Date of fiscal year end:
|
5/31
|
Date of reporting period:
|
5/31/2011
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
MAY 31, 2011
Annual Report
to Shareholders
|
DWS Managed Municipal Bond Fund
|
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Management Review
13 Portfolio Summary
15 Investment Portfolio
41 Statement of Assets and Liabilities
43 Statement of Operations
44 Statement of Cash Flows
45 Statement of Changes in Net Assets
46 Financial Highlights
51 Notes to Financial Statements
61 Report of Independent Registered Public Accounting Firm
62 Tax Information
63 Summary of Management Fee Evaluation by Independent Fee Consultant
67 Board Members and Officers
71 Account Management Resources
|
Average Annual Total Returns as of 5/31/11
|
|||||
Unadjusted for Sales Charge
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
|
Class A
|
1.88%
|
4.97%
|
4.46%
|
4.70%
|
|
Class B
|
1.05%
|
4.08%
|
3.65%
|
3.88%
|
|
Class C
|
0.98%
|
4.13%
|
3.66%
|
3.88%
|
|
Adjusted for the Maximum Sales Charge
|
|||||
Class A (max 2.75% load)
|
-0.92%
|
3.99%
|
3.88%
|
4.41%
|
|
Class B (max 4.00% CDSC)
|
-1.87%
|
3.46%
|
3.48%
|
3.88%
|
|
Class C (max 1.00% CDSC)
|
0.98%
|
4.13%
|
3.66%
|
3.88%
|
|
No Sales Charges
|
Life of Institutional Class*
|
||||
Class S
|
2.07%
|
5.13%
|
4.68%
|
4.93%
|
N/A
|
Institutional Class
|
2.13%
|
5.22%
|
4.72%
|
N/A
|
4.45%
|
Barclays Capital Municipal Bond Index+
|
3.18%
|
5.06%
|
4.78%
|
5.02%
|
4.58%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
[] DWS Managed Municipal Bond Fund — Class A
[] Barclays Capital Municipal Bond Index+
|
Yearly periods ended May 31
|
Net Asset Value and Distribution Information
|
||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value:
5/31/11
|
$ | 8.82 | $ | 8.82 | $ | 8.81 | $ | 8.83 | $ | 8.82 | ||||||||||
5/31/10
|
$ | 9.08 | $ | 9.08 | $ | 9.08 | $ | 9.09 | $ | 9.08 | ||||||||||
Distribution Information:
Twelve Months as of 5/31/11:
Income Dividends
|
$ | .42 | $ | .35 | $ | .35 | $ | .44 | $ | .44 | ||||||||||
Capital Gain Distributions
|
$ | .001 | $ | .001 | $ | .001 | $ | .001 | $ | .001 | ||||||||||
May Income Dividend
|
$ | .0344 | $ | .0269 | $ | .0286 | $ | .0360 | $ | .0361 | ||||||||||
SEC 30-day Yield++ as of 5/31/11
|
3.80 | % | 2.90 | % | 3.13 | % | 4.12 | % | 4.14 | % | ||||||||||
Tax Equivalent Yield++ as of 5/31/11
|
5.85 | % | 4.46 | % | 4.82 | % | 6.34 | % | 6.37 | % | ||||||||||
Current Annualized Distribution Rate++ as of 5/31/11
|
4.68 | % | 3.66 | % | 3.90 | % | 4.89 | % | 4.91 | % |
Lipper Rankings — General Municipal Debt Funds Category as of 5/31/11
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
155
|
of
|
259
|
60
|
3-Year
|
25
|
of
|
232
|
11
|
5-Year
|
23
|
of
|
207
|
12
|
Class B
1-Year
|
222
|
of
|
259
|
86
|
3-Year
|
97
|
of
|
232
|
42
|
5-Year
|
89
|
of
|
207
|
43
|
Class C
1-Year
|
226
|
of
|
259
|
87
|
3-Year
|
92
|
of
|
232
|
40
|
5-Year
|
88
|
of
|
207
|
43
|
Class S
1-Year
|
133
|
of
|
259
|
52
|
3-Year
|
19
|
of
|
232
|
9
|
5-Year
|
12
|
of
|
207
|
6
|
10-Year
|
12
|
of
|
170
|
8
|
Institutional Class
1-Year
|
125
|
of
|
259
|
49
|
3-Year
|
16
|
of
|
232
|
7
|
5-Year
|
10
|
of
|
207
|
5
|
Expenses and Value of a $1,000 Investment (Including Interest Expense)* for the six months ended May 31, 2011
|
||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 12/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 5/31/11
|
$ | 1,017.80 | $ | 1,013.70 | $ | 1,012.70 | $ | 1,018.70 | $ | 1,019.00 | ||||||||||
Expenses Paid per $1,000**
|
$ | 4.23 | $ | 8.28 | $ | 8.13 | $ | 3.27 | $ | 3.07 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 12/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 5/31/11
|
$ | 1,020.74 | $ | 1,016.70 | $ | 1,016.85 | $ | 1,021.69 | $ | 1,021.89 | ||||||||||
Expenses Paid per $1,000**
|
$ | 4.23 | $ | 8.30 | $ | 8.15 | $ | 3.28 | $ | 3.07 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS Managed Municipal Bond Fund
|
.84%
|
1.65%
|
1.62%
|
.65%
|
.61%
|
Expenses and Value of a $1,000 Investment (Excluding Interest Expense)* for the six months ended May 31, 2011
|
||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 12/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 5/31/11
|
$ | 1,017.80 | $ | 1,013.70 | $ | 1,012.70 | $ | 1,018.70 | $ | 1,019.00 | ||||||||||
Expenses Paid per $1,000**
|
$ | 3.82 | $ | 7.88 | $ | 7.73 | $ | 2.87 | $ | 2.67 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 12/1/10
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 5/31/11
|
$ | 1,021.14 | $ | 1,017.10 | $ | 1,017.25 | $ | 1,022.09 | $ | 1,022.29 | ||||||||||
Expenses Paid per $1,000**
|
$ | 3.83 | $ | 7.90 | $ | 7.75 | $ | 2.87 | $ | 2.67 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS Managed Municipal Bond Fund
|
.76%
|
1.57%
|
1.54%
|
.57%
|
.53%
|
Municipal Bond Yield Curve (as of 5/31/10 and 5/31/11)
|
Asset Allocation (As a % of Investment Portfolio)
|
5/31/11
|
5/31/10
|
Revenue Bonds
|
70%
|
68%
|
General Obligation Bonds
|
16%
|
17%
|
Lease Obligations
|
9%
|
9%
|
ETM/Prerefunded
|
5%
|
6%
|
100%
|
100%
|
Quality
|
5/31/11
|
5/31/10
|
AAA
|
6%
|
6%
|
AA
|
27%
|
30%
|
A
|
43%
|
43%
|
BBB
|
19%
|
17%
|
Below BBB
|
2%
|
—
|
Not Rated
|
3%
|
4%
|
100%
|
100%
|
Interest Rate Sensitivity
|
5/31/11
|
5/31/10
|
Effective Maturity
|
9.9 years
|
8.8 years
|
Effective Duration
|
6.4 years
|
6.3 years
|
Top Five State Allocations (As a % of Investment Portfolio)
|
5/31/11
|
5/31/10
|
California
|
19%
|
19%
|
Illinois
|
11%
|
11%
|
Texas
|
10%
|
7%
|
Massachusetts
|
6%
|
7%
|
Florida
|
6%
|
6%
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Bonds and Notes 93.7%
|
||||||||
Alabama 1.0%
|
||||||||
Alabama, State Public School & College Authority, Capital Improvement, 5.0%, 12/1/2023
|
35,000,000 | 38,582,250 | ||||||
Phoenix County, AL, Industrial Development Revenue, Industrial Development Board, AMT, 6.35%, 5/15/2035
|
4,000,000 | 3,918,920 | ||||||
42,501,170 | ||||||||
Arizona 1.4%
|
||||||||
Arizona, Health Facilities Authority Revenue, Banner Health System, Series D, 5.375%, 1/1/2032
|
12,000,000 | 12,022,440 | ||||||
Arizona, Salt Verde Financial Corp., Gas Revenue:
|
||||||||
5.0%, 12/1/2032
|
1,600,000 | 1,451,152 | ||||||
5.0%, 12/1/2037
|
8,405,000 | 7,428,171 | ||||||
Arizona, Water Infrastructure Finance Authority Revenue, Water Quality, Series A, 5.0%, 10/1/2030
|
6,250,000 | 6,694,750 | ||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue:
|
||||||||
Series A, 5.0%, 7/1/2040
|
10,775,000 | 10,259,524 | ||||||
Series A, 5.25%, 7/1/2033
|
20,885,000 | 21,315,022 | ||||||
59,171,059 | ||||||||
Arkansas 0.3%
|
||||||||
North Little Rock, AR, Electric Revenue, Series A, 6.5%, 7/1/2015, INS: NATL
|
13,080,000 | 14,218,483 | ||||||
California 17.4%
|
||||||||
Banning, CA, Water & Sewer Revenue, 1989 Water System Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC
|
650,000 | 773,591 | ||||||
Banning, CA, Water & Sewer Revenue, Water System Reference & Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC
|
355,000 | 441,971 | ||||||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
|
||||||||
Series F-1, 5.5%, 4/1/2043
|
13,000,000 | 13,504,660 | ||||||
Series F-1, 5.625%, 4/1/2044
|
11,500,000 | 12,078,105 | ||||||
California, Educational Facilities Authority Revenue, Loyola Marymount University, Series A, Zero Coupon, 10/1/2014, INS: NATL
|
1,000,000 | 908,190 | ||||||
California, Educational Facilities Authority Revenue, University of Southern California, Series A, 5.0%, 10/1/2038
|
6,925,000 | 7,119,246 | ||||||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A, 5.0%, 6/1/2045, INS: AGC
|
10,275,000 | 9,005,832 | ||||||
California, Health Facilities Financing Authority Revenue, Adventist Health System, Series A, 5.75%, 9/1/2039
|
5,000,000 | 4,930,800 | ||||||
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West:
|
||||||||
Series A, 6.0%, 7/1/2034
|
10,000,000 | 10,335,400 | ||||||
Series A, 6.0%, 7/1/2039
|
7,500,000 | 7,687,575 | ||||||
California, Infrastructure & Economic Development Bank Revenue, California Independent Systems Operator Corp., Series A, 6.25%, 2/1/2039
|
7,800,000 | 8,136,882 | ||||||
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034
|
15,315,000 | 17,289,869 | ||||||
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series A-1, 5.0%, 6/1/2033
|
47,575,000 | 32,141,670 | ||||||
California, State Department of Water Resources Revenue, Prerefunded, 5.5%, 12/1/2015
|
25,000 | 25,666 | ||||||
California, State General Obligation:
|
||||||||
5.0%, 9/1/2032
|
10,000,000 | 9,992,700 | ||||||
6.25%, 11/1/2034
|
20,655,000 | 22,760,364 | ||||||
California, State General Obligation, Various Purposes:
|
||||||||
5.0%, 6/1/2023, INS: AGMC
|
25,000,000 | 26,483,250 | ||||||
5.0%, 3/1/2027
|
20,000,000 | 20,366,400 | ||||||
5.0%, 11/1/2027
|
15,000,000 | 15,358,800 | ||||||
5.0%, 6/1/2029, INS: AMBAC
|
5,000,000 | 5,037,150 | ||||||
5.0%, 12/1/2031, INS: NATL
|
1,045,000 | 1,046,871 | ||||||
5.125%, 11/1/2024
|
5,000,000 | 5,134,550 | ||||||
5.25%, 12/1/2021
|
10,215,000 | 11,097,678 | ||||||
6.0%, 4/1/2038
|
22,915,000 | 24,452,138 | ||||||
6.0%, 11/1/2039
|
50,000,000 | 53,558,000 | ||||||
6.5%, 4/1/2033
|
58,440,000 | 65,323,063 | ||||||
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
|
10,000,000 | 10,582,600 | ||||||
California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2021
|
2,500,000 | 2,582,075 | ||||||
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.125%, 4/1/2029
|
2,000,000 | 2,101,220 | ||||||
California, State Public Works Board, Lease Revenue, Department of General Services, Capital East End, Series A, 5.25%, 12/1/2020, INS: AMBAC
|
11,540,000 | 11,899,356 | ||||||
California, State Public Works Board, Lease Revenue, Department of Mental Health:
|
||||||||
Series A, 5.5%, 6/1/2021
|
5,275,000 | 5,410,198 | ||||||
Series A, 5.5%, 6/1/2022
|
1,400,000 | 1,430,296 | ||||||
California, State Revenue Lease, Public Works Board, Department of Corrections:
|
||||||||
Series C, 5.0%, 6/1/2025
|
2,500,000 | 2,493,775 | ||||||
Series C, 5.5%, 6/1/2020
|
5,000,000 | 5,263,350 | ||||||
California, State University Revenue, Series A, 5.25%, 11/1/2038
|
10,000,000 | 9,992,300 | ||||||
Castaic Lake, CA, Water Agency Revenue, Certificates of Participation, 1994 Refunding Project, Series A, 0.13%**, 8/1/2020, LOC: Wells Fargo Bank NA
|
2,385,000 | 2,385,000 | ||||||
East Bay, CA, Municipal Utility District, Wastewater Systems Revenue, Series A, 5.0%, 6/1/2037, INS: AMBAC
|
13,085,000 | 13,408,461 | ||||||
Foothill, CA, Eastern Corridor Agency, Toll Road Revenue:
|
||||||||
Series A, ETM, Zero Coupon, 1/1/2015
|
10,000,000 | 9,532,700 | ||||||
Series A, ETM, Zero Coupon, 1/1/2017
|
5,000,000 | 4,526,450 | ||||||
Series A, ETM, Zero Coupon, 1/1/2018
|
21,890,000 | 19,114,567 | ||||||
Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corporation Lease Revenue, Series C, AMT, 7.5%, 12/1/2024
|
2,500,000 | 2,514,600 | ||||||
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039
|
12,000,000 | 12,382,320 | ||||||
Los Angeles, CA, Department of Airports Revenue, Series A, 5.25%, 5/15/2039
|
5,000,000 | 5,082,750 | ||||||
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series A, 5.0%, 5/15/2040
|
25,000,000 | 24,866,750 | ||||||
Murrieta Valley, CA, School District General Obligation, Unified School District, Series A, Zero Coupon, 9/1/2014, INS: FGIC, NATL
|
4,235,000 | 3,871,933 | ||||||
Oakland, CA, Special Assessment Revenue, Oakland Convention Centers, 5.5%, 10/1/2014, INS: AMBAC
|
2,000,000 | 2,106,680 | ||||||
Orange County, CA, Airport Revenue:
|
||||||||
Series A, 5.25%, 7/1/2039
|
16,000,000 | 16,299,840 | ||||||
Series B, 5.25%, 7/1/2039
|
12,000,000 | 12,248,880 | ||||||
Roseville, CA, School District General Obligation, Junior High, Series B, Zero Coupon, 8/1/2015, INS: FGIC, NATL
|
1,000,000 | 890,130 | ||||||
Sacramento, CA, Municipal Utility District, Electric Revenue:
|
||||||||
Series U, 5.0%, 8/15/2026, INS: AGMC
|
10,455,000 | 10,887,210 | ||||||
Series U, 5.0%, 8/15/2028, INS: AGMC
|
8,175,000 | 8,400,794 | ||||||
San Diego County, CA, Regional Airport Authority Revenue, Series A, 5.0%, 7/1/2034
|
7,000,000 | 6,799,030 | ||||||
San Diego, CA, Community College District General Obligation, Election of 2002, 5.25%, 8/1/2033
|
5,000,000 | 5,175,800 | ||||||
San Diego, CA, School District General Obligation, Series A, Zero Coupon, 7/1/2014, INS: FGIC, NATL
|
1,000,000 | 935,620 | ||||||
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
|
||||||||
Series 32-G, 5.0%, 5/1/2026, INS: FGIC, NATL
|
8,565,000 | 8,776,384 | ||||||
Series F, 5.0%, 5/1/2035
|
27,500,000 | 27,215,100 | ||||||
Series E, 6.0%, 5/1/2039
|
35,000,000 | 37,535,050 | ||||||
San Francisco, CA, City & County Certificates of Participation, Multiple Capital Improvement Projects, Series A, 5.25%, 4/1/2031
|
7,860,000 | 7,922,173 | ||||||
San Joaquin County, CA, County General Obligation Lease, Facilities Project, 5.5%, 11/15/2013, INS: NATL
|
3,895,000 | 4,013,096 | ||||||
San Joaquin Hills, CA, Transportation/Tolls Revenue, Transportation Corridor Agency, Toll Road Revenue:
|
||||||||
Series A, Zero Coupon, 1/15/2012, INS: NATL
|
5,000,000 | 4,850,150 | ||||||
Series A, Zero Coupon, 1/15/2013, INS: NATL
|
35,295,000 | 32,092,685 | ||||||
Series A, Zero Coupon, 1/15/2014, INS: NATL
|
14,905,000 | 12,716,052 | ||||||
San Jose, CA, Multi-Family Housing Revenue, Brookwood Terrace, Series B2, 0.19%**, 1/1/2014, LOC: JPMorgan Chase Bank
|
1,000,000 | 1,000,000 | ||||||
Ukiah, CA, School District General Obligation Lease, Zero Coupon, 8/1/2015, INS: FGIC, NATL
|
2,000,000 | 1,747,680 | ||||||
Vallejo City, CA, Unified School District General Obligation, Series A, 5.9%, 2/1/2022, INS: NATL
|
3,905,000 | 4,100,211 | ||||||
Walnut, CA, Energy Center Authority Revenue, Series A, 5.0%, 1/1/2040
|
10,000,000 | 9,399,600 | ||||||
749,543,287 | ||||||||
Colorado 3.2%
|
||||||||
Colorado, E-470 Public Highway Authority Revenue:
|
||||||||
Series B, Zero Coupon, 9/1/2016, INS: NATL
|
5,000,000 | 3,856,700 | ||||||
Series A-1, 5.5%, 9/1/2024, INS: NATL
|
4,000,000 | 3,911,360 | ||||||
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
|
15,000,000 | 12,308,100 | ||||||
Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031
|
3,000,000 | 3,114,000 | ||||||
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co., Inc.
|
30,000,000 | 32,561,100 | ||||||
Colorado, Transportation/Tolls Revenue:
|
||||||||
Series B, Zero Coupon, 9/1/2014, INS: NATL
|
6,380,000 | 5,540,775 | ||||||
Series B, Zero Coupon, 9/1/2015, INS: NATL
|
17,120,000 | 14,019,396 | ||||||
Series B, Zero Coupon, 9/1/2017, INS: NATL
|
8,000,000 | 5,749,040 | ||||||
Series B, Zero Coupon, 9/1/2018, INS: NATL
|
20,560,000 | 13,711,053 | ||||||
Series B, Zero Coupon, 9/1/2019, INS: NATL
|
36,500,000 | 22,465,750 | ||||||
Series B, Zero Coupon, 9/1/2020, INS: NATL
|
7,000,000 | 3,987,550 | ||||||
Series A, 5.75%, 9/1/2014, INS: NATL
|
14,700,000 | 15,833,370 | ||||||
Douglas County, CO, School District General Obligation, 7.0%, 12/15/2013, INS: NATL
|
2,500,000 | 2,874,750 | ||||||
139,932,944 | ||||||||
Connecticut 0.4%
|
||||||||
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, Series A, 7.875%, 4/1/2039
|
13,000,000 | 13,749,580 | ||||||
Greenwich, CT, Multi-Family Housing Revenue, 6.35%, 9/1/2027
|
2,640,000 | 2,681,659 | ||||||
16,431,239 | ||||||||
District of Columbia 0.3%
|
||||||||
District of Columbia, Core City General Obligation, Series B3, 5.5%, 6/1/2012, INS: NATL
|
340,000 | 356,113 | ||||||
District of Columbia, National Public Radio Revenue, Series A, 5.0%, 4/1/2035
|
5,000,000 | 5,019,150 | ||||||
District of Columbia, Water & Sewer Revenue, Public Utility Revenue, 5.5%, 10/1/2023, INS: AGMC
|
5,000,000 | 6,059,900 | ||||||
11,435,163 | ||||||||
Florida 5.0%
|
||||||||
Clearwater, FL, Water & Sewer Revenue, Series A, 5.25%, 12/1/2039
|
2,000,000 | 2,047,500 | ||||||
Florida, Village Center Community Development District, Utility Revenue, ETM, 6.0%, 11/1/2018, INS: FGIC
|
1,250,000 | 1,517,763 | ||||||
Fort Pierce, FL, Utilities Authority Revenue, Series B, Zero Coupon, 10/1/2018, INS: AMBAC
|
2,000,000 | 1,521,600 | ||||||
Hillsborough County, FL, Industrial Development Authority Revenue, University Community Hospital, ETM, 6.5%, 8/15/2019, INS: NATL
|
1,000,000 | 1,239,210 | ||||||
Jacksonville, FL, Health Facilities Authority, ETM, 11.5%, 10/1/2012
|
85,000 | 97,289 | ||||||
Marco Island, FL, Utility Systems Revenue:
|
||||||||
Series A, 5.0%, 10/1/2034
|
1,000,000 | 987,050 | ||||||
Series A, 5.0%, 10/1/2040
|
1,000,000 | 982,560 | ||||||
Melbourne, FL, Water & Sewer Revenue, ETM, Zero Coupon, 10/1/2016, INS: FGIC
|
1,350,000 | 1,220,940 | ||||||
Miami-Dade County, FL, Aviation Revenue:
|
||||||||
Series B, 5.0%, 10/1/2035, INS: AGMC
|
15,000,000 | 14,638,050 | ||||||
Series A, 5.5%, 10/1/2041
|
30,000,000 | 30,007,500 | ||||||
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
|
||||||||
Series C, AMT, 5.25%, 10/1/2022, INS: AGMC
|
20,000,000 | 20,871,200 | ||||||
Series A-1, 5.375%, 10/1/2035
|
1,000,000 | 997,230 | ||||||
Series A-1, 5.375%, 10/1/2041
|
19,290,000 | 18,948,567 | ||||||
Miami-Dade County, FL, Double Barreled Aviation, 5.0%, 7/1/2041
|
6,700,000 | 6,612,431 | ||||||
Miami-Dade County, FL, Sales & Special Tax Revenue:
|
||||||||
Series A, Zero Coupon, 10/1/2014, INS: NATL
|
2,195,000 | 1,885,790 | ||||||
Series A, Zero Coupon, 10/1/2022, INS: NATL
|
7,000,000 | 3,600,940 | ||||||
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2034
|
17,800,000 | 17,977,288 | ||||||
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project, 5.75%, 10/1/2043
|
10,000,000 | 9,984,500 | ||||||
Orange County, FL, Health Facilities Authority Revenue:
|
||||||||
Series 2006-A, 6.25%, 10/1/2016, INS: NATL
|
1,100,000 | 1,234,057 | ||||||
Series 2006-A, ETM, 6.25%, 10/1/2016, INS: NATL
|
70,000 | 83,630 | ||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System:
|
||||||||
Series B, 5.25%, 12/1/2029, INS: AGMC
|
6,500,000 | 6,638,450 | ||||||
Series A, 6.25%, 10/1/2018, INS: NATL
|
500,000 | 570,075 | ||||||
Series C, 6.25%, 10/1/2021, INS: NATL
|
6,000,000 | 6,790,680 | ||||||
Orange County, FL, Health Facilities Authority, Orlando Regional Facilities, Series A, ETM, 6.25%, 10/1/2016, INS: NATL
|
2,830,000 | 3,381,029 | ||||||
Orlando & Orange County, FL, Expressway Authority Revenue:
|
||||||||
Series C, 5.0%, 7/1/2035
|
16,215,000 | 15,957,668 | ||||||
Series A, 5.0%, 7/1/2040
|
11,895,000 | 11,565,865 | ||||||
6.5%, 7/1/2012, INS: FGIC, NATL
|
1,000,000 | 1,059,730 | ||||||
Orlando, FL, Special Assessment Revenue, Conroy Road Interchange Project, Series A, 5.8%, 5/1/2026
|
480,000 | 447,754 | ||||||
Palm Beach County, FL, Airport Systems Revenue:
|
||||||||
5.75%, 10/1/2013, INS: NATL
|
3,770,000 | 4,114,578 | ||||||
5.75%, 10/1/2014, INS: NATL
|
755,000 | 844,875 | ||||||
Palm Beach County, FL, Criminal Justice Facilities Revenue, 7.2%, 6/1/2015, INS: FGIC, NATL
|
110,000 | 132,727 | ||||||
Port St. Lucie, FL, Utility System Revenue:
|
||||||||
5.0%, 9/1/2035, INS: AGC
|
2,600,000 | 2,619,448 | ||||||
5.25%, 9/1/2035, INS: AGC
|
3,000,000 | 3,056,760 | ||||||
Sunrise, FL, Water & Sewer Revenue, Utility Systems, ETM, 5.5%, 10/1/2018, INS: AMBAC
|
12,500,000 | 14,795,625 | ||||||
Tallahassee, FL, Energy System Revenue, 5.5%, 10/1/2016, INS: AMBAC
|
1,005,000 | 1,181,629 | ||||||
Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL
|
2,075,000 | 2,213,382 | ||||||
Tampa, FL, Utility Tax Revenue, Zero Coupon, 10/1/2014, INS: AMBAC
|
3,165,000 | 2,916,326 | ||||||
214,741,696 | ||||||||
Georgia 4.9%
|
||||||||
Atlanta, GA, Airport Revenue, Series A, 5.0%, 1/1/2035
|
2,470,000 | 2,421,292 | ||||||
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, 5.0%, 7/1/2039
|
5,000,000 | 5,071,150 | ||||||
Atlanta, GA, Water & Sewer Revenue, Series A, 5.5%, 11/1/2019, INS: FGIC, NATL
|
13,000,000 | 14,955,590 | ||||||
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.375%, 11/1/2039, INS: AGMC
|
40,000,000 | 40,866,800 | ||||||
Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp. Vogtle Project:
|
||||||||
Series A, 5.3%, 1/1/2033, INS: AGMC
|
10,000,000 | 10,264,800 | ||||||
Series B, 5.5%, 1/1/2033
|
4,000,000 | 4,133,480 | ||||||
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare:
|
||||||||
Series A, 5.375%, 2/15/2040
|
8,225,000 | 7,904,801 | ||||||
Series A, 5.5%, 2/15/2045
|
20,000,000 | 19,431,000 | ||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
|
||||||||
Series A, 5.0%, 3/15/2019
|
17,440,000 | 18,474,018 | ||||||
Series B, 5.0%, 3/15/2019
|
5,000,000 | 4,999,000 | ||||||
Series A, 5.0%, 3/15/2020
|
2,700,000 | 2,834,919 | ||||||
Series B, 5.0%, 3/15/2020
|
5,000,000 | 4,992,600 | ||||||
Series A, 5.0%, 3/15/2022
|
17,340,000 | 17,645,704 | ||||||
Series A, 5.5%, 9/15/2023
|
5,000,000 | 5,033,300 | ||||||
Series A, 5.5%, 9/15/2024
|
4,635,000 | 4,630,689 | ||||||
Series A, 5.5%, 9/15/2027
|
5,000,000 | 4,847,950 | ||||||
Series A, 5.5%, 9/15/2028
|
5,000,000 | 4,805,500 | ||||||
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC
|
18,700,000 | 19,540,378 | ||||||
Georgia, Municipal Electric Authority Power Revenue:
|
||||||||
Series 2005-Y, 6.4%, 1/1/2013, INS: AMBAC
|
2,215,000 | 2,326,414 | ||||||
Series Y, ETM, 6.4%, 1/1/2013, INS: AMBAC
|
140,000 | 148,463 | ||||||
Series V, 6.5%, 1/1/2012, INS: FGIC, NATL
|
1,085,000 | 1,116,020 | ||||||
Series X, 6.5%, 1/1/2012, INS: NATL
|
770,000 | 792,014 | ||||||
Series W, 6.6%, 1/1/2018, INS: NATL
|
11,095,000 | 12,826,042 | ||||||
Georgia, Water & Sewer Revenue, Municipal Electric Authority Power Revenue, Series W, ETM, 6.6%, 1/1/2018, INS: NATL
|
190,000 | 230,442 | ||||||
Macon-Bibb County, GA, Hospital & Healthcare Revenue, Series C, 5.25%, 8/1/2011, INS: FGIC, NATL
|
665,000 | 668,611 | ||||||
210,960,977 | ||||||||
Hawaii 0.5%
|
||||||||
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
|
16,800,000 | 16,342,200 | ||||||
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%, 7/1/2039, GTY: Hawaiian Electric Co., Inc.
|
6,000,000 | 6,037,380 | ||||||
22,379,580 | ||||||||
Idaho 0.3%
|
||||||||
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037
|
10,060,000 | 10,944,375 | ||||||
Illinois 11.9%
|
||||||||
Chicago, IL, Core City General Obligation:
|
||||||||
Zero Coupon, 1/1/2017, INS: FGIC, NATL
|
20,000,000 | 15,971,000 | ||||||
Series A, 5.375%, 1/1/2013, INS: NATL
|
10,930,000 | 11,299,543 | ||||||
Chicago, IL, General Obligation:
|
||||||||
Series A, 5.0%, 1/1/2025, INS: AMBAC
|
13,985,000 | 14,028,353 | ||||||
Series B, 5.125%, 1/1/2015, INS: AMBAC
|
1,960,000 | 2,092,966 | ||||||
Chicago, IL, O'Hare International Airport Revenue:
|
||||||||
Series A-2, AMT, 5.75%, 1/1/2019, INS: AGMC
|
12,975,000 | 13,651,906 | ||||||
Series B, 6.0%, 1/1/2041
|
10,000,000 | 10,478,100 | ||||||
Series C, 6.5%, 1/1/2041
|
26,700,000 | 29,408,715 | ||||||
Chicago, IL, Sales & Special Tax Revenue, 5.375%, 1/1/2014, INS: AMBAC
|
3,150,000 | 3,329,707 | ||||||
Chicago, IL, School District General Obligation Lease, Board of Education:
|
||||||||
Series A, 6.0%, 1/1/2016, INS: NATL
|
11,025,000 | 12,575,666 | ||||||
Series A, 6.0%, 1/1/2020, INS: NATL
|
46,340,000 | 52,126,476 | ||||||
Series A, 6.25%, 1/1/2015, INS: NATL
|
28,725,000 | 30,896,323 | ||||||
Chicago, IL, School District General Obligation Lease, Public Housing Revenue, Series A, 5.25%, 12/1/2011, INS: NATL
|
4,990,000 | 5,095,988 | ||||||
Chicago, IL, School District Revenue Lease, Board of Education, ETM, 6.25%, 12/1/2011, INS: NATL
|
1,600,000 | 1,648,416 | ||||||
Chicago, IL, Water & Sewer Revenue:
|
||||||||
Zero Coupon, 11/1/2012, INS: FGIC, NATL
|
6,350,000 | 6,174,613 | ||||||
Zero Coupon, 11/1/2018, INS: AMBAC
|
5,165,000 | 3,724,120 | ||||||
Chicago, IL, Water Revenue, 5.0%, 11/1/2023, INS: AGMC
|
10,000,000 | 10,555,200 | ||||||
Cook County, IL, County General Obligation, 6.5%, 11/15/2014, INS: FGIC, NATL
|
18,560,000 | 21,283,494 | ||||||
Illinois, Finance Authority Revenue, Advocate Health Care Network:
|
||||||||
Series B, 5.375%, 4/1/2044
|
5,500,000 | 5,445,110 | ||||||
Series A, 5.5%, 4/1/2044
|
5,500,000 | 5,520,350 | ||||||
Series D, 6.5%, 11/1/2038
|
4,085,000 | 4,397,748 | ||||||
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037
|
16,000,000 | 14,319,200 | ||||||
Illinois, Finance Authority Revenue, Memorial Health Systems:
|
||||||||
5.5%, 4/1/2034
|
12,100,000 | 11,807,180 | ||||||
5.5%, 4/1/2039
|
4,800,000 | 4,608,240 | ||||||
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
|
22,990,000 | 22,482,151 | ||||||
Illinois, Finance Authority Revenue, Park Place of Elmhurst, Series D-3, 6.25%, 8/15/2015
|
5,000,000 | 4,939,600 | ||||||
Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044
|
10,000,000 | 10,178,900 | ||||||
Illinois, Higher Education Revenue, Zero Coupon, 4/1/2015, INS: NATL
|
3,300,000 | 2,896,641 | ||||||
Illinois, Hospital & Healthcare Revenue, Health Facilities Authority:
|
||||||||
5.2%, 9/1/2012
|
1,000,000 | 1,002,300 | ||||||
6.25%, 8/15/2013, INS: NATL
|
1,855,000 | 1,955,393 | ||||||
Series A, 6.25%, 1/1/2015, INS: AMBAC
|
9,525,000 | 10,286,905 | ||||||
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Capital Appreciation:
|
||||||||
Zero Coupon, 6/15/2013, INS: NATL
|
4,045,000 | 3,867,748 | ||||||
ETM, Zero Coupon, 6/15/2013, INS: NATL
|
3,520,000 | 3,433,795 | ||||||
Illinois, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 6/15/2011, INS: NATL
|
895,000 | 894,472 | ||||||
Illinois, Municipal Electric Agency Power Supply:
|
||||||||
Series A, 5.25%, 2/1/2023, INS: FGIC, NATL
|
3,500,000 | 3,711,855 | ||||||
Series A, 5.25%, 2/1/2024, INS: FGIC, NATL
|
2,500,000 | 2,637,325 | ||||||
Illinois, Pollution Control Revenue, Development Finance Authority, 5.85%, 1/15/2014, INS: AMBAC
|
5,000,000 | 5,439,300 | ||||||
Illinois, Project Revenue, Zero Coupon, 1/1/2014, INS: AGMC
|
17,975,000 | 16,758,991 | ||||||
Illinois, Project Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, 6/15/2016, INS: FGIC, NATL
|
10,000,000 | 8,451,900 | ||||||
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 6.0%, 6/1/2028
|
17,315,000 | 17,418,371 | ||||||
Illinois, Regional Transportation Authority:
|
||||||||
Series B, 5.75%, 6/1/2033, INS: NATL
|
7,000,000 | 7,534,660 | ||||||
Series A, 6.7%, 11/1/2021, INS: FGIC, NATL
|
25,800,000 | 30,624,342 | ||||||
Illinois, Sales & Special Tax Revenue:
|
||||||||
6.25%, 12/15/2011, INS: AMBAC
|
820,000 | 837,310 | ||||||
6.25%, 12/15/2020, INS: AMBAC
|
6,975,000 | 7,921,159 | ||||||
Series P, 6.5%, 6/15/2013
|
790,000 | 827,241 | ||||||
Illinois, Special Assessment Revenue, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 12/15/2018, INS: NATL
|
6,660,000 | 4,890,038 | ||||||
Joliet, IL, Higher Education Revenue, College Assistance Corp., North Campus Extension Center Project, 6.7%, 9/1/2012, INS: NATL
|
960,000 | 994,781 | ||||||
Kane Cook & Du Page Counties, IL, School District General Obligation:
|
||||||||
Series B, Zero Coupon, 1/1/2012, INS: AGMC
|
1,300,000 | 1,286,701 | ||||||
Series B, Zero Coupon, 1/1/2013, INS: AGMC
|
1,095,000 | 1,055,569 | ||||||
Lake Cook Kane & McHenry Counties, IL, School District General Obligation, 6.3%, 12/1/2017, INS: AGMC
|
1,885,000 | 2,363,809 | ||||||
Lake County, IL, Higher Education Revenue, District No. 117:
|
||||||||
Series B, Zero Coupon, 12/1/2013, INS: FGIC, NATL
|
5,880,000 | 5,356,504 | ||||||
Series B, Zero Coupon, 12/1/2014, INS: FGIC, NATL
|
5,985,000 | 5,210,840 | ||||||
Skokie, IL, Other General Obligation, Park District, Series B, Zero Coupon, 12/1/2011, INS: AMBAC
|
3,000,000 | 2,991,870 | ||||||
University Park, IL, Sales & Special Tax Revenue, Governors Gateway Industrial Park, 8.5%, 12/1/2011
|
330,000 | 331,409 | ||||||
Will County, IL, County General Obligation:
|
||||||||
Series B, Zero Coupon, 12/1/2011, INS: FGIC, NATL
|
4,145,000 | 4,128,503 | ||||||
Series B, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
2,480,000 | 2,436,823 | ||||||
Series B, Zero Coupon, 12/1/2013, INS: FGIC, NATL
|
12,030,000 | 11,555,777 | ||||||
Series B, Zero Coupon, 12/1/2014, INS: FGIC, NATL
|
10,255,000 | 9,584,938 | ||||||
Will County, IL, School District General Obligation, Community Unit School District No. 365-U, Series B, ETM, Zero Coupon, 11/1/2015, INS: AGMC
|
8,000,000 | 7,364,160 | ||||||
514,090,495 | ||||||||
Indiana 1.3%
|
||||||||
Indiana, Electric Revenue, Municipal Power Agency:
|
||||||||
Series B, 5.5%, 1/1/2016, INS: NATL
|
10,160,000 | 11,402,670 | ||||||
Series B, 6.0%, 1/1/2012, INS: NATL
|
1,750,000 | 1,804,250 | ||||||
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
|
5,230,000 | 5,637,417 | ||||||
Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028
|
2,100,000 | 1,672,671 | ||||||
Indiana, Hospital & Healthcare Revenue, Health Facilities Financing Authority:
|
||||||||
Series D, 5.75%, 11/15/2012
|
4,580,000 | 4,618,976 | ||||||
ETM, 6.0%, 7/1/2011, INS: NATL
|
1,445,000 | 1,451,599 | ||||||
ETM, 6.0%, 7/1/2012, INS: NATL
|
1,535,000 | 1,622,448 | ||||||
ETM, 6.0%, 7/1/2013, INS: NATL
|
1,620,000 | 1,786,058 | ||||||
ETM, 6.0%, 7/1/2014, INS: NATL
|
1,720,000 | 1,968,108 | ||||||
ETM, 6.0%, 7/1/2015, INS: NATL
|
1,825,000 | 2,148,896 | ||||||
6.0%, 7/1/2016, INS: NATL
|
465,000 | 521,219 | ||||||
ETM, 6.0%, 7/1/2016, INS: NATL
|
1,470,000 | 1,810,805 | ||||||
6.0%, 7/1/2017, INS: NATL
|
490,000 | 547,477 | ||||||
ETM, 6.0%, 7/1/2017, INS: NATL
|
1,560,000 | 1,954,805 | ||||||
6.0%, 7/1/2018, INS: NATL
|
520,000 | 578,666 | ||||||
ETM, 6.0%, 7/1/2018, INS: NATL
|
1,655,000 | 2,096,405 | ||||||
Indiana, Transportation/Tolls Revenue, Series A, 7.25%, 6/1/2015
|
2,525,000 | 2,823,606 | ||||||
Indiana, Transportation/Tolls Revenue, Transportation Authority:
|
||||||||
Series A, 5.75%, 6/1/2012, INS: AMBAC
|
2,570,000 | 2,639,698 | ||||||
Series A, 7.25%, 6/1/2015
|
295,000 | 295,254 | ||||||
Indiana, Transportation/Tolls Revenue, Transportation Finance Authority, Series A, ETM, 5.75%, 6/1/2012, INS: AMBAC
|
450,000 | 450,108 | ||||||
St. Joseph County, IN, Educational Facilities Revenue, Notre Dame du Lac Project, 5.0%, 3/1/2036
|
10,000,000 | 10,314,000 | ||||||
58,145,136 | ||||||||
Iowa 0.0%
|
||||||||
Iowa, Finance Authority, Small Business Development Revenue, Corporate Center Associates LP Project, 0.18%**, 9/1/2020, LOC: Wells Fargo Bank NA
|
1,000,000 | 1,000,000 | ||||||
Kansas 0.2%
|
||||||||
Kansas, Pollution Control Revenue, Development Financing Authority, Series II, 5.5%, 11/1/2017
|
1,000,000 | 1,225,290 | ||||||
Kansas, State Department of Transportation Highway Revenue, Series A-5, 0.14%**, 9/1/2015, SPA: US Bank NA
|
3,150,000 | 3,150,000 | ||||||
Wichita, KS, Hospital Revenue, Facilities Improvement, Series III-A, 5.0%, 11/15/2034
|
3,590,000 | 3,531,483 | ||||||
7,906,773 | ||||||||
Kentucky 1.6%
|
||||||||
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust, 0.2%**, 3/1/2030, LOC: US Bank NA
|
2,485,000 | 2,485,000 | ||||||
Kentucky, Economic Development Finance Authority, Health Systems Revenue, Norton Healthcare:
|
||||||||
Series C, 5.6%, 10/1/2012, INS: NATL
|
9,110,000 | 9,521,134 | ||||||
Series C, 5.7%, 10/1/2013, INS: NATL
|
5,495,000 | 5,889,651 | ||||||
Series C, ETM, 5.7%, 10/1/2013, INS: NATL
|
2,750,000 | 3,047,660 | ||||||
Series C, 5.8%, 10/1/2014, INS: NATL
|
3,420,000 | 3,686,521 | ||||||
Series C, Prerefunded, 5.8%, 10/1/2014, INS: NATL
|
1,710,000 | 1,931,924 | ||||||
Series C, 5.85%, 10/1/2015, INS: NATL
|
3,490,000 | 3,741,245 | ||||||
Series C, Prerefunded, 5.85%, 10/1/2015, INS: NATL
|
1,745,000 | 1,973,490 | ||||||
Series C, 5.9%, 10/1/2016, INS: NATL
|
4,330,000 | 4,615,174 | ||||||
Series C, Prerefunded, 5.9%, 10/1/2016, INS: NATL
|
2,170,000 | 2,456,657 | ||||||
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, 6.5%, 3/1/2045
|
11,000,000 | 10,983,610 | ||||||
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2038, INS: AGC
|
4,500,000 | 4,630,590 | ||||||
Lexington-Fayette Urban County, KY, Government Industrial Development Revenue, YMCA of Central Kentucky, Inc. Project, 0.2%**, 7/1/2019, LOC: Bank One Kentucky NA
|
1,000,000 | 1,000,000 | ||||||
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
|
15,000,000 | 13,566,300 | ||||||
69,528,956 | ||||||||
Louisiana 0.6%
|
||||||||
East Baton Rouge, LA, Sewer Commission Revenue, Series A, 5.25%, 2/1/2039
|
10,000,000 | 10,301,300 | ||||||
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
|
5,000,000 | 4,662,750 | ||||||
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
|
12,000,000 | 11,585,640 | ||||||
26,549,690 | ||||||||
Maine 0.2%
|
||||||||
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040
|
9,650,000 | 9,627,516 | ||||||
Maryland 0.5%
|
||||||||
Baltimore, MD, Sales & Special Tax Revenue, Series A, 5.9%, 7/1/2012, INS: FGIC
|
3,100,000 | 3,269,322 | ||||||
Maryland, State Economic Development Corp. Revenue, Senior Lien Project, Chesapeake Bay:
|
||||||||
Series A, 5.0%, 12/1/2016
|
1,000,000 | 838,470 | ||||||
Series A, 5.0%, 12/1/2031
|
20,000,000 | 12,316,600 | ||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039
|
3,400,000 | 3,751,084 | ||||||
20,175,476 | ||||||||
Massachusetts 5.0%
|
||||||||
Massachusetts, Bay Transportation Authority Revenue, Series B, 6.2%, 3/1/2016
|
10,000,000 | 11,249,700 | ||||||
Massachusetts, Higher Education Revenue, College Building Authority Project, Series A, 7.5%, 5/1/2014
|
5,500,000 | 6,105,715 | ||||||
Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Massachusetts General Hospital, Series F, ETM, 6.25%, 7/1/2012, INS: AMBAC
|
335,000 | 341,774 | ||||||
Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032
|
4,520,000 | 4,024,608 | ||||||
Massachusetts, Port Authority Revenue, ETM, 13.0%, 7/1/2013
|
445,000 | 504,608 | ||||||
Massachusetts, Project Revenue, Prerefunded, 9.2%, 12/15/2031, GTY: Harvard Pilgrim HealthCare, Inc.
|
17,000,000 | 19,550,170 | ||||||
Massachusetts, Project Revenue, Health & Educational Facilities Authority, Series B, Prerefunded, 9.15%, 12/15/2023, GTY: Harvard Pilgrim HealthCare, Inc.
|
3,000,000 | 3,447,840 | ||||||
Massachusetts, Sales & Special Tax Revenue, Federal Highway Grant, Series A, ETM, Zero Coupon, 12/15/2014
|
27,680,000 | 26,448,517 | ||||||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series B, 5.0%, 1/1/2032
|
28,800,000 | 29,271,168 | ||||||
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility, Series A, 5.5%, 11/15/2027
|
1,680,000 | 990,360 | ||||||
Massachusetts, State Development Finance Agency, Resource Recovery Revenue, SEMASS Partnership:
|
||||||||
Series A, 5.625%, 1/1/2015, INS: NATL
|
4,000,000 | 4,088,760 | ||||||
Series A, 5.625%, 1/1/2016, INS: NATL
|
2,750,000 | 2,810,885 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Amherst College:
|
||||||||
Series I, 0.11%**, 11/1/2028
|
1,995,000 | 1,995,000 | ||||||
Series J-1, 0.11%**, 11/1/2035
|
3,000,000 | 3,000,000 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038
|
18,000,000 | 14,892,660 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/2022
|
9,000,000 | 11,330,820 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
|
14,285,000 | 13,830,308 | ||||||
Massachusetts, State Industrial Finance Agency Revenue, JHC Assisted Living Corp., Series A, 144A, 0.18%**, 12/1/2029, LOC: TD Bank NA
|
4,300,000 | 4,300,000 | ||||||
Massachusetts, State Port Authority Special Facilities Revenue, Delta Air Lines, Inc. Project:
|
||||||||
Series A, AMT, 5.5%, 1/1/2014, INS: AMBAC
|
3,000,000 | 2,909,490 | ||||||
Series A, AMT, 5.5%, 1/1/2015, INS: AMBAC
|
3,000,000 | 2,873,220 | ||||||
Series A, AMT, 5.5%, 1/1/2016, INS: AMBAC
|
3,000,000 | 2,843,910 | ||||||
Massachusetts, State Water Resource Authority:
|
||||||||
Series J, 5.5%, 8/1/2021, INS: AGMC
|
5,685,000 | 7,006,365 | ||||||
Series C, 6.0%, 12/1/2011
|
1,380,000 | 1,415,866 | ||||||
Massachusetts, Transportation/Tolls Revenue, Turnpike Authority, Series C, Zero Coupon, 1/1/2018, INS: NATL
|
10,000,000 | 7,724,800 | ||||||
Massachusetts, Water & Sewer Revenue, Water Authority, Series J, 5.5%, 8/1/2020, INS: AGMC (a)
|
14,315,000 | 17,619,331 | ||||||
Massachusetts, Water & Sewer Revenue, Water Resource Authority, Series A, ETM, 6.5%, 7/15/2019 (a)
|
13,710,000 | 16,744,983 | ||||||
217,320,858 | ||||||||
Michigan 1.9%
|
||||||||
Detroit, MI, School District General Obligation, Series C, 5.25%, 5/1/2014, INS: FGIC
|
1,000,000 | 1,068,950 | ||||||
Detroit, MI, Sewer Disposal Revenue:
|
||||||||
Series D, 0.804%***, 7/1/2032, INS: AGMC
|
6,375,000 | 4,424,059 | ||||||
Series B, 7.5%, 7/1/2033, INS: AGMC
|
10,000,000 | 11,735,900 | ||||||
Detroit, MI, State General Obligation:
|
||||||||
Series A-1, 5.375%, 4/1/2016, INS: NATL
|
2,760,000 | 2,760,800 | ||||||
Series A-1, 5.375%, 4/1/2018, INS: NATL
|
3,000,000 | 2,900,760 | ||||||
Detroit, MI, Water & Sewer Revenue, Series A, Zero Coupon, 7/1/2015, INS: FGIC, NATL
|
8,710,000 | 7,518,559 | ||||||
Michigan, State Building Authority Revenue, Facilities Program:
|
||||||||
Series H, 5.125%, 10/15/2033
|
9,755,000 | 9,846,990 | ||||||
Series I, 6.0%, 10/15/2038
|
9,000,000 | 9,517,410 | ||||||
Michigan, State Grant Anticipation Bonds, 5.25%, 9/15/2023, INS: AGMC
|
7,500,000 | 8,107,650 | ||||||
Michigan, State Hospital Finance Authority Revenue, MidMichigan Health Obligation Group, Series A, 6.125%, 6/1/2039
|
4,000,000 | 4,097,680 | ||||||
Michigan, State Hospital Finance Authority Revenue, Trinity Health, Series A, 6.5%, 12/1/2033
|
10,000,000 | 10,857,000 | ||||||
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
|
7,200,000 | 8,286,192 | ||||||
Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services, Series A, ETM, 5.6%, 2/15/2013
|
560,000 | 577,561 | ||||||
81,699,511 | ||||||||
Minnesota 0.4%
|
||||||||
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
|
6,440,000 | 7,000,473 | ||||||
University of Minnesota, Higher Education Revenue:
|
||||||||
Series A, ETM, 5.75%, 7/1/2017
|
3,240,000 | 3,923,316 | ||||||
Series A, ETM, 5.75%, 7/1/2018
|
6,760,000 | 8,236,790 | ||||||
19,160,579 | ||||||||
Mississippi 0.6%
|
||||||||
Mississippi, Development Bank Special Obligation, Department of Corrections, Series C, 5.25%, 8/1/2027
|
13,890,000 | 14,691,314 | ||||||
Warren County, MS, Gulf Opportunity, International Paper Co.:
|
||||||||
Series A, 5.5%, 9/1/2031
|
5,000,000 | 4,918,600 | ||||||
Series A, 6.5%, 9/1/2032
|
7,420,000 | 7,732,827 | ||||||
27,342,741 | ||||||||
Missouri 0.4%
|
||||||||
Cape Girardeau County, MO, Industrial Development Authority, Health Care Facilities Revenue, St. Francis Medical Center, Series A, 5.75%, 6/1/2039
|
2,150,000 | 2,187,195 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services, Series C, 5.0%, 2/1/2042
|
8,240,000 | 6,745,017 | ||||||
St. Louis, MO, Industrial Development Authority Revenue, Convention Center Hotel, Zero Coupon, 7/15/2016, INS: AMBAC
|
6,895,000 | 5,030,661 | ||||||
St. Louis, MO, State General Obligation Lease, Industrial Development Authority, Convention Center Hotel, Zero Coupon, 7/15/2015, INS: AMBAC
|
4,200,000 | 3,271,968 | ||||||
17,234,841 | ||||||||
Nebraska 0.1%
|
||||||||
Omaha, NE, Public Power District Electric Revenue:
|
||||||||
Series A, 5.5%, 2/1/2033
|
1,000,000 | 1,076,960 | ||||||
Series A, 5.5%, 2/1/2035
|
1,000,000 | 1,067,960 | ||||||
Series A, 5.5%, 2/1/2039
|
1,000,000 | 1,063,190 | ||||||
3,208,110 | ||||||||
Nevada 0.1%
|
||||||||
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036
|
5,000,000 | 4,775,700 | ||||||
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project:
|
||||||||
Zero Coupon, 1/1/2013, INS: AMBAC*
|
5,000,000 | 1,090,000 | ||||||
Second Tier, 7.375%, 1/1/2040*
|
15,000,000 | 26,250 | ||||||
5,891,950 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, 6.5%, 1/1/2031
|
10,000,000 | 10,606,600 | ||||||
New Jersey 2.5%
|
||||||||
New Jersey, Economic Development Authority Revenue, Cigarette Tax:
|
||||||||
5.5%, 6/15/2031
|
3,000,000 | 2,688,060 | ||||||
5.75%, 6/15/2034
|
2,455,000 | 2,233,829 | ||||||
New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue:
|
||||||||
Series A, 5.0%, 7/1/2022, INS: NATL
|
7,140,000 | 7,288,798 | ||||||
Series A, 5.0%, 7/1/2023, INS: NATL
|
8,845,000 | 8,991,031 | ||||||
New Jersey, Garden State Preservation Trust, Open Space & Farm Land, Series 2005-A, 5.8%, 11/1/2023, INS: AGMC
|
5,000,000 | 5,741,750 | ||||||
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
|
1,000,000 | 885,720 | ||||||
New Jersey, State Transportation Trust Fund Authority, Series A, 5.75%, 6/15/2020, INS: AMBAC
|
11,000,000 | 12,717,100 | ||||||
New Jersey, State Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems:
|
||||||||
Series A, Zero Coupon, 12/15/2026
|
54,000,000 | 22,076,280 | ||||||
Series A, Zero Coupon, 12/15/2028
|
30,000,000 | 10,457,400 | ||||||
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
|
||||||||
Series A, 6.0%, 6/15/2035
|
6,000,000 | 6,570,600 | ||||||
Series A, 6.0%, 12/15/2038
|
11,075,000 | 11,852,908 | ||||||
Series A, Prerefunded, 6.0%, 12/15/2038
|
5,925,000 | 7,620,379 | ||||||
New Jersey, State Turnpike Authority Revenue:
|
||||||||
Series E, 5.25%, 1/1/2040
|
5,250,000 | 5,346,705 | ||||||
Series C-2005, 6.5%, 1/1/2016, INS: AMBAC
|
1,210,000 | 1,438,254 | ||||||
Series C-2005, ETM, 6.5%, 1/1/2016, INS: AMBAC
|
425,000 | 512,805 | ||||||
106,421,619 | ||||||||
New York 2.8%
|
||||||||
Albany, NY, Industrial Development Agency, Civic Facility Revenue, Albany College of Pharmacy, Series A, 0.18%**, 7/1/2038, LOC: TD Bank NA
|
2,530,000 | 2,530,000 | ||||||
New York, Higher Education Revenue, Dormitory Authority, Series B, 5.25%, 5/15/2019, INS: FGIC
|
6,000,000 | 6,836,100 | ||||||
New York, Higher Education Revenue, Dormitory Authority, City University, Series B, 6.0%, 7/1/2014, INS: FGIC
|
4,840,000 | 5,153,535 | ||||||
New York, School District General Obligation, Dormitory Authority, City University, Series A, 5.5%, 5/15/2019
|
1,500,000 | 1,740,720 | ||||||
New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021
|
2,000,000 | 2,267,580 | ||||||
New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020
|
3,600,000 | 4,168,692 | ||||||
New York, State Dormitory Authority Revenues, Non-State Supported Debt, New York Law School, 0.14%**, 7/1/2038, LOC: TD Bank NA
|
1,800,000 | 1,800,000 | ||||||
New York, State Dormitory Authority, State Personal Income Tax Revenue:
|
||||||||
Series F, 5.0%, 2/15/2035
|
5,000,000 | 5,158,100 | ||||||
Series A, 5.0%, 3/15/2038
|
8,750,000 | 8,967,700 | ||||||
New York, State General Obligation Lease, Urban Development Corp., State Facilities, 5.6%, 4/1/2015
|
4,655,000 | 5,086,798 | ||||||
New York, State General Obligation, Tobacco Settlement Financing Corp., Series A-1, 5.25%, 6/1/2022, INS: AMBAC
|
12,600,000 | 13,218,912 | ||||||
New York, Transportation/Tolls Revenue, Transportation Authority, Series E, 5.5%, 11/15/2021, INS: NATL
|
6,000,000 | 6,296,160 | ||||||
New York, Water & Sewer Revenue, Environmental Facilities Corp., State Water Pollution Control, Series E, 6.875%, 6/15/2014
|
3,530,000 | 3,548,956 | ||||||
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, 1090 Franklin Avenue Associates LLC, Series A, AMT, 0.2%**, 12/1/2037, LOC: Citibank NA
|
1,000,000 | 1,000,000 | ||||||
New York City, NY, Industrial Development Agency Revenue, Liberty-7, World Trade Center, Series A, 6.25%, 3/1/2015
|
10,000,000 | 10,043,800 | ||||||
New York City, NY, Industrial Development Agency, Civic Facility Revenue, New York Psychotherapy & Counseling Center, 0.17%**, 6/1/2038, LOC: JPMorgan Chase Bank
|
1,845,000 | 1,845,000 | ||||||
New York City, NY, Industrial Development Agency, Special Facility Revenue, American Airlines, JFK International Airport, AMT, 7.75%, 8/1/2031, GTY: AMR Corp.
|
9,000,000 | 9,188,910 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series FF-2, 5.0%, 6/15/2040
|
2,270,000 | 2,321,983 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution, Series EE, 5.375%, 6/15/2043
|
11,250,000 | 11,948,062 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second Generation, Series BB, 5.0%, 6/15/2031
|
9,465,000 | 9,967,592 | ||||||
New York, NY, General Obligation, Series I-1, 5.375%, 4/1/2036
|
7,000,000 | 7,303,870 | ||||||
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040
|
2,000,000 | 1,981,880 | ||||||
122,374,350 | ||||||||
North Carolina 1.6%
|
||||||||
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034
|
1,500,000 | 1,564,725 | ||||||
Charlotte, NC, Core City General Obligation, 5.5%, 8/1/2018
|
4,165,000 | 4,548,846 | ||||||
North Carolina, Electric Revenue, 5.25%, 1/1/2020, INS: NATL
|
4,000,000 | 4,218,280 | ||||||
North Carolina, Electric Revenue, Eastern Municipal Power Agency:
|
||||||||
6.0%, 1/1/2018, INS: AMBAC
|
8,775,000 | 10,359,765 | ||||||
Series B, 6.0%, 1/1/2022, INS: NATL
|
18,775,000 | 22,509,348 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033
|
17,000,000 | 18,359,660 | ||||||
North Carolina, Municipal Power Agency, No. 1 Catawba Electric Revenue, Series A, 5.0%, 1/1/2030
|
5,410,000 | 5,580,199 | ||||||
67,140,823 | ||||||||
North Dakota 0.2%
|
||||||||
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031
|
9,260,000 | 9,865,141 | ||||||
Ohio 1.9%
|
||||||||
Akron, OH, Project Revenue, Economic Development, 6.0%, 12/1/2012, INS: NATL
|
685,000 | 714,380 | ||||||
Avon, OH, School District General Obligation, 6.5%, 12/1/2015, INS: AMBAC
|
940,000 | 1,117,425 | ||||||
Beavercreek, OH, School District General Obligation, Local School District, 6.6%, 12/1/2015, INS: FGIC, NATL
|
1,500,000 | 1,719,540 | ||||||
Big Walnut, OH, School District General Obligation, Local School District, Zero Coupon, 12/1/2012, INS: AMBAC
|
420,000 | 409,571 | ||||||
Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Turbo:
|
||||||||
Series A-2, 5.75%, 6/1/2034
|
13,275,000 | 9,249,754 | ||||||
Series A-2, 6.0%, 6/1/2042
|
7,000,000 | 4,894,190 | ||||||
Cleveland, OH, Electric Revenue, Public Power Systems Revenue, Series 1, 6.0%, 11/15/2011, INS: NATL
|
1,050,000 | 1,077,048 | ||||||
Cleveland, OH, Sales & Special Tax Revenue, Urban Renewal Tax Increment, Rock & Roll Hall of Fame and Museum Project, 6.75%, 3/15/2018
|
1,000,000 | 1,000,310 | ||||||
Cuyahoga County, OH, County General Obligation, 5.65%, 5/15/2018
|
500,000 | 578,980 | ||||||
Fayette County, OH, School District General Obligation, Rattlesnake Improvement Area Project, 5.9%, 12/1/2013
|
25,000 | 25,628 | ||||||
Finneytown, OH, Other General Obligation, Local School District, 6.2%, 12/1/2017, INS: FGIC, NATL
|
320,000 | 375,238 | ||||||
Franklin County, OH, Healthcare Facilities Revenue, Presbyterian Services, 5.5%, 7/1/2017
|
1,000,000 | 1,001,120 | ||||||
Franklin County, OH, School District General Obligation, 6.5%, 12/1/2013
|
390,000 | 421,945 | ||||||
Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, 6.5%, 12/1/2030
|
14,425,000 | 15,216,644 | ||||||
Hilliard, OH, School District General Obligation, Series A, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
1,655,000 | 1,633,982 | ||||||
Huber Heights, OH, Water & Sewer Revenue, Zero Coupon, 12/1/2012, INS: NATL
|
1,005,000 | 983,101 | ||||||
Liberty Benton, OH, School District General Obligation, Zero Coupon, 12/1/2014, INS: AMBAC
|
570,000 | 528,088 | ||||||
Liberty, OH, School District General Obligation, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
255,000 | 248,681 | ||||||
Lorain County, OH, Lakeland Community Hospital, Inc., ETM, 6.5%, 11/15/2012
|
235,000 | 240,938 | ||||||
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037
|
6,000,000 | 6,597,420 | ||||||
North Olmstead, OH, Other General Obligation, 6.2%, 12/1/2011, INS: AMBAC
|
530,000 | 540,801 | ||||||
Ohio, Higher Education Revenue, Case Western Reserve University:
|
||||||||
6.0%, 10/1/2014
|
1,000,000 | 1,148,220 | ||||||
Series B, 6.5%, 10/1/2020
|
2,250,000 | 2,710,305 | ||||||
Ohio, School District General Obligation, 6.0%, 12/1/2019, INS: AMBAC
|
475,000 | 560,168 | ||||||
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project:
|
||||||||
Series 2010, 5.25%, 11/15/2035, INS: AGMC
|
7,500,000 | 7,293,525 | ||||||
Series 2010, 5.5%, 11/15/2030, INS: AGMC
|
4,000,000 | 4,086,360 | ||||||
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health System, Series B, 5.5%, 1/1/2039
|
13,600,000 | 13,869,416 | ||||||
Springboro, OH, School District General Obligation, Community City School District, 6.0%, 12/1/2011, INS: AMBAC
|
115,000 | 117,550 | ||||||
Toledo, OH, Other General Obligation, Macy's Project, Series A, AMT, 6.35%, 12/1/2025, INS: NATL
|
1,000,000 | 1,001,090 | ||||||
Wayne, OH, School District General Obligation:
|
||||||||
6.45%, 12/1/2011, INS: AMBAC
|
45,000 | 46,179 | ||||||
6.6%, 12/1/2016, INS: AMBAC
|
200,000 | 233,738 | ||||||
Wooster, OH, School District General Obligation, Zero Coupon, 12/1/2013, INS: AGMC
|
930,000 | 887,164 | ||||||
80,528,499 | ||||||||
Oklahoma 0.8%
|
||||||||
Oklahoma, State Municipal Power Authority, Supply System Revenue, Series A, 6.0%, 1/1/2038
|
8,625,000 | 9,135,600 | ||||||
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL
|
23,125,000 | 25,728,875 | ||||||
34,864,475 | ||||||||
Pennsylvania 3.6%
|
||||||||
Allegheny County, PA, Airport Revenue, Pittsburgh International Airport:
|
||||||||
Series A, AMT, 5.75%, 1/1/2013, INS: NATL
|
9,400,000 | 9,780,982 | ||||||
Series A-1, AMT, 5.75%, 1/1/2014, INS: NATL
|
10,500,000 | 11,061,120 | ||||||
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
|
11,800,000 | 11,980,894 | ||||||
Berks County, PA, Hospital & Healthcare Revenue, Municipal Authority, Reading Hospital & Medical Center Project, 5.7%, 10/1/2014, INS: NATL
|
700,000 | 749,497 | ||||||
Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, 5.75%, 7/1/2017
|
24,500,000 | 27,936,615 | ||||||
Erie County, PA, Industrial Development Revenue, Pollution Control, Series A, 5.3%, 4/1/2012
|
1,000,000 | 1,023,330 | ||||||
Exter Township, PA, School District General Obligation, Zero Coupon, 5/15/2017, INS: FGIC, NATL
|
3,700,000 | 3,073,220 | ||||||
Latrobe, PA, Higher Education Revenue, Industrial Development Authority, 5.375%, 5/1/2013
|
430,000 | 448,628 | ||||||
Pennsylvania, Sales & Special Tax Revenue, Convention Center Authority, Series A, ETM, 6.0%, 9/1/2019, INS: FGIC
|
2,200,000 | 2,687,344 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Series B, 5.75%, 6/1/2039
|
32,000,000 | 32,876,480 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Capital Appreciation, Series E, Step-up Coupon, 0% to 12/1/2017, 6.375% to 12/1/2038
|
40,000,000 | 28,230,000 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Motor License Fund, Series A, 6.0%, 12/1/2036
|
3,000,000 | 3,338,640 | ||||||
Pennsylvania, Water & Sewer Revenue, 5.25%, 11/1/2014, INS: NATL
|
1,465,000 | 1,575,446 | ||||||
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035
|
7,080,000 | 7,082,407 | ||||||
Philadelphia, PA, Water & Wastewater Revenue:
|
||||||||
Series A, 5.25%, 1/1/2032
|
3,000,000 | 3,072,390 | ||||||
Series A, 5.25%, 1/1/2036
|
2,500,000 | 2,519,325 | ||||||
Pittsburgh, PA, Core City General Obligation, Series A, 5.5%, 9/1/2014, INS: AMBAC
|
1,050,000 | 1,112,464 | ||||||
Pittsburgh, PA, Water & Sewer System, ETM, 7.25%, 9/1/2014, INS: FGIC
|
70,000 | 77,450 | ||||||
Westmoreland County, PA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.375%, 7/1/2011, INS: AMBAC
|
1,380,000 | 1,384,430 | ||||||
Westmoreland County, PA, Project Revenue, Zero Coupon, 8/15/2017, INS: NATL
|
6,230,000 | 5,027,174 | ||||||
155,037,836 | ||||||||
Puerto Rico 4.0%
|
||||||||
Puerto Rico, Electric Power Authority Revenue:
|
||||||||
Series JJ, 5.375%, 7/1/2017, INS: XLCA
|
8,500,000 | 9,437,465 | ||||||
Series KK, 5.5%, 7/1/2016, INS: NATL
|
10,000,000 | 11,227,900 | ||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
|
||||||||
Series A, 5.375%, 8/1/2039
|
13,650,000 | 13,329,498 | ||||||
Series A, 6.5%, 8/1/2044
|
35,000,000 | 37,321,900 | ||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Convertible Capital Appreciation:
|
||||||||
Series A, Step-up Coupon, 0% to 8/1/2016, 6.75% to 8/1/2032
|
55,000,000 | 44,837,650 | ||||||
Series A, Step-up Coupon, 0% to 8/1/2019, 6.25% to 8/1/2033
|
18,020,000 | 12,087,095 | ||||||
Puerto Rico Commonwealth, General Obligation, 6.25%, 7/1/2013, INS: NATL
|
1,850,000 | 1,997,223 | ||||||
Puerto Rico Commonwealth, Highway & Transportation Authority Revenue:
|
||||||||
Series L, 5.25%, 7/1/2038, INS: AMBAC
|
24,000,000 | 21,962,640 | ||||||
5.5%, 7/1/2028, INS: NATL
|
19,545,000 | 19,673,411 | ||||||
171,874,782 | ||||||||
Rhode Island 1.2%
|
||||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, Brown University, Series A, 5.0%, 9/1/2039 (a)
|
13,000,000 | 13,456,560 | ||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034
|
10,000,000 | 10,710,700 | ||||||
Rhode Island, Project Revenue, Convention Center Authority, Series B, 5.25%, 5/15/2015, INS: NATL
|
18,040,000 | 18,923,058 | ||||||
Rhode Island, Tobacco Settlement Financing Corp., Series A, 6.125%, 6/1/2032
|
7,750,000 | 7,293,060 | ||||||
50,383,378 | ||||||||
South Carolina 1.1%
|
||||||||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, 5.375%, 10/1/2039
|
7,500,000 | 7,365,600 | ||||||
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:
|
||||||||
5.75%, 8/1/2039
|
1,910,000 | 1,776,854 | ||||||
Series C, Prerefunded, 7.0%, 8/1/2030
|
6,885,000 | 7,793,958 | ||||||
South Carolina, Piedmont Municipal Power Agency, Electric Revenue:
|
||||||||
5.5%, 1/1/2012, INS: NATL
|
2,810,000 | 2,889,973 | ||||||
Series A, ETM, 6.5%, 1/1/2016, INS: FGIC
|
430,000 | 526,698 | ||||||
6.75%, 1/1/2019, INS: FGIC, NATL
|
2,065,000 | 2,555,850 | ||||||
ETM, 6.75%, 1/1/2019, INS: FGIC
|
1,460,000 | 1,890,262 | ||||||
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040
|
10,195,000 | 10,337,934 | ||||||
South Carolina, State Public Service Authority Revenue, Santee Cooper:
|
||||||||
Series E, 5.0%, 1/1/2040
|
10,000,000 | 10,248,500 | ||||||
Series A, 5.375%, 1/1/2028
|
2,500,000 | 2,742,550 | ||||||
48,128,179 | ||||||||
South Dakota 0.1%
|
||||||||
South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.5%, 11/1/2040
|
3,000,000 | 3,042,210 | ||||||
Tennessee 1.1%
|
||||||||
Jackson, TN, Hospital Revenue, Jackson-Madison Project:
|
||||||||
5.5%, 4/1/2033
|
3,000,000 | 3,038,940 | ||||||
5.625%, 4/1/2038
|
4,550,000 | 4,623,073 | ||||||
5.75%, 4/1/2041
|
8,675,000 | 8,850,842 | ||||||
Knox County, TN, Hospital & Healthcare Revenue, Sanders Alliance:
|
||||||||
5.75%, 1/1/2014, INS: NATL
|
2,000,000 | 2,163,420 | ||||||
6.25%, 1/1/2013, INS: NATL
|
4,000,000 | 4,253,680 | ||||||
Shelby County, TN, County General Obligation, Zero Coupon, 8/1/2014
|
4,965,000 | 4,765,258 | ||||||
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
|
10,000,000 | 8,852,600 | ||||||
Tennessee, Energy Acquisition Corp., Gas Revenue:
|
||||||||
Series A, 5.25%, 9/1/2019
|
7,000,000 | 7,004,060 | ||||||
Series A, 5.25%, 9/1/2021
|
2,000,000 | 1,958,440 | ||||||
45,510,313 | ||||||||
Texas 8.9%
|
||||||||
Abilene, TX, Senior Care Revenue, Sears Methodist Retirement, Health Facilities Development, Series A, 5.875%, 11/15/2018
|
2,967,000 | 2,549,484 | ||||||
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A, 3.375%, 4/1/2027 (b)
|
21,335,000 | 12,072,196 | ||||||
Austin, TX, Water & Sewer Revenue, Utility Systems, Zero Coupon, 11/15/2012, INS: AMBAC
|
13,520,000 | 13,299,083 | ||||||
Cypress and Fairbanks, TX, School District General Obligation, Cypress-Fairbanks Texas Independent School District:
|
||||||||
Series A, Zero Coupon, 2/15/2013
|
4,840,000 | 4,780,468 | ||||||
Series A, Zero Coupon, 2/15/2014
|
6,000,000 | 5,832,360 | ||||||
Dallas, TX, Single Family Housing Revenue, Zero Coupon, 10/1/2016, INS: NATL
|
475,000 | 277,476 | ||||||
Dallas, TX, Waterworks & Sewer Systems Revenue, 5.0%, 10/1/2037
|
4,600,000 | 4,796,006 | ||||||
Harris County, TX, County General Obligation, Zero Coupon, 10/1/2017, INS: NATL
|
3,910,000 | 3,354,311 | ||||||
Harris County, TX, Cultural Education Facilities Finance Corp., Special Facilities Revenue, Texas Medical Center, Series B-2, 0.11%**, 9/1/2031, LOC: JPMorgan Chase & Co.
|
1,000,000 | 1,000,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035
|
5,000,000 | 5,518,950 | ||||||
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035
|
18,290,000 | 19,228,826 | ||||||
Houston, TX, Airport Systems Revenue:
|
||||||||
Series B, 5.0%, 7/1/2027, INS: FGIC, NATL
|
21,030,000 | 21,521,471 | ||||||
Series A, 5.5%, 7/1/2039
|
10,000,000 | 10,297,700 | ||||||
Houston, TX, Higher Education Finance Corp. Revenue, Rice University Project, Series A, 5.0%, 5/15/2040
|
11,185,000 | 11,656,000 | ||||||
Houston, TX, Utility Systems Revenue, Series A, 5.25%, 5/15/2022, INS: AGMC
|
30,000,000 | 32,541,300 | ||||||
Houston, TX, Water & Sewer Revenue, Series C, Zero Coupon, 12/1/2012, INS: AMBAC
|
4,350,000 | 4,292,189 | ||||||
North Texas, Tollway Authority Revenue:
|
||||||||
Series C, 5.25%, 1/1/2044
|
20,000,000 | 18,673,000 | ||||||
First Tier, Series A, 5.625%, 1/1/2033
|
6,500,000 | 6,608,550 | ||||||
Second Tier, Series F, 5.75%, 1/1/2033
|
12,210,000 | 12,302,308 | ||||||
Second Tier, Series F, 5.75%, 1/1/2038
|
16,500,000 | 16,516,995 | ||||||
First Tier, 6.0%, 1/1/2043
|
30,000,000 | 30,700,200 | ||||||
North Texas, Tollway Authority Revenue, Special Projects Systems, Series A, 6.0%, 9/1/2041
|
6,675,000 | 7,342,500 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, 5.625%, 8/15/2035
|
10,000,000 | 10,146,100 | ||||||
Texas, Dallas/Fort Worth International Airport Revenue:
|
||||||||
Series A, 5.25%, 11/1/2038
|
20,000,000 | 20,139,400 | ||||||
Series A, AMT, 5.5%, 11/1/2019, INS: NATL
|
20,000,000 | 20,839,800 | ||||||
Texas, Electric Revenue:
|
||||||||
Zero Coupon, 9/1/2017, INS: NATL
|
5,880,000 | 4,801,961 | ||||||
ETM, Zero Coupon, 9/1/2017, INS: NATL
|
120,000 | 105,612 | ||||||
Texas, Electric Revenue, Municipal Power Agency, Zero Coupon, 9/1/2016, INS: NATL
|
18,300,000 | 15,849,630 | ||||||
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040
|
20,000,000 | 19,833,200 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
|
||||||||
Series B, 0.907%***, 12/15/2026
|
19,800,000 | 14,475,384 | ||||||
Series D, 6.25%, 12/15/2026
|
20,000,000 | 21,293,800 | ||||||
Texas, Municipal Power Agency, ETM, Zero Coupon, 9/1/2016, INS: NATL
|
375,000 | 342,806 | ||||||
Texas, Other General Obligation, 7.0%, 9/15/2012
|
2,354,896 | 2,390,125 | ||||||
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
|
||||||||
5.5%, 8/1/2021
|
5,575,000 | 5,702,221 | ||||||
5.5%, 8/1/2025
|
2,750,000 | 2,769,718 | ||||||
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035
|
2,400,000 | 2,458,296 | ||||||
386,309,426 | ||||||||
Utah 0.0%
|
||||||||
Provo, UT, Electric Revenue, Series A, ETM, 10.375%, 9/15/2015, INS: AMBAC
|
880,000 | 1,066,261 | ||||||
Salt Lake City, UT, Core City General Obligation, 5.75%, 6/15/2014
|
25,000 | 25,112 | ||||||
Salt Lake City, UT, Hospital & Healthcare Revenue, IHC Hospitals, Inc., 6.15%, 2/15/2012
|
200,000 | 206,878 | ||||||
Utah, Electric Revenue, Intermountain Power Agency, Series A, ETM, 5.0%, 7/1/2012, INS: NATL
|
540,000 | 542,030 | ||||||
1,840,281 | ||||||||
Virginia 0.5%
|
||||||||
Roanoke, VA, Hospital & Healthcare Revenue, Industrial Development Authority, Roanoke Memorial Hospital, Series B, ETM, 6.125%, 7/1/2017, INS: NATL
|
5,500,000 | 6,548,410 | ||||||
Virginia Beach, VA, Hospital & Healthcare Revenue, Development Authority Hospital Facility First Mortgage, 5.125%, 2/15/2018, INS: AMBAC
|
3,000,000 | 3,364,740 | ||||||
Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038
|
7,760,000 | 8,667,221 | ||||||
Winchester, VA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.5%, 1/1/2015, INS: AMBAC
|
4,680,000 | 5,042,560 | ||||||
23,622,931 | ||||||||
Washington 1.8%
|
||||||||
Chelan County, WA, Electric Revenue, Public Utilities, Columbia River Rock, Zero Coupon, 6/1/2014, INS: NATL
|
12,685,000 | 11,964,111 | ||||||
Clark County, WA, School District General Obligation, Zero Coupon, 12/1/2017, INS: FGIC, NATL
|
6,725,000 | 5,522,436 | ||||||
Port Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2014, INS: NATL
|
4,000,000 | 4,424,920 | ||||||
Washington, State General Obligation:
|
||||||||
Series 5, Zero Coupon, 1/1/2017, INS: FGIC, NATL
|
4,535,000 | 3,965,041 | ||||||
Series B, 5.0%, 2/1/2033
|
5,000,000 | 5,284,300 | ||||||
Series 2011A, 5.0%, 8/1/2033
|
20,000,000 | 21,089,000 | ||||||
Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028, INS: Radian
|
5,240,000 | 4,901,706 | ||||||
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
|
7,035,000 | 6,772,594 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, 6.75%, 11/15/2041
|
12,175,000 | 12,888,942 | ||||||
76,813,050 | ||||||||
Wisconsin 1.9%
|
||||||||
Milwaukee County, WI, Series A, ETM, Zero Coupon, 12/1/2011, INS: FGIC
|
220,000 | 219,514 | ||||||
Milwaukee County, WI, Airport Revenue, Series A, 5.0%, 12/1/2034
|
7,000,000 | 6,834,520 | ||||||
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority:
|
||||||||
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC
|
3,760,000 | 4,581,786 | ||||||
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC
|
6,570,000 | 8,090,758 | ||||||
Series AA, 6.5%, 6/1/2011, INS: NATL
|
2,820,000 | 2,820,000 | ||||||
Series AA, ETM, 6.5%, 6/1/2012, INS: NATL
|
3,000,000 | 3,183,120 | ||||||
Wisconsin, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030
|
14,000,000 | 14,366,940 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029
|
17,105,000 | 17,104,658 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039
|
7,335,000 | 7,761,897 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, SSM Health Care Corp., Series A, 5.25%, 6/1/2034
|
2,000,000 | 1,997,340 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Thedacare, Inc., Series A, 5.5%, 12/15/2038
|
13,235,000 | 13,160,354 | ||||||
80,120,887 | ||||||||
Total Municipal Bonds and Notes (Cost $3,846,608,279)
|
4,045,627,385 | |||||||
Municipal Inverse Floating Rate Notes (c) 13.8%
|
||||||||
California 2.8%
|
||||||||
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (d)
|
10,700,000 | 10,894,886 | ||||||
Trust: California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-4, 144A, 13.628%, 4/1/2031, Leverage Factor at purchase date: 3 to 1
|
||||||||
California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2023 (d)
|
5,236,056 | 5,786,754 | ||||||
California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2024 (d)
|
3,742,268 | 4,135,858 | ||||||
California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2025 (d)
|
3,118,557 | 3,446,548 | ||||||
Trust: California, State Department of Water Resources Revenue, Series 2705, 144A, 12.797%, 12/1/2023, Leverage Factor at purchase date: 3 to 1
|
||||||||
California, University of California Revenues, Series O, 5.25%, 5/15/2039 (d)
|
15,620,000 | 16,105,938 | ||||||
Trust: California, University of California Revenues, Series 3368-2, 144A, 18.9%, 5/15/2039, Leverage Factor at purchase date: 4 to 1
|
||||||||
Los Angeles, CA, Waste Water System Revenue, Series A, 5.375%, 6/1/2039 (d)
|
30,000,000 | 31,592,700 | ||||||
Trust: Los Angeles, CA, Series 3371-2, 144A, 19.4%, 6/1/2039, Leverage Factor at purchase date: 4 to 1
|
||||||||
Los Angeles, CA, Community College District, Election of 2008, Series A, 6.0%, 8/1/2033 (d)
|
30,000,000 | 32,948,100 | ||||||
Trust: Los Angeles, CA, Community College District, Series R-11728, 144A, 27.36%, 8/1/2033, Leverage Factor at purchase date: 5 to 1
|
||||||||
San Francisco, CA, Bay Area Rapid Transportation District, Election of 2004, Series B, 5.0%, 8/1/2032 (d)
|
14,997,001 | 15,629,701 | ||||||
Trust: San Francisco, CA, Bay Area Rapid Transportation District, Series 3161, 144A, 13.577%, 8/1/2032, Leverage Factor at purchase date: 3 to 1
|
||||||||
120,540,485 | ||||||||
District of Columbia 0.6%
|
||||||||
District of Columbia, Income Tax Revenue, Series A, 5.5%, 12/1/2030 (d)
|
22,000,000 | 24,500,740 | ||||||
Trust: District of Columbia, Series 3369, 144A, 19.9%, 12/1/2030, Leverage Factor at purchase date: 4 to 1
|
||||||||
Florida 1.6%
|
||||||||
Florida, State Turnpike Authority Revenue, Department of Transportation, Series A, 5.0%, 7/1/2021 (d)
|
30,130,000 | 33,549,637 | ||||||
Trust: Florida, State Turnpike Authority Revenue, Series 2514, 144A, 43.511%, 7/1/2021, Leverage Factor at purchase date: 10 to 1
|
||||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023, INS: AGMC (d)
|
3,740,000 | 3,876,358 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (d)
|
3,915,000 | 4,057,739 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (d)
|
4,122,500 | 4,272,804 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (d)
|
4,317,500 | 4,474,913 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (d)
|
16,470,000 | 17,070,486 | ||||||
Trust: Miami-Dade County, FL, Series 2008-1160, 144A, 9.221%, 7/1/2023, Leverage Factor at purchase date: 2 to 1
|
||||||||
67,301,937 | ||||||||
Louisiana 0.2%
|
||||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2033 (d)
|
3,023,487 | 3,113,942 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2034 (d)
|
3,300,848 | 3,399,601 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2035 (d)
|
3,663,166 | 3,772,759 | ||||||
Trust: Louisiana, State Gas & Fuels Tax Revenue, Series 3806, 144A, 9.318%, 5/1/2033, Leverage Factor at purchase date: 2 to 1
|
||||||||
10,286,302 | ||||||||
Massachusetts 1.8%
|
||||||||
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series B-2, 5.25%, 2/1/2034 (d)
|
20,000,000 | 21,861,000 | ||||||
Trust: Massachusetts, State Development Finance Agency Revenue, Harvard University, Series 4691, 144A, 9.94%, 2/1/2034, Leverage Factor at purchase date: 2 to 1
|
||||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2027 (d)
|
7,825,000 | 8,304,630 | ||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2033 (d)
|
3,000,000 | 3,183,884 | ||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2038 (d)
|
2,750,000 | 2,918,560 | ||||||
Trust: Massachusetts, State General Obligation, Series 2008-1203, 144A, 14.838%, 8/1/2027, Leverage Factor at purchase date: 3 to 1
|
||||||||
Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2026, INS: AGMC (d)
|
20,000,000 | 21,449,400 | ||||||
Trust: Massachusetts, State General Obligation, Series 2022-1, 144A, 42.890%, 8/1/2026, Leverage Factor at purchase date: 10 to 1
|
||||||||
Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2027, INS: AGMC (d)
|
20,000,000 | 21,449,400 | ||||||
Trust: Massachusetts, State General Obligation, Series 2022-2, 144A, 42.620%, 8/1/2027, Leverage Factor at purchase date: 10 to 1
|
||||||||
79,166,874 | ||||||||
Nevada 1.5%
|
||||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2028 (d)
|
6,252,645 | 6,435,442 | ||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2029 (d)
|
6,565,277 | 6,757,214 | ||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2030 (d)
|
6,372,122 | 6,558,412 | ||||||
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.573%, 6/1/2028, Leverage Factor at purchase date: 3 to 1
|
||||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2021 (d)
|
16,118,519 | 17,315,055 | ||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2022 (d)
|
16,841,398 | 18,091,596 | ||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2023 (d)
|
10,876,807 | 11,684,231 | ||||||
Trust: Clark County, NV, School Improvements, Series 2008-1153, 144A, 9.221%, 6/15/2021, Leverage Factor at purchase date: 2 to 1
|
||||||||
66,841,950 | ||||||||
New York 1.2%
|
||||||||
New York, State Dormitory Authority Revenues, Columbia University, 5.0%, 7/1/2038 (d)
|
27,925,000 | 29,150,728 | ||||||
Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series R-11722-1, 144A, 18.011%, 7/1/2038, Leverage Factor at purchase date: 4 to 1
|
||||||||
New York, NY, General Obligation, Series C-1, 5.0%, 10/1/2024, INS: AGMC (d)
|
19,425,000 | 20,982,290 | ||||||
Trust: New York, NY, Series 2008-1131, 144A, 9.232%, 10/1/2024, Leverage Factor at purchase date: 2 to 1
|
||||||||
50,133,018 | ||||||||
North Carolina 0.5%
|
||||||||
North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series B, 5.0%, 10/1/2038, INS: AGMC (d)
|
20,000,000 | 20,847,200 | ||||||
Trust: North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series 3333, 144A, 17.870%, 10/1/2038, Leverage Factor at purchase date: 4 to 1
|
||||||||
Ohio 0.8%
|
||||||||
Columbus, OH, General Obligation, Series A, 5.0%, 9/1/2021 (d)
|
8,725,000 | 9,803,766 | ||||||
Columbus, OH, General Obligation, Series A, 5.0%, 9/1/2022 (d)
|
8,725,000 | 9,803,766 | ||||||
Trust: Columbus, OH, General Obligation, Series 2365, 144A, 17.950%, 9/1/2021, Leverage Factor at purchase date: 4 to 1
|
||||||||
Ohio, State Higher Educational Facilities Community Revenue, Cleveland Clinic Health, Series A, 5.125%, 1/1/2028 (d)
|
6,032,233 | 6,186,351 | ||||||
Ohio, State Higher Educational Facilities Community Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2033 (d)
|
10,287,087 | 10,549,913 | ||||||
Trust: Ohio, State Higher Educational Revenue, Series 3139, 144A, 14.439%, 1/1/2028, Leverage Factor at purchase date: 3 to 1
|
||||||||
36,343,796 | ||||||||
Tennessee 1.6%
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (d)
|
21,793,305 | 23,415,225 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.955%, 1/1/2027, Leverage Factor at purchase date: 4 to 1
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (d)
|
20,800,000 | 22,473,776 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.960%, 1/1/2026, Leverage Factor at purchase date: 4 to 1
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (d)
|
21,610,075 | 23,087,083 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.968%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
|
||||||||
68,976,084 | ||||||||
Texas 1.2%
|
||||||||
Dallas, TX, Water Works & Sewer Systems Revenue, 5.0%, 10/1/2035 (d)
|
10,000,000 | 10,576,300 | ||||||
Trust: Dallas, TX, Water Works & Sewer Systems Revenue, Series 3742, 144A, 9.290%, 10/1/2035, Leverage Factor at purchase date: 2 to 1
|
||||||||
Harris County, TX, Flood Control District, Series A, 5.0%, 10/1/2034 (d)
|
5,500,000 | 5,782,315 | ||||||
Trust: Harris County, TX, Flood Control District, Series 4692, 144A, 9.44%, 10/1/2034, Leverage Factor at purchase date: 2 to 1
|
||||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2022 (d)
|
3,000,000 | 3,219,884 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2027 (d)
|
7,425,000 | 7,969,213 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2028 (d)
|
6,540,000 | 7,019,348 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2029 (d)
|
7,000,000 | 7,513,063 | ||||||
Trust: San Antonio, TX, Series 2008-1150, 144A, 9.992%, 2/1/2022, Leverage Factor at purchase date: 2 to 1
|
||||||||
Texas, Water Development Board Revenue, Series B, 5.25%, 7/15/2026 (d)
|
10,000,000 | 10,936,300 | ||||||
Trust: Texas, Water Development Board, Series 2008-1173, 144A, 18.66%, 7/15/2026, Leverage Factor at purchase date: 4 to 1
|
||||||||
53,016,423 | ||||||||
Total Municipal Inverse Floating Rate Notes (Cost $577,976,386)
|
597,954,809 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $4,424,584,665)+
|
107.5 | 4,643,582,194 | ||||||
Other Assets and Liabilities, Net
|
(7.5 | ) | (324,589,187 | ) | ||||
Net Assets
|
100.0 | 4,318,993,007 |
Securities
|
Coupon
|
Maturity Date
|
Principal Amount ($)
|
Acquisition Cost ($)
|
Value ($)
|
||||||||||||
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project*
|
Zero Coupon
|
1/1/2013
|
5,000,000 | 2,983,584 | 1,090,000 | ||||||||||||
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project, Second Tier*
|
7.375 | % |
1/1/2040
|
15,000,000 | 14,314,437 | 26,250 | |||||||||||
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A (b)
|
3.375 | % |
4/1/2027
|
21,335,000 | 21,337,200 | 12,072,196 | |||||||||||
38,635,221 | 13,188,446 |
Effective/
Expiration Date
|
Notional Amount ($)
|
Cash Flows Paid by the Fund
|
Cash Flows Received by the Fund
|
Value ($)
|
Upfront Payments Paid/ (Received) ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
||||||||||||
8/3/2011
8/3/2027
|
9,800,000 | 1 |
Fixed — 3.712%
|
Floating — LIBOR
|
41,002 | — | 41,002 | |||||||||||
3/9/2012
3/9/2031
|
5,200,000 | 2 |
Fixed — 4.562%
|
Floating — LIBOR
|
(384,776 | ) | — | (384,776 | ) | |||||||||
5/14/2012
5/12/2031
|
44,250,000 | 1 |
Fixed — 4.190%
|
Floating — LIBOR
|
(721,095 | ) | — | (721,095 | ) | |||||||||
5/14/2012
5/13/2031
|
44,300,000 | 1 |
Fixed — 4.190%
|
Floating — LIBOR
|
(721,713 | ) | — | (721,713 | ) | |||||||||
5/16/2012
5/16/2031
|
46,550,000 | 1 |
Fixed — 4.185%
|
Floating — LIBOR
|
(716,888 | ) | — | (716,888 | ) | |||||||||
5/16/2012
5/16/2031
|
46,000,000 | 1 |
Fixed — 4.250%
|
Floating — LIBOR
|
(1,112,351 | ) | — | (1,112,351 | ) | |||||||||
5/16/2012
5/16/2031
|
27,750,000 | 1 |
Fixed — 4.186%
|
Floating — LIBOR
|
(431,110 | ) | — | (431,110 | ) | |||||||||
5/17/2012
5/17/2031
|
27,250,000 | 1 |
Fixed — 4.100%
|
Floating — LIBOR
|
(103,547 | ) | — | (103,547 | ) | |||||||||
5/11/2012
5/11/2032
|
10,150,000 | 2 |
Fixed — 4.173%
|
Floating — LIBOR
|
(124,171 | ) | — | (124,171 | ) | |||||||||
3/28/2012
3/28/2033
|
13,300,000 | 1 |
Fixed — 4.432%
|
Floating — LIBOR
|
(696,933 | ) | — | (696,933 | ) | |||||||||
4/27/2012
4/27/2033
|
16,200,000 | 3 |
Fixed — 4.369%
|
Floating — LIBOR
|
(649,199 | ) | — | (649,199 | ) | |||||||||
Total net unrealized depreciation
|
(5,620,781 | ) |
Counterparties:
1 JPMorgan Chase Securities, Inc.
2 Merrill Lynch & Co., Inc.
3 Citigroup, Inc.
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (e)
|
$ | — | $ | 4,643,582,194 | $ | — | $ | 4,643,582,194 | ||||||||
Derivatives (f)
|
— | 41,002 | — | 41,002 | ||||||||||||
Total
|
$ | — | $ | 4,643,623,196 | $ | — | $ | 4,643,623,196 | ||||||||
Liabilities
|
||||||||||||||||
Derivatives (f)
|
$ | — | $ | (5,661,783 | ) | $ | — | $ | (5,661,783 | ) | ||||||
Total
|
$ | — | $ | (5,661,783 | ) | $ | — | $ | (5,661,783 | ) |
as of May 31, 2011
|
||||
Assets
|
||||
Investments in securities, at value (cost $4,424,584,665)
|
4,643,582,194 | |||
Cash
|
911,183 | |||
Receivable for investments sold
|
4,417,952 | |||
Receivable for Fund shares sold
|
4,853,685 | |||
Interest receivable
|
65,449,135 | |||
Unrealized appreciation on swap contracts
|
41,002 | |||
Other assets
|
134,668 | |||
Total assets
|
4,719,389,819 | |||
Liabilities
|
||||
Payable for Fund shares redeemed
|
3,499,227 | |||
Payable for floating rate notes issued
|
383,135,816 | |||
Unrealized depreciation on swap contracts
|
5,661,783 | |||
Distributions payable
|
3,829,233 | |||
Accrued management fee
|
1,160,433 | |||
Other accrued expenses and payables
|
3,110,320 | |||
Total liabilities
|
400,396,812 | |||
Net assets, at value
|
$ | 4,318,993,007 | ||
Net Assets Consist of:
|
||||
Undistributed net investment income
|
1,546,884 | |||
Net unrealized appreciation (depreciation) on:
Investments
|
218,997,529 | |||
Swap contracts
|
(5,620,781 | ) | ||
Accumulated net realized gain (loss)
|
(27,524,762 | ) | ||
Paid-in capital
|
4,131,594,137 | |||
Net assets, at value
|
$ | 4,318,993,007 |
Statement of Assets and Liabilities as of May 31, 2011 (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price per share ($1,833,277,474 ÷ 207,970,650 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.82 | ||
Maximum offering price per share (100 ÷ 97.25 of $8.82)
|
$ | 9.07 | ||
Class B
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($4,161,601 ÷ 472,025 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.82 | ||
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($143,266,688 ÷ 16,253,112 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.81 | ||
Class S
Net Asset Value, offering and redemption price per share ($2,300,631,288 ÷ 260,636,352 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.83 | ||
Institutional Class
Net Asset Value, offering and redemption price per share ($37,655,956 ÷ 4,270,444 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.82 |
for the year ended May 31, 2011
|
||||
Investment Income
|
||||
Income:
Interest
|
$ | 239,549,402 | ||
Expenses:
Management fee
|
13,787,055 | |||
Administration fee
|
4,218,113 | |||
Services to shareholders
|
3,516,528 | |||
Distribution and service fees
|
5,983,184 | |||
Reports to shareholders
|
187,286 | |||
Professional fees
|
156,432 | |||
Trustees' fees and expenses
|
128,845 | |||
Registration fees
|
219,561 | |||
Custodian fee
|
68,093 | |||
Interest expense and fees on floating rate notes issued
|
3,208,499 | |||
Other
|
223,393 | |||
Total expenses
|
31,696,989 | |||
Net investment income
|
207,852,413 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
121,947 | |||
Swap contracts
|
(25,388,499 | ) | ||
(25,266,552 | ) | |||
Change in net unrealized appreciation (depreciation) on:
Investments
|
(101,632,315 | ) | ||
Swap contracts
|
(3,411,688 | ) | ||
(105,044,003 | ) | |||
Net gain (loss)
|
(130,310,555 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 77,541,858 |
for the year ended May 31, 2011
|
||||
Increase (Decrease) in Cash:
Cash Flows from Operating Activities
|
||||
Net increase (decrease) in net assets resulting from operations
|
$ | 77,541,858 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments
|
(1,383,584,575 | ) | ||
Net amortization of premium (discount)
|
(26,626,318 | ) | ||
Proceeds from sales and maturities of long-term investments
|
1,093,859,577 | |||
(Increase) decrease in interest receivable
|
(3,554,245 | ) | ||
(Increase) decrease in other assets
|
(14,237 | ) | ||
(Increase) decrease in receivable for investments sold
|
(3,062,952 | ) | ||
Increase (decrease) in payable for investments purchased
|
(5,094,083 | ) | ||
Increase (decrease) in accrued expenses and payables
|
1,043,889 | |||
Change in net unrealized (appreciation) depreciation on investments
|
101,632,315 | |||
Change in net unrealized (appreciation) depreciation on swap contracts
|
3,411,688 | |||
Net realized (gain) loss from investments
|
(121,947 | ) | ||
Cash provided (used) by operating activities
|
$ | (144,569,030 | ) | |
Cash Flows from Financing Activities
|
||||
Increase from regulatory settlements (see Note G)
|
262,613 | |||
Proceeds from shares sold
|
1,126,971,176 | |||
Payments for shares redeemed
|
(937,180,858 | ) | ||
Increase (decrease) in payable for floating rate notes issued
|
22,742,501 | |||
Distributions paid (net of reinvestment of distributions)
|
(68,392,703 | ) | ||
Cash provided (used) by financing activities
|
144,402,729 | |||
Increase (decrease) in cash
|
(166,301 | ) | ||
Cash at beginning of period
|
1,077,484 | |||
Cash at end of period
|
$ | 911,183 | ||
Supplemental Disclosure of Non-Cash Financing Activities
|
||||
Reinvestment of distributions
|
$ | 135,876,018 | ||
Interest expense and fees on floating rate notes issued
|
$ | (3,208,499 | ) |
Years Ended May 31,
|
||||||||
Increase (Decrease) in Net Assets
|
2011
|
2010
|
||||||
Operations:
Net investment income
|
$ | 207,852,413 | $ | 187,844,198 | ||||
Net realized gain (loss)
|
(25,266,552 | ) | (2,219,114 | ) | ||||
Change in net unrealized appreciation (depreciation)
|
(105,044,003 | ) | 171,278,351 | |||||
Net increase (decrease) in net assets resulting from operations
|
77,541,858 | 356,903,435 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(89,676,621 | ) | (83,415,703 | ) | ||||
Class B
|
(194,993 | ) | (223,768 | ) | ||||
Class C
|
(5,620,447 | ) | (3,447,295 | ) | ||||
Class S
|
(106,316,285 | ) | (96,327,989 | ) | ||||
Institutional Class
|
(2,124,100 | ) | (1,001,546 | ) | ||||
Net realized gains:
Class A
|
(263,258 | ) | (1,649,089 | ) | ||||
Class B
|
(680 | ) | (4,969 | ) | ||||
Class C
|
(20,490 | ) | (81,973 | ) | ||||
Class S
|
(283,193 | ) | (1,840,110 | ) | ||||
Institutional Class
|
(7,180 | ) | (18,676 | ) | ||||
Total distributions
|
(204,507,247 | ) | (188,011,118 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
1,123,680,958 | 754,656,995 | ||||||
Reinvestment of distributions
|
135,876,018 | 121,582,796 | ||||||
Payments for shares redeemed
|
(939,146,431 | ) | (436,512,858 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
320,410,545 | 439,726,933 | ||||||
Increase from regulatory settlements (see Note G)
|
262,613 | — | ||||||
Increase (decrease) in net assets
|
193,707,769 | 608,619,250 | ||||||
Net assets at beginning of period
|
4,125,285,238 | 3,516,665,988 | ||||||
Net assets at end of period (including undistributed net investment income of $1,546,884 and $884,686, respectively)
|
$ | 4,318,993,007 | $ | 4,125,285,238 |
Years Ended May 31,
|
|||||||||||||||||||||
Class A
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | |||||||||||
Income from investment operations:
Net investment income
|
.42 | .43 | .41 | .40 | .39 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.26 | ) | .41 | (.14 | ) | (.13 | ) | .00 | * | ||||||||||||
Total from investment operations
|
.16 | .84 | .27 | .27 | .39 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.42 | ) | (.43 | ) | (.41 | ) | (.40 | ) | (.39 | ) | |||||||||||
Net realized gains
|
(.00 | )* | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||
Total distributions
|
(.42 | ) | (.44 | ) | (.44 | ) | (.41 | ) | (.44 | ) | |||||||||||
Net asset value, end of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | |||||||||||
Total Return (%)a
|
1.88 | 9.80 | 3.38 | b | 3.08 | b | 4.36 | b | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
1,833 | 1,881 | 1,627 | 1,745 | 1,843 | ||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
.83 | .81 | 1.11 | 1.16 | 1.04 | ||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
.83 | .81 | 1.10 | 1.14 | 1.02 | ||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.75 | .74 | .74 | .73 | .73 | ||||||||||||||||
Ratio of net investment income (%)
|
4.86 | 4.86 | 4.95 | 4.52 | 4.29 | ||||||||||||||||
Portfolio turnover rate (%)
|
24 | 37 | 77 | 55 | 19 | ||||||||||||||||
a Total return does not reflect the effect of any sales charges.
b Total return would have been lower had certain expenses not been reduced.
c Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
* Amount is less than $.005.
|
Years Ended May 31,
|
|||||||||||||||||||||
Class B
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.08 | $ | 8.68 | $ | 8.86 | $ | 8.99 | $ | 9.04 | |||||||||||
Income from investment operations:
Net investment income
|
.35 | .35 | .34 | .34 | .32 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.26 | ) | .41 | (.15 | ) | (.13 | ) | .00 | * | ||||||||||||
Total from investment operations
|
.09 | .76 | .19 | .21 | .32 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.35 | ) | (.35 | ) | (.34 | ) | (.33 | ) | (.32 | ) | |||||||||||
Net realized gains
|
(.00 | )* | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||
Total distributions
|
(.35 | ) | (.36 | ) | (.37 | ) | (.34 | ) | (.37 | ) | |||||||||||
Net asset value, end of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.86 | $ | 8.99 | |||||||||||
Total Return (%)a
|
1.05 | 8.90 | 2.45 | b | 2.42 | b | 3.59 | b | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
4 | 6 | 7 | 12 | 19 | ||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.64 | 1.64 | 1.92 | 1.98 | 1.84 | ||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.64 | 1.64 | 1.89 | 1.89 | 1.77 | ||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.56 | 1.57 | 1.53 | 1.48 | 1.48 | ||||||||||||||||
Ratio of net investment income (%)
|
4.04 | 4.03 | 4.16 | 3.77 | 3.54 | ||||||||||||||||
Portfolio turnover rate (%)
|
24 | 37 | 77 | 55 | 19 | ||||||||||||||||
a Total return does not reflect the effect of any sales charges.
b Total return would have been lower had certain expenses not been reduced.
c Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
* Amount is less than $.005.
|
Years Ended May 31,
|
|||||||||||||||||||||
Class C
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | |||||||||||
Income from investment operations:
Net investment income
|
.35 | .36 | .34 | .34 | .32 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.27 | ) | .41 | (.14 | ) | (.13 | ) | .00 | * | ||||||||||||
Total from investment operations
|
.08 | .77 | .20 | .21 | .32 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.35 | ) | (.36 | ) | (.34 | ) | (.34 | ) | (.32 | ) | |||||||||||
Net realized gains
|
(.00 | )* | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||
Total distributions
|
(.35 | ) | (.37 | ) | (.37 | ) | (.35 | ) | (.37 | ) | |||||||||||
Net asset value, end of period
|
$ | 8.81 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | |||||||||||
Total Return (%)a
|
.98 | 8.98 | 2.61 | b | 2.32 | b | 3.59 | b | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
143 | 121 | 59 | 32 | 22 | ||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.61 | 1.60 | 1.88 | 1.92 | 1.81 | ||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.61 | 1.60 | 1.87 | 1.90 | 1.78 | ||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.53 | 1.53 | 1.52 | 1.49 | 1.49 | ||||||||||||||||
Ratio of net investment income (%)
|
4.08 | 4.07 | 4.18 | 3.76 | 3.53 | ||||||||||||||||
Portfolio turnover rate (%)
|
24 | 37 | 77 | 55 | 19 | ||||||||||||||||
a Total return does not reflect the effect of any sales charges.
b Total return would have been lower had certain expenses not been reduced.
c Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
* Amount is less than $.005.
|
Years Ended May 31,
|
|||||||||||||||||||||
Class S
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.09 | $ | 8.69 | $ | 8.87 | $ | 9.00 | $ | 9.05 | |||||||||||
Income from investment operations:
Net investment income
|
.44 | .44 | .43 | .42 | .41 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.26 | ) | .41 | (.15 | ) | (.12 | ) | .00 | * | ||||||||||||
Total from investment operations
|
.18 | .85 | .28 | .30 | .41 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.44 | ) | (.44 | ) | (.43 | ) | (.42 | ) | (.41 | ) | |||||||||||
Net realized gains
|
(.00 | )* | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||
Total distributions
|
(.44 | ) | (.45 | ) | (.46 | ) | (.43 | ) | (.46 | ) | |||||||||||
Net asset value, end of period
|
$ | 8.83 | $ | 9.09 | $ | 8.69 | $ | 8.87 | $ | 9.00 | |||||||||||
Total Return (%)
|
2.07 | 10.00 | 3.48 | a | 3.42 | a | 4.59 | a | |||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
2,301 | 2,081 | 1,818 | 1,873 | 1,961 | ||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)b
|
.64 | .62 | .90 | .95 | .82 | ||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)b
|
.64 | .62 | .89 | .93 | .79 | ||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.56 | .55 | .54 | .52 | .50 | ||||||||||||||||
Ratio of net investment income (%)
|
5.05 | 5.05 | 5.16 | 4.74 | 4.52 | ||||||||||||||||
Portfolio turnover rate (%)
|
24 | 37 | 77 | 55 | 19 | ||||||||||||||||
a Total return would have been lower had certain expenses not been reduced.
b Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
* Amount is less than $.005.
|
Years Ended May 31,
|
|||||||||||||||||||||
Institutional Class
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | |||||||||||
Income from investment operations:
Net investment income
|
.44 | .45 | .43 | .43 | .41 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.26 | ) | .41 | (.14 | ) | (.13 | ) | .00 | * | ||||||||||||
Total from investment operations
|
.18 | .86 | .29 | .30 | .41 | ||||||||||||||||
Less distributions from:
Net investment income
|
(.44 | ) | (.45 | ) | (.43 | ) | (.43 | ) | (.41 | ) | |||||||||||
Net realized gains
|
(.00 | )* | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||
Total distributions
|
(.44 | ) | (.46 | ) | (.46 | ) | (.44 | ) | (.46 | ) | |||||||||||
Net asset value, end of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | |||||||||||
Total Return (%)
|
2.13 | 10.09 | 3.61 | a | 3.35 | 4.62 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
38 | 36 | 6 | 5 | 4 | ||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)b
|
.59 | .57 | .90 | .90 | .78 | ||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)b
|
.59 | .57 | .89 | .90 | .78 | ||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.51 | .50 | .54 | .49 | .49 | ||||||||||||||||
Ratio of net investment income (%)
|
5.09 | 5.09 | 5.16 | 4.77 | 4.53 | ||||||||||||||||
Portfolio turnover rate (%)
|
24 | 37 | 77 | 55 | 19 | ||||||||||||||||
a Total returns would have been lower had certain expenses not been reduced.
b Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.
* Amount is less than $.005.
|
Undistributed tax-exempt income
|
$ | 4,669,584 | ||
Undistributed ordinary income*
|
$ | 1,055,391 | ||
Capital loss carryforward
|
$ | (1,746,000 | ) | |
Net unrealized appreciation (depreciation) on investments
|
$ | 228,976,039 |
Years Ended May 31,
|
||||||||
2011
|
2010
|
|||||||
Distributions from tax-exempt income
|
$ | 203,937,446 | $ | 184,416,301 | ||||
Distributions from ordinary income*
|
$ | 481,765 | $ | 646,032 | ||||
Distributions from long-term capital gains
|
$ | 88,036 | $ | 2,948,785 |
Asset Derivative
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | 41,002 |
Liability Derivative
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | 5,661,783 |
Realized Gain (Loss)
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | (25,388,499 | ) |
Change in Net Unrealized Appreciation (Depreciation)
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | (3,411,688 | ) |
First $250 million of the Fund's average daily net assets
|
.365 | % | ||
Next $750 million of such net assets
|
.345 | % | ||
Next $1.5 billion of such net assets
|
.325 | % | ||
Next $2.5 billion of such net assets
|
.315 | % | ||
Next $2.5 billion of such net assets
|
.295 | % | ||
Next $2.5 billion of such net assets
|
.275 | % | ||
Next $2.5 billion of such net assets
|
.255 | % | ||
Over $12.5 billion of such net assets
|
.235 | % |
Services to Shareholders
|
Total Aggregated
|
Unpaid at May 31, 2011
|
||||||
Class A
|
$ | 415,290 | $ | 122,015 | ||||
Class B
|
2,607 | 683 | ||||||
Class C
|
34,192 | 9,199 | ||||||
Class S
|
720,411 | 228,410 | ||||||
Institutional Class
|
5,139 | 1,235 | ||||||
$ | 1,177,639 | $ | 361,542 |
Distribution Fee
|
Total Aggregated
|
Unpaid at May 31, 2011
|
||||||
Class B
|
$ | 37,213 | $ | 2,640 | ||||
Class C
|
1,058,043 | 90,914 | ||||||
$ | 1,095,256 | $ | 93,554 |
Service Fee
|
Total Aggregated
|
Unpaid at May 31, 2011
|
Annual Effective Rate
|
|||||||||
Class A
|
$ | 4,522,968 | $ | 1,044,668 | .24 | % | ||||||
Class B
|
12,324 | 1,856 | .25 | % | ||||||||
Class C
|
352,636 | 86,598 | .25 | % | ||||||||
$ | 4,887,928 | $ | 1,133,122 |
Year Ended May 31, 2011
|
Year Ended May 31, 2010
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
35,208,434 | $ | 314,241,082 | 33,405,396 | $ | 298,981,161 | ||||||||||
Class B
|
70,937 | 635,839 | 231,311 | 2,061,361 | ||||||||||||
Class C
|
7,272,129 | 65,065,253 | 7,881,561 | 70,544,096 | ||||||||||||
Class S
|
80,796,184 | 704,215,793 | 37,867,435 | 339,696,824 | ||||||||||||
Institutional Class
|
4,396,620 | 39,522,991 | 4,834,930 | 43,373,553 | ||||||||||||
$ | 1,123,680,958 | $ | 754,656,995 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
7,616,416 | $ | 67,468,927 | 6,607,912 | $ | 58,986,265 | ||||||||||
Class B
|
17,801 | 157,919 | 16,944 | 151,185 | ||||||||||||
Class C
|
461,008 | 4,079,289 | 283,094 | 2,532,253 | ||||||||||||
Class S
|
7,041,085 | 62,519,098 | 6,625,556 | 59,196,788 | ||||||||||||
Institutional Class
|
186,041 | 1,650,785 | 79,803 | 716,305 | ||||||||||||
$ | 135,876,018 | $ | 121,582,796 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(41,985,518 | ) | $ | (367,547,981 | ) | (20,417,758 | ) | $ | (182,221,345 | ) | ||||||
Class B
|
(224,507 | ) | (1,978,020 | ) | (412,015 | ) | (3,646,561 | ) | ||||||||
Class C
|
(4,840,588 | ) | (42,341,898 | ) | (1,551,881 | ) | (13,857,274 | ) | ||||||||
Class S
|
(56,072,613 | ) | (490,067,299 | ) | (24,889,830 | ) | (222,230,758 | ) | ||||||||
Institutional Class
|
(4,288,010 | ) | (37,211,233 | ) | (1,621,899 | ) | (14,556,920 | ) | ||||||||
$ | (939,146,431 | ) | $ | (436,512,858 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
839,332 | $ | 14,162,028 | 19,595,550 | $ | 175,746,081 | ||||||||||
Class B
|
(135,769 | ) | (1,184,262 | ) | (163,760 | ) | (1,434,015 | ) | ||||||||
Class C
|
2,892,549 | 26,802,644 | 6,612,774 | 59,219,075 | ||||||||||||
Class S
|
31,764,656 | 276,667,592 | 19,603,161 | 176,662,854 | ||||||||||||
Institutional Class
|
294,651 | 3,962,543 | 3,292,834 | 29,532,938 | ||||||||||||
$ | 320,410,545 | $ | 439,726,933 |
Boston, Massachusetts
July 26, 2011
|
PricewaterhouseCoopers LLP
|
Independent Board Members
|
|||
Name, Year of Birth, Position with the Fund and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years
|
Number of Funds in DWS Fund Complex Overseen
|
Other Directorships Held by Board Member
|
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly: Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
|
113
|
—
|
John W. Ballantine (1946)
Board Member since 1999
|
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Chairman of the Board, Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity); former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
113
|
—
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Public Radio International; Public Radio Exchange (PRX); The PBS Foundation; former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service
|
113
|
Lead Director, Becton Dickinson and Company2 (medical technology company); Lead Director, Belo Corporation2 (media company)
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization); former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
113
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 2007)
|
Keith R. Fox (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
|
113
|
—
|
Kenneth C. Froewiss (1945)
Board Member since 2001
|
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
113
|
—
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Independent Director of Barclays Bank Delaware (since September 2010); formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
|
113
|
Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007)
|
William McClayton (1944)
Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
|
113
|
—
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Trustee, Pro Publica (charitable organization) (2007-2010)
|
113
|
Director, CardioNet, Inc. (health care) (2009- present); Director, Viasys Health Care2 (January 2007- June 2007);
|
William N. Searcy, Jr. (1946)
Board Member since 1993
|
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003)
|
113
|
Trustee, Sun Capital Advisers, Inc. (22 open-end mutual funds advised by Sun Capital Advisers, Inc.) (since 1998)
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
|
113
|
—
|
Robert H. Wadsworth
(1940)
Board Member since 1999
|
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
|
116
|
—
|
Officers4
|
|
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Principal Occupation(s) During Past 5 Years and Other Directorships Held
|
W. Douglas Beck, CFA9 (1967)
President and CEO, 2011-present
|
Managing Director3, Deutsche Asset Management (2006-present); President and CEO of DWS family of funds and Head of Product Management, US for DWS Investments; formerly, Executive Director, Head of Product Management (2002-2006) and President (2005-2006) of the UBS Funds at UBS Global Asset Management; Co-Head of Manager Research/Managed Solutions Group, Merrill Lynch (1998-2002)
|
John Millette7 (1962)
Vice President and Secretary, 1999-present
|
Director3, Deutsche Asset Management
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
|
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
|
Caroline Pearson7 (1962)
Chief Legal Officer, April 2010-present
|
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
|
Rita Rubin8 (1970)
Assistant Secretary, 2009-present
|
Director3 and Senior Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
|
Jack Clark7 (1967)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007-present
|
Director3, Deutsche Asset Management
|
John Caruso8 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
|
Managing Director3, Deutsche Asset Management
|
Robert Kloby8 (1962)
Chief Compliance Officer, 2006-present
|
Managing Director3, Deutsche Asset Management
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below:
For shareholders of Classes A, B, C and Institutional Class:
(800) 621-1048
For shareholders of Class S:
(800) 728-3337
|
|
Web Site
|
www.dws-investments.com
View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
|
|
Written Correspondence
|
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
SMLAX
|
SMLBX
|
SMLCX
|
SCMBX
|
SMLIX
|
|
CUSIP Number
|
23337W-709
|
23337W-808
|
23337W-881
|
23337W-865
|
23337W-857
|
|
Fund Number
|
466
|
666
|
766
|
2066
|
544
|
ITEM 2.
|
CODE OF ETHICS
|
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
|
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
|
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Fiscal YearEnded May 31,
|
Audit Fees Billed to Fund
|
Audit-Related
Fees Billed to Fund
|
Tax Fees Billed to Fund
|
All
Other Fees Billed to Fund
|
||||||||||||
2011
|
$ | 96,896 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2010
|
$ | 94,996 | $ | 0 | $ | 0 | $ | 0 |
Fiscal Year Ended May 31,
|
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
|
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
|
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
|
|||||||||
2011
|
$ | 0 | $ | 0 | $ | 0 | ||||||
2010
|
$ | 9,500 | $ | 0 | $ | 0 |
Fiscal Year Ended May 31,
|
Total
Non-Audit Fees Billed to Fund
(A)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
|
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
|
Total of (A), (B)
and (C)
|
||||||||||||
2011
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
2010
|
$ | 0 | $ | 0 | $ | 100,000 | $ | 100,000 |
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
|
Not applicable
|
||
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
|
Not applicable
|
||
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
Not applicable
|
||
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
|
Not applicable
|
||
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
|
||
ITEM 11.
|
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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
ITEM 12.
|
EXHIBITS
|
|
(a)(1)
|
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
|
|
(a)(2)
|
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.
|
|
(b)
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
Registrant:
|
DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
July 27, 2011
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
July 27, 2011
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
July 27, 2011
|
Page Number
|
I.
|
Overview |
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
Deutsche Asset Management, Inc. or its affiliates (“DeAM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.
The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.
The DeAM Compliance Officer and his or her contact information can be found in Appendix A.
|
II.
|
Purposes of the Officer Code
|
The purposes of the Officer Code are to deter wrongdoing and to:
|
||
•
|
promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
•
|
promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
|
•
|
promote compliance with applicable laws, rules and regulations;
|
•
|
encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and
|
•
|
establish accountability for adherence to the Officer Code.
|
|
Any questions about the Officer Code should be referred to DeAM’s Compliance Officer. |
III.
|
Responsibilities of Covered Officers
|
A.
|
Honest and Ethical Conduct
|
|
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
|
B.
|
Conflicts of Interest
|
|
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates.
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAM Compliance Officer).
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.
After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.
|
C.
|
Use of Personal Fund Shareholder Information
|
|
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAM’s privacy policies under SEC Regulation S-P.
|
D.
|
Public Communications
|
|
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.
|
E.
|
Compliance with Applicable Laws, Rules and Regulations
|
|
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.
|
IV.
|
Violation Reporting
|
A.
|
Overview
|
|
Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
|
Examples of violations of the Officer Code include, but are not limited to, the following: | |||
•
|
Unethical or dishonest behavior
|
•
|
Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
|
•
|
Failure to report violations of the Officer Code
|
•
|
Known or obvious deviations from Applicable Laws
|
•
|
Failure to acknowledge and certify adherence to the Officer Code
|
The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM. |
|
B.
|
How to Report
|
Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.
|
C.
|
Process for Violation Reporting to the Fund Board
|
|
The DeAM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
|
D.
|
Sanctions for Code Violations
|
|
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
|
V.
|
Waivers from the Officer Code
|
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
|
VI.
|
Amendments to the Code
|
The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
|
VII.
|
Acknowledgement and Certification of Adherence to the Officer Code
|
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
The DeAM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
|
VIII.
|
Scope of Responsibilities
|
A Covered Officer’s responsibilities under the Officer Code are limited to:
|
(1)
|
Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
|
(2)
|
Fund matters of which the Officer has actual knowledge.
|
IX.
|
Recordkeeping
|
The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
|
X.
|
Confidentiality
|
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
|
Fund Board
|
Principal Executive Officers
|
Principal Financial Officers
|
Treasurer
|
DWS Funds
|
Douglas Beck
|
Paul Schubert
|
Paul Schubert
|
Germany*
|
Douglas Beck
|
Paul Schubert
|
Paul Schubert
|
As of: | June 1, 2011 |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
|
4.
|
I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
5.
|
I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
Print Name
|
Department
|
Location
|
Telephone
|
1.
|
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
|
2.
|
I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
|
3.
|
I have adhered to the Officer Code.
|
4.
|
I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code’s requirements.
|
5.
|
I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
|
6.
|
With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
|
7.
|
With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
|
8.
|
I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
|
Signature | Date |
1.
|
I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
July 27, 2011
|
/s/W. Douglas Beck
|
W. Douglas Beck
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
July 27, 2011
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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