Date of fiscal year end:
|
5/31
|
Date of reporting period:
|
11/30/2011
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
NOVEMBER 30, 2011
Semiannual Report
to Shareholders
|
DWS Managed Municipal Bond Fund
|
4 Performance Summary
8 Information About Your Fund's Expenses
10 Portfolio Summary
12 Investment Portfolio
39 Statement of Assets and Liabilities
41 Statement of Operations
42 Statement of Cash Flows
43 Statement of Changes in Net Assets
44 Financial Highlights
49 Notes to Financial Statements
60 Investment Management Agreement Approval
64 Summary of Management Fee Evaluation by Independent Fee Consultant
68 Account Management Resources
69 Privacy Statement
|
Average Annual Total Returns as of 11/30/11
|
||||||
Unadjusted for Sales Charge
|
6-Month*
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
|
Class A
|
3.51%
|
5.35%
|
8.61%
|
4.33%
|
4.69%
|
|
Class B
|
3.09%
|
4.50%
|
7.72%
|
3.51%
|
3.87%
|
|
Class C
|
3.24%
|
4.55%
|
7.79%
|
3.55%
|
3.89%
|
|
Adjusted for the Maximum Sales Charge
|
||||||
Class A (max 2.75% load)
|
0.67%
|
2.46%
|
7.60%
|
3.75%
|
4.40%
|
|
Class B (max 4.00% CDSC)
|
-0.91%
|
1.50%
|
7.14%
|
3.34%
|
3.87%
|
|
Class C (max 1.00% CDSC)
|
2.24%
|
4.55%
|
7.79%
|
3.55%
|
3.89%
|
|
No Sales Charges
|
Life of Institutional Class*
|
|||||
Class S
|
3.61%
|
5.55%
|
8.81%
|
4.54%
|
4.92%
|
N/A
|
Institutional Class
|
3.67%
|
5.64%
|
8.88%
|
4.60%
|
N/A
|
4.61%
|
Barclays Capital Municipal Bond Index+
|
4.40%
|
6.53%
|
8.41%
|
4.75%
|
5.08%
|
4.81%
|
Average Annual Total Returns as of 9/30/11 (most recent calendar quarter end)
|
|||||
Unadjusted for Sales Charge
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
|
Class A
|
2.38%
|
7.91%
|
4.56%
|
4.64%
|
|
Class B
|
1.54%
|
7.03%
|
3.74%
|
3.83%
|
|
Class C
|
1.60%
|
7.09%
|
3.78%
|
3.84%
|
|
Adjusted for the Maximum Sales Charge
|
|||||
Class A (max 2.75% load)
|
-0.44%
|
6.91%
|
3.98%
|
4.35%
|
|
Class B (max 4.00% CDSC)
|
-1.39%
|
6.44%
|
3.57%
|
3.83%
|
|
Class C (max 1.00% CDSC)
|
1.60%
|
7.09%
|
3.78%
|
3.84%
|
|
No Sales Charges
|
Life of Institutional Class*
|
||||
Class S
|
2.57%
|
8.11%
|
4.78%
|
4.87%
|
N/A
|
Institutional Class
|
2.65%
|
8.18%
|
4.83%
|
N/A
|
4.69%
|
Barclays Capital Municipal Bond Index+
|
3.88%
|
8.08%
|
5.01%
|
5.09%
|
4.88%
|
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 November 30
|
Net Asset Value and Distribution Information
|
||||||||||||||||||||
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value:
11/30/11
|
$ | 8.92 | $ | 8.92 | $ | 8.92 | $ | 8.93 | $ | 8.92 | ||||||||||
5/31/11
|
$ | 8.82 | $ | 8.82 | $ | 8.81 | $ | 8.83 | $ | 8.82 | ||||||||||
Distribution Information:
Six Months as of 11/30/11:
Income Dividends
|
$ | .21 | $ | .17 | $ | .17 | $ | .22 | $ | .22 | ||||||||||
November Income Dividend
|
$ | .0342 | $ | .0284 | $ | .0287 | $ | .0354 | $ | .0361 | ||||||||||
SEC 30-day Yield++ as of 11/30/11
|
3.36 | % | 2.66 | % | 2.70 | % | 3.62 | % | 3.72 | % | ||||||||||
Tax Equivalent Yield++ as of 11/30/11
|
5.17 | % | 4.09 | % | 4.15 | % | 5.57 | % | 5.72 | % | ||||||||||
Current Annualized Distribution Rate++ as of 11/30/11
|
4.60 | % | 3.82 | % | 3.86 | % | 4.76 | % | 4.86 | % |
Morningstar Rankings — Municipal National Long Funds Category as of 11/30/11
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
189
|
of
|
246
|
76
|
3-Year
|
101
|
of
|
225
|
45
|
5-Year
|
38
|
of
|
211
|
18
|
10-Year
|
50
|
of
|
181
|
27
|
Class B
1-Year
|
220
|
of
|
246
|
89
|
3-Year
|
172
|
of
|
225
|
76
|
5-Year
|
114
|
of
|
211
|
54
|
10-Year
|
126
|
of
|
181
|
69
|
Class C
1-Year
|
219
|
of
|
246
|
89
|
3-Year
|
170
|
of
|
225
|
75
|
5-Year
|
106
|
of
|
211
|
50
|
10-Year
|
123
|
of
|
181
|
68
|
Class S
1-Year
|
177
|
of
|
246
|
72
|
3-Year
|
88
|
of
|
225
|
39
|
5-Year
|
24
|
of
|
211
|
11
|
10-Year
|
24
|
of
|
181
|
13
|
Institutional Class
1-Year
|
173
|
of
|
246
|
70
|
3-Year
|
82
|
of
|
225
|
36
|
5-Year
|
21
|
of
|
211
|
10
|
Expenses and Value of a $1,000 Investment (Including Interest Expense)* for the six months ended November 30, 2011
|
||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 6/1/11
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 11/30/11
|
$ | 1,035.10 | $ | 1,030.90 | $ | 1,032.40 | $ | 1,036.10 | $ | 1,036.70 | ||||||||||
Expenses Paid per $1,000**
|
$ | 4.12 | $ | 8.28 | $ | 7.98 | $ | 3.16 | $ | 2.75 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 6/1/11
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 11/30/11
|
$ | 1,020.95 | $ | 1,016.85 | $ | 1,017.15 | $ | 1,021.90 | $ | 1,022.30 | ||||||||||
Expenses Paid per $1,000**
|
$ | 4.09 | $ | 8.22 | $ | 7.92 | $ | 3.13 | $ | 2.73 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS Managed Municipal Bond Fund
|
.81%
|
1.63%
|
1.57%
|
.62%
|
.54%
|
Expenses and Value of a $1,000 Investment (Excluding Interest Expense)* for the six months ended November 30, 2011
|
||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 6/1/11
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 11/30/11
|
$ | 1,035.10 | $ | 1,030.90 | $ | 1,032.40 | $ | 1,036.10 | $ | 1,036.70 | ||||||||||
Expenses Paid per $1,000**
|
$ | 3.82 | $ | 7.97 | $ | 7.67 | $ | 2.90 | $ | 2.44 | ||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
Beginning Account Value 6/1/11
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value 11/30/11
|
$ | 1,021.25 | $ | 1,017.15 | $ | 1,017.45 | $ | 1,022.15 | $ | 1,022.60 | ||||||||||
Expenses Paid per $1,000**
|
$ | 3.79 | $ | 7.92 | $ | 7.62 | $ | 2.88 | $ | 2.43 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
DWS Managed Municipal Bond Fund
|
.75%
|
1.57%
|
1.51%
|
.56%
|
.48%
|
Asset Allocation (As a % of Investment Portfolio)
|
11/30/11
|
5/31/11
|
Revenue Bonds
|
70%
|
70%
|
General Obligation Bonds
|
17%
|
16%
|
Lease Obligations
|
8%
|
9%
|
ETM/Prerefunded
|
5%
|
5%
|
100%
|
100%
|
Quality
|
11/30/11
|
5/31/11
|
AAA
|
5%
|
6%
|
AA
|
31%
|
27%
|
A
|
42%
|
43%
|
BBB
|
19%
|
19%
|
Below BBB
|
1%
|
2%
|
Not Rated
|
2%
|
3%
|
100%
|
100%
|
Interest Rate Sensitivity
|
11/30/11
|
5/31/11
|
Effective Maturity
|
7.2 years
|
9.9 years
|
Effective Duration
|
6.0 years
|
6.4 years
|
Top Five State Allocations (As a % of Investment Portfolio)
|
11/30/11
|
5/31/11
|
California
|
18%
|
19%
|
Illinois
|
12%
|
11%
|
Texas
|
10%
|
10%
|
Florida
|
6%
|
6%
|
Massachusetts
|
6%
|
6%
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Bonds and Notes 95.2%
|
||||||||
Alabama 1.0%
|
||||||||
Alabama, State Public School & College Authority, Capital Improvement, 5.0%, 12/1/2023
|
35,000,000 | 39,126,850 | ||||||
Phoenix County, AL, Industrial Development Revenue, Industrial Development Board, AMT, 6.35%, 5/15/2035
|
4,000,000 | 3,999,800 | ||||||
43,126,650 | ||||||||
Alaska 0.3%
|
||||||||
Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041
|
11,000,000 | 11,646,030 | ||||||
Arizona 1.6%
|
||||||||
Arizona, Health Facilities Authority Revenue, Banner Health System, Series D, 5.375%, 1/1/2032
|
12,000,000 | 12,517,440 | ||||||
Arizona, Salt Verde Financial Corp., Gas Revenue:
|
||||||||
5.0%, 12/1/2032
|
1,600,000 | 1,494,048 | ||||||
5.0%, 12/1/2037
|
8,405,000 | 7,731,255 | ||||||
Arizona, Water Infrastructure Finance Authority Revenue, Water Quality, Series A, 5.0%, 10/1/2030
|
6,250,000 | 6,919,375 | ||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue:
|
||||||||
Series A, 5.0%, 7/1/2040
|
22,775,000 | 23,051,489 | ||||||
Series A, 5.25%, 7/1/2033
|
20,885,000 | 21,815,636 | ||||||
73,529,243 | ||||||||
Arkansas 0.3%
|
||||||||
North Little Rock, AR, Electric Revenue, Series A, 6.5%, 7/1/2015, INS: NATL
|
10,780,000 | 11,686,921 | ||||||
California 17.0%
|
||||||||
Banning, CA, Water & Sewer Revenue, 1989 Water System Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC
|
650,000 | 764,264 | ||||||
Banning, CA, Water & Sewer Revenue, Water System Reference & Improvement Project, ETM, 8.0%, 1/1/2019, INS: AMBAC
|
355,000 | 439,231 | ||||||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
|
||||||||
Series F-1, 5.5%, 4/1/2043
|
13,000,000 | 13,889,850 | ||||||
Series F-1, 5.625%, 4/1/2044
|
11,500,000 | 12,453,005 | ||||||
California, Educational Facilities Authority Revenue, University of Southern California, Series A, 5.0%, 10/1/2038
|
6,925,000 | 7,299,227 | ||||||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A, 5.0%, 6/1/2045, INS: AGC
|
10,275,000 | 9,801,939 | ||||||
California, Health Facilities Financing Authority Revenue, Adventist Health System, Series A, 5.75%, 9/1/2039
|
5,000,000 | 5,220,150 | ||||||
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West:
|
||||||||
Series A, 6.0%, 7/1/2034
|
10,000,000 | 10,797,900 | ||||||
Series A, 6.0%, 7/1/2039
|
7,500,000 | 8,053,950 | ||||||
California, Infrastructure & Economic Development Bank Revenue, California Independent Systems Operator Corp., Series A, 6.25%, 2/1/2039
|
7,800,000 | 8,354,268 | ||||||
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034
|
15,315,000 | 17,759,887 | ||||||
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series A-1, 5.0%, 6/1/2033
|
37,575,000 | 25,644,186 | ||||||
California, State Department of Water Resources Revenue, Series 2008-W, Prerefunded, 5.5%, 12/1/2015
|
25,000 | 25,004 | ||||||
California, State General Obligation:
|
||||||||
5.0%, 9/1/2032
|
10,000,000 | 10,132,100 | ||||||
6.25%, 11/1/2034
|
20,655,000 | 23,400,049 | ||||||
California, State General Obligation, Various Purposes:
|
||||||||
5.0%, 6/1/2023, INS: AGMC
|
25,000,000 | 27,083,500 | ||||||
5.0%, 3/1/2027
|
8,000,000 | 8,333,360 | ||||||
5.0%, 12/1/2031, INS: NATL
|
1,045,000 | 1,060,320 | ||||||
5.125%, 11/1/2024
|
5,000,000 | 5,313,650 | ||||||
5.25%, 9/1/2026
|
18,765,000 | 20,634,744 | ||||||
5.25%, 9/1/2030
|
5,000,000 | 5,315,400 | ||||||
5.25%, 10/1/2032
|
12,000,000 | 12,567,240 | ||||||
6.0%, 4/1/2038
|
22,915,000 | 25,365,072 | ||||||
6.0%, 11/1/2039
|
50,000,000 | 55,670,000 | ||||||
6.5%, 4/1/2033
|
58,440,000 | 68,191,298 | ||||||
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
|
10,000,000 | 10,882,800 | ||||||
California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2021
|
2,500,000 | 2,586,575 | ||||||
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.125%, 4/1/2029
|
2,000,000 | 2,169,160 | ||||||
California, State Public Works Board, Lease Revenue, Department of Mental Health:
|
||||||||
Series A, 5.5%, 6/1/2021
|
5,275,000 | 5,636,496 | ||||||
Series A, 5.5%, 6/1/2022
|
1,400,000 | 1,495,942 | ||||||
California, State Revenue Lease, Public Works Board, Department of Corrections:
|
||||||||
Series C, 5.0%, 6/1/2025
|
2,500,000 | 2,517,250 | ||||||
Series C, 5.5%, 6/1/2020
|
5,000,000 | 5,275,950 | ||||||
California, State University Revenue, Series A, 5.25%, 11/1/2038
|
10,000,000 | 10,407,500 | ||||||
California, Statewide Communities Development Authority Revenue, LA County Museum of Art, Series B, 0.07%**, 12/1/2037, LOC: Union Bank NA
|
9,000,000 | 9,000,000 | ||||||
Contra Costa County, CA, Multi-Family Housing Revenue, Creekview Apartments, Series B, 144A, AMT, 0.13%**, 7/1/2036, LIQ: Freddie Mac
|
6,000,000 | 6,000,000 | ||||||
East Bay, CA, Municipal Utility District, Wastewater Systems Revenue, Series A, 5.0%, 6/1/2037, INS: AMBAC
|
13,085,000 | 13,656,553 | ||||||
Foothill, CA, Eastern Corridor Agency, Toll Road Revenue:
|
||||||||
Series A, ETM, Zero Coupon, 1/1/2015
|
10,000,000 | 9,722,200 | ||||||
Series A, ETM, Zero Coupon, 1/1/2017
|
5,000,000 | 4,649,300 | ||||||
Series A, ETM, Zero Coupon, 1/1/2018
|
21,890,000 | 19,836,718 | ||||||
Los Angeles County, CA, Multi-Family Housing Authority Revenue, Canyon Country Villas Project, Series H, 0.12%**, 12/1/2032, LIQ: Freddie Mac
|
4,000,000 | 4,000,000 | ||||||
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039 (a)
|
12,000,000 | 13,075,320 | ||||||
Los Angeles, CA, Department of Airports Revenue, Series A, 5.25%, 5/15/2039
|
5,000,000 | 5,321,550 | ||||||
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series A, 5.0%, 5/15/2040
|
25,000,000 | 26,220,500 | ||||||
Los Angeles, CA, Department of Water & Power Revenue, Power Systems, Series A-3, 0.08%**, 7/1/2035, SPA: ScotiaBank
|
1,050,000 | 1,050,000 | ||||||
Los Angeles, CA, Wastewater Systems Revenue, Series C, 144A, 0.11%**, 6/1/2028, LOC: JPMorgan Chase Bank NA
|
1,400,000 | 1,400,000 | ||||||
Murrieta Valley, CA, School District General Obligation, Unified School District, Series A, Zero Coupon, 9/1/2014, INS: FGIC, NATL
|
4,235,000 | 4,011,985 | ||||||
Oakland, CA, Special Assessment Revenue, Oakland Convention Centers, 5.5%, 10/1/2014, INS: AMBAC
|
2,000,000 | 2,105,340 | ||||||
Orange County, CA, Airport Revenue:
|
||||||||
Series A, 5.25%, 7/1/2039
|
16,000,000 | 16,842,080 | ||||||
Series B, 5.25%, 7/1/2039
|
12,000,000 | 12,655,320 | ||||||
Orange County, CA, Water District, Certificates of Participation, Series A, 0.11%**, 8/1/2042, LOC: Citibank NA
|
4,500,000 | 4,500,000 | ||||||
Roseville, CA, School District General Obligation, Junior High, Series B, Zero Coupon, 8/1/2015, INS: FGIC, NATL
|
1,000,000 | 936,160 | ||||||
Sacramento, CA, Municipal Utility District, Electric Revenue:
|
||||||||
Series U, 5.0%, 8/15/2026, INS: AGMC
|
10,455,000 | 11,277,913 | ||||||
Series U, 5.0%, 8/15/2028, INS: AGMC
|
8,175,000 | 8,718,229 | ||||||
San Diego County, CA, Regional Airport Authority Revenue, Series A, 5.0%, 7/1/2034
|
7,000,000 | 7,104,650 | ||||||
San Diego, CA, Community College District General Obligation, Election of 2002, 5.25%, 8/1/2033
|
5,000,000 | 5,424,500 | ||||||
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036
|
6,100,000 | 6,466,732 | ||||||
San Diego, CA, School District General Obligation, Series A, Zero Coupon, 7/1/2014, INS: FGIC, NATL
|
1,000,000 | 969,410 | ||||||
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
|
||||||||
Series 37C, 0.1%**, 5/1/2029, LOC: Union Bank NA
|
2,895,000 | 2,895,000 | ||||||
Series 32-G, 5.0%, 5/1/2026, INS: FGIC, NATL
|
8,565,000 | 9,043,098 | ||||||
Series F, 5.0%, 5/1/2035
|
27,500,000 | 28,192,175 | ||||||
Series E, 6.0%, 5/1/2039
|
35,000,000 | 38,802,750 | ||||||
San Francisco, CA, City & County Certificates of Participation, Multiple Capital Improvement Projects, Series A, 5.25%, 4/1/2031
|
7,860,000 | 8,172,042 | ||||||
San Joaquin County, CA, County General Obligation Lease, Facilities Project, 5.5%, 11/15/2013, INS: NATL
|
2,680,000 | 2,756,621 | ||||||
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 | 4,970,000 | ||||||
Series A, Zero Coupon, 1/15/2013, INS: NATL
|
35,295,000 | 33,087,298 | ||||||
Series A, Zero Coupon, 1/15/2014, INS: NATL
|
14,905,000 | 13,125,045 | ||||||
Ukiah, CA, School District General Obligation Lease, Zero Coupon, 8/1/2015, INS: FGIC, NATL
|
2,000,000 | 1,824,340 | ||||||
Vallejo City, CA, Unified School District General Obligation, Series A, 5.9%, 2/1/2022, INS: NATL
|
1,905,000 | 2,001,450 | ||||||
Walnut, CA, Energy Center Authority Revenue, Series A, 5.0%, 1/1/2040
|
10,000,000 | 10,088,900 | ||||||
774,444,446 | ||||||||
Colorado 3.6%
|
||||||||
Colorado, E-470 Public Highway Authority Revenue:
|
||||||||
Series B, Zero Coupon, 9/1/2016, INS: NATL
|
5,000,000 | 3,986,750 | ||||||
Series A-1, 5.5%, 9/1/2024, INS: NATL
|
4,000,000 | 3,988,760 | ||||||
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
|
15,000,000 | 12,808,800 | ||||||
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co., Inc.
|
30,000,000 | 32,460,000 | ||||||
Colorado, State Building Excellent Schools Today, Certificates of Participation, Series G, 5.0%, 3/15/2032 (b)
|
8,630,000 | 9,080,486 | ||||||
Colorado, Transportation/Tolls Revenue:
|
||||||||
Series B, Zero Coupon, 9/1/2014, INS: NATL
|
6,380,000 | 5,675,074 | ||||||
Series B, Zero Coupon, 9/1/2015, INS: NATL
|
17,120,000 | 14,436,440 | ||||||
Series B, Zero Coupon, 9/1/2017, INS: NATL
|
8,000,000 | 6,002,960 | ||||||
Series B, Zero Coupon, 9/1/2018, INS: NATL
|
20,560,000 | 14,420,578 | ||||||
Series B, Zero Coupon, 9/1/2019, INS: NATL
|
36,500,000 | 23,800,920 | ||||||
Series B, Zero Coupon, 9/1/2020, INS: NATL
|
7,000,000 | 4,258,660 | ||||||
Series A, 5.75%, 9/1/2014, INS: NATL
|
14,700,000 | 15,659,469 | ||||||
Douglas County, CO, School District General Obligation, 7.0%, 12/15/2013, INS: NATL
|
2,500,000 | 2,808,800 | ||||||
University of Colorado, Enterprise Revenue, 5.25%, 6/1/2036
|
11,500,000 | 12,546,385 | ||||||
161,934,082 | ||||||||
Connecticut 0.8%
|
||||||||
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, Series A, 7.875%, 4/1/2039
|
13,000,000 | 13,709,800 | ||||||
Connecticut, State Health & Educational Facilities Authority Revenue, Hartford Healthcare, Series A, 5.0%, 7/1/2041
|
20,000,000 | 20,021,800 | ||||||
Greenwich, CT, Multi-Family Housing Revenue, 6.35%, 9/1/2027
|
2,640,000 | 2,517,055 | ||||||
36,248,655 | ||||||||
District of Columbia 0.3%
|
||||||||
District of Columbia, Core City General Obligation, Series B3, 5.5%, 6/1/2012, INS: NATL
|
340,000 | 348,303 | ||||||
District of Columbia, National Public Radio Revenue, Series A, 5.0%, 4/1/2035
|
5,000,000 | 5,163,100 | ||||||
District of Columbia, Water & Sewer Revenue, Public Utility Revenue, 5.5%, 10/1/2023, INS: AGMC
|
5,000,000 | 6,284,050 | ||||||
11,795,453 | ||||||||
Florida 4.9%
|
||||||||
Clearwater, FL, Water & Sewer Revenue, Series A, 5.25%, 12/1/2039
|
2,000,000 | 2,146,400 | ||||||
Florida, Village Center Community Development District, Utility Revenue, ETM, 6.0%, 11/1/2018, INS: FGIC
|
1,250,000 | 1,518,412 | ||||||
Fort Pierce, FL, Utilities Authority Revenue, Series B, Zero Coupon, 10/1/2018, INS: AMBAC
|
2,000,000 | 1,626,700 | ||||||
Hillsborough County, FL, Industrial Development Authority Revenue, University Community Hospital, ETM, 6.5%, 8/15/2019, INS: NATL
|
1,000,000 | 1,249,760 | ||||||
Jacksonville, FL, Health Facilities Authority, ETM, 11.5%, 10/1/2012
|
85,000 | 92,885 | ||||||
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032
|
1,750,000 | 1,745,520 | ||||||
Marco Island, FL, Utility Systems Revenue:
|
||||||||
Series A, 5.0%, 10/1/2034
|
1,000,000 | 1,038,650 | ||||||
Series A, 5.0%, 10/1/2040
|
1,000,000 | 1,030,540 | ||||||
Melbourne, FL, Water & Sewer Revenue, ETM, Zero Coupon, 10/1/2016, INS: FGIC
|
1,350,000 | 1,258,416 | ||||||
Miami-Dade County, FL, Aviation Revenue:
|
||||||||
Series B, 5.0%, 10/1/2035, INS: AGMC
|
15,000,000 | 15,359,550 | ||||||
Series A, 5.5%, 10/1/2041
|
30,000,000 | 31,009,500 | ||||||
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
|
||||||||
Series C, AMT, 5.25%, 10/1/2022, INS: AGMC
|
20,000,000 | 21,358,400 | ||||||
Series A-1, 5.375%, 10/1/2035
|
1,000,000 | 1,034,030 | ||||||
Series A-1, 5.375%, 10/1/2041
|
19,290,000 | 19,779,387 | ||||||
Miami-Dade County, FL, Double Barreled Aviation, 5.0%, 7/1/2041
|
6,700,000 | 6,909,643 | ||||||
Miami-Dade County, FL, Sales & Special Tax Revenue:
|
||||||||
Series A, Zero Coupon, 10/1/2014, INS: NATL
|
2,195,000 | 1,936,934 | ||||||
Series A, Zero Coupon, 10/1/2022, INS: NATL
|
7,000,000 | 3,864,910 | ||||||
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2034
|
17,800,000 | 18,767,252 | ||||||
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project, 5.75%, 10/1/2043
|
10,000,000 | 10,217,100 | ||||||
Orange County, FL, Health Facilities Authority Revenue:
|
||||||||
Series 2006-A, 6.25%, 10/1/2016, INS: NATL
|
1,100,000 | 1,229,294 | ||||||
Series 2006-A, ETM, 6.25%, 10/1/2016, INS: NATL
|
70,000 | 83,518 | ||||||
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System:
|
||||||||
Series B, 5.25%, 12/1/2029, INS: AGMC
|
6,500,000 | 6,802,185 | ||||||
Series A, 6.25%, 10/1/2018, INS: NATL
|
500,000 | 580,455 | ||||||
Series C, 6.25%, 10/1/2021, INS: NATL
|
6,000,000 | 7,004,460 | ||||||
Orange County, FL, Health Facilities Authority, Orlando Regional Facilities, Series A, ETM, 6.25%, 10/1/2016, INS: NATL
|
2,830,000 | 3,376,501 | ||||||
Orlando & Orange County, FL, Expressway Authority Revenue:
|
||||||||
Series C, 5.0%, 7/1/2035
|
16,215,000 | 16,792,416 | ||||||
Series A, 5.0%, 7/1/2040
|
11,895,000 | 12,250,185 | ||||||
6.5%, 7/1/2012, INS: FGIC, NATL
|
1,000,000 | 1,032,680 | ||||||
Orlando, FL, Special Assessment Revenue, Conroy Road Interchange Project, Series A, 5.8%, 5/1/2026
|
480,000 | 477,427 | ||||||
Palm Beach County, FL, Airport Systems Revenue:
|
||||||||
5.75%, 10/1/2013, INS: NATL
|
3,770,000 | 4,053,881 | ||||||
5.75%, 10/1/2014, INS: NATL
|
755,000 | 836,699 | ||||||
Palm Beach County, FL, Criminal Justice Facilities Revenue, 7.2%, 6/1/2015, INS: FGIC, NATL
|
110,000 | 129,323 | ||||||
Palm Beach County, FL, Jewish Community Campus Project Revenue, 0.22%**, 3/1/2030, LOC: Northern Trust Co.
|
1,110,000 | 1,110,000 | ||||||
Port St. Lucie, FL, Utility System Revenue:
|
||||||||
5.0%, 9/1/2035, INS: AGC
|
2,600,000 | 2,707,848 | ||||||
5.25%, 9/1/2035, INS: AGC
|
3,000,000 | 3,157,200 | ||||||
Sunrise, FL, Water & Sewer Revenue, Utility Systems, ETM, 5.5%, 10/1/2018, INS: AMBAC (a)
|
12,500,000 | 14,936,250 | ||||||
Tallahassee, FL, Energy System Revenue, 5.5%, 10/1/2016, INS: AMBAC
|
1,005,000 | 1,182,935 | ||||||
Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL
|
2,075,000 | 2,251,852 | ||||||
Tampa, FL, Utility Tax Revenue, Zero Coupon, 10/1/2014, INS: AMBAC
|
3,165,000 | 2,988,361 | ||||||
224,927,459 | ||||||||
Georgia 4.7%
|
||||||||
Atlanta, GA, Airport Revenue, Series A, 5.0%, 1/1/2035
|
2,470,000 | 2,535,159 | ||||||
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, 5.0%, 7/1/2039
|
5,000,000 | 5,186,650 | ||||||
Atlanta, GA, Water & Sewer Revenue, Series A, 5.5%, 11/1/2019, INS: FGIC, NATL
|
13,000,000 | 15,606,110 | ||||||
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.375%, 11/1/2039, INS: AGMC
|
40,000,000 | 42,322,000 | ||||||
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 | 10,494,600 | ||||||
Series B, 5.5%, 1/1/2033
|
4,000,000 | 4,164,280 | ||||||
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare:
|
||||||||
Series A, 5.375%, 2/15/2040
|
8,225,000 | 8,245,892 | ||||||
Series A, 5.5%, 2/15/2045
|
20,000,000 | 20,175,600 | ||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
|
||||||||
Series A, 5.0%, 3/15/2019
|
17,440,000 | 18,861,534 | ||||||
Series B, 5.0%, 3/15/2019
|
5,000,000 | 5,036,450 | ||||||
Series A, 5.0%, 3/15/2020
|
2,700,000 | 2,924,667 | ||||||
Series B, 5.0%, 3/15/2020
|
5,000,000 | 4,989,050 | ||||||
Series A, 5.0%, 3/15/2022
|
17,340,000 | 18,302,023 | ||||||
Series A, 5.5%, 9/15/2023
|
5,000,000 | 5,072,350 | ||||||
Series A, 5.5%, 9/15/2024
|
4,635,000 | 4,620,493 | ||||||
Series A, 5.5%, 9/15/2027
|
5,000,000 | 4,878,350 | ||||||
Series A, 5.5%, 9/15/2028
|
5,000,000 | 4,857,750 | ||||||
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC
|
18,700,000 | 20,399,830 | ||||||
Georgia, Municipal Electric Authority Power Revenue:
|
||||||||
Series 2005-Y, 6.4%, 1/1/2013, INS: AMBAC
|
2,215,000 | 2,273,520 | ||||||
Series Y, ETM, 6.4%, 1/1/2013, INS: AMBAC
|
140,000 | 144,906 | ||||||
Series V, 6.5%, 1/1/2012, INS: FGIC, NATL
|
1,085,000 | 1,089,611 | ||||||
Series X, 6.5%, 1/1/2012, INS: NATL
|
770,000 | 773,273 | ||||||
Series W, 6.6%, 1/1/2018, INS: NATL
|
11,095,000 | 12,576,404 | ||||||
Georgia, Water & Sewer Revenue, Municipal Electric Authority Power Revenue, Series W, ETM, 6.6%, 1/1/2018, INS: NATL
|
190,000 | 229,725 | ||||||
215,760,227 | ||||||||
Hawaii 0.8%
|
||||||||
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
|
16,800,000 | 17,158,008 | ||||||
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 | 6,495,180 | ||||||
Honolulu City & County, HI, Wastewater Systems Revenue, Series A, 5.25%, 7/1/2036
|
10,285,000 | 11,227,209 | ||||||
34,880,397 | ||||||||
Idaho 0.3%
|
||||||||
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037
|
10,060,000 | 11,162,375 | ||||||
Illinois 12.4%
|
||||||||
Chicago, IL, Core City General Obligation:
|
||||||||
Zero Coupon, 1/1/2017, INS: FGIC, NATL
|
20,000,000 | 16,894,800 | ||||||
Series A, 5.375%, 1/1/2013, INS: NATL
|
10,930,000 | 11,136,358 | ||||||
Chicago, IL, General Obligation:
|
||||||||
Series A, 5.0%, 1/1/2025, INS: AMBAC
|
13,985,000 | 14,392,103 | ||||||
Series B, 5.125%, 1/1/2015, INS: AMBAC
|
1,960,000 | 2,115,369 | ||||||
Series A, 5.25%, 1/1/2035
|
10,125,000 | 10,415,587 | ||||||
Chicago, IL, O'Hare International Airport Revenue:
|
||||||||
Series A-2, AMT, 5.75%, 1/1/2019, INS: AGMC
|
12,975,000 | 13,836,151 | ||||||
Third Lien, Series A, 5.75%, 1/1/2039
|
13,650,000 | 14,841,372 | ||||||
Third Lien, Series B, 6.0%, 1/1/2041
|
25,000,000 | 27,623,000 | ||||||
Series C, 6.5%, 1/1/2041
|
26,700,000 | 30,613,152 | ||||||
Chicago, IL, Sales & Special Tax Revenue, 5.375%, 1/1/2014, INS: AMBAC
|
2,155,000 | 2,243,118 | ||||||
Chicago, IL, School District General Obligation Lease, Board of Education:
|
||||||||
Series A, 6.0%, 1/1/2016, INS: NATL
|
11,025,000 | 12,613,923 | ||||||
Series A, 6.0%, 1/1/2020, INS: NATL
|
46,340,000 | 52,814,625 | ||||||
Series A, 6.25%, 1/1/2015, INS: NATL
|
28,725,000 | 30,442,180 | ||||||
Chicago, IL, School District General Obligation Lease, Public Housing Revenue, Series A, 5.25%, 12/1/2011, INS: NATL
|
4,990,000 | 4,990,599 | ||||||
Chicago, IL, School District Revenue Lease, Board of Education, ETM, 6.25%, 12/1/2011, INS: NATL
|
1,600,000 | 1,600,272 | ||||||
Chicago, IL, Water & Sewer Revenue:
|
||||||||
Zero Coupon, 11/1/2012, INS: FGIC, NATL
|
6,350,000 | 6,293,993 | ||||||
Zero Coupon, 11/1/2018, INS: AMBAC
|
5,165,000 | 4,043,575 | ||||||
Chicago, IL, Water Revenue, 5.0%, 11/1/2023, INS: AGMC
|
10,000,000 | 10,861,300 | ||||||
Cook County, IL, County General Obligation, 6.5%, 11/15/2014, INS: FGIC, NATL
|
18,560,000 | 21,301,683 | ||||||
Illinois, Finance Authority Revenue, Advocate Health Care Network:
|
||||||||
Series B, 5.375%, 4/1/2044
|
5,500,000 | 5,647,070 | ||||||
Series A, 5.5%, 4/1/2044
|
5,500,000 | 5,688,925 | ||||||
Series D, 6.5%, 11/1/2038
|
4,085,000 | 4,518,664 | ||||||
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037
|
16,000,000 | 16,015,360 | ||||||
Illinois, Finance Authority Revenue, Memorial Health Systems:
|
||||||||
5.5%, 4/1/2034
|
12,100,000 | 12,299,650 | ||||||
5.5%, 4/1/2039
|
4,800,000 | 4,829,808 | ||||||
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
|
22,990,000 | 23,517,161 | ||||||
Illinois, Finance Authority Revenue, Park Place of Elmhurst, Series D-3, 6.25%, 8/15/2015
|
5,000,000 | 4,856,550 | ||||||
Illinois, Finance Authority Revenue, Rehabilitation Institute of Chicago, Series A, 0.13%**, 4/1/2039, LOC: JPMorgan Chase Bank NA
|
1,850,000 | 1,850,000 | ||||||
Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044
|
10,000,000 | 10,428,400 | ||||||
Illinois, Higher Education Revenue, Zero Coupon, 4/1/2015, INS: NATL
|
3,300,000 | 3,055,173 | ||||||
Illinois, Hospital & Healthcare Revenue, Health Facilities Authority:
|
||||||||
5.2%, 9/1/2012
|
1,000,000 | 1,002,540 | ||||||
6.25%, 8/15/2013, INS: NATL
|
1,275,000 | 1,327,186 | ||||||
Series A, 6.25%, 1/1/2015, INS: AMBAC
|
9,525,000 | 10,126,504 | ||||||
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Capital Appreciation:
|
||||||||
Zero Coupon, 6/15/2013, INS: NATL
|
4,045,000 | 3,935,866 | ||||||
ETM, Zero Coupon, 6/15/2013, INS: NATL
|
3,520,000 | 3,485,926 | ||||||
Illinois, Municipal Electric Agency Power Supply:
|
||||||||
Series A, 5.25%, 2/1/2023, INS: FGIC, NATL
|
3,500,000 | 3,785,110 | ||||||
Series A, 5.25%, 2/1/2024, INS: FGIC, NATL
|
2,500,000 | 2,684,200 | ||||||
Illinois, Pollution Control Revenue, Development Finance Authority, 5.85%, 1/15/2014, INS: AMBAC
|
5,000,000 | 5,393,950 | ||||||
Illinois, Project Revenue, Zero Coupon, 1/1/2014, INS: AGMC
|
17,975,000 | 17,174,753 | ||||||
Illinois, Project Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, 6/15/2016, INS: FGIC, NATL
|
10,000,000 | 8,742,500 | ||||||
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 6.0%, 6/1/2028
|
17,315,000 | 18,256,936 | ||||||
Illinois, Regional Transportation Authority:
|
||||||||
Series B, 5.75%, 6/1/2033, INS: NATL
|
7,000,000 | 8,044,820 | ||||||
Series A, 6.7%, 11/1/2021, INS: FGIC, NATL
|
25,800,000 | 30,698,904 | ||||||
Illinois, Sales & Special Tax Revenue:
|
||||||||
6.25%, 12/15/2011, INS: AMBAC
|
820,000 | 821,730 | ||||||
6.25%, 12/15/2020, INS: AMBAC
|
6,975,000 | 7,876,658 | ||||||
Series P, 6.5%, 6/15/2013
|
790,000 | 826,087 | ||||||
Illinois, Special Assessment Revenue, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 12/15/2018, INS: NATL
|
6,660,000 | 5,148,913 | ||||||
Joliet, IL, Higher Education Revenue, College Assistance Corp., North Campus Extension Center Project, 6.7%, 9/1/2012, INS: NATL
|
645,000 | 664,066 | ||||||
Kane Cook & Du Page Counties, IL, School District General Obligation:
|
||||||||
Series B, Zero Coupon, 1/1/2012, INS: AGMC
|
1,300,000 | 1,298,804 | ||||||
Series B, Zero Coupon, 1/1/2013, INS: AGMC
|
1,095,000 | 1,074,184 | ||||||
Lake Cook Kane & McHenry Counties, IL, School District General Obligation, 6.3%, 12/1/2017, INS: AGMC
|
1,885,000 | 2,374,026 | ||||||
Lake County, IL, Higher Education Revenue, District No. 117:
|
||||||||
Series B, Zero Coupon, 12/1/2013, INS: FGIC, NATL
|
5,880,000 | 5,516,675 | ||||||
Series B, Zero Coupon, 12/1/2014, INS: FGIC, NATL
|
5,985,000 | 5,389,014 | ||||||
Skokie, IL, Other General Obligation, Park District, Series B, ETM, Zero Coupon, 12/1/2011, INS: AMBAC
|
3,000,000 | 2,999,970 | ||||||
University Park, IL, Sales & Special Tax Revenue, Governors Gateway Industrial Park, 8.5%, 12/1/2011
|
330,000 | 330,053 | ||||||
Will County, IL, County General Obligation:
|
||||||||
Series B, Zero Coupon, 12/1/2011, INS: FGIC, NATL
|
4,145,000 | 4,144,958 | ||||||
Series B, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
2,480,000 | 2,465,021 | ||||||
Series B, Zero Coupon, 12/1/2013, INS: FGIC, NATL
|
12,030,000 | 11,782,904 | ||||||
Series B, Zero Coupon, 12/1/2014, INS: FGIC, NATL
|
10,255,000 | 9,847,774 | ||||||
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 | 7,617,440 | ||||||
566,617,393 | ||||||||
Indiana 1.4%
|
||||||||
Indiana, Electric Revenue, Municipal Power Agency:
|
||||||||
Series B, 5.5%, 1/1/2016, INS: NATL
|
10,160,000 | 11,237,569 | ||||||
Series B, 6.0%, 1/1/2012, INS: NATL
|
1,750,000 | 1,758,505 | ||||||
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
|
5,230,000 | 5,772,194 | ||||||
Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028
|
2,100,000 | 1,719,186 | ||||||
Indiana, Hospital & Healthcare Revenue, Health Facilities Financing Authority:
|
||||||||
Series D, 5.75%, 11/15/2012
|
4,580,000 | 4,596,717 | ||||||
ETM, 6.0%, 7/1/2012, INS: NATL
|
1,535,000 | 1,583,239 | ||||||
ETM, 6.0%, 7/1/2013, INS: NATL
|
1,620,000 | 1,750,082 | ||||||
ETM, 6.0%, 7/1/2014, INS: NATL
|
1,720,000 | 1,933,175 | ||||||
ETM, 6.0%, 7/1/2015, INS: NATL
|
1,825,000 | 2,120,871 | ||||||
6.0%, 7/1/2016, INS: NATL
|
465,000 | 520,851 | ||||||
ETM, 6.0%, 7/1/2016, INS: NATL
|
1,470,000 | 1,787,961 | ||||||
6.0%, 7/1/2017, INS: NATL
|
490,000 | 549,932 | ||||||
ETM, 6.0%, 7/1/2017, INS: NATL
|
1,560,000 | 1,948,643 | ||||||
6.0%, 7/1/2018, INS: NATL
|
520,000 | 586,087 | ||||||
ETM, 6.0%, 7/1/2018, INS: NATL
|
1,655,000 | 2,103,704 | ||||||
Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038
|
8,000,000 | 8,508,160 | ||||||
Indiana, State Transportation Finance Authority, Series A, 5.75%, 6/1/2012, INS: AMBAC
|
2,570,000 | 2,635,124 | ||||||
Indiana, Transportation/Tolls Revenue, Series A, 7.25%, 6/1/2015
|
2,525,000 | 2,785,529 | ||||||
St. Joseph County, IN, Educational Facilities Revenue, Notre Dame du Lac Project, 5.0%, 3/1/2036
|
10,000,000 | 10,618,800 | ||||||
64,516,329 | ||||||||
Iowa 0.0%
|
||||||||
Iowa, Finance Authority, Small Business Development Revenue, Corporate Center Associates LP Project, 0.14%**, 9/1/2020, LOC: Wells Fargo Bank NA
|
900,000 | 900,000 | ||||||
Kansas 0.1%
|
||||||||
Kansas, Pollution Control Revenue, Development Financing Authority, Series II, 5.5%, 11/1/2017
|
1,000,000 | 1,229,120 | ||||||
Wichita, KS, Hospital Revenue, Facilities Improvement, Series III-A, 5.0%, 11/15/2034
|
3,590,000 | 3,616,889 | ||||||
4,846,009 | ||||||||
Kentucky 1.5%
|
||||||||
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust, 0.12%**, 3/1/2030, LOC: U.S. Bank NA
|
2,355,000 | 2,355,000 | ||||||
Kentucky, Economic Development Finance Authority, Health Systems Revenue, Norton Healthcare:
|
||||||||
Series C, 5.6%, 10/1/2012, INS: NATL
|
9,110,000 | 9,406,895 | ||||||
Series C, 5.7%, 10/1/2013, INS: NATL
|
5,495,000 | 5,853,384 | ||||||
Series C, ETM, 5.7%, 10/1/2013, INS: NATL
|
2,750,000 | 2,992,165 | ||||||
Series C, 5.8%, 10/1/2014, INS: NATL
|
3,420,000 | 3,652,560 | ||||||
Series C, Prerefunded, 5.8%, 10/1/2014, INS: NATL
|
1,710,000 | 1,891,534 | ||||||
Series C, 5.85%, 10/1/2015, INS: NATL
|
3,490,000 | 3,709,626 | ||||||
Series C, Prerefunded, 5.85%, 10/1/2015, INS: NATL
|
1,745,000 | 1,931,837 | ||||||
Series C, 5.9%, 10/1/2016, INS: NATL
|
4,330,000 | 4,593,913 | ||||||
Series C, Prerefunded, 5.9%, 10/1/2016, INS: NATL
|
2,170,000 | 2,404,316 | ||||||
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, 6.5%, 3/1/2045
|
11,000,000 | 11,613,030 | ||||||
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2038, INS: AGC
|
4,500,000 | 4,745,925 | ||||||
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
|
15,000,000 | 14,756,400 | ||||||
69,906,585 | ||||||||
Louisiana 0.6%
|
||||||||
East Baton Rouge, LA, Sewer Commission Revenue, Series A, 5.25%, 2/1/2039
|
10,000,000 | 10,526,600 | ||||||
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
|
5,000,000 | 5,095,850 | ||||||
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
|
12,000,000 | 11,823,600 | ||||||
27,446,050 | ||||||||
Maine 0.2%
|
||||||||
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040
|
9,650,000 | 9,787,513 | ||||||
Maryland 0.5%
|
||||||||
Baltimore, MD, Project Revenue, Waste Water Projects, Series A, 5.0%, 7/1/2036
|
2,770,000 | 2,987,528 | ||||||
Baltimore, MD, Sales & Special Tax Revenue, Series A, 5.9%, 7/1/2012, INS: FGIC
|
3,100,000 | 3,193,434 | ||||||
Maryland, State Economic Development Corp. Revenue, Senior Lien Project, Chesapeake Bay:
|
||||||||
Series A, 5.0%, 12/1/2016
|
1,000,000 | 856,890 | ||||||
Series A, 5.0%, 12/1/2031
|
20,000,000 | 12,450,400 | ||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039
|
3,400,000 | 3,834,486 | ||||||
23,322,738 | ||||||||
Massachusetts 4.6%
|
||||||||
Massachusetts, Bay Transportation Authority Revenue, Series B, 6.2%, 3/1/2016
|
10,000,000 | 11,160,000 | ||||||
Massachusetts, Higher Education Revenue, College Building Authority Project, Series A, 7.5%, 5/1/2014
|
5,500,000 | 5,973,770 | ||||||
Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Massachusetts General Hospital, Series F, ETM, 6.25%, 7/1/2012, INS: AMBAC
|
170,000 | 173,266 | ||||||
Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032
|
4,420,000 | 3,857,334 | ||||||
Massachusetts, Port Authority Revenue, ETM, 13.0%, 7/1/2013
|
445,000 | 502,801 | ||||||
Massachusetts, Project Revenue, Prerefunded, 9.2%, 12/15/2031, GTY: Harvard Pilgrim HealthCare, Inc.
|
17,000,000 | 18,862,860 | ||||||
Massachusetts, Project Revenue, Health & Educational Facilities Authority, Series B, Prerefunded, 9.15%, 12/15/2023, GTY: Harvard Pilgrim HealthCare, Inc.
|
3,000,000 | 3,327,270 | ||||||
Massachusetts, Sales & Special Tax Revenue, Federal Highway Grant, Series A, ETM, Zero Coupon, 12/15/2014
|
27,680,000 | 26,893,334 | ||||||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series B, 5.0%, 1/1/2032
|
28,800,000 | 30,053,664 | ||||||
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility:
|
||||||||
Series B, 11/15/2056*
|
314,524 | 1,541 | ||||||
Series A-2, 5.5%, 11/15/2046
|
63,235 | 38,261 | ||||||
Series A-1, 6.25%, 11/15/2031
|
1,182,967 | 901,575 | ||||||
Massachusetts, State Development Finance Agency Revenue, The Fay School, Inc., 0.13%**, 4/1/2038, LOC: TD Bank NA
|
1,000,000 | 1,000,000 | ||||||
Massachusetts, State Development Finance Agency, Resource Recovery Revenue, SEMASS Partnership:
|
||||||||
Series A, 5.625%, 1/1/2015, INS: NATL
|
4,000,000 | 4,048,400 | ||||||
Series A, 5.625%, 1/1/2016, INS: NATL
|
2,750,000 | 2,783,137 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series K, 5.5%, 7/1/2022
|
9,000,000 | 11,741,490 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
|
14,285,000 | 14,358,282 | ||||||
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 | 2,934,480 | ||||||
Series A, AMT, 5.5%, 1/1/2015, INS: AMBAC
|
3,000,000 | 2,901,480 | ||||||
Series A, AMT, 5.5%, 1/1/2016, INS: AMBAC
|
3,000,000 | 2,874,510 | ||||||
Massachusetts, State School Building Authority, Sales Tax Revenue, Series B, 5.25%, 10/15/2035
|
7,000,000 | 7,686,770 | ||||||
Massachusetts, State Water Resource Authority:
|
||||||||
Series B, 5.0%, 8/1/2041
|
5,500,000 | 5,884,780 | ||||||
Series J, 5.5%, 8/1/2021, INS: AGMC
|
5,685,000 | 7,167,875 | ||||||
Series C, 6.0%, 12/1/2011
|
1,380,000 | 1,380,207 | ||||||
Massachusetts, Transportation/Tolls Revenue, Turnpike Authority, Series C, Zero Coupon, 1/1/2018, INS: NATL
|
10,000,000 | 8,300,100 | ||||||
Massachusetts, Water & Sewer Revenue, Water Authority, Series J, 5.5%, 8/1/2020, INS: AGMC (a)
|
14,315,000 | 17,985,939 | ||||||
Massachusetts, Water & Sewer Revenue, Water Resource Authority, Series A, ETM, 6.5%, 7/15/2019 (a)
|
13,710,000 | 16,709,611 | ||||||
209,502,737 | ||||||||
Michigan 2.0%
|
||||||||
Detroit, MI, School District General Obligation, Series C, 5.25%, 5/1/2014, INS: FGIC
|
1,000,000 | 1,073,470 | ||||||
Detroit, MI, Sewer Disposal Revenue:
|
||||||||
Series D, 0.849%***, 7/1/2032, INS: AGMC
|
6,365,000 | 4,314,961 | ||||||
Series B, 7.5%, 7/1/2033, INS: AGMC
|
10,000,000 | 11,842,400 | ||||||
Detroit, MI, State General Obligation:
|
||||||||
Series A-1, 5.375%, 4/1/2016, INS: NATL
|
2,760,000 | 2,760,497 | ||||||
Series A-1, 5.375%, 4/1/2018, INS: NATL
|
3,000,000 | 2,956,320 | ||||||
Detroit, MI, Water & Sewer Revenue, Series A, Zero Coupon, 7/1/2015, INS: FGIC, NATL
|
8,710,000 | 7,705,911 | ||||||
Michigan, State Building Authority Revenue, Facilities Program:
|
||||||||
Series H, 5.125%, 10/15/2033
|
9,755,000 | 10,105,887 | ||||||
Series I, 6.0%, 10/15/2038
|
9,000,000 | 9,876,510 | ||||||
Michigan, State Grant Anticipation Bonds, 5.25%, 9/15/2023, INS: AGMC
|
7,500,000 | 8,281,125 | ||||||
Michigan, State Hospital Finance Authority Revenue, MidMichigan Health Obligation Group, Series A, 6.125%, 6/1/2039
|
4,000,000 | 4,213,480 | ||||||
Michigan, State Hospital Finance Authority Revenue, Trinity Health, Series A, 6.5%, 12/1/2033
|
10,000,000 | 11,167,700 | ||||||
Michigan, State Strategic Fund Ltd. Obligation Revenue, Consumers Energy Co., 0.08%**, 4/15/2018, LOC: Bank of Nova Scotia
|
7,000,000 | 7,000,000 | ||||||
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
|
7,200,000 | 8,560,296 | ||||||
Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services, Series A, ETM, 5.6%, 2/15/2013
|
560,000 | 571,575 | ||||||
90,430,132 | ||||||||
Minnesota 0.6%
|
||||||||
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
|
6,440,000 | 7,145,180 | ||||||
Minnesota, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series B, 5.25%, 3/1/2031
|
9,000,000 | 9,109,620 | ||||||
University of Minnesota, Higher Education Revenue:
|
||||||||
Series A, ETM, 5.75%, 7/1/2017
|
3,240,000 | 3,857,576 | ||||||
Series A, ETM, 5.75%, 7/1/2018 (a)
|
6,760,000 | 8,131,807 | ||||||
28,244,183 | ||||||||
Mississippi 0.6%
|
||||||||
Mississippi, Development Bank Special Obligation, Department of Corrections, Series C, 5.25%, 8/1/2027
|
13,890,000 | 15,145,378 | ||||||
Warren County, MS, Gulf Opportunity Zone, International Paper Co.:
|
||||||||
Series A, 5.5%, 9/1/2031
|
5,000,000 | 5,049,800 | ||||||
Series A, 6.5%, 9/1/2032
|
7,420,000 | 7,952,608 | ||||||
28,147,786 | ||||||||
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 | 2,240,988 | ||||||
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services, Series C, 5.0%, 2/1/2042
|
8,240,000 | 7,163,526 | ||||||
St. Louis, MO, Industrial Development Authority Revenue, Convention Center Hotel, Zero Coupon, 7/15/2016, INS: AMBAC
|
6,895,000 | 5,244,337 | ||||||
St. Louis, MO, State General Obligation Lease, Industrial Development Authority, Convention Center Hotel, Zero Coupon, 7/15/2015, INS: AMBAC
|
4,200,000 | 3,401,202 | ||||||
18,050,053 | ||||||||
Nebraska 0.1%
|
||||||||
Omaha, NE, Public Power District Electric Revenue:
|
||||||||
Series A, 5.5%, 2/1/2033
|
1,000,000 | 1,088,930 | ||||||
Series A, 5.5%, 2/1/2035
|
1,000,000 | 1,084,360 | ||||||
Series A, 5.5%, 2/1/2039
|
1,000,000 | 1,080,380 | ||||||
3,253,670 | ||||||||
Nevada 0.1%
|
||||||||
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036
|
5,000,000 | 5,122,800 | ||||||
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project:
|
||||||||
Zero Coupon, 1/1/2013, INS: AMBAC*
|
5,000,000 | 925,000 | ||||||
Second Tier, 7.375%, 1/1/2040*
|
15,000,000 | 21,000 | ||||||
6,068,800 | ||||||||
New Hampshire 0.2%
|
||||||||
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, 6.5%, 1/1/2031
|
10,000,000 | 10,897,300 | ||||||
New Jersey 2.8%
|
||||||||
New Jersey, Economic Development Authority Revenue, Cigarette Tax:
|
||||||||
5.5%, 6/15/2031
|
3,000,000 | 2,866,830 | ||||||
5.75%, 6/15/2034
|
2,455,000 | 2,369,321 | ||||||
New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue:
|
||||||||
Series A, 5.0%, 7/1/2022, INS: NATL
|
7,140,000 | 7,480,792 | ||||||
Series A, 5.0%, 7/1/2023, INS: NATL
|
8,845,000 | 9,224,627 | ||||||
New Jersey, Garden State Preservation Trust, Open Space & Farm Land, Series 2005-A, 5.8%, 11/1/2023, INS: AGMC
|
5,000,000 | 5,770,350 | ||||||
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
|
1,000,000 | 925,080 | ||||||
New Jersey, State Transportation Trust Fund Authority:
|
||||||||
Series B, 5.5%, 6/15/2031 (b)
|
13,200,000 | 14,326,488 | ||||||
Series A, 5.75%, 6/15/2020, INS: AMBAC
|
11,000,000 | 12,943,260 | ||||||
New Jersey, State Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems:
|
||||||||
Series A, Zero Coupon, 12/15/2026
|
54,000,000 | 24,245,460 | ||||||
Series A, Zero Coupon, 12/15/2028
|
30,000,000 | 11,617,500 | ||||||
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
|
||||||||
Series A, 6.0%, 6/15/2035
|
6,000,000 | 6,869,640 | ||||||
Series A, 6.0%, 12/15/2038
|
11,075,000 | 12,275,530 | ||||||
Series A, Prerefunded, 6.0%, 12/15/2038
|
5,925,000 | 7,659,129 | ||||||
New Jersey, State Turnpike Authority Revenue:
|
||||||||
Series E, 5.25%, 1/1/2040
|
5,250,000 | 5,510,767 | ||||||
Series C-2005, 6.5%, 1/1/2016, INS: AMBAC
|
1,210,000 | 1,431,212 | ||||||
Series C-2005, ETM, 6.5%, 1/1/2016, INS: AMBAC
|
425,000 | 518,067 | ||||||
126,034,053 | ||||||||
New York 3.4%
|
||||||||
Bethlehem, NY, Industrial Development Agency Revenue, 467 Delaware Avenue LLC Project, Series A, AMT, 0.14%**, 9/1/2033, LOC: Hudson River Bank & Trust Co.
|
1,045,000 | 1,045,000 | ||||||
Monroe County, NY, Industrial Development Corp. Revenue, Saint Ann's Nursing Home, 0.12%**, 12/1/2040, LOC: HSBC Bank U.S.A. NA
|
3,190,000 | 3,190,000 | ||||||
New York, Higher Education Revenue, Dormitory Authority, Series B, 5.25%, 5/15/2019, INS: FGIC
|
6,000,000 | 6,785,220 | ||||||
New York, Higher Education Revenue, Dormitory Authority, City University, Series B, 6.0%, 7/1/2014, INS: FGIC
|
3,660,000 | 3,888,128 | ||||||
New York, School District General Obligation, Dormitory Authority, City University, Series A, 5.5%, 5/15/2019
|
1,500,000 | 1,763,385 | ||||||
New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021
|
2,000,000 | 2,320,960 | ||||||
New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020
|
3,600,000 | 4,302,648 | ||||||
New York, State Dormitory Authority Revenues, Non-State Supported Debt, New York Law School, 0.1%**, 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 | 5,283,900 | ||||||
Series A, 5.0%, 3/15/2038 (a)
|
8,750,000 | 9,160,025 | ||||||
Series C, 5.0%, 3/15/2041
|
10,000,000 | 10,511,300 | ||||||
New York, State General Obligation Lease, Urban Development Corp., State Facilities, 5.6%, 4/1/2015
|
4,655,000 | 5,062,080 | ||||||
New York, State General Obligation, Tobacco Settlement Financing Corp., Series A-1, 5.25%, 6/1/2022, INS: AMBAC
|
12,600,000 | 13,350,960 | ||||||
New York, State Housing Finance Agency Revenue, 400 East 84th Street Associates, Series A, 144A, AMT, 0.12%**, 5/15/2033, LIQ: Fannie Mae
|
3,200,000 | 3,200,000 | ||||||
New York, State Housing Finance Agency Revenue, Capitol Green Apartments, Series A, AMT, 0.14%**, 5/15/2036, LIQ: Fannie Mae
|
1,000,000 | 1,000,000 | ||||||
New York, Transportation/Tolls Revenue, Transportation Authority, Series E, 5.5%, 11/15/2021, INS: NATL
|
6,000,000 | 6,212,820 | ||||||
New York, Water & Sewer Revenue, Environmental Facilities Corp., State Water Pollution Control, Series E, 6.875%, 6/15/2014
|
3,530,000 | 3,549,168 | ||||||
New York City, NY, Industrial Development Agency Revenue, Liberty-7, World Trade Center, Series A, 6.25%, 3/1/2015
|
10,000,000 | 10,021,400 | ||||||
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 | 7,768,620 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series FF-2, 5.0%, 6/15/2040
|
2,270,000 | 2,385,565 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution, Series EE, 5.375%, 6/15/2043
|
11,250,000 | 12,143,475 | ||||||
New York, NY, General Obligation:
|
||||||||
Series D-1, 5.0%, 10/1/2033
|
25,000,000 | 26,752,500 | ||||||
Series D-1, 5.0%, 10/1/2034
|
5,000,000 | 5,333,850 | ||||||
Series I-1, 5.375%, 4/1/2036
|
7,000,000 | 7,655,200 | ||||||
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040
|
2,000,000 | 2,016,680 | ||||||
156,502,884 | ||||||||
North Carolina 1.5%
|
||||||||
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034
|
1,500,000 | 1,606,335 | ||||||
Charlotte, NC, Core City General Obligation, 5.5%, 8/1/2018
|
4,165,000 | 4,498,575 | ||||||
North Carolina, Electric Revenue, 5.25%, 1/1/2020, INS: NATL
|
4,000,000 | 4,187,840 | ||||||
North Carolina, Electric Revenue, Eastern Municipal Power Agency:
|
||||||||
6.0%, 1/1/2018, INS: AMBAC
|
8,775,000 | 10,479,632 | ||||||
Series B, 6.0%, 1/1/2022, INS: NATL
|
18,775,000 | 22,796,605 | ||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033
|
17,000,000 | 18,872,380 | ||||||
North Carolina, Municipal Power Agency, No. 1 Catawba Electric Revenue, Series A, 5.0%, 1/1/2030
|
5,410,000 | 5,654,153 | ||||||
68,095,520 | ||||||||
North Dakota 0.2%
|
||||||||
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031
|
9,260,000 | 10,220,910 | ||||||
Ohio 1.5%
|
||||||||
Akron, OH, Project Revenue, Economic Development, 6.0%, 12/1/2012, INS: NATL
|
350,000 | 357,774 | ||||||
Avon, OH, School District General Obligation, 6.5%, 12/1/2015, INS: AMBAC
|
940,000 | 1,113,120 | ||||||
Beavercreek, OH, School District General Obligation, Local School District, 6.6%, 12/1/2015, INS: FGIC, NATL
|
1,500,000 | 1,689,105 | ||||||
Big Walnut, OH, School District General Obligation, Local School District, Zero Coupon, 12/1/2012, INS: AMBAC
|
420,000 | 413,276 | ||||||
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 | 1,000,580 | ||||||
Cuyahoga County, OH, County General Obligation, 5.65%, 5/15/2018
|
500,000 | 576,500 | ||||||
Fayette County, OH, School District General Obligation, Rattlesnake Improvement Area Project, 5.9%, 12/1/2013
|
15,000 | 15,000 | ||||||
Finneytown, OH, Other General Obligation, Local School District, 6.2%, 12/1/2017, INS: FGIC, NATL
|
320,000 | 372,128 | ||||||
Franklin County, OH, Healthcare Facilities Revenue, Presbyterian Services, 5.5%, 7/1/2017
|
1,000,000 | 1,001,340 | ||||||
Franklin County, OH, School District General Obligation, 6.5%, 12/1/2013
|
270,000 | 285,220 | ||||||
Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, 6.5%, 12/1/2030
|
14,425,000 | 15,879,617 | ||||||
Hilliard, OH, School District General Obligation, Series A, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
1,655,000 | 1,645,219 | ||||||
Huber Heights, OH, Water & Sewer Revenue, Zero Coupon, 12/1/2012, INS: NATL
|
1,005,000 | 992,970 | ||||||
Liberty Benton, OH, School District General Obligation, Zero Coupon, 12/1/2014, INS: AMBAC
|
570,000 | 537,322 | ||||||
Liberty, OH, School District General Obligation, Zero Coupon, 12/1/2012, INS: FGIC, NATL
|
255,000 | 251,346 | ||||||
Lorain County, OH, Lakeland Community Hospital, Inc., ETM, 6.5%, 11/15/2012
|
120,000 | 122,668 | ||||||
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037
|
6,000,000 | 6,848,340 | ||||||
North Olmstead, OH, Other General Obligation, 6.2%, 12/1/2011, INS: AMBAC
|
530,000 | 530,058 | ||||||
Ohio, Higher Education Revenue, Case Western Reserve University:
|
||||||||
6.0%, 10/1/2014
|
1,000,000 | 1,133,880 | ||||||
Series B, 6.5%, 10/1/2020
|
2,250,000 | 2,734,267 | ||||||
Ohio, School District General Obligation, 6.0%, 12/1/2019, INS: AMBAC
|
475,000 | 561,003 | ||||||
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project:
|
||||||||
Series 2010, 5.25%, 11/15/2035, INS: AGMC
|
7,500,000 | 7,620,075 | ||||||
Series 2010, 5.5%, 11/15/2030, INS: AGMC
|
4,000,000 | 4,163,080 | ||||||
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health System, Series B, 5.5%, 1/1/2039
|
13,600,000 | 14,186,296 | ||||||
Springboro, OH, School District General Obligation, Community City School District, 6.0%, 12/1/2011, INS: AMBAC
|
115,000 | 115,017 | ||||||
Toledo, OH, Other General Obligation, Macy's Project, Series A, AMT, 6.35%, 12/1/2025, INS: NATL
|
1,000,000 | 1,001,500 | ||||||
Wayne, OH, School District General Obligation:
|
||||||||
6.45%, 12/1/2011, INS: AMBAC
|
45,000 | 45,007 | ||||||
6.6%, 12/1/2016, INS: AMBAC
|
200,000 | 230,018 | ||||||
Wooster, OH, School District General Obligation, Zero Coupon, 12/1/2013, INS: AGMC
|
930,000 | 905,234 | ||||||
66,326,960 | ||||||||
Oklahoma 0.8%
|
||||||||
Oklahoma, State Municipal Power Authority, Supply System Revenue, Series A, 6.0%, 1/1/2038
|
8,625,000 | 9,516,480 | ||||||
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL
|
23,125,000 | 26,310,006 | ||||||
35,826,486 | ||||||||
Oregon 0.1%
|
||||||||
Oregon, State Health Housing Educational & Cultural Facilities Authority, Assumption Village LLC Project, Series A, 0.16%**, 3/1/2033, LOC: Union Bank NA
|
3,000,000 | 3,000,000 | ||||||
Pennsylvania 3.2%
|
||||||||
Allegheny County, PA, Airport Revenue, Pittsburgh International Airport:
|
||||||||
Series A, AMT, 5.75%, 1/1/2013, INS: NATL
|
9,400,000 | 9,762,746 | ||||||
Series A-1, AMT, 5.75%, 1/1/2014, INS: NATL
|
10,500,000 | 11,126,430 | ||||||
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
|
11,800,000 | 12,354,364 | ||||||
Berks County, PA, Hospital & Healthcare Revenue, Municipal Authority, Reading Hospital & Medical Center Project, 5.7%, 10/1/2014, INS: NATL
|
540,000 | 574,004 | ||||||
Erie County, PA, Industrial Development Revenue, Pollution Control, Series A, 5.3%, 4/1/2012
|
1,000,000 | 1,010,770 | ||||||
Exter Township, PA, School District General Obligation, Zero Coupon, 5/15/2017, INS: FGIC, NATL
|
3,700,000 | 3,220,517 | ||||||
Latrobe, PA, Higher Education Revenue, Industrial Development Authority, 5.375%, 5/1/2013
|
430,000 | 442,371 | ||||||
Pennsylvania, Central Bradford Progress Authority Revenue, Guthrie Healthcare System, 5.375%, 12/1/2041
|
12,550,000 | 12,901,902 | ||||||
Pennsylvania, Sales & Special Tax Revenue, Convention Center Authority, Series A, ETM, 6.0%, 9/1/2019, INS: FGIC
|
2,200,000 | 2,733,390 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Series B, 5.75%, 6/1/2039
|
32,000,000 | 34,010,240 | ||||||
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 | 31,886,000 | ||||||
Pennsylvania, State Turnpike Commission Revenue, Motor License Fund, Series A, 6.0%, 12/1/2036
|
3,000,000 | 3,448,650 | ||||||
Pennsylvania, Water & Sewer Revenue, 5.25%, 11/1/2014, INS: NATL
|
1,130,000 | 1,213,575 | ||||||
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035
|
7,080,000 | 7,131,259 | ||||||
Philadelphia, PA, Water & Wastewater Revenue:
|
||||||||
Series A, 5.25%, 1/1/2032
|
3,000,000 | 3,141,600 | ||||||
Series A, 5.25%, 1/1/2036
|
2,500,000 | 2,599,525 | ||||||
Pittsburgh, PA, Core City General Obligation, Series A, 5.5%, 9/1/2014, INS: AMBAC
|
810,000 | 848,880 | ||||||
Pittsburgh, PA, Water & Sewer System, ETM, 7.25%, 9/1/2014, INS: FGIC
|
55,000 | 61,008 | ||||||
Westmoreland County, PA, Project Revenue, Zero Coupon, 8/15/2017, INS: NATL
|
6,230,000 | 5,294,753 | ||||||
143,761,984 | ||||||||
Puerto Rico 3.0%
|
||||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
|
||||||||
Series A, 5.375%, 8/1/2039
|
13,650,000 | 14,076,563 | ||||||
Series A, 6.5%, 8/1/2044
|
35,000,000 | 39,604,250 | ||||||
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 | 49,804,150 | ||||||
Series A, Step-up Coupon, 0% to 8/1/2019, 6.25% to 8/1/2033
|
18,020,000 | 12,896,554 | ||||||
Puerto Rico Commonwealth, Highway & Transportation Authority Revenue, 5.5%, 7/1/2028, INS: NATL
|
19,545,000 | 20,739,199 | ||||||
137,120,716 | ||||||||
Rhode Island 1.1%
|
||||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, Brown University, Series A, 5.0%, 9/1/2039 (a)
|
13,000,000 | 13,765,050 | ||||||
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034
|
10,000,000 | 11,090,600 | ||||||
Rhode Island, Project Revenue, Convention Center Authority, Series B, 5.25%, 5/15/2015, INS: NATL
|
18,040,000 | 18,914,579 | ||||||
Rhode Island, Tobacco Settlement Financing Corp., Series A, 6.125%, 6/1/2032
|
7,750,000 | 7,750,000 | ||||||
51,520,229 | ||||||||
South Carolina 1.1%
|
||||||||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, 5.375%, 10/1/2039
|
7,500,000 | 7,638,600 | ||||||
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:
|
||||||||
5.75%, 8/1/2039
|
1,910,000 | 1,947,168 | ||||||
Series C, Prerefunded, 7.0%, 8/1/2030
|
6,885,000 | 7,627,754 | ||||||
South Carolina, Piedmont Municipal Power Agency, Electric Revenue:
|
||||||||
5.5%, 1/1/2012, INS: NATL
|
2,810,000 | 2,822,027 | ||||||
Series A, ETM, 6.5%, 1/1/2016, INS: FGIC
|
430,000 | 519,934 | ||||||
6.75%, 1/1/2019, INS: FGIC, NATL
|
2,065,000 | 2,629,323 | ||||||
ETM, 6.75%, 1/1/2019, INS: FGIC
|
1,460,000 | 1,909,841 | ||||||
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040
|
10,195,000 | 10,715,659 | ||||||
South Carolina, State Public Service Authority Revenue, Santee Cooper:
|
||||||||
Series E, 5.0%, 1/1/2040 (a)
|
10,000,000 | 10,589,000 | ||||||
Series A, 5.375%, 1/1/2028
|
2,500,000 | 2,787,700 | ||||||
49,187,006 | ||||||||
South Dakota 0.1%
|
||||||||
South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.5%, 11/1/2040
|
3,000,000 | 3,131,850 | ||||||
Tennessee 1.0%
|
||||||||
Jackson, TN, Hospital Revenue, Jackson-Madison Project:
|
||||||||
5.5%, 4/1/2033
|
3,000,000 | 3,109,200 | ||||||
5.625%, 4/1/2038
|
4,550,000 | 4,728,724 | ||||||
5.75%, 4/1/2041
|
8,675,000 | 9,050,281 | ||||||
Knox County, TN, Hospital & Healthcare Revenue, Sanders Alliance:
|
||||||||
5.75%, 1/1/2014, INS: NATL
|
2,000,000 | 2,145,000 | ||||||
6.25%, 1/1/2013, INS: NATL
|
4,000,000 | 4,187,760 | ||||||
Shelby County, TN, General Obligation:
|
||||||||
Zero Coupon, 8/1/2014
|
4,920,000 | 4,780,321 | ||||||
ETM, Zero Coupon, 8/1/2014
|
45,000 | 43,916 | ||||||
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
|
10,000,000 | 9,362,000 | ||||||
Tennessee, Energy Acquisition Corp., Gas Revenue:
|
||||||||
Series A, 5.25%, 9/1/2019
|
7,000,000 | 6,964,160 | ||||||
Series A, 5.25%, 9/1/2021
|
2,000,000 | 1,960,520 | ||||||
46,331,882 | ||||||||
Texas 9.8%
|
||||||||
Abilene, TX, Senior Care Revenue, Sears Methodist Retirement, Health Facilities Development, Series A, 5.875%, 11/15/2018
|
2,666,000 | 2,453,707 | ||||||
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A, 3.375%, 4/1/2027 (c)
|
21,335,000 | 11,828,764 | ||||||
Austin, TX, Water & Sewer Revenue, Utility Systems, Zero Coupon, 11/15/2012, INS: AMBAC
|
13,520,000 | 13,412,651 | ||||||
Cypress and Fairbanks, TX, School District General Obligation, Cypress-Fairbanks Texas Independent School District:
|
||||||||
Series A, Zero Coupon, 2/15/2013
|
4,840,000 | 4,800,941 | ||||||
Series A, Zero Coupon, 2/15/2014
|
6,000,000 | 5,877,420 | ||||||
Dallas, TX, Waterworks & Sewer Systems Revenue, 5.0%, 10/1/2037
|
4,600,000 | 4,862,660 | ||||||
Harris County, TX, County General Obligation, Zero Coupon, 10/1/2017, INS: NATL
|
3,910,000 | 3,516,654 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.09%**, 11/15/2047, LOC: Northern Trust Co.
|
8,000,000 | 8,000,000 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035
|
5,000,000 | 5,624,850 | ||||||
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035
|
18,290,000 | 19,858,916 | ||||||
Houston, TX, Airport Systems Revenue:
|
||||||||
Series B, 5.0%, 7/1/2027, INS: FGIC, NATL
|
21,030,000 | 21,981,608 | ||||||
Series A, 5.5%, 7/1/2039
|
10,000,000 | 10,590,400 | ||||||
Houston, TX, Higher Education Finance Corp. Revenue, Rice University Project, Series A, 5.0%, 5/15/2040
|
11,185,000 | 12,118,500 | ||||||
Houston, TX, Utility Systems Revenue, Series A, 5.25%, 5/15/2022, INS: AGMC
|
8,500,000 | 9,230,320 | ||||||
Houston, TX, Water & Sewer Revenue, Series C, Zero Coupon, 12/1/2012, INS: AMBAC
|
4,350,000 | 4,325,901 | ||||||
North Texas, Tollway Authority Revenue:
|
||||||||
Series C, 5.25%, 1/1/2044
|
20,000,000 | 20,252,600 | ||||||
First Tier, Series A, 5.625%, 1/1/2033
|
6,500,000 | 6,862,245 | ||||||
Second Tier, Series F, 5.75%, 1/1/2033
|
12,210,000 | 12,792,417 | ||||||
Second Tier, Series F, 5.75%, 1/1/2038
|
16,500,000 | 17,084,760 | ||||||
First Tier, 6.0%, 1/1/2043
|
30,000,000 | 32,452,200 | ||||||
North Texas, Tollway Authority Revenue, Special Project Systems:
|
||||||||
Series A, 6.0%, 9/1/2041
|
6,675,000 | 7,579,196 | ||||||
Series D, 5.0%, 9/1/2032
|
8,000,000 | 8,386,480 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.1%**, 11/15/2050, LOC: Wells Fargo Bank NA
|
1,300,000 | 1,300,000 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, 5.625%, 8/15/2035
|
10,000,000 | 10,425,300 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., State Health Resources, 5.0%, 11/15/2040
|
19,325,000 | 19,470,324 | ||||||
Texas, Dallas/Fort Worth International Airport Revenue:
|
||||||||
Series D, 5.0%, 11/1/2035
|
24,425,000 | 24,961,862 | ||||||
Series A, 5.25%, 11/1/2038
|
20,000,000 | 21,038,800 | ||||||
Series A, AMT, 5.5%, 11/1/2019, INS: NATL
|
20,000,000 | 20,851,400 | ||||||
Texas, Electric Revenue:
|
||||||||
Zero Coupon, 9/1/2017, INS: NATL
|
5,880,000 | 5,180,162 | ||||||
ETM, Zero Coupon, 9/1/2017, INS: NATL
|
120,000 | 109,832 | ||||||
Texas, Electric Revenue, Municipal Power Agency, Zero Coupon, 9/1/2016, INS: NATL
|
18,300,000 | 16,751,454 | ||||||
Texas, Grapevine-Colleyville Independent School District Building:
|
||||||||
5.0%, 8/15/2034
|
6,080,000 | 6,592,848 | ||||||
5.0%, 8/15/2035
|
6,130,000 | 6,631,618 | ||||||
5.0%, 8/15/2036
|
3,350,000 | 3,615,722 | ||||||
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040
|
20,000,000 | 20,309,600 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
|
||||||||
Series B, 0.933%***, 12/15/2026
|
19,800,000 | 13,786,146 | ||||||
Series D, 6.25%, 12/15/2026
|
20,000,000 | 21,027,600 | ||||||
Texas, Municipal Power Agency, ETM, Zero Coupon, 9/1/2016, INS: NATL
|
375,000 | 352,736 | ||||||
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
|
||||||||
5.5%, 8/1/2021
|
5,575,000 | 5,665,092 | ||||||
5.5%, 8/1/2025
|
2,750,000 | 2,753,905 | ||||||
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035
|
2,400,000 | 2,498,088 | ||||||
447,215,679 | ||||||||
Utah 0.1%
|
||||||||
Provo, UT, Electric Revenue, Series A, ETM, 10.375%, 9/15/2015, INS: AMBAC
|
735,000 | 884,198 | ||||||
Salt Lake City, UT, Core City General Obligation, 5.75%, 6/15/2014
|
25,000 | 25,113 | ||||||
Salt Lake City, UT, Hospital & Healthcare Revenue, IHC Hospitals, Inc., 6.15%, 2/15/2012
|
200,000 | 202,142 | ||||||
Utah, Electric Revenue, Intermountain Power Agency, Series A, ETM, 5.0%, 7/1/2012, INS: NATL
|
280,000 | 281,089 | ||||||
Utah, State Housing Finance Agency, Single Family Mortgage, Series B, AMT, 0.13%**, 7/1/2032, LIQ: Barclays Bank
|
4,245,000 | 4,245,000 | ||||||
5,637,542 | ||||||||
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 | 6,537,410 | ||||||
Virginia Beach, VA, Hospital & Healthcare Revenue, Development Authority Hospital Facility First Mortgage, 5.125%, 2/15/2018, INS: AMBAC
|
3,000,000 | 3,412,980 | ||||||
Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038
|
7,760,000 | 8,809,229 | ||||||
Winchester, VA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.5%, 1/1/2015, INS: AMBAC
|
4,680,000 | 4,966,042 | ||||||
23,725,661 | ||||||||
Washington 2.3%
|
||||||||
Chelan County, WA, Electric Revenue, Public Utilities, Columbia River Rock, Zero Coupon, 6/1/2014, INS: NATL
|
12,685,000 | 12,233,541 | ||||||
Clark County, WA, School District General Obligation, Zero Coupon, 12/1/2017, INS: FGIC, NATL
|
6,725,000 | 5,819,075 | ||||||
Port Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2014, INS: NATL
|
4,000,000 | 4,371,520 | ||||||
Washington, State General Obligation:
|
||||||||
Series 5, Zero Coupon, 1/1/2017, INS: FGIC, NATL
|
4,535,000 | 4,136,827 | ||||||
Series B, 5.0%, 2/1/2033
|
5,000,000 | 5,354,600 | ||||||
Series 2011A, 5.0%, 8/1/2033
|
20,000,000 | 21,873,400 | ||||||
Series A, 5.0%, 8/1/2035
|
10,000,000 | 10,683,100 | ||||||
Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028, INS: Radian
|
5,240,000 | 5,132,109 | ||||||
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
|
7,035,000 | 7,135,530 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, 6.75%, 11/15/2041
|
12,175,000 | 13,469,811 | ||||||
Washington, State Motor Vehicle Tax-Senior 520, Corridor Toll Program:
|
||||||||
Series C, 5.0%, 6/1/2032
|
7,725,000 | 8,340,219 | ||||||
Series C, 5.0%, 6/1/2033
|
6,000,000 | 6,438,540 | ||||||
104,988,272 | ||||||||
Wisconsin 1.8%
|
||||||||
Milwaukee County, WI, Series A, ETM, Zero Coupon, 12/1/2011, INS: FGIC
|
220,000 | 219,998 | ||||||
Milwaukee County, WI, Airport Revenue, Series A, 5.0%, 12/1/2034
|
7,000,000 | 7,155,120 | ||||||
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority:
|
||||||||
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC
|
3,760,000 | 4,625,364 | ||||||
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC
|
6,570,000 | 8,154,093 | ||||||
Series AA, ETM, 6.5%, 6/1/2012, INS: NATL
|
3,000,000 | 3,093,660 | ||||||
Wisconsin, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030
|
14,000,000 | 14,393,260 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029
|
17,105,000 | 17,109,276 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, ProHealth Care, Inc.:
|
||||||||
Series A, 0.15%**, 8/1/2030, LOC: U.S. Bank NA
|
500,000 | 500,000 | ||||||
6.625%, 2/15/2039
|
7,335,000 | 7,926,201 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, SSM Health Care Corp., Series A, 5.25%, 6/1/2034
|
2,000,000 | 2,050,300 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Thedacare, Inc., Series A, 5.5%, 12/15/2038
|
13,235,000 | 13,558,462 | ||||||
Wisconsin, University Hospitals & Clinics Authority Revenue, Series B, 0.1%**, 4/1/2029, LOC: U.S. Bank NA
|
5,180,000 | 5,180,000 | ||||||
83,965,734 | ||||||||
Total Municipal Bonds and Notes (Cost $4,052,543,540)
|
4,335,672,584 | |||||||
Municipal Inverse Floating Rate Notes (d) 13.4%
|
||||||||
California 2.7%
|
||||||||
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (e)
|
10,700,000 | 11,331,069 | ||||||
Trust: California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-4, 144A, 13.688%, 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 (e)
|
5,236,056 | 5,897,436 | ||||||
California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2024 (e)
|
3,742,268 | 4,214,963 | ||||||
California, State Department of Water Resources Revenue, Central Valley Project, Series AE, 5.0%, 12/1/2025 (e)
|
3,118,557 | 3,512,470 | ||||||
Trust: California, State Department of Water Resources Revenue, Series 2705, 144A, 12.741%, 12/1/2023, Leverage Factor at purchase date: 3 to 1
|
||||||||
California, University of California Revenues, Series O, 5.25%, 5/15/2039 (e)
|
15,620,000 | 16,634,831 | ||||||
Trust: California, University of California Revenues, Series 3368-2, 144A, 18.99%, 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 (e)
|
30,000,000 | 32,358,600 | ||||||
Trust: Los Angeles, CA, Waste Water System Revenue, Series 3371-2, 144A, 19.49%, 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 (e)
|
30,000,000 | 34,044,000 | ||||||
Trust: Los Angeles, CA, Community College District, Series R-11728, 144A, 27.48%, 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 (e)
|
14,997,001 | 15,855,601 | ||||||
Trust: San Francisco, CA, Bay Area Rapid Transportation District, Series 3161, 144A, 13.637%, 8/1/2032, Leverage Factor at purchase date: 3 to 1
|
||||||||
123,848,970 | ||||||||
District of Columbia 0.6%
|
||||||||
District of Columbia, Income Tax Revenue, Series A, 5.5%, 12/1/2030 (e)
|
22,000,000 | 24,924,900 | ||||||
Trust: District of Columbia, Series 3369, 144A, 19.99%, 12/1/2030, Leverage Factor at purchase date: 4 to 1
|
||||||||
Florida 1.5%
|
||||||||
Florida, State Turnpike Authority Revenue, Department of Transportation, Series A, 5.0%, 7/1/2021 (e)
|
30,130,000 | 33,984,819 | ||||||
Trust: Florida, State Turnpike Authority Revenue, Series 2514, 144A, 43.78%, 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 (e)
|
3,740,000 | 3,941,162 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (e)
|
3,915,000 | 4,125,575 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (e)
|
4,122,500 | 4,344,236 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (e)
|
4,317,500 | 4,549,724 | ||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (e)
|
16,470,000 | 17,355,868 | ||||||
Trust: Miami-Dade County, FL, Series 2008-1160, 144A, 9.261%, 7/1/2023, Leverage Factor at purchase date: 2 to 1
|
||||||||
68,301,384 | ||||||||
Louisiana 0.2%
|
||||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2033 (e)
|
3,023,487 | 3,237,527 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2034 (e)
|
3,300,848 | 3,534,524 | ||||||
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2035 (e)
|
3,663,166 | 3,922,492 | ||||||
Trust: Louisiana, State Gas & Fuels Tax Revenue, Series 3806, 144A, 9.348%, 5/1/2033, Leverage Factor at purchase date: 2 to 1
|
||||||||
10,694,543 | ||||||||
Massachusetts 1.8%
|
||||||||
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series B-2, 5.25%, 2/1/2034 (e)
|
20,000,000 | 22,648,600 | ||||||
Trust: Massachusetts, State Development Finance Agency Revenue, Harvard University, Series 4691, 144A, 9.98%, 2/1/2034, Leverage Factor at purchase date: 2 to 1
|
||||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2027 (e)
|
7,825,000 | 8,479,885 | ||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2033 (e)
|
3,000,000 | 3,251,074 | ||||||
Massachusetts, State General Obligation, Series A, 5.0%, 8/1/2038 (e)
|
2,750,000 | 2,980,151 | ||||||
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 (e)
|
20,000,000 | 21,792,700 | ||||||
Trust: Massachusetts, State General Obligation, Series 2022-1, 144A, 43.43%, 8/1/2026, Leverage Factor at purchase date: 10 to 1
|
||||||||
Massachusetts, State General Obligation, Series C, 5.0%, 8/1/2027, INS: AGMC (e)
|
20,000,000 | 21,792,700 | ||||||
Trust: Massachusetts, State General Obligation, Series 2022-2, 144A, 43.43%, 8/1/2027, Leverage Factor at purchase date: 10 to 1
|
||||||||
80,945,110 | ||||||||
Nevada 1.5%
|
||||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2028 (e)
|
6,252,645 | 6,600,848 | ||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2029 (e)
|
6,565,277 | 6,930,890 | ||||||
Clark County, NV, General Obligation, 5.0%, 6/1/2030 (e)
|
6,372,122 | 6,726,978 | ||||||
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.633%, 6/1/2028, Leverage Factor at purchase date: 3 to 1
|
||||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2021 (e)
|
16,118,519 | 17,568,641 | ||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2022 (e)
|
16,841,398 | 18,356,555 | ||||||
Clark County, NV, School District, Series C, 5.0%, 6/15/2023 (e)
|
10,876,807 | 11,855,351 | ||||||
Trust: Clark County, NV, School Improvements, Series 2008-1153, 144A, 9.261%, 6/15/2021, Leverage Factor at purchase date: 2 to 1
|
||||||||
68,039,263 | ||||||||
New York 1.1%
|
||||||||
New York, State Dormitory Authority Revenues, Columbia University, 5.0%, 7/1/2038 (e)
|
27,925,000 | 29,970,767 | ||||||
Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series R-11722-1, 144A, 18.101%, 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 (e)
|
19,425,000 | 21,574,017 | ||||||
Trust: New York, NY, Series 2008-1131, 144A, 9.222%, 10/1/2024, Leverage Factor at purchase date: 2 to 1
|
||||||||
51,544,784 | ||||||||
North Carolina 0.5%
|
||||||||
North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series B, 5.0%, 10/1/2038, INS: AGMC (e)
|
20,000,000 | 21,423,800 | ||||||
Trust: North Carolina, Capital Facilities Finance Agency Revenue, Duke University Project, Series 3333, 144A, 17.96%, 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 (e)
|
8,725,000 | 9,966,144 | ||||||
Columbus, OH, General Obligation, Series A, 5.0%, 9/1/2022 (e)
|
8,725,000 | 9,966,144 | ||||||
Trust: Columbus, OH, General Obligation, Series 2365, 144A, 18.04%, 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 (e)
|
6,032,233 | 6,306,442 | ||||||
Ohio, State Higher Educational Facilities Community Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2033 (e)
|
10,287,087 | 10,754,710 | ||||||
Trust: Ohio, State Higher Educational Revenue, Series 3139, 144A, 14.499%, 1/1/2028, Leverage Factor at purchase date: 3 to 1
|
||||||||
36,993,440 | ||||||||
Tennessee 1.5%
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (e)
|
21,793,305 | 23,764,461 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.045%, 1/1/2027, Leverage Factor at purchase date: 4 to 1
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (e)
|
20,800,000 | 22,824,880 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.05%, 1/1/2026, Leverage Factor at purchase date: 4 to 1
|
||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (e)
|
21,610,075 | 23,427,067 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.058%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
|
||||||||
70,016,408 | ||||||||
Texas 1.2%
|
||||||||
Dallas, TX, Water Works & Sewer Systems Revenue, 5.0%, 10/1/2035 (e)
|
10,000,000 | 10,787,900 | ||||||
Trust: Dallas, TX, Water Works & Sewer Systems Revenue, Series 3742, 144A, 9.35%, 10/1/2035, Leverage Factor at purchase date: 2 to 1
|
||||||||
Harris County, TX, Flood Control District, Series A, 5.0%, 10/1/2034 (e)
|
5,500,000 | 5,861,405 | ||||||
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 (e)
|
3,000,000 | 3,273,918 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2027 (e)
|
7,425,000 | 8,102,947 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2028 (e)
|
6,540,000 | 7,137,141 | ||||||
San Antonio, TX, Electric & Gas Revenue, 5.0%, 2/1/2029 (e)
|
7,000,000 | 7,639,141 | ||||||
Trust: San Antonio, TX, Electric & Gas Revenue, Series 2008-1150, 144A, 9.262%, 2/1/2022, Leverage Factor at purchase date: 2 to 1
|
||||||||
Texas, Water Development Board Revenue, Series B, 5.25%, 7/15/2026 (e)
|
10,000,000 | 11,257,100 | ||||||
Trust: Texas, Water Development Board, Series 2008-1173, 144A, 18.66%, 7/15/2026, Leverage Factor at purchase date: 4 to 1
|
||||||||
54,059,552 | ||||||||
Total Municipal Inverse Floating Rate Notes (Cost $577,101,708)
|
610,792,154 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $4,629,645,248)+
|
108.6 | 4,946,464,738 | ||||||
Other Assets and Liabilities, Net
|
(8.6 | ) | (390,215,477 | ) | ||||
Net Assets
|
100.0 | 4,556,249,261 |
Securities
|
Coupon
|
Maturity Date
|
Principal Amount ($)
|
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 | 925,000 | ||||||||||||
Nevada, Director State Department of Business & Industry, Las Vegas Monorail Project, Second Tier*
|
7.375 | % |
1/1/2040
|
15,000,000 | 14,314,437 | 21,000 | |||||||||||
Austin, TX, Austin-Bergstrom Landhost Enterprises, Inc., Airport Hotel Project, Series A (c)
|
3.375 | % |
4/1/2027
|
21,335,000 | 21,337,200 | 11,828,764 | |||||||||||
38,635,221 | 12,774,764 |
Effective/
Expiration Date
|
Notional Amount ($)
|
Cash Flows Paid by the Fund
|
Cash Flows Received by the Fund
|
Value ($)
|
Upfront Payments Paid/ (Received) ($)
|
Unrealized Depreciation ($)
|
||||||||||||
8/3/2012
8/3/2029
|
9,650,000 | 1 |
Fixed — 3.99%
|
Floating — LIBOR
|
(1,693,006 | ) | — | (1,693,006 | ) | |||||||||
3/9/2012
3/9/2031
|
5,200,000 | 2 |
Fixed — 4.562%
|
Floating — LIBOR
|
(1,482,323 | ) | — | (1,482,323 | ) | |||||||||
5/14/2012
5/12/2031
|
44,250,000 | 1 |
Fixed — 4.19%
|
Floating — LIBOR
|
(9,875,434 | ) | — | (9,875,434 | ) | |||||||||
5/14/2012
5/13/2031
|
44,300,000 | 1 |
Fixed — 4.19%
|
Floating — LIBOR
|
(9,887,479 | ) | — | (9,887,479 | ) | |||||||||
5/16/2012
5/16/2031
|
46,550,000 | 1 |
Fixed — 4.185%
|
Floating — LIBOR
|
(10,348,062 | ) | — | (10,348,062 | ) | |||||||||
5/16/2012
5/16/2031
|
46,000,000 | 1 |
Fixed — 4.25%
|
Floating — LIBOR
|
(10,678,105 | ) | — | (10,678,104 | ) | |||||||||
5/16/2012
5/16/2031
|
27,750,000 | 1 |
Fixed — 4.186%
|
Floating — LIBOR
|
(6,173,021 | ) | — | (6,173,021 | ) | |||||||||
5/17/2012
5/17/2031
|
27,250,000 | 1 |
Fixed — 4.1%
|
Floating — LIBOR
|
(5,706,121 | ) | — | (5,706,121 | ) | |||||||||
5/11/2012
5/11/2032
|
10,150,000 | 2 |
Fixed — 4.173%
|
Floating — LIBOR
|
(2,308,495 | ) | — | (2,308,495 | ) | |||||||||
3/28/2012
3/28/2033
|
13,300,000 | 1 |
Fixed — 4.432%
|
Floating — LIBOR
|
(3,719,538 | ) | — | (3,719,538 | ) | |||||||||
4/27/2012
4/27/2033
|
16,200,000 | 3 |
Fixed — 4.369%
|
Floating — LIBOR
|
(4,324,246 | ) | — | (4,324,246 | ) | |||||||||
Total unrealized depreciation
|
(66,195,829 | ) |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (f)
|
$ | — | $ | 4,946,464,738 | $ | — | $ | 4,946,464,738 | ||||||||
Total
|
$ | — | $ | 4,946,464,738 | $ | — | $ | 4,946,464,738 | ||||||||
Liabilities
|
||||||||||||||||
Derivatives (g)
|
$ | — | $ | (66,195,829 | ) | $ | — | $ | (66,195,829 | ) | ||||||
Total
|
$ | — | $ | (66,195,829 | ) | $ | — | $ | (66,195,829 | ) |
as of November 30, 2011 (Unaudited)
|
||||
Assets
|
||||
Investments in securities, at value (cost $4,629,645,248)
|
$ | 4,946,464,738 | ||
Cash
|
3,324,762 | |||
Receivable for investments sold
|
15,423,512 | |||
Receivable for Fund shares sold
|
7,367,134 | |||
Interest receivable
|
66,247,392 | |||
Other assets
|
200,715 | |||
Total assets
|
5,039,028,253 | |||
Liabilities
|
||||
Payable for investments purchased — when-issued securities
|
23,204,473 | |||
Payable for Fund shares redeemed
|
2,896,830 | |||
Payable for floating rate notes issued
|
383,135,816 | |||
Unrealized depreciation on swap contracts
|
66,195,829 | |||
Distributions payable
|
3,527,385 | |||
Accrued management fee
|
1,215,418 | |||
Other accrued expenses and payables
|
2,603,241 | |||
Total liabilities
|
482,778,992 | |||
Net assets, at value
|
$ | 4,556,249,261 | ||
Net Assets Consist of:
|
||||
Undistributed net investment income
|
3,091,785 | |||
Net unrealized appreciation (depreciation) on:
Investments
|
316,819,490 | |||
Swap contracts
|
(66,195,829 | ) | ||
Accumulated net realized gain (loss)
|
(15,216,267 | ) | ||
Paid-in capital
|
4,317,750,082 | |||
Net assets, at value
|
$ | 4,556,249,261 |
Statement of Assets and Liabilities as of November 30, 2011 (Unaudited) (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price per share ($1,929,304,502 ÷ 216,290,129 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.92 | ||
Maximum offering price per share (100 ÷ 97.25 of $8.92)
|
$ | 9.17 | ||
Class B
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,601,038 ÷ 403,640 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.92 | ||
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($173,990,594 ÷ 19,506,435 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.92 | ||
Class S
Net Asset Value, offering and redemption price per share ($2,352,248,144 ÷ 263,349,313 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.93 | ||
Institutional Class
Net Asset Value, offering and redemption price per share ($97,104,983 ÷ 10,882,374 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 8.92 |
for the six months ended November 30, 2011 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Interest
|
$ | 123,126,064 | ||
Expenses:
Management fee
|
7,288,147 | |||
Administration fee
|
2,224,768 | |||
Services to shareholders
|
1,962,309 | |||
Distribution and service fees
|
3,159,877 | |||
Custodian fee
|
21,655 | |||
Professional fees
|
72,773 | |||
Reports to shareholders
|
83,570 | |||
Registration fees
|
95,390 | |||
Trustees' fees and expenses
|
69,532 | |||
Interest expense and fees on floating rate notes issued
|
1,298,907 | |||
Other
|
87,657 | |||
Total expenses
|
16,364,585 | |||
Net investment income
|
106,761,479 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Investments
|
12,396,495 | |||
Swap contracts
|
(88,000 | ) | ||
12,308,495 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
97,821,961 | |||
Swap contracts
|
(60,575,048 | ) | ||
37,246,913 | ||||
Net gain (loss)
|
49,555,408 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 156,316,887 |
for the six months ended November 30, 2011 (Unaudited)
|
||||
Increase (Decrease) in Cash:
Cash Flows from Operating Activities
|
||||
Net increase (decrease) in net assets resulting from operations
|
$ | 156,316,887 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments
|
(879,706,708 | ) | ||
Net amortization of premium (discount)
|
(12,928,488 | ) | ||
Proceeds from sales and maturities of long-term investments
|
699,971,108 | |||
(Increase) decrease in interest receivable
|
(798,257 | ) | ||
(Increase) decrease in other assets
|
(66,047 | ) | ||
(Increase) decrease in receivable for investments sold
|
(11,005,560 | ) | ||
Increase (decrease) in payable for investments purchased — when-issued securities
|
23,204,473 | |||
Increase (decrease) in accrued expenses and payables
|
(452,094 | ) | ||
Change in net unrealized (appreciation) depreciation on investments
|
(97,821,961 | ) | ||
Change in net unrealized (appreciation) depreciation on swap contracts
|
60,575,048 | |||
Net realized (gain) loss from investments
|
(12,396,495 | ) | ||
Cash provided (used) by operating activities
|
$ | (75,108,094 | ) | |
Cash Flows from Financing Activities
|
||||
Proceeds from shares sold
|
441,887,861 | |||
Payments for shares redeemed
|
(328,369,451 | ) | ||
Distributions paid (net of reinvestment of distributions)
|
(35,996,737 | ) | ||
Cash provided (used) by financing activities
|
77,521,673 | |||
Increase (decrease) in cash
|
2,413,579 | |||
Cash at beginning of period
|
911,183 | |||
Cash at end of period
|
$ | 3,324,762 | ||
Supplemental Disclosure of Non-Cash Financing Activities
|
||||
Reinvestment of distributions
|
$ | 69,521,689 | ||
Interest expense and fees on floating rate notes issued
|
$ | (1,298,907 | ) |
Increase (Decrease) in Net Assets
|
Six Months Ended November 30, 2011 (Unaudited)
|
Year Ended May 31, 2011
|
||||||
Operations:
Net investment income
|
$ | 106,761,479 | $ | 207,852,413 | ||||
Net realized gain (loss)
|
12,308,495 | (25,266,552 | ) | |||||
Change in net unrealized appreciation (depreciation)
|
37,246,913 | (105,044,003 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
156,316,887 | 77,541,858 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(43,854,537 | ) | (89,676,621 | ) | ||||
Class B
|
(74,095 | ) | (194,993 | ) | ||||
Class C
|
(3,062,308 | ) | (5,620,447 | ) | ||||
Class S
|
(56,483,690 | ) | (106,316,285 | ) | ||||
Institutional Class
|
(1,741,948 | ) | (2,124,100 | ) | ||||
Net realized gains:
Class A
|
— | (263,258 | ) | |||||
Class B
|
— | (680 | ) | |||||
Class C
|
— | (20,490 | ) | |||||
Class S
|
— | (283,193 | ) | |||||
Institutional Class
|
— | (7,180 | ) | |||||
Total distributions
|
(105,216,578 | ) | (204,507,247 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
444,401,310 | 1,123,680,958 | ||||||
Reinvestment of distributions
|
69,521,689 | 135,876,018 | ||||||
Payments for shares redeemed
|
(327,767,054 | ) | (939,146,431 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
186,155,945 | 320,410,545 | ||||||
Increase from regulatory settlements (see Note G)
|
— | 262,613 | ||||||
Increase (decrease) in net assets
|
237,256,254 | 193,707,769 | ||||||
Net assets at beginning of period
|
4,318,993,007 | 4,125,285,238 | ||||||
Net assets at end of period (including undistributed net investment income of $3,091,785 and $1,546,884, respectively)
|
$ | 4,556,249,261 | $ | 4,318,993,007 |
Years Ended May 31,
|
||||||||||||||||||||||||
Class A
|
Six Months Ended 11/30/11 (Unaudited)
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | ||||||||||||
Income from investment operations:
Net investment income
|
.21 | .42 | .43 | .41 | .40 | .39 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.10 | (.26 | ) | .41 | (.14 | ) | (.13 | ) | .00 | *** | ||||||||||||||
Total from investment operations
|
.31 | .16 | .84 | .27 | .27 | .39 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.21 | ) | (.42 | ) | (.43 | ) | (.41 | ) | (.40 | ) | (.39 | ) | ||||||||||||
Net realized gains
|
— | (.00 | )*** | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||||
Total distributions
|
(.21 | ) | (.42 | ) | (.44 | ) | (.44 | ) | (.41 | ) | (.44 | ) | ||||||||||||
Net asset value, end of period
|
$ | 8.92 | $ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | ||||||||||||
Total Return (%)a
|
3.51 | ** | 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)
|
1,929 | 1,833 | 1,881 | 1,627 | 1,745 | 1,843 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
.81 | * | .83 | .81 | 1.11 | 1.16 | 1.04 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
.81 | * | .83 | .81 | 1.10 | 1.14 | 1.02 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.75 | * | .75 | .74 | .74 | .73 | .73 | |||||||||||||||||
Ratio of net investment income (%)
|
4.73 | * | 4.86 | 4.86 | 4.95 | 4.52 | 4.29 | |||||||||||||||||
Portfolio turnover rate (%)
|
15 | ** | 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended May 31,
|
||||||||||||||||||||||||
Class B
|
Six Months Ended 11/30/11 (Unaudited)
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.86 | $ | 8.99 | $ | 9.04 | ||||||||||||
Income from investment operations:
Net investment income
|
.17 | .35 | .35 | .34 | .34 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.10 | (.26 | ) | .41 | (.15 | ) | (.13 | ) | .00 | *** | ||||||||||||||
Total from investment operations
|
.27 | .09 | .76 | .19 | .21 | .32 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.17 | ) | (.35 | ) | (.35 | ) | (.34 | ) | (.33 | ) | (.32 | ) | ||||||||||||
Net realized gains
|
— | (.00 | )*** | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||||
Total distributions
|
(.17 | ) | (.35 | ) | (.36 | ) | (.37 | ) | (.34 | ) | (.37 | ) | ||||||||||||
Net asset value, end of period
|
$ | 8.92 | $ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.86 | $ | 8.99 | ||||||||||||
Total Return (%)a
|
3.09 | ** | 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 | 4 | 6 | 7 | 12 | 19 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.63 | * | 1.64 | 1.64 | 1.92 | 1.98 | 1.84 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.63 | * | 1.64 | 1.64 | 1.89 | 1.89 | 1.77 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.57 | * | 1.56 | 1.57 | 1.53 | 1.48 | 1.48 | |||||||||||||||||
Ratio of net investment income (%)
|
3.90 | * | 4.04 | 4.03 | 4.16 | 3.77 | 3.54 | |||||||||||||||||
Portfolio turnover rate (%)
|
15 | ** | 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended May 31,
|
||||||||||||||||||||||||
Class C
|
Six Months Ended 11/30/11 (Unaudited)
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.81 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | ||||||||||||
Income from investment operations:
Net investment income
|
.17 | .35 | .36 | .34 | .34 | .32 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.11 | (.27 | ) | .41 | (.14 | ) | (.13 | ) | .00 | *** | ||||||||||||||
Total from investment operations
|
.28 | .08 | .77 | .20 | .21 | .32 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.17 | ) | (.35 | ) | (.36 | ) | (.34 | ) | (.34 | ) | (.32 | ) | ||||||||||||
Net realized gains
|
— | (.00 | )*** | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||||
Total distributions
|
(.17 | ) | (.35 | ) | (.37 | ) | (.37 | ) | (.35 | ) | (.37 | ) | ||||||||||||
Net asset value, end of period
|
$ | 8.92 | $ | 8.81 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | ||||||||||||
Total Return (%)a
|
3.24 | ** | .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)
|
174 | 143 | 121 | 59 | 32 | 22 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.57 | * | 1.61 | 1.60 | 1.88 | 1.92 | 1.81 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.57 | * | 1.61 | 1.60 | 1.87 | 1.90 | 1.78 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.51 | * | 1.53 | 1.53 | 1.52 | 1.49 | 1.49 | |||||||||||||||||
Ratio of net investment income (%)
|
3.96 | * | 4.08 | 4.07 | 4.18 | 3.76 | 3.53 | |||||||||||||||||
Portfolio turnover rate (%)
|
15 | ** | 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended May 31,
|
||||||||||||||||||||||||
Class S
|
Six Months Ended 11/30/11 (Unaudited)
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.83 | $ | 9.09 | $ | 8.69 | $ | 8.87 | $ | 9.00 | $ | 9.05 | ||||||||||||
Income from investment operations:
Net investment income
|
.22 | .44 | .44 | .43 | .42 | .41 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.10 | (.26 | ) | .41 | (.15 | ) | (.12 | ) | .00 | *** | ||||||||||||||
Total from investment operations
|
.32 | .18 | .85 | .28 | .30 | .41 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.22 | ) | (.44 | ) | (.44 | ) | (.43 | ) | (.42 | ) | (.41 | ) | ||||||||||||
Net realized gains
|
— | (.00 | )*** | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||||
Total distributions
|
(.22 | ) | (.44 | ) | (.45 | ) | (.46 | ) | (.43 | ) | (.46 | ) | ||||||||||||
Net asset value, end of period
|
$ | 8.93 | $ | 8.83 | $ | 9.09 | $ | 8.69 | $ | 8.87 | $ | 9.00 | ||||||||||||
Total Return (%)
|
3.61 | ** | 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)
|
2,352 | 2,301 | 2,081 | 1,818 | 1,873 | 1,961 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)b
|
.62 | * | .64 | .62 | .90 | .95 | .82 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)b
|
.62 | * | .64 | .62 | .89 | .93 | .79 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.56 | * | .56 | .55 | .54 | .52 | .50 | |||||||||||||||||
Ratio of net investment income (%)
|
4.91 | * | 5.05 | 5.05 | 5.16 | 4.74 | 4.52 | |||||||||||||||||
Portfolio turnover rate (%)
|
15 | ** | 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Years Ended May 31,
|
||||||||||||||||||||||||
Institutional Class
|
Six Months Ended 11/30/11 (Unaudited)
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||||
Selected Per Share Data
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | $ | 9.04 | ||||||||||||
Income from investment operations:
Net investment income
|
.22 | .44 | .45 | .43 | .43 | .41 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.10 | (.26 | ) | .41 | (.14 | ) | (.13 | ) | .00 | *** | ||||||||||||||
Total from investment operations
|
.32 | .18 | .86 | .29 | .30 | .41 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.22 | ) | (.44 | ) | (.45 | ) | (.43 | ) | (.43 | ) | (.41 | ) | ||||||||||||
Net realized gains
|
— | (.00 | )*** | (.01 | ) | (.03 | ) | (.01 | ) | (.05 | ) | |||||||||||||
Total distributions
|
(.22 | ) | (.44 | ) | (.46 | ) | (.46 | ) | (.44 | ) | (.46 | ) | ||||||||||||
Net asset value, end of period
|
$ | 8.92 | $ | 8.82 | $ | 9.08 | $ | 8.68 | $ | 8.85 | $ | 8.99 | ||||||||||||
Total Return (%)
|
3.67 | ** | 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)
|
97 | 38 | 36 | 6 | 5 | 4 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)b
|
.54 | * | .59 | .57 | .90 | .90 | .78 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)b
|
.54 | * | .59 | .57 | .89 | .90 | .78 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.48 | * | .51 | .50 | .54 | .49 | .49 | |||||||||||||||||
Ratio of net investment income (%)
|
4.99 | * | 5.09 | 5.09 | 5.16 | 4.77 | 4.53 | |||||||||||||||||
Portfolio turnover rate (%)
|
15 | ** | 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.
* Annualized
** Not annualized
*** Amount is less than $.005.
|
Liability Derivative
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | (66,195,829 | ) |
Realized Gain (Loss)
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | (88,000 | ) |
Change in Net Unrealized Appreciation (Depreciation)
|
Swap Contracts
|
|||
Interest Rate Contracts (a)
|
$ | (60,575,048 | ) |
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 November 30, 2011
|
||||||
Class A
|
$ | 177,327 | $ | 93,337 | ||||
Class B
|
976 | 563 | ||||||
Class C
|
11,346 | 7,477 | ||||||
Class S
|
359,534 | 165,651 | ||||||
Institutional Class
|
1,647 | 902 | ||||||
$ | 550,830 | $ | 267,930 |
Distribution Fee
|
Total Aggregated
|
Unpaid at November 30, 2011
|
||||||
Class B
|
$ | 14,511 | $ | 2,231 | ||||
Class C
|
589,215 | 105,322 | ||||||
$ | 603,726 | $ | 107,553 |
Service Fee
|
Total Aggregated
|
Unpaid at November 30, 2011
|
Annualized Effective Rate
|
|||||||||
Class A
|
$ | 2,354,909 | $ | 817,224 | .25 | % | ||||||
Class B
|
4,837 | 815 | .25 | % | ||||||||
Class C
|
196,405 | 69,027 | .25 | % | ||||||||
$ | 2,556,151 | $ | 887,066 |
Six Months Ended
November 30, 2011
|
Year Ended
May 31, 2011
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
17,146,511 | $ | 153,001,936 | 35,208,434 | $ | 314,241,082 | ||||||||||
Class B
|
2,877 | 25,749 | 70,937 | 635,839 | ||||||||||||
Class C
|
4,894,389 | 43,699,626 | 7,272,129 | 65,065,253 | ||||||||||||
Class S
|
20,053,728 | 179,267,742 | 80,796,184 | 704,215,793 | ||||||||||||
Institutional Class
|
7,647,670 | 68,406,257 | 4,396,620 | 39,522,991 | ||||||||||||
$ | 444,401,310 | $ | 1,123,680,958 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
3,908,141 | $ | 34,908,666 | 7,616,416 | $ | 67,468,927 | ||||||||||
Class B
|
7,232 | 64,608 | 17,801 | 157,919 | ||||||||||||
Class C
|
265,634 | 2,372,618 | 461,008 | 4,079,289 | ||||||||||||
Class S
|
3,429,782 | 30,681,038 | 7,041,085 | 62,519,098 | ||||||||||||
Institutional Class
|
167,030 | 1,494,759 | 186,041 | 1,650,785 | ||||||||||||
$ | 69,521,689 | $ | 135,876,018 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(12,735,173 | ) | $ | (113,637,810 | ) | (41,985,518 | ) | $ | (367,547,981 | ) | ||||||
Class B
|
(78,494 | ) | (699,125 | ) | (224,507 | ) | (1,978,020 | ) | ||||||||
Class C
|
(1,906,700 | ) | (17,006,098 | ) | (4,840,588 | ) | (42,341,898 | ) | ||||||||
Class S
|
(20,770,549 | ) | (185,679,463 | ) | (56,072,613 | ) | (490,067,299 | ) | ||||||||
Institutional Class
|
(1,202,770 | ) | (10,744,558 | ) | (4,288,010 | ) | (37,211,233 | ) | ||||||||
$ | (327,767,054 | ) | $ | (939,146,431 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
8,319,479 | $ | 74,272,792 | 839,332 | $ | 14,162,028 | ||||||||||
Class B
|
(68,385 | ) | (608,768 | ) | (135,769 | ) | (1,184,262 | ) | ||||||||
Class C
|
3,253,323 | 29,066,146 | 2,892,549 | 26,802,644 | ||||||||||||
Class S
|
2,712,961 | 24,269,317 | 31,764,656 | 276,667,592 | ||||||||||||
Institutional Class
|
6,611,930 | 59,156,458 | 294,651 | 3,962,543 | ||||||||||||
$ | 186,155,945 | $ | 320,410,545 |
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
|
FACTS
|
What Does DWS Investments Do With Your Personal Information?
|
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
|
What?
|
The types of personal information we collect and share can include:
· Social Security number
· Account balances
· Purchase and transaction history
· Bank account information
· Contact information such as mailing address, e-mail address and telephone number
|
How?
|
All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.
|
Reasons we can share your personal information
|
Does DWS Investments share?
|
Can you limit this sharing?
|
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
|
Yes
|
No
|
For our marketing purposes — to offer our products and services to you
|
Yes
|
No
|
For joint marketing with other financial companies
|
No
|
We do not share
|
For our affiliates' everyday business purposes — information about your transactions and experiences
|
No
|
We do not share
|
For our affiliates' everyday business purposes — information about your creditworthiness
|
No
|
We do not share
|
For non-affiliates to market to you
|
No
|
We do not share
|
Questions?
|
Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com
|
Who we are
|
|
Who is providing this notice?
|
DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
|
What we do
|
|
How does DWS Investments protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
|
How does DWS Investments collect my personal information?
|
We collect your personal information, for example. When you:
· open an account
· give us your contact information
· provide bank account information for ACH or wire transactions
· tell us where to send money
· seek advice about your investments
|
Why can't I limit all sharing?
|
Federal law gives you the right to limit only
· sharing for affiliates' everyday business purposes — information about your creditworthiness
· affiliates from using your information to market to you
· sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
|
Non-affiliates
|
Companies not related by common ownership or control. They can be financial and non-financial companies.
Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
|
Joint marketing
|
A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.
|
Rev. 09/2011
|
ITEM 2.
|
CODE OF ETHICS
|
|
Not applicable.
|
||
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
|
Not applicable
|
||
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
|
Not applicable
|
||
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
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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.
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ITEM 11.
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CONTROLS AND PROCEDURES
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(a)
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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.
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(b)
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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.
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ITEM 12.
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EXHIBITS
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(a)(1)
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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.
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(b)
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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.
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Registrant:
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DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust
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By:
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/s/W. Douglas Beck
W. Douglas Beck
President
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Date:
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January 30, 2012
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By:
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/s/W. Douglas Beck
W. Douglas Beck
President
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Date:
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January 30, 2012
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By:
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/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
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Date:
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January 30, 2012
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1.
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I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSRS;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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January 30, 2012
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/s/W. Douglas Beck
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W. Douglas Beck
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President
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1.
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I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSRS;
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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;
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3.
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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;
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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;
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(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
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(d)
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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
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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.
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January 30, 2012
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/s/Paul Schubert
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Paul Schubert
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Chief Financial Officer and Treasurer
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1.
|
I have reviewed this report, filed on behalf of DWS Managed Municipal Bond Fund, a series of DWS Municipal Trust, on Form N-CSRS;
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2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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-CSRS;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (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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