nq083111shyt.htm

% of

Net Assets

Total Investment Portfolio (Cost $1,755,005,365) †

1,782,651,259

Other Assets and Liabilities, Net

(164,247,753)

Net Assets

1,618,403,506

DWS Strategic High Yield Tax Free Fund

		Principal Amount ($)			Value ($)
	Municipal Bonds and Notes 93.4%
Alabama 0.3%
Mobile, AL, Infirmary Health Systems Special Care Facilities Financing Authority Revenue, Series A, 0.15% ***, 2/1/2040, LOC: Bank of Nova Scotia			1,600,000		1,600,000
Montgomery, AL, Medical Clinic Board, Health Care Facility Revenue, Jackson Hospital & Clinic, 5.25%, 3/1/2036			2,000,000		1,787,580
Sylacauga, AL, Health Care Authority Revenue, Coosa Valley Medical Center, Series A, 6.0%, 8/1/2035			2,000,000		1,703,820

					5,091,400
Arizona 1.3%
Arizona, Salt Verde Financial Corp., Gas Revenue, 5.25%, 12/1/2025			4,000,000		3,850,440
Maricopa County, AZ, Pollution Control Corp. Revenue, El Paso Electric Co. Project, Series B, 7.25%, 4/1/2040			3,930,000		4,445,105
Pima County, AZ, Industrial Development Revenue, Tucson Electric Power:
	5.75%, 9/1/2029		2,250,000		2,279,970
	Series A, 6.375%, 9/1/2029		5,000,000		5,064,950
Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A-1, 144A, AMT, 4.9%, 3/1/2028			5,000,000		4,883,900

					20,524,365
California 9.5%
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
	Series F-1, 5.125%, 4/1/2039		10,000,000		10,461,500
	Series F-1, 5.5%, 4/1/2043		10,000,000		10,660,600
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034			8,750,000		9,849,700
California, Morongo Band of Mission Indians, Enterprise Casino Revenue, Series B, 144A, 6.5%, 3/1/2028			5,000,000		4,704,150
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series A-1, 5.75%, 6/1/2047			1,665,000		1,179,752
California, State General Obligation:
	5.0%, 8/1/2034		5,185,000		5,237,628
	5.5%, 3/1/2040		5,130,000		5,343,716
California, State General Obligation, Various Purposes:
	5.0%, 11/1/2032		10,000,000		10,139,600
	5.0%, 6/1/2037		10,000,000		10,001,700
	5.0%, 11/1/2037		9,145,000		9,146,738
	5.0%, 12/1/2037		5,000,000		5,000,950
	5.0%, 4/1/2038		2,650,000		2,644,090
	5.75%, 4/1/2031		23,360,000		25,397,226
California, State Public Works Board, Lease Revenue, Capital Projects:
	Series A-1, 6.0%, 3/1/2035		10,175,000		10,782,244
	Series I-1, 6.375%, 11/1/2034		5,000,000		5,436,700
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023			620,000		596,043
Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corporation Lease Revenue, Series C, AMT, 7.5%, 12/1/2024			6,035,000		6,094,324
Novato, CA, Multi-Family Housing Revenue, Nova-Ro Corp. III Senior Housing Project, 0.3% ***, 10/1/2032, LOC: Bank of The West			2,615,000		2,615,000
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041			3,250,000		3,226,372
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036			2,050,000		2,148,749
San Francisco, CA, City & County Public Utilities Commission, Water Revenue, Series A, 5.125%, 11/1/2039			10,400,000		10,910,536
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation, Mission Bay South Redevelopment, Series D, 7.0%, 8/1/2041			1,400,000		1,468,712

					153,046,030
Colorado 1.8%
Colorado, E-470 Public Highway Authority Revenue:
	Series C, 5.375%, 9/1/2026		2,000,000		1,938,960
	Series A-1, 5.5%, 9/1/2024, INS: NATL		3,500,000		3,458,455
Colorado, Health Facilities Authority Revenue, Christian Living Communities Project, Series A, 5.75%, 1/1/2037			1,000,000		879,310
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035			11,750,000		9,698,920
Colorado, Health Facilities Authority Revenue, Valley View Hospital Association, 5.75%, 5/15/2036			2,000,000		1,948,360
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co., Inc.			6,365,000		6,577,718
Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041			2,000,000		2,001,200
Montrose, CO, Memorial Hospital Revenue, 6.375%, 12/1/2023			2,355,000		2,444,985

					28,947,908
Connecticut 1.9%
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, Series A, 7.875%, 4/1/2039			20,000,000		21,886,200
Connecticut, Mohegan Tribe Indians Gaming Authority, Priority Distribution, 144A, 5.25%, 1/1/2033			3,000,000		2,071,320
Hamden, CT, Facility Revenue, Whitney Center Project, Series A, 7.625%, 1/1/2030			1,200,000		1,254,276
Mashantucket, CT, Mashantucket Western Pequot Tribe, Special Revenue, Series A, 144A, 6.5%, 9/1/2031 *			7,295,000		2,415,083
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe:
	Series B, 144A, Zero Coupon, 9/1/2010 *		2,000,000		628,000
	Series B, 144A, Zero Coupon, 9/1/2011 *		2,000,000		628,000
	Series B, 144A, Zero Coupon, 9/1/2012 *		2,000,000		595,000
	Series B, 144A, Zero Coupon, 9/1/2013 *		2,000,000		572,820
	Series B, 144A, Zero Coupon, 9/1/2014 *		2,000,000		539,540
Mashantucket, CT, Sports, Expo & Entertainment Revenue, Mashantucket Western Pequot Tribe, Series B, 144A, 5.7%, 9/1/2012 *			1,000,000		330,000

					30,920,239
Delaware 0.0%
Sussex County, DE, First Mortgage Revenue, Cadbury Lewes, Series A, 6.0%, 1/1/2035			1,000,000		792,600
Florida 7.6%
Bayside, FL, Sales & Special Tax Revenue, Community Development District, Series A, 6.3%, 5/1/2018			335,000		309,051
Florida, Capital Region Community Development District, Capital Improvement Revenue, Series A, 7.0%, 5/1/2039			6,260,000		5,253,204
Florida, Harbourage at Braden River Community Development District, Capital Improvement Revenue, Series A, 6.125%, 5/1/2034			1,415,000		1,305,238
Florida, Middle Village Community Development District, Special Assessment, Series A, 6.0%, 5/1/2035			8,500,000		7,732,280
Florida, Special Assessment Revenue, East Park Community Development District, Series A, 7.5%, 5/1/2039			1,715,000		1,374,384
Florida, Tolomato Community Development District, Special Assessment, 5.4%, 5/1/2037			17,820,000		13,598,798
Florida, Village Community Development District No. 9, Special Assessment Revenue, 7.0%, 5/1/2041			2,000,000		2,093,480
Highlands County, FL, Health Facilities Authority Revenue, Adventist Health System:
	Series G, 5.125%, 11/15/2020		970,000		1,060,297
	Series G, Prerefunded, 5.125%, 11/15/2020		30,000		36,394
	Series G, Prerefunded, 5.125%, 11/15/2021		70,000		84,919
	Series G, 5.125%, 11/15/2022		2,205,000		2,366,230
	Series G, Prerefunded, 5.125%, 11/15/2022		75,000		90,985
	Series G, 5.125%, 11/15/2023		2,245,000		2,388,523
	Series G, Prerefunded, 5.125%, 11/15/2023		180,000		218,363
Hillsborough County, FL, Industrial Development Authority Revenue, Health Facilities, University Community Hospital, Series A, Prerefunded, 5.625%, 8/15/2029 (a)			6,625,000		8,372,609
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032			1,750,000		1,724,958
Miami Beach, FL, Health Facilities Authority Hospital Revenue, Mount Sinai Medical Center, 144A, 6.75%, 11/15/2029			8,100,000		8,158,077
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
	Series A, AMT, 5.25%, 10/1/2033, INS: AGC		10,000,000		10,052,400
	Series A-1, 5.5%, 10/1/2041		5,000,000		5,143,700
Miami-Dade County, FL, Double Barreled Aviation, 5.0%, 7/1/2041 (a)			5,000,000		5,105,300
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2034			3,650,000		3,780,560
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series C, 5.25%, 10/1/2035			5,000,000		4,744,600
Orlando, FL, Greater Aviation Authority, Airport Facilities Revenue, Jet Blue Airways Corp., AMT, 6.5%, 11/15/2036			1,000,000		952,950
Palm Beach County, FL, Health Facilities Authority Revenue, Waterford Project, 5.375%, 11/15/2022			2,600,000		2,555,800
Palm Beach County, FL, Health Facilities Authority, Retirement Community Revenue, Acts Retirement-Life Communities, Inc., 5.5%, 11/15/2033			9,000,000		8,631,900
Port St. Lucie, FL, Special Assessment Revenue, Southwest Annexation District 1, Series B, 5.0%, 7/1/2027, INS: NATL			2,500,000		2,358,700
Seminole Tribe, FL, Special Obligation Revenue:
	Series A, 144A, 5.5%, 10/1/2024		8,000,000		7,428,160
	Series A, 144A, 5.75%, 10/1/2022		9,500,000		9,491,735
South Miami, FL, Health Facilities Authority Hospital Revenue, Baptist Health South Florida Group:
	5.0%, 8/15/2024		1,000,000		1,059,570
	5.0%, 8/15/2025		5,000,000		5,242,550

					122,715,715
Georgia 3.5%
Americus-Sumter County, GA, Hospital & Healthcare Revenue, Hospital Authority, South Georgia Methodist, Series A, 6.375%, 5/15/2029			3,000,000		2,676,870
Atlanta, GA, Tax Allocation, Beltline Project, Series B, 7.375%, 1/1/2031			4,915,000		5,058,321
Atlanta, GA, Tax Allocation, Princeton Lakes Project, 144A, 5.5%, 1/1/2031			1,045,000		968,694
Atlanta, GA, Water & Wastewater Revenue:
	Series B, 5.375%, 11/1/2039, INS: AGMC (a)		10,000,000		10,497,700
	Series A, 6.25%, 11/1/2034		10,000,000		11,033,300
De Kalb County, GA, Hospital Authority Revenue, Anticipation Certificates, Dekalb Medical Center, Inc. Project, 6.125%, 9/1/2040			7,500,000		7,543,800
Georgia, Glynn-Brunswick Memorial Hospital Authority Revenue, Anticipation Certificates-Southeast Health, Series A, 5.625%, 8/1/2034			5,500,000		5,583,050
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
	Series A, 5.0%, 3/15/2019 (a)		10,000,000		10,624,200
	Series A, 5.5%, 9/15/2024		2,440,000		2,388,150
Georgia, Municipal Electric Authority, Power Revenue:
	Series 2005-Z, 5.5%, 1/1/2012		115,000		116,531
	Series Z, ETM, 5.5%, 1/1/2012		30,000		30,531

					56,521,147
Guam 0.9%
Government of Guam, General Obligation, Series A, 7.0%, 11/15/2039			10,155,000		10,485,037
Government of Guam, Waterworks Authority, Water & Wastewater System Revenue, 5.5%, 7/1/2016			1,300,000		1,320,514
Guam, Power Authority Revenue, Series A, 5.5%, 10/1/2030			3,000,000		2,920,380

					14,725,931
Hawaii 1.9%
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2034			15,000,000		15,359,400
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, 15 Craigside Project, Series A, 9.0%, 11/15/2044			2,000,000		2,230,280
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc.:
	Series B, AMT, 4.6%, 5/1/2026, INS: FGIC		11,790,000		10,499,820
	6.5%, 7/1/2039, GTY: Hawaiian Electric Co., Inc.		2,500,000		2,660,400

					30,749,900
Illinois 5.9%
Chicago, IL, O'Hare International Airport Revenue, Third Lien:
	Series A, 5.75%, 1/1/2039		9,955,000		10,651,253
	Series B, 6.0%, 1/1/2041		12,095,000		13,147,144
Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2029, INS: AGMC			175,000		177,247
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037			11,000,000		10,222,520
Illinois, Finance Authority Revenue, Friendship Village of Schaumburg:
	Series A, 5.625%, 2/15/2037		5,000,000		3,998,700
	7.25%, 2/15/2045		4,000,000		3,945,320
Illinois, Finance Authority Revenue, Park Place of Elmhurst:
	Series D-3, 6.25%, 8/15/2015		1,505,000		1,469,046
	Series A, 8.125%, 5/15/2040		8,000,000		7,803,440
Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044			5,000,000		5,203,400
Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%, 11/1/2028, INS: NATL			1,250,000		1,304,262
Illinois, Finance Authority Revenue, Swedish Covenant Hospital, Series A, 6.0%, 8/15/2038			7,830,000		7,819,351
Illinois, Finance Authority Revenue, The Admiral at Lake Project:
	Series D-3, 6.0%, 5/15/2017		1,000,000		997,990
	Series A, 7.75%, 5/15/2030		1,675,000		1,676,792
	Series A, 8.0%, 5/15/2040		1,000,000		1,008,520
	Series A, 8.0%, 5/15/2046		3,500,000		3,529,820
Illinois, Finance Authority Revenue, Three Crowns Park Plaza:
	Series A, 5.875%, 2/15/2026		1,225,000		1,168,221
	Series A, 5.875%, 2/15/2038		500,000		443,560
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Place, Series B, 5.0%, 6/15/2050, INS: AGMC			8,000,000		7,618,640
Illinois, Municipal Electric Agency, Power Supply Revenue:
	Series A, 5.25%, 2/1/2023, INS: FGIC, NATL		3,500,000		3,774,295
	Series A, 5.25%, 2/1/2024, INS: FGIC, NATL		2,500,000		2,677,150
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 6.0%, 6/1/2028			6,405,000		6,565,830

					95,202,501
Indiana 0.5%
Indiana, Health & Educational Facility Financing Authority, Hospital Revenue, Community Foundation Northwest, 5.5%, 3/1/2037			1,750,000		1,667,138
Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028			1,000,000		812,310
North Manchester, IN, Peabody Retirement Community Project Revenue, Series A, 7.25%, 7/1/2033 *			3,000,000		1,044,750
Vigo County, IN, Hospital Authority Revenue, Union Hospital, Inc.:
	144A, 5.5%, 9/1/2027		1,000,000		921,980
	8.0%, 9/1/2041		4,000,000		4,266,480

					8,712,658
Iowa 0.7%
Altoona, IA, Urban Renewal Tax Increment Revenue, Annual Appropriation:
	6.0%, 6/1/2034		1,000,000		1,019,870
	6.0%, 6/1/2039		2,000,000		2,031,460
Cedar Rapids, IA, First Mortgage Revenue, Cottage Grove Place, Series A, 5.875%, 7/1/2028			5,335,000		3,391,833
Iowa, Finance Authority Retirement Community Revenue, Edgewater LLC Project, 6.5%, 11/15/2027			5,000,000		4,328,750

					10,771,913
Kansas 0.8%
Lenexa, KS, Health Care Facility Revenue, 5.5%, 5/15/2039			6,340,000		4,733,888
Lenexa, KS, Health Care Facility Revenue, Lakeview Village, Inc. Project, 7.25%, 5/15/2039			1,200,000		1,134,396
Wichita, KS, Hospital & Healthcare Revenue, Series 3, 5.5%, 11/15/2025			1,000,000		1,012,320
Wichita, KS, Hospital Revenue, Facilities Improvement, Series III-A, 5.0%, 11/15/2034			3,410,000		3,476,427
Wyandotte County, KS, Unified Government Special Obligation Revenue, Sales Tax, Series B, 5.0%, 12/1/2020			2,985,000		3,089,803

					13,446,834
Kentucky 1.3%
Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare, Series A, 6.625%, 10/1/2028			1,195,000		1,196,195
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, 6.5%, 3/1/2045			15,000,000		15,339,150
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2033, INS: AGC (a)			3,635,000		3,851,428
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030			1,000,000		961,890

					21,348,663
Louisiana 2.5%
DeSoto Parish, LA, Environmental Improvement Revenue, International Paper Co. Project:
	Series A, AMT, 5.0%, 11/1/2018		1,260,000		1,259,458
	Series A, AMT, 5.75%, 9/1/2031		5,000,000		5,031,450
Louisiana, Local Government Environmental Facilities & Community Development, Westlake Chemical Corp., Series A, 6.5%, 8/1/2029			6,055,000		6,227,689
Louisiana, Local Government Environmental Facilities, Community Development Authority Revenue, 6.75%, 11/1/2032			6,000,000		6,183,660
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 6.75%, 5/15/2041			2,500,000		2,687,550
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040			5,000,000		5,044,150
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037			14,000,000		13,354,320

					39,788,277
Maine 0.6%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036			9,000,000		9,050,220
Maryland 2.1%
Anne Arundel County, MD, Special Obligation, National Business Park North Project, 6.1%, 7/1/2040			2,200,000		2,135,914
Maryland, State Economic Development Corp. Revenue, Senior Lien Project, Chesapeake Bay:
	Series A, 5.0%, 12/1/2031		7,000,000		4,318,650
	Series B, 5.25%, 12/1/2031		3,400,000		2,203,098
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 6.125%, 1/1/2036 (b)			3,250,000		3,215,225
Maryland, State Health & Higher Educational Facilities Authority Revenue, Doctors Community Hospital, Inc., 5.75%, 7/1/2038			6,250,000		5,535,500
Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center:
	Series A, 5.0%, 7/1/2037		5,005,000		4,328,074
	6.25%, 7/1/2031		2,500,000		2,606,000
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital:
	5.75%, 1/1/2033		2,660,000		2,659,760
	6.0%, 1/1/2028		6,100,000		6,250,914

					33,253,135
Massachusetts 3.6%
Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project:
	AMT, 6.5%, 9/1/2035 *		8,805,000		6,256,921
	AMT, 8.0%, 9/1/2035 *		960,000		335,146
Massachusetts, Development Finance Agency, Senior Living Facility Revenue, Groves-Lincoln:
	Series A, 7.75%, 6/1/2039		1,250,000		1,262,425
	Series A, 7.875%, 6/1/2044		1,250,000		1,268,025
Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Civic Investments, Series A, Prerefunded, 9.0%, 12/15/2015, GTY: Harvard Pilgrim Health Care			2,800,000		3,088,176
Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032			3,525,000		3,074,047
Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033			7,450,000		7,311,281
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility, Series A, 5.75%, 11/15/2035			2,300,000		1,283,515
Massachusetts, State Development Finance Agency Revenue, Tufts Medical Center, Inc., Series I, 7.25%, 1/1/2032			2,250,000		2,489,198
Massachusetts, State Health & Educational Facilities Authority Revenue, Caregroup Healthcare System:
	Series E-1, 5.0%, 7/1/2028		1,500,000		1,506,795
	Series E-1, 5.125%, 7/1/2038		1,500,000		1,460,430
Massachusetts, State Health & Educational Facilities Authority Revenue, Jordan Hospital, Series B, 6.875%, 10/1/2015			3,870,000		3,873,328
Massachusetts, State Health & Educational Facilities Authority Revenue, Milford Regional Medical Center:
	Series E, 5.0%, 7/15/2022		2,250,000		2,254,185
	Series E, 5.0%, 7/15/2032		3,250,000		2,862,308
	Series E, 5.0%, 7/15/2037		2,750,000		2,324,080
Massachusetts, State Health & Educational Facilities Authority Revenue, South Shore Hospital:
	Series F, 5.625%, 7/1/2019		370,000		370,514
	Series F, 5.75%, 7/1/2029		1,480,000		1,480,340
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039			7,145,000		6,984,380
Massachusetts, State Port Authority Special Facilities Revenue, Delta Air Lines, Inc. Project:
	Series A, AMT, 5.5%, 1/1/2016, INS: AMBAC		5,000,000		4,768,000
	Series A, AMT, 5.5%, 1/1/2018, INS: AMBAC		4,000,000		3,671,320

					57,924,414
Michigan 2.0%
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village:
	7.0%, 11/15/2038		4,500,000		4,156,920
	7.125%, 11/15/2043		1,500,000		1,394,235
Detroit, MI, Sales & Special Tax Revenue, Downtown Development Authority, Zero Coupon, 7/1/2012			3,150,000		3,083,409
Detroit, MI, Sewer Disposal Revenue, Series D, 0.765% **, 7/1/2032, INS: AGMC			1,595,000		1,109,211
Kalamazoo, MI, Economic Development Corp. Revenue, Limited Obligation, Heritage Community:
	5.375%, 5/15/2027		1,000,000		827,410
	5.5%, 5/15/2036		1,000,000		775,540
Michigan, State Grant Anticipation Bonds, 5.25%, 9/15/2023, INS: AGMC			7,500,000		8,264,100
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039			6,315,000		6,318,473
Oakland County, MI, Economic Development Corp., Limited Obligation Revenue, Motion Picture Studios, Recovery Zone Project, Series A, 144A, 7.0%, 8/1/2040			6,000,000		6,114,900

					32,044,198
Mississippi 1.1%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022			5,500,000		5,865,530
Warren County, MS, Gulf Opportunity Zone, International Paper Co.:
	Series A, 5.5%, 9/1/2031		4,250,000		4,273,715
	Series A, 5.8%, 5/1/2034, GTY: International Paper Co.		4,000,000		4,035,120
	Series A, 6.5%, 9/1/2032		2,620,000		2,784,903

					16,959,268
Missouri 0.8%
Cass County, MO, Hospital Revenue, 5.5%, 5/1/2027			2,000,000		1,899,160
Kansas City, MO, Industrial Development Authority, Health Facilities Revenue, First Mortgage, Bishop Spencer, Series A, 6.5%, 1/1/2035			1,000,000		929,810
Kirkwood, MO, Industrial Development Authority, Retirement Community Revenue, Aberdeen Heights:
	Series C-3, 6.5%, 5/15/2015		1,925,000		1,927,387
	Series A, 8.25%, 5/15/2039		1,000,000		1,037,440
	Series A, 8.25%, 5/15/2045		2,850,000		2,951,232
St. Louis, MO, Lambert-St. Louis International Airport Revenue, Series A-1, 6.625%, 7/1/2034			4,085,000		4,390,027

					13,135,056
Nebraska 0.4%
Douglas County, NE, Hospital Authority No. 002 Revenue, Health Facilities, Immanuel Obligation Group, 5.625%, 1/1/2040			1,500,000		1,535,415
Lancaster County, NE, Hospital Authority No.1, Health Facilities Revenue, Immanuel Obligation Group, 5.625%, 1/1/2040			2,500,000		2,525,450
Nebraska, Central Plains Energy Project Revenue, Project No. 1, Series A, 5.25%, 12/1/2021			3,000,000		2,980,800

					7,041,665
Nevada 0.7%
Clark County, NV, School District, Series A, 5.0%, 6/15/2022, INS: FGIC, NATL			4,830,000		5,264,507
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project, Second Tier, 7.375%, 1/1/2030 *			6,000,000		9,000
Reno, NV, Hospital Revenue, Renown Regional Medical Center Project, Series A, 5.0%, 6/1/2027			5,000,000		4,733,400
Sparks, NV, Local Improvement Districts, Limited Obligation District No. 3, 6.75%, 9/1/2027			2,000,000		1,900,780

					11,907,687
New Hampshire 1.3%
New Hampshire, Health & Education Facilities Authority Revenue, Havenwood-Heritage Heights:
	Series A, 5.35%, 1/1/2026		1,035,000		952,148
	Series A, 5.4%, 1/1/2030		550,000		491,089
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, 7.0%, 1/1/2038			5,325,000		5,868,789
New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, New Hampshire Catholic Charities, 5.8%, 8/1/2022			2,760,000		2,761,049
New Hampshire, Senior Care Revenue, Health & Educational Facilities Authority, Rivermead at Peterborough:
	5.5%, 7/1/2013		615,000		615,148
	5.625%, 7/1/2018		1,615,000		1,542,131
New Hampshire, State Business Finance Authority Revenue, Elliot Hospital Obligation Group, Series A, 6.125%, 10/1/2039			5,000,000		4,853,100
New Hampshire, State Business Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 5.2%, 5/1/2027			4,000,000		4,035,560

					21,119,014
New Jersey 3.0%
Middlesex County, NJ, Pollution Control Authority Revenue, Pollution Control Amerada, 6.05%, 9/15/2034			1,000,000		1,008,890
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034			1,165,000		1,086,584
New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue, Series A, 5.0%, 7/1/2023, INS: NATL			1,770,000		1,855,810
New Jersey, Economic Development Authority Revenue, United Methodist Homes, Series A-2, 6.625%, 7/1/2033			2,500,000		2,430,375
New Jersey, Health Care Facilities Financing Authority Revenue, St. Joseph's Health Care System, 6.625%, 7/1/2038			11,570,000		11,376,318
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026			1,425,000		1,289,240
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 5.5%, 6/15/2041			7,000,000		7,448,980
New Jersey, Tobacco Settlement Financing Corp.:
	Series 1-A, 4.75%, 6/1/2034		16,240,000		10,735,777
	Series 1-A, 5.0%, 6/1/2029		15,965,000		11,754,870

					48,986,844
New Mexico 0.4%
Farmington, NM, Pollution Control Revenue, Public Service Co. of New Mexico, Series C, 5.9%, 6/1/2040			7,500,000		7,203,825
New York 2.9%
Albany, NY, Industrial Development Agency, Civic Facility Revenue, Albany College of Pharmacy, Series A, 0.17% ***, 7/1/2038, LOC: TD Bank NA			3,230,000		3,230,000
Albany, NY, Industrial Development Agency, Civic Facility Revenue, St. Peter's Hospital Project:
	Series A, 5.25%, 11/15/2027		3,000,000		2,858,160
	Series A, 5.75%, 11/15/2022		1,500,000		1,573,770
New York, State Dormitory Authority Revenues, NYU Hospital Center, Series B, 5.25%, 7/1/2024			870,000		909,907
New York, State Dormitory Authority Revenues, Orange Regional Medical Center, 6.125%, 12/1/2029			2,000,000		1,987,180
New York, State Dormitory Authority, Personal Income Tax Revenue, Series C, 5.0%, 3/15/2041			10,000,000		10,619,200
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042			5,795,000		5,892,240
New York City, NY, Industrial Development Agency Revenue, Liberty-7, World Trade Center, Series A, 6.25%, 3/1/2015			8,000,000		8,031,360
New York City, NY, Industrial Development Agency, Civic Facility Revenue, NY Psychotherapy & Counseling Center, 0.19% ***, 6/1/2038, LOC: JPMorgan Chase Bank			2,845,000		2,845,000
New York City, NY, Industrial Development Agency, Special Facility Revenue, American Airlines, JFK International Airport:
	AMT, 7.75%, 8/1/2031, GTY: AMR Corp.		1,470,000		1,472,646
	AMT, 8.0%, 8/1/2028, GTY: AMR Corp.		3,000,000		3,071,400
New York City, NY, Industrial Development Agency, Special Facility Revenue, British Airways PLC Project, AMT, 7.625%, 12/1/2032			1,500,000		1,519,575
New York, NY, General Obligation, Series B2, 0.22% ***, 8/15/2023, SPA: Landesbank Hessen-Thuringen			2,500,000		2,500,000
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028			1,250,000		887,000

					47,397,438
North Carolina 0.5%
Charlotte, NC, Airport Revenue, Series A, 5.0%, 7/1/2039			1,450,000		1,477,376
North Carolina, Electric Revenue, Municipal Power Agency, Series F, 5.5%, 1/1/2016			1,000,000		1,048,500
North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage, Southminster Project, Series A, 5.625%, 10/1/2027			2,500,000		2,272,000
North Carolina, Piedmont Triad Airport Authority Revenue, Series A, 0.19% ***, 7/1/2032, LOC: Branch Banking & Trust			3,450,000		3,450,000

					8,247,876
Ohio 0.5%
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Foundation Project:
	6.125%, 1/1/2031		2,100,000		2,088,030
	6.625%, 1/1/2046		2,500,000		2,528,275
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project, Series 2010, 5.75%, 11/15/2040			3,000,000		2,941,470

					7,557,775
Oklahoma 0.4%
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, Series A, 7.25%, 11/1/2045			6,500,000		6,662,695
Oregon 0.7%
Clackamas County, OR, North Clackamas School District No. 12, Series B, 5.0%, 6/15/2023, INS: AGMC (a)			10,420,000		11,662,168
Pennsylvania 2.8%
Cumberland County, PA, Municipal Authority Revenue, Asbury Obligation Group, 6.125%, 1/1/2045			4,350,000		3,897,382
Lancaster County, PA, Hospital Authority Revenue, Brethren Village Project, Series A, 6.375%, 7/1/2030			1,000,000		995,770
Montgomery County, PA, Industrial Development Authority Revenue, Whitemarsh Continuing Care, 6.25%, 2/1/2035			2,400,000		2,011,320
Northampton County, PA, Hospital Authority Revenue, St. Luke's Hospital Project:
	Series A, 5.375%, 8/15/2028		3,500,000		3,467,275
	Series A, 5.5%, 8/15/2035		6,500,000		6,232,850
Pennsylvania, Economic Development Finance Authority, US Airways Group, Series B, 8.0%, 5/1/2029, GTY: US Airways, Inc.			1,000,000		1,028,460
Pennsylvania, Economic Development Financing Authority, Sewer Sludge Disposal Revenue, Philadelphia Biosolids Facility, 6.25%, 1/1/2032			1,500,000		1,576,305
Pennsylvania, Sales & Special Tax Revenue, Economic Development Financing Authority, Amtrak Project, Series A, AMT, 6.125%, 11/1/2021			700,000		708,029
Pennsylvania, State Turnpike Commission Revenue, Series A, 6.5%, 12/1/2036			6,385,000		7,235,993
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035			7,085,000		7,101,933
Philadelphia, PA, Gas Works Revenue, 5.25%, 8/1/2040			3,000,000		3,014,700
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue, Temple University Health Systems, Series A, 5.0%, 7/1/2034			10,000,000		8,320,300

					45,590,317
Puerto Rico 6.0%
Commonwealth of Puerto Rico, Aqueduct & Sewer Authority Revenue, Series A, 6.0%, 7/1/2038			25,750,000		25,847,592
Commonwealth of Puerto Rico, General Obligation, Series A, 6.0%, 7/1/2038			7,200,000		7,267,464
Commonwealth of Puerto Rico, Public Improvement, Series B, 6.5%, 7/1/2037			10,000,000		10,576,400
Puerto Rico, Electric Power Authority Revenue:
	Series TT, 5.0%, 7/1/2032		5,500,000		5,282,915
	Series TT, 5.0%, 7/1/2037		4,000,000		3,764,960
	Series XX, 5.25%, 7/1/2040		6,665,000		6,485,978
Puerto Rico, Public Buildings Authority Revenue, Government Facilities, Series M, 6.25%, 7/1/2022			5,000,000		5,577,400
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
	Series A, 5.375%, 8/1/2039		4,570,000		4,609,805
	Series A, 5.75%, 8/1/2037		2,130,000		2,207,234
	Series A, 6.5%, 8/1/2044		10,000,000		10,949,700
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		10,000,000		8,614,300
	Series A, Step-up Coupon, 0% to 8/1/2019, 6.25% to 8/1/2033		7,720,000		5,396,589

					96,580,337
South Carolina 0.9%
Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031			1,500,000		1,500,540
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District:
	Series B, 7.5%, 11/1/2015		1,000,000		953,610
	Series A, 7.75%, 11/1/2039		4,917,000		4,097,139
South Carolina, Jobs Economic Development Authority Revenue, Bon Secours Health System, Series B, 5.625%, 11/15/2030			3,960,000		3,960,752
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance, 5.75%, 8/1/2039			3,595,000		3,570,087

					14,082,128
South Dakota 0.6%
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health:
	Series B, 5.25%, 7/1/2038		3,000,000		3,027,180
	Series B, 5.5%, 7/1/2035		5,000,000		5,131,200
South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.0%, 11/1/2027			1,000,000		1,025,710

					9,184,090
Tennessee 3.2%
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue:
	5.0%, 12/15/2017		2,500,000		2,577,675
	5.0%, 12/15/2018		2,160,000		2,169,072
Elizabethton, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board, Series B, Prerefunded, 8.0%, 7/1/2033			3,000,000		3,242,370
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038			3,000,000		3,100,530
Johnson City, TN, Health & Educational Facilities, Board Hospital Revenue, First Mortgage, Mountain States Health Alliance, Series A, 5.5%, 7/1/2036			18,795,000		18,056,168
Johnson City, TN, Health & Educational Facilities, Board Hospital Revenue, Mountain States Health Alliance, 6.5%, 7/1/2038			3,570,000		3,814,224
Johnson City, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board Hospital, Series A, Prerefunded, 7.5%, 7/1/2033			5,000,000		5,384,250
Tennessee, Energy Acquisition Corp., Gas Revenue:
	Series C, 5.0%, 2/1/2027		6,435,000		6,177,343
	Series A, 5.25%, 9/1/2018		8,000,000		8,079,920

					52,601,552
Texas 13.1%
Abilene, TX, Hospital & Healthcare Revenue, Health Facilities, Sears Methodist Retirement Facilities, Series A, 7.0%, 11/15/2033			3,500,000		3,041,290
Abilene, TX, Senior Care Revenue, Health Facilities Development, Sears Methodist Retirement Facilities, Series A, 5.9%, 11/15/2025			2,500,000		2,005,500
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A, 3.375%, 4/1/2027 (c)			4,910,000		2,756,278
Bexar County, TX, Health Facilities Development Corp. Revenue, Army Retirement Residence Project, 6.2%, 7/1/2045			6,000,000		6,084,840
Brazos River, TX, Harbor Navigation District, Brazoria County Environmental Health, Dow Chemical Co. Project:
	Series B-2, 4.95%, 5/15/2033		4,000,000		3,819,920
	Series A-3, AMT, 5.125%, 5/15/2033		9,000,000		8,786,250
Brazos River, TX, Pollution Control Authority Revenue, Series D-1, 144A, AMT, 8.25%, 5/1/2033			7,000,000		2,175,110
Cass County, TX, Industrial Development Corp., Environmental Improvement Revenue, International Paper Co. Projects, Series A, 9.25%, 3/1/2024			2,000,000		2,487,220
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:
	Zero Coupon, 1/1/2030		5,000,000		1,550,400
	Zero Coupon, 1/1/2032		3,500,000		936,495
Central Texas, Regional Mobility Authority Revenue, Senior Lien, 6.0%, 1/1/2041			5,455,000		5,243,128
Houston, TX, Transportation/Tolls Revenue, Special Facilities, Continental Airlines, Inc., Series E, AMT, 6.75%, 7/1/2029			10,100,000		9,928,401
La Vernia, TX, Higher Education Finance Corp. Revenue, Lifeschools of Dallas:
	Series A, 7.25%, 8/15/2031		1,275,000		1,326,803
	Series A, 7.5%, 8/15/2041		1,785,000		1,857,382
Lewisville, TX, Combination Contract Revenue, 144A, 6.75%, 10/1/2032			16,055,000		16,116,330
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC			11,000,000		10,136,610
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, Central Power & Light Co. Project, Series A, 6.3%, 11/1/2029			3,000,000		3,224,970
Mission, TX, Economic Development Corp., Solid Waste Disposal Revenue, Allied Waste NA, Inc. Project, Series A, AMT, 5.2%, 4/1/2018, GTY: Allied Waste Industries			1,500,000		1,518,210
North Texas, Tollway Authority Revenue:
	First Tier, Series A, 5.625%, 1/1/2033		1,000,000		1,029,940
	Second Tier, Series F, 5.75%, 1/1/2038		17,500,000		17,502,975
	First Tier, 6.0%, 1/1/2043		5,000,000		5,256,550
	First Tier, Series A, 6.25%, 1/1/2039		9,525,000		10,190,416
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC			8,000,000		6,889,040
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facility, Mirador Project:
	Series A, 8.125%, 11/15/2039		1,000,000		1,005,610
	Series A, 8.25%, 11/15/2044		6,000,000		6,046,680
Texas, Dallas-Fort Worth International Airport Revenue:
	Series D, 5.0%, 11/1/2035		2,715,000		2,771,879
	Series A, 5.25%, 11/1/2038		15,000,000		15,627,000
Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024			5,000,000		5,063,250
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040			7,445,000		7,021,082
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
	Series D, 5.625%, 12/15/2017		13,480,000		14,356,470
	Series D, 6.25%, 12/15/2026		16,875,000		17,231,906
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020			10,000,000		10,331,900
Texas, Uptown Development Authority, Tax Increment Contract Revenue, Infrastructure Improvement Facilities, 5.5%, 9/1/2029			1,000,000		1,022,060
Texas, Water & Sewer Revenue, Waste Disposal Authority, AMT, 6.65%, 4/1/2032			2,000,000		2,009,920
Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health:
	7.0%, 11/1/2030		1,530,000		1,570,346
	7.125%, 11/1/2040		3,580,000		3,643,294

					211,565,455
Utah 0.2%
Utah, State Housing Finance Agency, Single Family Mortgage, Series B, AMT, 0.17% ***, 7/1/2032, LIQ: Barclays Bank			2,645,000		2,645,000
Vermont 0.0%
Vermont, Multi-Family Housing Revenue, Housing Finance Agency, Northgate Project, 144A, AMT, 8.25%, 6/15/2020 (d)			635,000		635,305
Virginia 1.1%
Arlington County, VA, Industrial Development Authority, Multi-Family Revenue, Westover Apartments, Series A, AMT, 0.24% ***, 8/1/2047, LIQ: Freddie Mac			3,000,000		3,000,000
Virginia, Marquis Community Development Authority Revenue, 5.625%, 9/1/2018			7,500,000		5,646,375
Virginia, Mosaic District Community Development Authority Revenue, Series A, 6.875%, 3/1/2036			2,000,000		2,072,600
Virginia, Peninsula Ports Authority, Residential Care Facility Revenue, Virginia Baptist Homes, Series C, 5.4%, 12/1/2033			2,600,000		1,653,548
Virginia, Peninsula Town Center Community Development Authority Revenue, Special Obligation, 6.45%, 9/1/2037			5,459,000		5,411,452

					17,783,975
Washington 1.9%
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital, 6.5%, 12/1/2038			3,205,000		2,778,478
Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 3, Series B, 7.125%, 7/1/2016 (a)			2,500,000		3,167,775
Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028, INS: Radian			2,970,000		2,900,532
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center:
	Series B, 5.75%, 8/15/2037, INS: ACA		6,675,000		6,499,381
	Series A, 6.125%, 8/15/2037		16,000,000		15,927,360

					31,273,526
West Virginia 0.8%
West Virginia, State Hospital Finance Authority Revenue, Charleston Medical Center, Series A, 5.625%, 9/1/2032			3,080,000		3,130,543
West Virginia, State Hospital Finance Authority Revenue, Thomas Health Systems:
	6.5%, 10/1/2028		7,000,000		6,858,320
	6.5%, 10/1/2038		3,000,000		2,829,090

					12,817,953
Wisconsin 1.2%
Milwaukee, WI, General Obligation, Series V8, 0.15% ***, 2/1/2025, SPA: State Street Bank & Trust Co.			2,700,000		2,700,000
Wisconsin, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030			5,000,000		5,160,500
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.625%, 4/15/2039			8,160,000		8,245,435
Wisconsin, State Health & Educational Facilities Authority Revenue, Beaver Dam Community Hospitals, Inc., Series A, 6.75%, 8/15/2034			2,500,000		2,475,450
Wisconsin, State Health & Educational Facilities Authority Revenue, St. John's Communities, Inc., Series A, 7.625%, 9/15/2039			1,000,000		1,029,350

					19,610,735
Multi-State 0.2%
Non-Profit Preferred Funding Trust I, Series A1, 4.22%, 9/15/2037			4,393,438		4,023,291

Total Municipal Bonds and Notes (Cost $1,498,773,050)				1,511,853,023
	Municipal Inverse Floating Rate Notes (e) 16.7%
California 0.3%
San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A, 5.0%, 5/1/2027, INS: AGMC (f)			2,126,587		2,279,011
San Diego County, CA, Water Authority Revenue, Certificates of Participation, Series 2008-A, 5.0%, 5/1/2028, INS: AGMC (f)			1,935,078		2,073,776
	Trust: San Diego County, CA, Water Utility Improvements, Certificates of Participation, Series 2008-1104, 144A, 9.203%, 5/1/2027, Leverage Factor at purchase date: 2 to 1

					4,352,787
Hawaii 0.7%
Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2027 (f)			10,000,000		10,993,700
	Trust: Hawaii, State General Obligation, Series 2867, 144A, 17.78%, 5/1/2027, Leverage Factor at purchase date: 4 to 1
Louisiana 0.6%
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2033 (f)			3,026,513		3,183,841
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2034 (f)			3,304,152		3,475,912
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2035 (f)			3,666,834		3,857,446
	Trust: Louisiana, State Gas & Fuels Tax Revenue, Series 3806, 144A, 9.288%, 5/1/2033, Leverage Factor at purchase date: 2 to 1

					10,517,199
Nevada 2.6%
Clark County, NV, School District, Series C, 5.0%, 6/15/2021 (f)			7,851,481		8,419,134
Clark County, NV, School District, Series C, 5.0%, 6/15/2022 (f)			8,203,602		8,796,714
Clark County, NV, School District, Series C, 5.0%, 6/15/2023 (f)			5,298,193		5,681,247
	Trust: Clark County, NV, School Improvements, Series 2008-1153, 144A, 9.201%, 6/15/2021, Leverage Factor at purchase date: 2 to 1
Las Vegas Valley, NV, General Obligation, Water District, Series A, 5.0%, 2/1/2035 (f)			9,150,000		9,453,495
Las Vegas Valley, NV, General Obligation, Water District, Series A, 5.0%, 2/1/2036 (f)			9,605,000		9,923,587
	Trust: Las Vegas Valley, NV, General Obligation, Water District, 144A, 9.288%, 2/1/2035, Leverage Factor at purchase date: 2 to 1

					42,274,177
New York 2.4%
New York, State Dormitory Authority Revenues, Personal Income Tax Revenue, Series A, 5.0%, 3/15/2023 (f)			5,095,207		5,730,103
	Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-2, 144A, 17.854%, 3/15/2023, Leverage Factor at purchase date: 4 to 1
New York, State Dormitory Authority, Personal Income Tax Revenue, Series F, 5.0%, 2/15/2035 (f)			10,000,000		10,633,800
	Trust: New York, Puttable Floating Option Tax Exempt Receipts, 144A, 9.32%, 2/15/2035, Leverage Factor at purchase date: 2 to 1
New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 6/15/2025 (f)			4,000,000		4,415,646
New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 6/15/2026 (f)			3,000,000		3,311,735
New York, State Environmental Facilities Corp., Clean Drinking Water, Series A, 5.0%, 6/15/2027 (f)			3,000,000		3,311,734
	Trust: New York, State Environmental Facilities Corp., Clean Drinking Water, Series 2870, 144A, 16.231%, 6/15/2025, Leverage Factor at purchase date: 3.6 to 1
New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (f)			10,000,000		10,967,400
	Trust: New York City, NY, Transitional Finance Authority Revenue, Series 2072, 144A, 11.24%, 11/1/2027, Leverage Factor at purchase date: 2.5 to 1

					38,370,418
Ohio 0.8%
Ohio, State Higher Educational Facilities Commission Revenue, Cleveland Clinic Health, Series A, 5.125%, 1/1/2028 (f)			4,522,767		4,731,936
Ohio, State Higher Educational Facilities Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2033 (f)			7,712,913		8,069,622
	Trust: Ohio, State Higher Educational Revenue, Series 3139, 144A, 14.379%, 1/1/2028, Leverage Factor at purchase date: 3 to 1

					12,801,558
Pennsylvania 2.6%
Pennsylvania, State General Obligation, Series A, 5.0%, 8/1/2023 (f)			21,790,000		24,532,222
	Trust: Pennsylvania, State General Obligation, Series R-11505-1, 144A, 43.77%, 8/1/2023, Leverage Factor at purchase date: 10 to 1
Pennsylvania, State Revenue Bond, Series A, 5.0%, 8/1/2024 (f)			15,475,000		17,194,224
	Trust: Pennsylvania, State Revenue Bond, Series 2720, 144A, 12.736%, 8/1/2024, Leverage Factor at purchase date: 3 to 1

					41,726,446
Tennessee 1.0%
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2024 (f)			14,996,415		16,774,215
	Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-1, 144A, 17.866%, 1/1/2024, Leverage Factor at purchase date: 4 to 1
Texas 3.5%
Conroe, TX, Independent School District, School Building, 5.0%, 2/15/2024 (f)			3,710,000		4,116,670
Conroe, TX, Independent School District, School Building, 5.0%, 2/15/2025 (f)			4,315,000		4,787,986
	Trust: Conroe, TX, Independent School District, Series 2487, 144A, 17.748%, 2/15/2024, Leverage Factor at purchase date: 4 to 1
Harris County, TX, Flood Control District, Series A, 5.0%, 10/1/2034 (f)			5,500,000		5,913,105
	Trust: Harris County, TX, Flood Control District, Series 4692, 144A, 9.42%, 10/1/2034, Leverage Factor at purchase date: 2 to 1
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2024 (f)			15,000,000		16,794,600
	Trust: San Antonio, TX, Electric & Gas Revenue, Series 2957, 144A, 13.52%, 2/1/2024, Leverage Factor at purchase date: 3 to 1
Texas, North East Independent School District, School Building, Series A, 5.0%, 8/1/2024 (f)			10,000,000		11,232,300
	Trust: Texas, North East Independent School District, Series 2355, 144A, 22.16%, 8/1/2024, Leverage Factor at purchase date: 5 to 1
Texas, State Transportation Commission Revenue, 5.0%, 4/1/2026 (f)			12,500,000		13,828,875
	Trust: Texas, State Transportation Commission Revenue, Series 2563, 144A, 22.04%, 4/1/2026, Leverage Factor at purchase date: 5 to 1

					56,673,536
Washington 2.2%
Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 5.0%, 7/1/2024 (f)			10,000,000		10,895,600
	Trust: Washington, Energy Northwest Electric Revenue, Series 2301, 144A, 22.16%, 7/1/2024, Leverage Factor at purchase date: 5 to 1
Washington, State General Obligation, Series A, 5.0%, 7/1/2025 (f)			10,000,000		10,950,500
	Trust: Washington, State General Obligation, Series 2154, 144A, 22.16%, 7/1/2025, Leverage Factor at purchase date: 5 to 1
Washington, State General Obligation, Series 2007A, 5.0%, 7/1/2023, INS: AGMC (f)			10,000,000		11,207,700
	Trust: Washington, State General Obligation, Series 2302, 144A, 22.16%, 7/1/2023, Leverage Factor at purchase date: 5 to 1
Washington, State Public Power Supply System, Nuclear Project No. 2, 9.937%, 7/1/2012			3,000,000		3,260,400


					36,314,200

Total Municipal Inverse Floating Rate Notes (Cost $256,232,315)				270,798,236

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
The following table represents bonds that are in default:

Security	Coupon			Maturity Date	Principal Amount ($)		Acquisition Cost ($)		Value ($)
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A (c)		3.375	%	4/1/2027		4,910,000		4,910,000		2,756,278
Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project, AMT *		6.5	%	9/1/2035		8,805,000		8,326,804		6,256,921
Boston, MA, Industrial Development Financing Authority Revenue, Crosstown Center Project, AMT *		8.0	%	9/1/2035		960,000		960,000		335,146
Mashantucket, CT, Mashantucket Western Pequot Tribe, Special Revenue, Series A, 144A *		6.5	%	9/1/2031		7,295,000		7,628,882		2,415,083
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *	Zero Coupon			9/1/2010		2,000,000		1,385,088		628,000
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *	Zero Coupon			9/1/2011		2,000,000		1,305,909		628,000
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *	Zero Coupon			9/1/2012		2,000,000		1,228,854		595,000
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *	Zero Coupon			9/1/2013		2,000,000		1,154,117		572,820
Mashantucket, CT, Project Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *	Zero Coupon			9/1/2014		2,000,000		1,081,820		539,540
Mashantucket, CT, Sports, Expo & Entertainment Revenue, Mashantucket Western Pequot Tribe, Series B, 144A *		5.7	%	9/1/2012		1,000,000		998,477		330,000
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project, Second Tier *		7.375	%	1/1/2030		6,000,000		5,798,546		9,000
North Manchester, IN, Peabody Retirement Community Project Revenue, Series A *		7.25	%	7/1/2033		3,000,000		2,910,069		1,044,750
								37,688,566		16,110,538

*	Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest.
**	Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of August 31, 2011.
***	Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and are shown at their current rates as of August 31, 2011.
†	The cost for federal income tax purposes was $1,752,043,185. At August 31, 2011, net unrealized appreciation for all securities based on tax cost was $30,608,074. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $82,647,326 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $52,039,252.
(a)	At August 31, 2011, this security has been pledged, in whole or in part, as collateral for open interest rate swap contracts.
(b)	When-issued security.
(c)	Partial interest paying security. The rate shown represents 50% of the original coupon rate.
(d)	The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of

Restricted Securities

Acquisition Date

Acquisition Cost ($)

Value ($)

Value as a %

of Net Assets

Vermont, Multi-Family Housing

Revenue, Housing Finance Agency,

Northgate Project, 144A, AMT,

8.25%, 6/15/2020

12/12/1989

667,124

635,305

0.04

(e)	Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.
(f)	Security forms part of the below tender option bond trust. Principal Amount and Value shown take into account the leverage factor.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ACA: ACA Financial Guaranty Corp.
AGC: Assured Guaranty Corp.
AGMC: Assured Guaranty Municipal Corp.
AMBAC: Ambac Financial Group, Inc.
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
FGIC: Financial Guaranty Insurance Co.
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
NATL: National Public Finance Guarantee Corp.
Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
Radian: Radian Asset Assurance, Inc.
SPA: Standby Bond Purchase Agreement

At August 31, 2011, swap contracts were as follows:

Effective/ Expiration Date	Notional Amount ($)	Cash Flows Paid by the Fund	Cash Flows Received by the Fund	Value ($)	Upfront Payments Paid/ (Received) ($)		Unrealized Depreciation ($)

3/2/2012 3/2/2029	20,300,0001	Fixed — 4.567%	Floating — LIBOR	(4,070,720)	—		(4,070,720)
3/12/2012 3/10/2031	20,500,0001	Fixed — 4.559%	Floating — LIBOR	(4,218,814)	—		(4,218,814)
4/27/2012 4/27/2031	15,700,0002	Fixed — 4.352%	Floating — LIBOR	(2,682,669)	—		(2,682,669)
4/30/2012 4/28/2031	15,700,0001	Fixed — 4.31%	Floating — LIBOR	(2,581,028)	—		(2,581,028)
5/12/2012 5/12/2031	13,250,0003	Fixed — 4.193%	Floating — LIBOR	(1,932,947)	—		(1,932,947)
8/2/2012 8/2/2031	9,700,0002	Fixed — 4.03%	Floating — LIBOR	(1,110,973)	—		(1,110,973)
10/28/2011 10/31/2031	5,000,0001	Fixed — 3.788%	Floating — LIBOR	(523,805)	—		(523,805)
4/30/2012 4/29/2032	5,100,0001	Fixed — 4.336%	Floating — LIBOR	(870,879)	—		(870,879)
4/30/2012 4/28/2033	21,400,0001	Fixed — 4.381%	Floating — LIBOR	(3,849,878)	—		(3,849,878)
Total unrealized depreciation						(21,841,713)

Counterparties:

1	JPMorgan Chase Securities, Inc.
2	Citigroup, Inc.
3	Merrill Lynch & Co., Inc.
LIBOR: London InterBank Offered Rate

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of August 31, 2011 in valuing the Fund's investments.

	Level 1		Level 2			Level 3		Total
Assets
Municipal Investments(g)	$	—	$	1,782,651,259		$	—	$	1,782,651,259
Total	$	—	$	1,782,651,259		$	—	$	1,782,651,259
Liabilities
Derivatives(h)	$	—	$	(21,841,713	)	$	—	$	(21,841,713	)
Total	$	—	$	(21,841,713	)	$	—	$	(21,841,713	)

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended August 31, 2011
(g)	See Investment Portfolio for additional detailed categorizations.
(h)	Derivatives include unrealized appreciation (depreciation) on open interest rate swap contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of August 31, 2011 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure		Swaps
Interest Rate Contracts		$	(21,841,713	)

ITEM 2.	CONTROLS AND PROCEDURES

	(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Registrant:	DWS Strategic High Yield Tax-Free Fund, a series of DWS Municipal Trust

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	October 24, 2011

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	October 24, 2011



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	October 24, 2011