360

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

 

1,125,000

 

1,213,628

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

 

2,000,000

 

2,169,400

 

28,068,865

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

 

1,067,800

 

5.5%, 2/15/2023

 

1,000,000

 

1,076,840

 

2,144,640

Mississippi 0.1%

 

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

 

1,200,000

 

1,217,784

Missouri 2.2%

 

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

 

6,600,000

 

7,321,512

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

 

3,110,000

 

3,446,409

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

 

1,000,000

 

1,065,530

Missouri, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Washington University, Series A, 5.5%, 6/15/2016

 

7,600,000

 

8,664,912

 

20,498,363

Nebraska 0.4%

 

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

 

3,000,000

 

3,391,440

Nevada 1.2%

 

Clark County, NV, County General Obligation, 5.5%, 6/1/2015 (a)

 

5,000,000

 

5,362,500

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

 

6,000,000

 

6,331,080

 

11,693,580

New Hampshire 1.2%

 

New Hampshire, Health & Education Facilities Authority Revenue, Havenwood Heritage Heights, Series A, 5.35%, 1/1/2026

 

1,035,000

 

1,054,924

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

 

2,000,000

 

2,275,740

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

 

2,760,000

 

2,810,922

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

 

 

5.5%, 7/1/2013

 

1,710,000

 

1,746,696

 

5.625%, 7/1/2018

 

1,615,000

 

1,655,569

New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, Riverwoods at Exeter:

 

 

Series A, 6.375%, 3/1/2013

 

640,000

 

653,376

 

Series A, 6.5%, 3/1/2023

 

1,000,000

 

1,020,900

 

11,218,127

 

 

 

New Jersey 1.7%

 

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

 

1,000,000

 

1,089,220

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

 

1,165,000

 

1,257,501

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

 

 

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

 

1,430,000

 

1,535,177

 

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

 

1,770,000

 

1,887,935

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

 

2,500,000

 

2,802,200

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

 

1,425,000

 

1,465,755

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

 

5,500,000

 

6,281,715

 

16,319,503

New York 7.3%

 

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

 

3,000,000

 

3,306,900

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

 

2,500,000

 

2,645,775

New York, State Agency General Obligation Lease, Metropolitan Transportation Authority, Series O, ETM, 5.75%, 7/1/2013

 

2,750,000

 

2,952,840

New York, State Dormitory Authority, Personal Income Tax Revenue, Series F, 5.0%, 3/15/2017 (a)

 

3,000,000

 

3,256,830

New York, State General Obligation, Tobacco Settlement Financing Corp., Series A-1, 5.5%, 6/1/2019

 

2,750,000

 

3,004,045

New York, State Housing Finance Agency Revenue, 100 Maiden Lane Housing, Series A, 3.5%*, 11/1/2037, Bank of New York (b)

 

1,300,000

 

1,300,000

New York, State Thruway Authority, Highway & Bridge Trust Fund, Series B, 5.0%,

4/1/2016 (a)

 

2,500,000

 

2,733,400

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

 

7,000,000

 

8,166,900

New York, Triborough Bridge & Tunnel Authority Revenues, Series B-3, 3.63% *, 1/1/2032

 

1,000,000

 

1,000,000

New York & New Jersey, Port Authority, One Hundred Forty Sixth, AMT, 4.5%, 12/1/2023 (a)

 

10,000,000

 

10,197,400

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

 

8,000,000

 

8,515,040

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

 

 

AMT, 7.75%, 8/1/2031

 

5,000,000

 

6,088,300

 

AMT, 8.0%, 8/1/2028

 

3,000,000

 

3,708,990

New York City, NY, Municipal Finance Authority Water & Sewer Systems Revenue, Second Generation Resolution, Series CC-2, 3.62% *, 6/15/2038

 

3,200,000

 

3,200,000

New York City, NY, Transitional Finance Authority Revenue, NYC Recovery, Series 3G, 3.5%*, 11/1/2022

 

1,000,000

 

1,000,000

New York, NY, General Obligation:

 

 

Series H-1, 3.6% *, 3/1/2034, Bank of New York (b)

 

1,000,000

 

1,000,000

 

Series A, 7.0%, 8/1/2007

 

2,980,000

 

3,019,515

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

 

1,500,000

 

1,696,395

New York, NY, Transitional Finance Authority, Series B, Prerefunded, 5.5%, 2/1/2016

 

2,000,000

 

2,147,094

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

 

1,250,000

 

1,277,575

 

70,216,999

North Carolina 0.5%

 

North Carolina, Electric Revenue, Municipal Power Agency:

 

 

Series F, 5.5%, 1/1/2016

 

1,000,000

 

1,077,940

 

Series F, 5.5%, 1/1/2017

 

1,495,000

 

1,613,135

 

Series B, 6.375%, 1/1/2013

 

2,075,000

 

2,228,591

 

4,919,666

 

 

 

North Dakota 0.4%

 

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

 

3,750,000

 

4,131,937

Ohio 1.8%

 

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

 

1,000,000

 

1,140,780

Ohio, Industrial Development Revenue, Building Authority, Adult Correction Facilities, Series A, 5.5%, 10/1/2013 (a)

 

5,860,000

 

6,298,914

Ohio, Miami University, General Receipts, 5.0%, 9/1/2023 (a)

 

5,865,000

 

6,424,814

Ohio, Transportation/Tolls Revenue, Turnpike Authority, Series B, 5.5%, 2/15/2013 (a)

 

3,000,000

 

3,290,790

 

17,155,298

Oklahoma 0.1%

 

Tulsa County, OK, Industrial Authority Revenue, First Mortgage Montercau, Series A, 3.63% *, 7/1/2032, BNP Paribas (b)

 

1,000,000

 

1,000,000

Pennsylvania 4.4%

 

Allegheny County, PA, Hospital & Healthcare Revenue, Hospital Development Authority, West Pennsylvania Allegheny Health Services:

 

 

9.25%, 11/15/2022

 

2,000,000

 

2,374,220

 

Series B, 9.25%, 11/15/2030

 

4,630,000

 

5,487,476

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

 

2,250,000

 

2,401,763

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

 

1,750,000

 

2,093,700

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

 

1,000,000

 

1,127,220

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

 

6,250,000

 

7,194,312

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

 

2,400,000

 

2,553,840

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

 

3,125,000

 

3,442,219

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

 

5,095,000

 

5,518,547

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

 

700,000

 

750,687

Pennsylvania, State General Obligation, 5.0%, 1/1/2017

 

4,000,000

 

4,371,560

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

 

1,000,000

 

1,064,040

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

 

3,000,000

 

3,442,830

 

41,822,414

Puerto Rico 0.2%

 

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

 

1,470,000

 

1,586,306

Rhode Island 0.2%

 

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

 

1,750,000

 

1,869,368

South Carolina 2.8%

 

Berkeley County, SC, General Obligation, School District:

 

 

 

 

 

5.5%, 1/15/2017 (a)

 

8,350,000

 

9,095,989

 

Prerefunded, 5.5%, 1/15/2017 (a)

 

620,000

 

675,391

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

 

1,500,000

 

1,585,740

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Bon Secours Health Systems, Inc., Series A, 5.625%, 11/15/2030

 

5,000,000

 

5,354,350

 

 

 

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

 

 

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

 

600,000

 

707,214

 

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

 

4,820,000

 

5,711,411

 

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

 

3,500,000

 

4,009,040

 

27,139,135

Tennessee 3.3%

 

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

 

 

5.0%, 12/15/2017

 

2,500,000

 

2,720,975

 

5.0%, 12/15/2018

 

2,160,000

 

2,364,638

Clarksville, TN, Public Building Authority Revenue, Tennessee Municipal Bond Fund,

3.65% *, 7/1/2034, Bank of America NA (b)

 

1,150,000

 

1,150,000

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

 

3,000,000

 

3,527,340

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

 

5,000,000

 

5,826,950

Montgomery County, TN, Public Building Authority, Pooled Financing Revenue, Tennessee County Loan Pool, 3.65% *, 2/1/2036, Bank of America NA (b)

 

1,200,000

 

1,200,000

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care:

 

 

EMT, 6.5%, 9/1/2026

 

1,870,000

 

2,133,259

 

Prerefunded, 6.5%, 9/1/2026

 

3,130,000

 

3,570,641

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

 

8,000,000

 

8,926,800

 

31,420,603

Texas 11.2%

 

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

 

3,500,000

 

3,897,390

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

 

2,500,000

 

2,554,975

Austin, TX, Project Revenue, Bergstrom Landhost Enterprises, Inc. Airport Hotel Project, Series A, 4.3875%, 4/1/2027**

 

4,975,000

 

3,753,488

Bexar County, TX, Health Facilities Development Corp. Revenue, Army Retirement Residence:

 

 

5.0%, 7/1/2033

 

760,000

 

787,915

 

5.0%, 7/1/2037

 

580,000

 

599,853

Conroe, TX, Independent School District, School Building:

 

 

5.0%, 2/15/2024

 

3,710,000

 

3,988,547

 

5.0%, 2/15/2025

 

4,315,000

 

4,632,239

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

 

4,445,000

 

4,821,314

Frisco, TX, State General Obligation:

 

 

4.75%, 2/15/2021 (a)

 

5,170,000

 

5,466,655

 

4.75%, 2/15/2022 (a)

 

3,715,000

 

3,916,204

 

4.75%, 2/15/2023 (a)

 

3,880,000

 

4,077,686

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

 

1,175,000

 

1,241,869

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, 6.375%, 6/1/2029

 

4,460,000

 

4,957,379

Hidalgo County, TX, Hospital & Healthcare Revenue, Health Services Mission Hospital, 6.875%, 8/15/2026

 

5,000,000

 

5,167,400

Hidalgo County, TX, Hospital & Healthcare Revenue, Mission Hospital, Inc. Project, 6.75%, 8/15/2016

 

3,500,000

 

3,619,070

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

 

10,100,000

 

10,923,150

Jefferson County, TX, County General Obligation:

 

 

5.75%, 8/1/2015 (a)

 

3,075,000

 

3,377,426

 

5.75%, 8/1/2017 (a)

 

1,185,000

 

1,296,070

Lubbock, TX, Health Facilities Development Corp. Revenue, First Mortgage Carillon Project, Series A, 6.5%, 7/1/2019

 

2,510,000

 

2,679,049

Plano, TX, Independent School District:

 

 

 

 

 

Prerefunded, 5.375%, 2/15/2016

 

3,300,000

 

3,506,382

 

5.375%, 2/15/2016

 

1,700,000

 

1,801,490

San Antonio, TX, Gas & Electric System, 5.375%, 2/1/2020

 

2,500,000

 

2,680,475

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

 

2,500,000

 

2,779,200

Texas, State Transaction Community Mobility Fund, Series A, 5.0%, 4/1/2024

 

5,000,000

 

5,413,800

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

 

5,000,000

 

5,404,800

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

 

2,000,000

 

2,165,880

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

 

1,000,000

 

1,091,080

Travis County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Ascension Health, Series A, Prerefunded, 6.25%, 11/15/2015 (a)

 

10,000,000

 

10,754,600

 

107,355,386

Utah 0.2%

 

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

 

2,000,000

 

2,206,100

Vermont 0.1%

 

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

 

830,000

 

830,938

Virginia 0.8%

 

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

 

3,000,000

 

3,303,900

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

 

3,500,000

 

4,252,115

 

7,556,015

Washington 4.6%

 

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

 

4,885,000

 

5,486,393

Tacoma, WA, Electric Revenue, Series A, 5.75%, 1/1/2016 (a)

 

5,000,000

 

5,417,400

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

 

3,500,000

 

3,834,915

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

 

10,000,000

 

11,239,900

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

 

2,500,000

 

3,142,750

Washington, Various Purpose, Series 2007-A, 5.0%, 7/1/2023 (a)

 

10,000,000

 

10,833,400

Whatcom County, WA, General Obligation, Washington School District No. 503, 5.5%, 12/1/2014 (a)

 

3,375,000

 

3,634,571

 

43,589,329

West Virginia 0.6%

 

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

 

980,000

 

1,075,756

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

 

4,020,000

 

4,458,783

 

5,534,539

Wisconsin 1.9%

 

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

 

5,000,000

 

5,743,650

Wisconsin, State General Obligation, Series 1, 5.5%, 5/1/2014 (a)

 

8,410,000

 

9,358,648

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

 

2,500,000

 

2,748,625

 

17,850,923

Multi-State 0.5%

 

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

 

5,000,000

 

5,035,850

Total Municipal Bonds and Notes (Cost $836,490,983)

 

903,871,304

 

 

 

 

Municipal Inverse Floating Rate Notes 13.5%

 

California 1.1%

 

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

 

3,750,000

 

4,102,931

 

Trust: California, Electric Revenue, Department Water Supply, Series 309, 144A, 6.855%, 5/1/2018, Leverage Factor at purchase date: 2 to 1

 

 

 

 

California, State Economic Recovery, Series A, 5.25%, 7/1/2015 (a) (d)

 

5,800,000

 

6,363,760

 

Trust: California, General Obligation, Economic Recovery, Series 926, 144A, 6.482%,

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

 

 

 

 

 

10,466,691

District of Columbia 1.3%

 

District of Columbia, Water & Sewer Authority, Public Utility Revenue,

6.0%, 10/1/2014 (a) (d)

 

8,440,000

 

9,672,198

 

Trust: District of Columbia, Water & Sewer Revenue, Water & Sewer Authority, RITES,

144A, 8.045%, 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

 

2,715,220

 

Trust: District of Columbia, Water & Sewer Revenue, Water & Sewer Authority, RITES,

144A, 8.045%, 10/1/2016, Leverage Factor at purchase date: 2 to 1

 

 

 

 

 

12,387,418

Massachusetts 2.4%

 

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2016 (a) (d)

 

5,915,000

 

6,343,665

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2015 (a) (d)

 

1,955,000

 

2,095,283

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Project, Series 6-A, 5.25%, 7/1/2014 (a) (d)

 

1,880,000

 

2,016,652

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Nuclear Project, Series 5-A, 5.25%, 7/1/2015 (a) (d)

 

1,570,000

 

1,683,627

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Nuclear Project, Series 5-A, 5.25%, 7/1/2014 (a) (d)

 

4,250,000

 

4,558,281

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Nuclear Project, Series 4-A, 5.25%, 7/1/2015 (a) (d)

 

3,750,000

 

4,021,740

Massachusetts, Municipal Wholesale Electric Company, Power Supply, System Revenue Nuclear Project, Series 4-A, 5.25%, 7/1/2014 (a) (d)

 

2,250,000

 

2,412,119

 

Trust: Massachusetts, Electric Revenue, Wholesale Electrical Co. Power Supply, Series

674, 144A , 9.314%, 7/1/2016, Leverage Factor at purchase date: 4 to 1

 

 

 

 

 

23,131,367

Michigan 0.3%

 

Michigan, State Building Authority Revenue, Project Series I, 5.50%, 10/15/2015 (d)

 

2,290,000

 

2,456,781

 

Trust: Michigan, State Agency General Obligation Lease, Building Authority, RITES-PA

899R, Series B, 144A, 7.07%, 4/15/2009, Leverage Factor at purchase date: 2 to 1

 

 

 

 

New Jersey 1.1%

 

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

 

10,125,000

 

10,915,482

 

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

144A, 14.783%, 9/1/2011, Leverage Factor at purchase date: 10 to 1

 

 

 

 

New York 1.6%

 

New York, Metropolitan Transportation Authority Revenue, Series A,

5.50%, 11/15/2016 (a) (d)

 

10,000,000

 

10,918,850

 

Trust: New York, Municipal Securities Trust Certificates, Series 7000, Class B, 144A,

7.14%, 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

 

4,316,628

 

Trust: New York, Senior Care Revenue, Dormitory Authority, Series 310, 144A, 8.095%, 2/15/2010, Leverage Factor at purchase date: 2 to 1

 

 

 

 

 

15,235,478

Texas 3.9%

 

Dallas, Fort Worth Texas, International Airport Revenue, Series A, 5.50%, 11/1/2020 (a) (d)

 

7,129,169

 

7,741,065

 

Trust: Dallas, TX, Airport Revenue, International Airport, Series 350, AMT, 144A,

7.012%, 5/1/2011, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series B, 4.298%, 12/15/2026 (d)

 

5,350,000

 

5,368,725

 

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

PA-1439, 144A, 4.666%, 12/15/2026, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series B, 4.148%, 12/15/2017 (d)

 

20,000,000

 

24,070,000

 

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

PA-1447, 144A, 16.82%, 12/15/2017, Leverage Factor at purchase date: 5 to 1

 

 

 

 

 

37,179,790

 

Washington 1.8%

 

Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 2, 8.395%, 7/1/2012, Leverage Factor at purchase date: 2 to 1

 

3,000,000

 

3,494,490

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

 

12,500,000

 

13,334,875

 

Trust: Washington, Energy Northwest, Electric Revenue, RITES-PA-825, 6.8%, 7/1/2015, Leverage Factor at purchase date: 2 to 1

 

 

 

 

 

16,829,365

Total Municipal Inverse Floating Rate Notes (Cost $123,091,375)

 

128,602,372

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $959,582,358)

108.0

 

1,032,473,676

Other Assets and Liabilities, Net

(8.0)

 

(76,126,511)

Net Assets

100.0

 

956,347,165

 

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 February 28, 2007.

**

Partial interest paying security. The rate shown represents 65% of the original coupon rate.

(a)

Bond is insured by one of these companies:

 

 

As a % of Total

 

 

Insurance Coverage

Investment Portfolio

 

 

Ambac Financial Group

4.9

 

 

Financial Guaranty Insurance Company

2.5

 

 

Financial Security Assurance, Inc.

9.0

 

 

MBIA Corp.

12.9

 

(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, 144A, AMT, 8.25%, 6/15/2020

12/12/1989

814,284

830,938

0.1

 

(d)

Security forms part of the below tender option bond trust. Principal amount and value shown take into account the leverage factor.

 

AMT: Subject to alternative minimum tax.

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.

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.

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.

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:

April 9, 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:

April 9, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

April 9, 2007