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 Intermediate Tax/AMT Free Fund
|
![]() |
4 Performance Summary
8 Information About Your Fund's Expenses
10 Portfolio Summary
12 Investment Portfolio
29 Statement of Assets and Liabilities
31 Statement of Operations
32 Statement of Changes in Net Assets
33 Financial Highlights
38 Notes to Financial Statements
47 Investment Management Agreement Approval
51 Summary of Management Fee Evaluation by Independent Fee Consultant
55 Account Management Resources
56 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
|
3.52%
|
5.57%
|
6.63%
|
4.46%
|
4.17%
|
|
Class B
|
3.02%
|
4.66%
|
5.72%
|
3.60%
|
3.34%
|
|
Class C
|
3.02%
|
4.66%
|
5.78%
|
3.67%
|
3.37%
|
|
Adjusted for the Maximum Sales Charge
|
||||||
Class A (max 2.75% load)
|
0.67%
|
2.67%
|
5.65%
|
3.88%
|
3.88%
|
|
Class B (max 4.00% CDSC)
|
-0.98%
|
1.66%
|
5.12%
|
3.43%
|
3.34%
|
|
Class C (max 1.00% CDSC)
|
2.02%
|
4.66%
|
5.78%
|
3.67%
|
3.37%
|
|
No Sales Charges
|
Life of Institutional Class*
|
|||||
Class S
|
3.52%
|
5.67%
|
6.77%
|
4.64%
|
4.38%
|
N/A
|
Institutional Class
|
3.57%
|
5.78%
|
6.88%
|
4.76%
|
N/A
|
4.31%
|
Barclays Capital 7-Year Municipal Bond Index+
|
3.88%
|
6.35%
|
7.41%
|
5.85%
|
5.33%
|
5.11%
|
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
|
2.88%
|
6.81%
|
4.63%
|
4.12%
|
|
Class B
|
2.06%
|
5.93%
|
3.79%
|
3.30%
|
|
Class C
|
2.06%
|
6.02%
|
3.83%
|
3.33%
|
|
Adjusted for the Maximum Sales Charge
|
|||||
Class A (max 2.75% load)
|
0.05%
|
5.82%
|
4.04%
|
3.83%
|
|
Class B (max 4.00% CDSC)
|
-0.93%
|
5.33%
|
3.61%
|
3.30%
|
|
Class C (max 1.00% CDSC)
|
2.06%
|
6.02%
|
3.83%
|
3.33%
|
|
No Sales Charges
|
Life of Institutional Class*
|
||||
Class S
|
3.06%
|
7.02%
|
4.83%
|
4.34%
|
N/A
|
Institutional Class
|
3.16%
|
7.13%
|
4.94%
|
N/A
|
4.40%
|
Barclays Capital 7-Year Municipal Bond Index+
|
4.65%
|
7.83%
|
5.95%
|
5.25%
|
5.14%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
[] DWS Intermediate Tax/AMT Free Fund — Class A
[] Barclays Capital 7-Year 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
|
$ | 11.62 | $ | 11.62 | $ | 11.61 | $ | 11.62 | $ | 11.62 | ||||||||||
5/31/11
|
$ | 11.40 | $ | 11.41 | $ | 11.40 | $ | 11.41 | $ | 11.41 | ||||||||||
Distribution Information:
Six Months as of 11/30/11:
Income Dividends
|
$ | .18 | $ | .13 | $ | .13 | $ | .19 | $ | .19 | ||||||||||
November Income Dividend
|
$ | .0292 | $ | .0216 | $ | .0222 | $ | .0307 | $ | .0314 | ||||||||||
SEC 30-day Yield++ as of 11/30/11
|
1.97 | % | 1.25 | % | 1.29 | % | 2.18 | % | 2.25 | % | ||||||||||
Tax Equivalent Yield++ as of 11/30/11
|
3.03 | % | 1.92 | % | 1.98 | % | 3.35 | % | 3.46 | % | ||||||||||
Current Annualized Distribution Rate++ as of 11/30/11
|
3.02 | % | 2.23 | % | 2.29 | % | 3.17 | % | 3.24 | % |
Morningstar Rankings — Municipal National Intermediate Funds Category as of 11/30/11
|
||||
Period
|
Rank
|
Number of Fund Classes Tracked
|
Percentile Ranking (%)
|
|
Class A
1-Year
|
117
|
of
|
246
|
47
|
3-Year
|
140
|
of
|
208
|
67
|
5-Year
|
60
|
of
|
185
|
32
|
10-Year
|
74
|
of
|
134
|
55
|
Class B
1-Year
|
199
|
of
|
246
|
81
|
3-Year
|
183
|
of
|
208
|
88
|
5-Year
|
142
|
of
|
185
|
76
|
10-Year
|
122
|
of
|
134
|
91
|
Class C
1-Year
|
198
|
of
|
246
|
80
|
3-Year
|
179
|
of
|
208
|
86
|
5-Year
|
141
|
of
|
185
|
76
|
10-Year
|
121
|
of
|
134
|
90
|
Class S
1-Year
|
106
|
of
|
246
|
43
|
3-Year
|
131
|
of
|
208
|
63
|
5-Year
|
38
|
of
|
185
|
20
|
10-Year
|
53
|
of
|
134
|
39
|
Institutional Class
1-Year
|
89
|
of
|
246
|
36
|
3-Year
|
127
|
of
|
208
|
61
|
5-Year
|
29
|
of
|
185
|
16
|
Expenses and Value of a $1,000 Investment 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
|
$ | 1,035.20 | $ | 1,030.20 | $ | 1,030.20 | $ | 1,035.20 | $ | 1,035.70 | ||||||||||
Expenses Paid per $1,000*
|
$ | 3.92 | $ | 7.92 | $ | 7.92 | $ | 3.05 | $ | 2.54 | ||||||||||
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
|
$ | 1,021.15 | $ | 1,017.20 | $ | 1,017.20 | $ | 1,022.00 | $ | 1,022.50 | ||||||||||
Expenses Paid per $1,000*
|
$ | 3.89 | $ | 7.87 | $ | 7.87 | $ | 3.03 | $ | 2.53 |
Annualized Expense Ratios
|
Class A
|
Class B
|
Class C
|
Class S
|
Institutional Class
|
|||||||||||||||
DWS Intermediate Tax/AMT Free Fund
|
.77 | % | 1.56 | % | 1.56 | % | .60 | % | .50 | % |
Asset Allocation (As a % of Investment Portfolio)
|
11/30/11
|
5/31/11
|
||||||
Revenue Bonds
|
60 | % | 63 | % | ||||
General Obligation Bonds
|
26 | % | 25 | % | ||||
Lease Obligations
|
7 | % | 7 | % | ||||
ETM/Prerefunded
|
7 | % | 5 | % | ||||
100 | % | 100 | % |
Quality
|
11/30/11
|
5/31/11
|
||||||||
AAA
|
17 | % | 18 | % | ||||||
AA
|
49 | % | 49 | % | ||||||
A | 27 | % | 26 | % | ||||||
BBB
|
7 | % | 7 | % | ||||||
100 | % | 100 | % |
Interest Rate Sensitivity
|
11/30/11
|
5/31/11
|
Effective Maturity
|
6.1 years
|
6.2 years
|
Effective Duration
|
5.4 years
|
5.7 years
|
Top Five State Allocations (As a % of Investment Portfolio)
|
11/30/11
|
5/31/11
|
Texas
|
20%
|
20%
|
California
|
16%
|
16%
|
Washington
|
6%
|
5%
|
Florida
|
5%
|
7%
|
New York
|
5%
|
4%
|
Principal Amount ($)
|
Value ($)
|
|||||||
Municipal Bonds and Notes 101.2%
|
||||||||
Alabama 0.2%
|
||||||||
Alabama, State Public School & College Authority Revenue, Series A, 5.0%, 5/1/2024
|
3,000,000 | 3,380,430 | ||||||
Arizona 2.4%
|
||||||||
Arizona, Health Facilities Authority Revenue, Banner Health, Series A, 5.0%, 1/1/2020
|
3,000,000 | 3,324,900 | ||||||
Arizona, State Transportation Board Excise Tax Revenue, Maricopa County Regional Area Road, 5.0%, 7/1/2025
|
3,000,000 | 3,373,980 | ||||||
Arizona, Water Infrastructure Finance Authority Revenue, Series A, 5.0%, 10/1/2024
|
4,000,000 | 4,538,600 | ||||||
Arizona, Water Infrastructure Finance Authority Revenue, Water Quality, Series A, 5.0%, 10/1/2030
|
3,750,000 | 4,151,625 | ||||||
Maricopa County, AZ, Industrial Development Authority, Hospital Facility Revenue, Samaritan Health Services, Series B, ETM, 6.0%, 12/1/2019, INS: NATL
|
3,025,000 | 3,570,861 | ||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2028
|
4,000,000 | 4,188,880 | ||||||
Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, 5.5%, 7/1/2022
|
2,545,000 | 3,040,028 | ||||||
Phoenix, AZ, General Obligation, Series B, 5.0%, 7/1/2018
|
10,000,000 | 11,765,900 | ||||||
37,954,774 | ||||||||
California 15.8%
|
||||||||
California, ABAG Finance Authority for Non-Profit Corp., Multi-Family Housing Revenue, Amber Court Apartments, Series A, 0.11%*, 12/15/2032, LIQ: Fannie Mae
|
2,150,000 | 2,150,000 | ||||||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
|
||||||||
Series F-1, 5.0%, 4/1/2028
|
10,000,000 | 10,764,800 | ||||||
Series F-1, 5.25%, 4/1/2029
|
2,500,000 | 2,717,550 | ||||||
California, Department of Water Resources Power Supply Revenue, Series A, Prerefunded 5/1/2012 @ 101, 5.5%, 5/1/2015, INS: AMBAC
|
10,000,000 | 10,321,200 | ||||||
California, Electric Revenue, Department of Water Resources & Power Supply, Series A, Prerefunded 5/1/2012 @ 101, 5.875%, 5/1/2016
|
7,000,000 | 7,235,830 | ||||||
California, General Obligation, Economic Recovery, Series A, 5.25%, 7/1/2014, INS: FGIC, NATL
|
10,000,000 | 11,129,900 | ||||||
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2029
|
4,000,000 | 4,367,040 | ||||||
California, Infrastructure & Economic Development Bank Revenue, Clean Water, State Revolving Fund, 5.0%, 10/1/2017
|
6,735,000 | 6,980,289 | ||||||
California, State Department of Water Resources, Power Supply Revenue, Series M, 5.0%, 5/1/2013
|
10,295,000 | 10,955,733 | ||||||
California, State Department Water Resources Center, Valley Project Revenue:
|
||||||||
Series Y, 5.25%, 12/1/2016, INS: FGIC, NATL
|
2,955,000 | 3,152,039 | ||||||
Series Y, Prerefunded 6/1/2013 @ 100, 5.25%, 12/1/2016, INS: FGIC
|
45,000 | 48,308 | ||||||
California, State Economic Recovery, Series A, 5.25%, 7/1/2021
|
5,000,000 | 5,839,350 | ||||||
California, State General Obligation, Various Purposes:
|
||||||||
5.25%, 10/1/2025
|
10,000,000 | 10,899,900 | ||||||
5.25%, 9/1/2027
|
10,000,000 | 10,912,000 | ||||||
5.75%, 4/1/2027
|
5,000,000 | 5,583,250 | ||||||
6.0%, 4/1/2018
|
1,700,000 | 2,046,375 | ||||||
6.0%, 3/1/2033
|
3,765,000 | 4,226,288 | ||||||
California, State Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 4.0%, 3/1/2014
|
700,000 | 734,881 | ||||||
California, State Kindergarten, Series A-8, 0.11%*, 5/1/2034, LOC: Citibank NA & California State Teacher's Retirement System
|
3,000,000 | 3,000,000 | ||||||
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series B, 0.7%, Mandatory Put 2/1/2012 @ 100, 8/1/2024
|
2,500,000 | 2,500,175 | ||||||
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.25%, 11/1/2021
|
7,000,000 | 8,081,850 | ||||||
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.125%, 4/1/2028
|
2,000,000 | 2,182,100 | ||||||
California, Statewide Communities Development Authority Revenue, Certificates of Participation, Cedars-Sinai Medical Center, 6.5%, 8/1/2012
|
1,570,000 | 1,609,376 | ||||||
California, Statewide Communities Development Authority Revenue, LA County Museum Art, Series B, 0.07%*, 12/1/2037, LOC: Union Bank NA
|
10,000,000 | 10,000,000 | ||||||
California, University Revenues, Limited Project, Series E, 5.0%, 5/15/2021
|
5,000,000 | 5,917,500 | ||||||
Fremont, CA, Certificates of Participation, Refinancing Capital, 0.12%*, 8/1/2038, LOC: U.S. Bank NA
|
800,000 | 800,000 | ||||||
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series A, 5.0%, 5/15/2031
|
10,000,000 | 10,611,900 | ||||||
Los Angeles, CA, General Obligation:
|
||||||||
Series A, 5.0%, 9/1/2019, INS: AGMC
|
6,340,000 | 7,134,782 | ||||||
Series A, 5.0%, 9/1/2020, INS: AGMC
|
5,915,000 | 6,624,327 | ||||||
Los Angeles, CA, School District General Obligation, Prerefunded 7/1/2013 @ 100, 5.5%, 7/1/2015, INS: NATL
|
4,000,000 | 4,325,200 | ||||||
Los Angeles, CA, Unified School District, Series A, Prerefunded 7/1/2013 @ 100, 5.0%, 7/1/2022, INS: AGMC
|
1,400,000 | 1,502,760 | ||||||
Oakland-Alameda County, CA, Coliseum Authority Lease Revenue, Coliseum Project, Series C-1, 0.11%*, 2/1/2025, LOC: Bank of New York Mellon & California State Teacher's Retirement System
|
3,000,000 | 3,000,000 | ||||||
Orange County, CA, Airport Revenue, Series A, 5.25%, 7/1/2025
|
3,000,000 | 3,318,630 | ||||||
Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2023, INS: AGMC
|
7,000,000 | 7,799,190 | ||||||
San Diego County, CA, Regional Airport Authority Revenue:
|
||||||||
Series A, 5.0%, 7/1/2029
|
7,245,000 | 7,523,860 | ||||||
Series A, 5.0%, 7/1/2030
|
5,000,000 | 5,160,050 | ||||||
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue, Series A, 5.125%, 5/15/2029
|
4,000,000 | 4,313,040 | ||||||
San Diego, CA, Public Facilities Financing Authority, Water Revenue:
|
||||||||
Series A, 5.25%, 8/1/2027
|
5,000,000 | 5,572,000 | ||||||
Series A, 5.25%, 8/1/2028
|
5,000,000 | 5,541,500 | ||||||
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series E, 5.25%, 5/1/2024
|
9,000,000 | 10,003,680 | ||||||
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Governmental Purpose:
|
||||||||
Series C, 5.0%, 5/1/2025
|
2,000,000 | 2,166,240 | ||||||
Series C, 5.0%, 5/1/2026
|
2,850,000 | 3,036,190 | ||||||
San Joaquin Hills, CA, Transportation/Tolls Revenue, Transportation Corridor Agency, Toll Road Revenue, Series A, Zero Coupon, 1/15/2012, INS: NATL
|
825,000 | 820,050 | ||||||
San Jose, CA, Multi-Family Housing Revenue, Brookwood Terrace Family Apartments LP, Series B-2, 0.11%*, 1/1/2014, LOC: JPMorgan Chase Bank
|
1,000,000 | 1,000,000 | ||||||
South Orange County, CA, Public Finance Authority, Special Tax Revenue, Foothill Area, Series A, 5.25%, 8/15/2016, INS: FGIC, NATL
|
6,260,000 | 6,748,656 | ||||||
Stockton, CA, Public Financing Authority, Water Revenue, Delta Water Supply Project, Series A, 0.1%*, 10/1/2040, LOC: Union Bank
|
1,300,000 | 1,300,000 | ||||||
Turlock, CA, Public Financing Authority Revenue, 5.25%, 9/1/2015
|
20,000 | 20,036 | ||||||
Ventura County, CA, Certificates of Participation, Public Financing Authority III, 6.0%, 8/15/2026
|
3,370,000 | 3,799,978 | ||||||
245,477,803 | ||||||||
Colorado 1.1%
|
||||||||
Aurora, CO, Water Improvement Revenue, First Lien, Series A, 5.0%, 8/1/2021, INS: AMBAC
|
7,000,000 | 7,938,070 | ||||||
Colorado, Health Facilities Authority Revenue, Sisters Leavenworth, Series A, 5.25%, 1/1/2025
|
2,500,000 | 2,736,600 | ||||||
Colorado, Housing Finance Authority, Multi-Family Insured Mortgage, Series C-3, 5.7%, 10/1/2021
|
70,000 | 70,092 | ||||||
Colorado, Housing Finance Authority, Single Family Program, Series A-3, 6.5%, 5/1/2016
|
10,000 | 10,407 | ||||||
Colorado, State Building Excellent School Today, Certificate of Participation, Series G, 5.0%, 3/15/2025 (a)
|
3,285,000 | 3,642,014 | ||||||
Colorado, State Educational & Cultural Facilities Authority, National Jewish Federation Bond Program, Series A1, 0.12%*, 9/1/2033, LOC: Bank of America NA
|
1,400,000 | 1,400,000 | ||||||
Colorado, University Enterprise System Revenue, Series A, 5.5%, 6/1/2023
|
1,000,000 | 1,179,050 | ||||||
16,976,233 | ||||||||
Connecticut 0.2%
|
||||||||
Connecticut, State General Obligation, Series C, 5.0%, 6/1/2017, INS: AGMC
|
3,170,000 | 3,660,177 | ||||||
Delaware 0.4%
|
||||||||
Delaware, Transportation Authority Revenue, 5.0%, 9/1/2024
|
5,115,000 | 5,907,774 | ||||||
District of Columbia 0.9%
|
||||||||
District of Columbia, Bond Anticipation Notes, Pilot Arthur Revenue, 4.0%, 12/1/2012
|
3,705,000 | 3,827,154 | ||||||
District of Columbia, Income Tax Revenue, Series A, 5.0%, 12/1/2023
|
5,000,000 | 5,827,600 | ||||||
District of Columbia, Water & Sewer, Public Utility Revenue, 6.0%, 10/1/2013, INS: AGMC
|
3,630,000 | 3,981,384 | ||||||
13,636,138 | ||||||||
Florida 5.5%
|
||||||||
Broward County, FL, Water & Sewer Utility Revenue, Series A, 5.0%, 10/1/2024
|
2,745,000 | 3,060,373 | ||||||
Dade County, FL, Health Facilities Authority Hospital Revenue, Baptist Hospital of Miami Project, Series A, ETM, 5.75%, 5/1/2021, INS: NATL
|
3,730,000 | 4,474,284 | ||||||
Florida, Housing Finance Corp. Revenue, Homeowner Mortgage Special Program, Series A, 5.0%, 7/1/2028
|
2,630,000 | 2,835,140 | ||||||
Florida, Hurricane Catastrophe Fund Finance Corp. Revenue, Series A, 5.0%, 7/1/2012
|
7,200,000 | 7,388,280 | ||||||
Florida, State Department of Environmental Protection Preservation Revenue, Series C, 4.0%, 7/1/2012
|
6,740,000 | 6,887,539 | ||||||
Miami-Dade County, FL, Aviation Revenue:
|
||||||||
Series B, 5.0%, 10/1/2024
|
4,000,000 | 4,249,760 | ||||||
Series A, 5.75%, 10/1/2026
|
8,000,000 | 8,851,120 | ||||||
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
|
||||||||
Series A-1, 5.5%, 10/1/2025
|
3,000,000 | 3,307,350 | ||||||
Series A-1, 5.5%, 10/1/2026
|
4,400,000 | 4,837,096 | ||||||
Miami-Dade County, FL, School Board, Certificates of Participation, Series A, 5.0%, 5/1/2019, INS: FGIC, NATL
|
3,000,000 | 3,263,850 | ||||||
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2027, INS: AGMC
|
10,000,000 | 11,071,000 | ||||||
Orlando & Orange County, FL, Expressway Authority Revenue:
|
||||||||
Series A, 5.0%, 7/1/2028
|
7,500,000 | 7,986,900 | ||||||
Series C, 5.0%, 7/1/2030
|
10,000,000 | 10,538,200 | ||||||
South Florida, Water Management District, Certificates of Participation, 5.0%, 10/1/2018, INS: AMBAC
|
4,000,000 | 4,451,360 | ||||||
South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021
|
2,500,000 | 2,744,725 | ||||||
St. John's County, FL, Industrial Development Authority Revenue, Series A, 5.5%, 3/1/2017, INS: NATL
|
185,000 | 185,355 | ||||||
86,132,332 | ||||||||
Georgia 4.1%
|
||||||||
Appling County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Hatch Project, Series A, 2.5%, Mandatory Put 3/1/2013 @ 100, 1/1/2038
|
6,000,000 | 6,072,000 | ||||||
Atlanta, GA, Airport Passenger Facility Charge Revenue, Series B, 5.0%, 1/1/2021
|
8,345,000 | 9,512,799 | ||||||
Atlanta, GA, Airport Revenue, Series C, 5.75%, 1/1/2023
|
2,460,000 | 2,896,970 | ||||||
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.25%, 11/1/2027, INS: AGMC
|
10,000,000 | 11,353,400 | ||||||
Columbus, GA, Water & Sewer Revenue, 5.25%, 5/1/2015, INS: AGMC
|
1,000,000 | 1,062,220 | ||||||
Fulton Dekalb, GA, Hospital Authority, Hospital Revenue Certificates, 5.25%, 1/1/2016, INS: AGMC
|
8,500,000 | 9,105,795 | ||||||
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series B, 5.5%, 2/15/2029
|
8,900,000 | 9,162,639 | ||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024
|
1,705,000 | 1,699,664 | ||||||
Georgia, Municipal Electric Authority Power Revenue, Series 2005-Y, 6.4%, 1/1/2013, INS: AMBAC
|
2,160,000 | 2,217,067 | ||||||
Georgia, Municipal Electric Authority, Comb Cycle Project, Series A, 5.0%, 11/1/2027
|
1,000,000 | 1,078,650 | ||||||
Georgia, Municipal Electric Authority, General Resolution Projects, Series A, 5.25%, 1/1/2019
|
2,500,000 | 2,960,800 | ||||||
Georgia, Municipal Electric Authority, Project One, Series A, 5.0%, 1/1/2021
|
3,420,000 | 3,964,806 | ||||||
Georgia, State Road & Tollway Authority Revenue, Federal Highway Grant Anticipation Bonds, Series A, 5.0%, 6/1/2021
|
2,500,000 | 2,912,875 | ||||||
63,999,685 | ||||||||
Guam 0.1%
|
||||||||
Guam, Government Limited Obligation Revenue, Section 30, Series A, 5.375%, 12/1/2024
|
1,000,000 | 1,027,400 | ||||||
Hawaii 1.7%
|
||||||||
Hawaii, State Airports Systems Revenue:
|
||||||||
Series A, 5.25%, 7/1/2027
|
2,335,000 | 2,530,253 | ||||||
Series A, 5.25%, 7/1/2028
|
5,010,000 | 5,387,603 | ||||||
Series A, 5.25%, 7/1/2029
|
3,155,000 | 3,367,016 | ||||||
Hawaii, State General Obligation:
|
||||||||
Series EC, 5.0%, 12/1/2013 (a)
|
4,455,000 | 4,857,955 | ||||||
Series DK, 5.0%, 5/1/2021
|
9,000,000 | 10,455,210 | ||||||
26,598,037 | ||||||||
Illinois 4.3%
|
||||||||
Chicago, IL, Core City General Obligation, Capital Appreciation Project, Series A, 5.3%, 1/1/2016, INS: NATL
|
1,100,000 | 1,235,058 | ||||||
Chicago, IL, Higher Education Revenue, City Colleges, Zero Coupon, 1/1/2014, INS: FGIC, NATL
|
11,570,000 | 11,054,903 | ||||||
Chicago, IL, O'Hare International Airport Revenue, Series C, 5.25%, 1/1/2030, INS: AGC
|
10,000,000 | 10,590,200 | ||||||
Du Page County, IL, Special Services Area No. 11, 6.75%, 1/1/2014
|
320,000 | 333,981 | ||||||
Du Page County, IL, Special Services Area No. 26, Bruce Lake Subdivision, General Obligation:
|
||||||||
5.0%, 1/1/2013
|
65,000 | 65,084 | ||||||
5.15%, 1/1/2014
|
65,000 | 65,075 | ||||||
5.25%, 1/1/2016
|
150,000 | 150,094 | ||||||
5.5%, 1/1/2012
|
35,000 | 35,076 | ||||||
5.5%, 1/1/2019
|
255,000 | 255,041 | ||||||
5.75%, 1/1/2022
|
300,000 | 298,623 | ||||||
Illinois, Municipal Electric Agency Power Supply, Series A, 5.25%, 2/1/2018, INS: FGIC, NATL
|
2,000,000 | 2,273,620 | ||||||
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 5.0%, 6/1/2019
|
3,500,000 | 3,808,875 | ||||||
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: FGIC, NATL
|
5,000,000 | 5,915,500 | ||||||
Illinois, State General Obligation, 5.0%, 1/1/2024
|
5,000,000 | 5,200,350 | ||||||
Illinois, State Toll Highway Authority Revenue, Series A-1, 5.25%, 1/1/2030
|
5,000,000 | 5,330,150 | ||||||
Illinois, Transportation/Tolls Revenue, State Toll Highway Authority, Series A, 5.5%, 1/1/2013, INS: AGMC
|
2,200,000 | 2,302,124 | ||||||
Illinois, Will, Grundy Etc. Counties, Community College District Number 525, Joliet Jr. College, 6.25%, 6/1/2021
|
1,000,000 | 1,192,270 | ||||||
Rockford-Concord Commons, IL, Housing Facility, Concord Commons Project, Series A, 6.15%, 11/1/2022
|
1,110,000 | 1,111,709 | ||||||
Rosemont, IL, Core City General Obligation:
|
||||||||
Series A, Zero Coupon, 12/1/2013, INS: FGIC, NATL
|
3,865,000 | 3,722,188 | ||||||
Series A, Zero Coupon, 12/1/2014, INS: FGIC, NATL
|
4,000,000 | 3,746,320 | ||||||
University of Illinois, Higher Education Revenue, Auxiliary Facilities System:
|
||||||||
Series A, 5.5%, 4/1/2015, INS: AMBAC
|
3,860,000 | 4,350,838 | ||||||
Series A, 5.5%, 4/1/2016, INS: AMBAC
|
3,580,000 | 4,125,664 | ||||||
67,162,743 | ||||||||
Indiana 2.2%
|
||||||||
Indiana, Finance Authority, Water Utility Revenue, Citizens Energy, 3.0%, 10/1/2014
|
1,800,000 | 1,860,948 | ||||||
Indiana, State Finance Authority Revenue, State Revolving Fund Program, Series B, 5.0%, 2/1/2029
|
2,240,000 | 2,523,450 | ||||||
Indiana, State Finance Authority, Economic Development Revenue, Republic Services, Inc. Project, Series B, 0.8%, Mandatory Put 12/1/2012 @ 100, 5/1/2028
|
2,500,000 | 2,500,000 | ||||||
Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022
|
10,000,000 | 12,255,500 | ||||||
Indianapolis, IN, City Core General Obligation, Local Improvements, Series B, 6.0%, 1/10/2013
|
1,305,000 | 1,338,956 | ||||||
Indianapolis, IN, Local Public Improvement Bond Bank, Series K, 5.0%, 6/1/2026
|
5,355,000 | 5,562,292 | ||||||
Indianapolis, IN, State Agency Revenue Lease, Local Improvements, Series D, 6.75%, 2/1/2014
|
5,340,000 | 5,626,758 | ||||||
Jasper County, IN, Pollution Control Revenue, Northern Indiana Public Service, Series C, 5.85%, 4/1/2019, INS: NATL
|
2,000,000 | 2,308,100 | ||||||
33,976,004 | ||||||||
Iowa 0.7%
|
||||||||
Iowa, Finance Authority, Health Facilities Revenue, Iowa Health System, 5.25%, 2/15/2029, INS: AGC
|
10,000,000 | 10,510,100 | ||||||
Kansas 1.3%
|
||||||||
Johnson County, KS, School District General Obligation, Unified School District No. 231, Series A, 5.25%, 10/1/2014, INS: AGMC
|
2,220,000 | 2,491,795 | ||||||
Kansas, State Department of Transportation Highway Revenue, Series B-3, 0.09%*, 9/1/2019, SPA: Barclays Bank PLC
|
3,800,000 | 3,800,000 | ||||||
Kansas, State Development Finance Authority Hospital Revenue, Adventist Health, 5.5%, 11/15/2022
|
4,470,000 | 5,132,722 | ||||||
Kansas, State Development Finance Authority Revenue, Sisters Leavenworth, Series A, 5.25%, 1/1/2025
|
7,500,000 | 8,155,500 | ||||||
19,580,017 | ||||||||
Kentucky 0.1%
|
||||||||
Kentucky, Asset/Liability Commission Agency Revenue, Federal Highway Trust, First Series, 5.25%, 9/1/2019, INS: NATL
|
1,000,000 | 1,214,520 | ||||||
Louisiana 0.6%
|
||||||||
Louisiana, Local Government Environmental Facilities & Community Development Authority, LCTCS Facilities Corp. Project, Series B, 5.0%, 10/1/2027, INS: AGC
|
1,365,000 | 1,443,269 | ||||||
Louisiana, Regional Transit Authority, Sales Tax Revenue, 5.0%, 12/1/2025, INS: AGMC
|
1,550,000 | 1,702,474 | ||||||
Louisiana, Sales & Special Tax Revenue, Regional Transportation Authority, Series A, 144A, 7.95%, 12/1/2013, INS: FGIC, NATL
|
2,815,000 | 3,112,067 | ||||||
Louisiana, State Offshore Terminal Authority, Deepwater Port Revenue, Loop LLC Project, Series B-1, 1.875%, Mandatory Put 10/1/2013 @ 100, 10/1/2040
|
3,250,000 | 3,283,182 | ||||||
9,540,992 | ||||||||
Maine 0.5%
|
||||||||
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.25%, 7/1/2031
|
8,040,000 | 8,369,318 | ||||||
Maryland 0.8%
|
||||||||
Maryland, General Obligation, State & Local Facilities Loan, Series 2, 5.0%, 8/1/2019
|
5,000,000 | 5,876,250 | ||||||
Maryland, State & Local Facilities Loan, Series 2, 5.0%, 8/1/2013
|
1,125,000 | 1,211,760 | ||||||
Montgomery County, MD, Anticipation Notes, Series A, 0.1%*, 6/1/2026, SPA: Wells Fargo Bank NA
|
5,000,000 | 5,000,000 | ||||||
12,088,010 | ||||||||
Massachusetts 3.7%
|
||||||||
Boston, MA, Deutsches Altenheim, Inc., Series A, 5.95%, 10/1/2018
|
310,000 | 317,009 | ||||||
Holyoke, MA, Gas & Electric Department Revenue, Series A, 5.375%, 12/1/2016, INS: NATL
|
1,260,000 | 1,296,779 | ||||||
Massachusetts, Development Finance Agency, Human Services Provider, Seven Hills Foundation & Affiliates, 4.85%, 9/1/2013, INS: Radian
|
130,000 | 130,339 | ||||||
Massachusetts, Metropolitan Boston Transit Parking Corp., Systemwide Parking Revenue, Senior Lien, 5.0%, 7/1/2028
|
3,760,000 | 4,061,477 | ||||||
Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project No. 4, Series A, 5.25%, 7/1/2014, INS: NATL
|
5,915,000 | 5,990,771 | ||||||
Massachusetts, State Development Finance Agency Revenue, Babson College, Series A, 0.1%*, 10/1/2032, LOC: Citizens Bank
|
1,850,000 | 1,850,000 | ||||||
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series B-3, 5.0%, 1/1/2022
|
9,210,000 | 11,276,356 | ||||||
Massachusetts, State Development Finance Agency Revenue, YMCA of Greater Worcester, 0.11%*, 9/1/2041, LOC: TD Bank NA
|
1,500,000 | 1,500,000 | ||||||
Massachusetts, State Federal Highway, Grant Anticipation Notes, Series A, ETM, 5.25%, 12/15/2012
|
5,050,000 | 5,311,439 | ||||||
Massachusetts, State General Obligation, Series D, 5.5%, 11/1/2015, INS: NATL
|
1,000,000 | 1,169,630 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 6.0%, 7/1/2024
|
5,000,000 | 5,417,150 | ||||||
Massachusetts, State School Building Authority, Sales Tax Revenue, Series B, 5.0%, 10/15/2027
|
7,000,000 | 7,860,720 | ||||||
Massachusetts, State Water Resources Authority, Series C, 5.0%, 8/1/2029 (a)
|
9,755,000 | 10,781,714 | ||||||
56,963,384 | ||||||||
Michigan 2.2%
|
||||||||
Brighton, MI, School District General Obligation, Series II, Zero Coupon, 5/1/2016, INS: AMBAC
|
5,000,000 | 4,465,400 | ||||||
Detroit, MI, Sewer Disposal Revenue, Series C-1, 7.0%, 7/1/2027, INS: AGMC
|
10,000,000 | 11,735,000 | ||||||
Michigan, Finance Authority, Trinity Health Corp., Series A, 3.0%, 12/1/2012
|
290,000 | 296,815 | ||||||
Michigan, State Building Authority Revenue, Facilities Program, Series II-A, 5.0%, 10/15/2024
|
1,610,000 | 1,771,676 | ||||||
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series B, 5.0%, 11/15/2025
|
5,920,000 | 6,351,272 | ||||||
Michigan, State Trunk Line, 5.0%, 11/1/2024
|
3,000,000 | 3,336,660 | ||||||
Michigan, Water & Sewer Revenue, Municipal Bond Authority, Prerefunded 10/1/2012 @ 100, 5.375%, 10/1/2016
|
6,670,000 | 6,955,610 | ||||||
34,912,433 | ||||||||
Minnesota 1.0%
|
||||||||
Minnesota, State General Obligation, 5.0%, 6/1/2020
|
4,535,000 | 5,190,625 | ||||||
Minnesota, State Trunk Highway, Series B, 4.0%, 10/1/2013
|
6,000,000 | 6,395,280 | ||||||
Minnesota, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series B, 5.25%, 3/1/2024
|
3,020,000 | 3,208,508 | ||||||
14,794,413 | ||||||||
Mississippi 1.4%
|
||||||||
Mississippi, Business Financial Corp., Mississippi Retirement Facilities Revenue, Wesley Manor, Series A, 5.45%, 5/20/2034
|
2,500,000 | 2,322,750 | ||||||
Mississippi, Development Bank Special Obligation, Department of Corrections:
|
||||||||
Series C, 5.25%, 8/1/2027
|
6,110,000 | 6,662,222 | ||||||
Series D, 5.25%, 8/1/2027
|
5,000,000 | 5,451,900 | ||||||
Mississippi, Home Corp., Single Family Mortgage Revenue, Series C-1, 5.6%, 6/1/2038
|
4,225,000 | 4,508,455 | ||||||
Rankin County, MS, School District General Obligation, 5.25%, 2/1/2015, INS: NATL
|
2,845,000 | 3,188,904 | ||||||
22,134,231 | ||||||||
Missouri 0.5%
|
||||||||
Bridgeton, MO, Industrial Development Authority, Facilities Revenue, Mizpah Assisted Living, Series A, 5.25%, 12/20/2019
|
105,000 | 106,346 | ||||||
Missouri, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Washington University, Series A, 5.5%, 6/15/2016
|
3,200,000 | 3,820,960 | ||||||
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Homeownership Loan Program, Series D, 4.8%, 3/1/2040
|
2,090,000 | 2,229,528 | ||||||
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Special Homeownership Loan Program Market Bonds, Series E-1, 5.0%, 11/1/2027
|
1,150,000 | 1,246,853 | ||||||
7,403,687 | ||||||||
Nebraska 0.1%
|
||||||||
Omaha, NE, School District General Obligation, Series A, ETM, 6.5%, 12/1/2013
|
1,500,000 | 1,678,095 | ||||||
Nevada 1.1%
|
||||||||
Clark County, NV, Airport Revenue, Series 08-E, 5.0%, 7/1/2012
|
1,975,000 | 2,026,054 | ||||||
Clark County, NV, Airport Systems Revenue, Series E-2, 5.0%, 7/1/2012
|
2,570,000 | 2,633,813 | ||||||
Clark County, NV, Board Bank:
|
||||||||
5.0%, 6/1/2024
|
3,040,000 | 3,339,865 | ||||||
5.0%, 6/1/2025
|
3,190,000 | 3,449,762 | ||||||
Clark County, NV, General Obligation, Series A, 5.0%, 12/1/2026
|
3,025,000 | 3,252,934 | ||||||
Clark County, NV, School District, Series A, 4.5%, 6/15/2012, INS: AMBAC
|
2,200,000 | 2,249,038 | ||||||
16,951,466 | ||||||||
New Jersey 2.0%
|
||||||||
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.375%, 6/15/2014
|
2,280,000 | 2,411,830 | ||||||
New Jersey, Economic Development Authority Revenue, School Facilities Construction:
|
||||||||
Series O, 5.0%, 3/1/2017
|
3,300,000 | 3,642,441 | ||||||
Series W, 5.0%, 3/1/2019
|
3,000,000 | 3,398,850 | ||||||
New Jersey, State Educational Facilities Authority Revenue, Seton Hall University, Series D, 0.08%*, 7/1/2037, LOC: TD Bank NA
|
3,430,000 | 3,430,000 | ||||||
New Jersey, State Transit Corp., Certificate of Participation, Federal Transit Administration Grants, Series A, 5.0%, 9/15/2016, INS: FGIC, NATL
|
7,000,000 | 7,544,320 | ||||||
New Jersey, State Transportation Trust Fund Authority:
|
||||||||
Series B, 5.25%, 6/15/2025 (a)
|
5,000,000 | 5,485,400 | ||||||
Series B, 5.25%, 6/15/2026 (a)
|
5,000,000 | 5,448,150 | ||||||
31,360,991 | ||||||||
New Mexico 0.3%
|
||||||||
New Mexico, Mortgage Finance Authority, Single Family Mortgage:
|
||||||||
Class I, Series E, 5.3%, 9/1/2040
|
1,740,000 | 1,891,450 | ||||||
Class I, Series D, 5.35%, 9/1/2040
|
1,665,000 | 1,806,408 | ||||||
Series I-B-2, 5.65%, 9/1/2039
|
895,000 | 975,935 | ||||||
4,673,793 | ||||||||
New York 4.6%
|
||||||||
New York, Dormitory Authority, St. Joseph's Hospital, 5.25%, 7/1/2018, INS: NATL
|
405,000 | 405,409 | ||||||
New York, Metropolitan Transportation Authority Revenue, Series A, 5.5%, 11/15/2014, INS: AMBAC
|
5,000,000 | 5,581,050 | ||||||
New York, State Dormitory Authority Personal Income Tax Revenue, Series A, 5.0%, 3/15/2019
|
5,000,000 | 5,734,600 | ||||||
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Mount Sinai School of Medicine, Series A, 5.0%, 7/1/2021
|
1,000,000 | 1,129,770 | ||||||
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2029
|
10,000,000 | 11,139,000 | ||||||
New York, Tobacco Settlement Financing Corp.:
|
||||||||
Series B, 4.0%, 6/1/2013
|
6,250,000 | 6,555,562 | ||||||
Series A-1, 5.5%, 6/1/2018
|
2,630,000 | 2,684,757 | ||||||
Series A-1, Prerefunded 6/1/2012 @ 100, 5.5%, 6/1/2018
|
7,370,000 | 7,565,084 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series AA, 5.0%, 6/15/2021
|
10,000,000 | 11,509,700 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series D-1, 5.0%, 11/1/2028
|
12,770,000 | 14,146,478 | ||||||
New York, NY, General Obligation:
|
||||||||
Series J, 5.25%, 5/15/2015, INS: NATL
|
115,000 | 126,875 | ||||||
Series J, Prerefunded 5/15/2014 @ 100, 5.25%, 5/15/2015, INS: NATL
|
3,885,000 | 4,331,348 | ||||||
Oneida County, NY, Industrial Development Agency Revenue, Civic Facilities, 5.0%, 3/1/2014, LOC: HSBC Bank PLC
|
370,000 | 373,637 | ||||||
71,283,270 | ||||||||
North Carolina 1.4%
|
||||||||
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034
|
1,000,000 | 1,070,890 | ||||||
North Carolina, Eastern Municipal Power Agency Systems Revenue, Series B, 5.0%, 1/1/2026
|
4,200,000 | 4,476,822 | ||||||
North Carolina, Electric Revenue, Catawba Municipal Power Agency No. 1, Series A, 5.25%, 1/1/2020
|
2,000,000 | 2,304,420 | ||||||
North Carolina, Electric Revenue, Municipal Power Agency, Series F, 5.5%, 1/1/2016
|
1,000,000 | 1,045,640 | ||||||
North Carolina, State Capital Improvement Obligation, Series A, 5.0%, 5/1/2024
|
10,745,000 | 12,346,112 | ||||||
21,243,884 | ||||||||
North Dakota 0.2%
|
||||||||
Fargo, ND, Sanford Health Systems Revenue:
|
||||||||
4.0%, 11/1/2012
|
1,600,000 | 1,648,160 | ||||||
5.5%, 11/1/2021
|
1,250,000 | 1,423,100 | ||||||
3,071,260 | ||||||||
Ohio 3.3%
|
||||||||
Akron, Bath & Copley, OH, Joint Township Hospital District Revenue, Health Care Facility, Summner Project, 1.0%*, 12/1/2032, LOC: KBC Bank NV
|
1,700,000 | 1,700,000 | ||||||
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series D, 5.0%, 11/15/2024 (a)
|
2,800,000 | 2,981,888 | ||||||
Ohio, Capital Housing Corp. Mortgage, Georgetown Section 8, Series A, 6.625%, 7/1/2022
|
620,000 | 621,203 | ||||||
Ohio, State Higher Education:
|
||||||||
Series A, 5.0%, 2/1/2013
|
3,650,000 | 3,843,924 | ||||||
Series A, 5.0%, 5/1/2013
|
6,500,000 | 6,915,955 | ||||||
Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2021
|
2,150,000 | 2,401,378 | ||||||
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems 2010 Project, 5.5%, 11/15/2030, INS: AGMC
|
5,000,000 | 5,203,850 | ||||||
Ohio, State Highway Capital Improvement, Series P, 5.0%, 5/1/2013
|
7,000,000 | 7,452,690 | ||||||
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series E, 5.0%, 9/1/2039
|
1,535,000 | 1,645,505 | ||||||
Ohio, State Water Development Authority, Solid Waste Revenue, Waste Management, Inc. Project, 1.75%, 6/1/2013
|
3,000,000 | 3,018,900 | ||||||
Ohio, State Water Development Authority, Water Pollution Control Revenue, Water Quality-Loan Fund, 5.0%, 6/1/2013
|
1,000,000 | 1,069,240 | ||||||
Ohio, University of Akron, General Receipts, Series A, 5.0%, 1/1/2028, INS: AGMC
|
4,725,000 | 5,033,401 | ||||||
Ohio, Water & Sewer Revenue, Water Development Authority, Pure Water Improvement Project, Series B, 5.5%, 6/1/2015, INS: AGMC
|
2,280,000 | 2,634,175 | ||||||
Ross County, OH, Hospital Revenue, Adena Health System, 5.75%, 12/1/2022
|
5,750,000 | 6,282,220 | ||||||
50,804,329 | ||||||||
Oklahoma 0.1%
|
||||||||
Oklahoma, Ordinance Works Authority, Ralston Purina Project, 6.3%, 9/1/2015
|
1,500,000 | 1,504,905 | ||||||
Oregon 2.1%
|
||||||||
Clackamas County, OR, North Clackamas School District No. 12, Convertible Deferred Interest, Series B, 5.0%, 6/15/2027, INS: AGMC
|
6,535,000 | 7,088,188 | ||||||
Oregon, State Department of Administrative Services Lottery Revenue, Series A, 5.25%, 4/1/2028
|
2,000,000 | 2,294,620 | ||||||
Oregon, State Department of Administrative Services, Certificates of Participation, Series A, 5.0%, 5/1/2012
|
1,875,000 | 1,912,463 | ||||||
Oregon, State General Obligation:
|
||||||||
Series L, 5.0%, 5/1/2025
|
3,000,000 | 3,507,330 | ||||||
Series J, 5.0%, 5/1/2029
|
5,425,000 | 6,126,452 | ||||||
Port of Portland, OR, Airport Revenue, Passenger Facility Charge, Portland International Airport:
|
||||||||
Series A, 5.5%, 7/1/2026
|
4,025,000 | 4,493,188 | ||||||
Series A, 5.5%, 7/1/2029
|
7,000,000 | 7,651,070 | ||||||
33,073,311 | ||||||||
Pennsylvania 1.4%
|
||||||||
Allegheny County, PA, Airport Revenue, San Authority, Prerefunded 12/1/2011 @ 101, 5.375%, 12/1/2015, INS: NATL
|
3,370,000 | 3,404,172 | ||||||
Erie, PA, Higher Education Building Authority, Gannon University Project, Series E, 5.2%, 7/15/2016
|
795,000 | 796,431 | ||||||
Lancaster, PA, Sewer Authority Revenue, ETM, 6.0%, 4/1/2012
|
10,000 | 10,195 | ||||||
Montgomery County, PA, Redevelopment Authority, Multi-Family Housing Revenue, Forge Gate Apartments Project, Series A, 0.14%*, 8/15/2031, LIQ: Fannie Mae
|
1,510,000 | 1,510,000 | ||||||
Pennsylvania, Commonwealth Systems of Higher Education, University of Pittsburgh Capital Project, Series B, 5.5%, 9/15/2024
|
1,000,000 | 1,179,370 | ||||||
Pennsylvania, Delaware River Junction Toll Bridge, Commonwealth of Pennsylvania Bridge Revenue, 5.25%, 7/1/2013
|
1,000,000 | 1,063,190 | ||||||
Pennsylvania, Higher Educational Facilities Authority, College & University Revenue, University of the Arts, 5.5%, 3/15/2013, INS: Radian
|
545,000 | 546,123 | ||||||
Pennsylvania, Higher Educational Facility Authority, Health Services Revenue, Allegheny Delaware Valley Obligation, Series C, 5.875%, 11/15/2018, INS: NATL
|
1,450,000 | 1,409,313 | ||||||
Philadelphia, PA, Airport Revenue, Series A, 5.25%, 6/15/2030
|
10,890,000 | 11,475,555 | ||||||
Philadelphia, PA, Redevelopment Authority, Multi-Family Housing Revenue, Woodstock, 5.45%, 2/1/2023
|
530,000 | 535,825 | ||||||
Williamsport, PA, Multi-Family Housing Authority, Series A, 5.25%, 1/1/2015, INS: NATL
|
370,000 | 370,969 | ||||||
22,301,143 | ||||||||
Puerto Rico 1.7%
|
||||||||
Commonwealth of Puerto Rico, Public Improvement, Series A, 5.25%, 7/1/2012
|
2,000,000 | 2,045,840 | ||||||
Puerto Rico, Electric Power Authority Revenue, Series UU, 5.0%, 7/1/2019, INS: NATL
|
3,000,000 | 3,301,170 | ||||||
Puerto Rico, Public Buildings Authority Revenue, Government Facilities, Series M, 6.0%, 7/1/2020
|
3,045,000 | 3,405,132 | ||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
|
||||||||
Series A, 5.25%, 8/1/2027
|
11,965,000 | 12,672,132 | ||||||
Series A, 5.5%, 8/1/2028
|
5,000,000 | 5,325,950 | ||||||
26,750,224 | ||||||||
Rhode Island 0.4%
|
||||||||
Rhode Island, State & Providence Plantations, Construction Capital Development Loan, Series A, 5.0%, 8/1/2017, INS: AGMC
|
5,000,000 | 5,732,700 | ||||||
South Carolina 0.5%
|
||||||||
South Carolina, Water & Sewer Revenue, Grand Strand Water & Sewer Authority:
|
||||||||
Prerefunded 6/1/2012 @ 100, 5.375%, 6/1/2015, INS: AGMC
|
3,705,000 | 3,801,145 | ||||||
Prerefunded 6/1/2012 @ 100, 5.375%, 6/1/2016, INS: AGMC
|
3,900,000 | 4,001,205 | ||||||
7,802,350 | ||||||||
Tennessee 0.9%
|
||||||||
Blount County, TN, Public Building Authority, Local Government Public Improvement, City of Alcoa, Series E-5-B, 0.13%*, 6/1/2042, LOC: Branch Banking & Trust
|
3,000,000 | 3,000,000 | ||||||
Johnson City, TN, Hospital & Healthcare Revenue, Medical Center Hospital, ETM, 5.5%, 7/1/2013, INS: NATL
|
3,305,000 | 3,567,087 | ||||||
Memphis & Shelby Counties, TN, Sports, Expo & Entertainment Revenue, Sports Authority Memphis Arena Project, Series A, Prerefunded 11/1/2012 @ 100, 5.5%, 11/1/2015, INS: AMBAC
|
3,545,000 | 3,715,656 | ||||||
Nashville & Davidson Counties, TN, Water & Sewer Revenue, Series B, 5.25%, 1/1/2013, INS: FGIC, NATL
|
3,310,000 | 3,484,735 | ||||||
13,767,478 | ||||||||
Texas 20.3%
|
||||||||
Alief, TX, Independent School District, School Building, 5.0%, 2/15/2013
|
1,000,000 | 1,056,390 | ||||||
Allen, TX, Independent School District, 5.0%, 2/15/2025
|
1,640,000 | 1,895,135 | ||||||
Brownsville, TX, Electric Revenue, ETM, 6.25%, 9/1/2014, INS: NATL
|
3,275,000 | 3,586,583 | ||||||
Comal, TX, Independent School District, School Building Improvements, 5.25%, 2/1/2020
|
2,330,000 | 2,756,996 | ||||||
Cypress-Fairbanks, TX, Independent School District, School House Building Improvements:
|
||||||||
5.0%, 2/15/2019
|
1,300,000 | 1,535,690 | ||||||
5.0%, 2/15/2021
|
1,850,000 | 2,157,137 | ||||||
Dallas, TX, Waterworks & Sewer Systems Revenue:
|
||||||||
5.0%, 10/1/2029
|
4,000,000 | 4,425,240 | ||||||
5.0%, 10/1/2030
|
5,000,000 | 5,491,800 | ||||||
El Paso, TX, Independent School District, School Building Improvements, 5.0%, 8/15/2022
|
4,885,000 | 5,624,687 | ||||||
Fort Bend, TX, Independent School District, 5.0%, 8/15/2026
|
2,000,000 | 2,226,560 | ||||||
Fort Worth, TX, Independent School District, School Building, 5.0%, 2/15/2028
|
9,210,000 | 10,501,426 | ||||||
Harris County, TX, Flood Control District, Contract Tax:
|
||||||||
Series A, 5.0%, 10/1/2029
|
5,000,000 | 5,511,600 | ||||||
Series A, 5.0%, 10/1/2030
|
5,000,000 | 5,468,100 | ||||||
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax:
|
||||||||
Series A, 5.0%, 11/1/2030
|
2,600,000 | 2,829,970 | ||||||
Series A, 5.0%, 11/1/2031
|
2,795,000 | 3,025,476 | ||||||
Harris County, TX, Permanent Improvement, Series A, 5.0%, 10/1/2028
|
10,000,000 | 11,143,200 | ||||||
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035
|
12,190,000 | 13,235,658 | ||||||
Houston, TX, Airport Systems Revenue:
|
||||||||
Series B, 5.0%, 7/1/2013
|
500,000 | 531,840 | ||||||
Series B, 5.0%, 7/1/2026
|
4,000,000 | 4,324,040 | ||||||
Series A, 5.25%, 7/1/2029
|
8,000,000 | 8,533,120 | ||||||
Houston, TX, Public Improvement, Series A, 5.0%, 3/1/2026
|
8,000,000 | 8,840,560 | ||||||
Houston, TX, Utility Systems Revenue, Series A, 5.25%, 11/15/2028
|
2,500,000 | 2,808,350 | ||||||
Houston, TX, Water & Sewer Revenue:
|
||||||||
Series A, Prerefunded 12/1/2011 @ 100, 5.5%, 12/1/2015, INS: AGMC
|
8,250,000 | 8,251,237 | ||||||
Series B, Prerefunded 12/1/2012 @ 100, 5.75%, 12/1/2016, INS: AMBAC
|
1,000,000 | 1,054,400 | ||||||
Houston, TX, Water & Sewer Revenue, Water Conveyance Systems Contract, Series J, 6.25%, 12/15/2013, INS: AMBAC
|
2,500,000 | 2,675,975 | ||||||
Humble, TX, Independent School District, School Building, Series A, 5.0%, 2/15/2029
|
1,335,000 | 1,474,254 | ||||||
Lewisville, TX, Independent School District, School Building, 5.0%, 8/15/2026
|
6,360,000 | 7,256,188 | ||||||
Longview, TX, Independent School District, School Building Improvements, 5.0%, 2/15/2022
|
2,000,000 | 2,308,840 | ||||||
Lubbock, TX, Electric Light & Power Systems Revenue, 4.0%, 4/15/2012
|
500,000 | 506,795 | ||||||
Lubbock, TX, General Obligation, 5.0%, 2/15/2029
|
2,000,000 | 2,192,220 | ||||||
McAllen, TX, General Obligation Certificates, 4.0%, 2/15/2012
|
600,000 | 604,728 | ||||||
North Texas, Tollway Authority Revenue, First Tier:
|
||||||||
Series E-3, 5.75%, Mandatory Put 1/1/2016 @ 100, 1/1/2038
|
4,900,000 | 5,606,041 | ||||||
Series A, 6.0%, 1/1/2022
|
7,000,000 | 8,015,490 | ||||||
Series L-2, 6.0%, Mandatory Put 1/1/2013 @ 100, 1/1/2038
|
6,000,000 | 6,330,960 | ||||||
North Texas, Tollway Authority Revenue, Special Projects Systems:
|
||||||||
Series D, 5.25%, 9/1/2027
|
9,080,000 | 10,101,046 | ||||||
Series A, 5.5%, 9/1/2028
|
1,240,000 | 1,388,378 | ||||||
Pasadena, TX, Independent School District:
|
||||||||
5.0%, 2/15/2027
|
6,960,000 | 7,785,804 | ||||||
5.0%, 2/15/2028
|
5,930,000 | 6,588,586 | ||||||
Plano, TX, General Obligation, 5.0%, 9/1/2029
|
1,635,000 | 1,816,191 | ||||||
Plano, TX, Independent School District, 5.0%, 2/15/2013
|
2,500,000 | 2,640,975 | ||||||
Richardson, TX, General Obligation, 4.0%, 2/15/2012
|
500,000 | 503,960 | ||||||
San Antonio, TX, Electric & Gas Revenue, Series A, 5.25%, 2/1/2026
|
7,000,000 | 7,905,380 | ||||||
San Antonio, TX, General Improvement, Series 2006, 5.5%, 8/1/2014, INS: FGIC, NATL
|
3,000,000 | 3,387,570 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Ascension Health Senior Credit Group, Series D, 5.0%, 11/15/2029
|
5,000,000 | 5,211,450 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Texas Health Resources:
|
||||||||
Series A, 5.0%, 2/15/2018
|
2,000,000 | 2,230,160 | ||||||
Series A, 5.0%, 2/15/2019
|
2,480,000 | 2,728,843 | ||||||
Series A, 5.0%, 2/15/2020
|
6,180,000 | 6,734,593 | ||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, 5.25%, 8/15/2023
|
2,500,000 | 2,729,275 | ||||||
Texas, Dallas-Fort Worth International Airport Revenue:
|
||||||||
Series A, 5.0%, 11/1/2018
|
1,000,000 | 1,187,260 | ||||||
Series A, 5.0%, 11/1/2019
|
1,250,000 | 1,488,675 | ||||||
Series D, 5.0%, 11/1/2024
|
2,250,000 | 2,487,893 | ||||||
Series C, 5.0%, 11/1/2025
|
4,605,000 | 5,061,632 | ||||||
Series C, 5.0%, 11/1/2026
|
3,290,000 | 3,541,060 | ||||||
Texas, Grapevine-Colleyville Independent School District Building, 5.0%, 8/15/2031
|
3,465,000 | 3,813,059 | ||||||
Texas, Lower Colorado River Authority Revenue, Series A, 5.875%, 5/15/2014, INS: AGMC
|
540,000 | 542,354 | ||||||
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2030
|
5,000,000 | 5,211,650 | ||||||
Texas, Midtown Redevelopment Authority, Tax Increment Contract Revenue, 4.0%, 1/1/2014
|
625,000 | 652,169 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series A, 5.0%, 12/15/2012
|
5,000,000 | 5,208,500 | ||||||
Texas, Municipal Power Agency Revenue:
|
||||||||
Zero Coupon, 9/1/2014, INS: NATL
|
1,760,000 | 1,700,424 | ||||||
ETM, Zero Coupon, 9/1/2014, INS: NATL
|
40,000 | 39,082 | ||||||
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
|
||||||||
5.25%, 8/1/2017
|
5,690,000 | 5,808,466 | ||||||
5.5%, 8/1/2020
|
3,790,000 | 3,886,304 | ||||||
Texas, State Department of Housing & Community Affairs, Residential Mortgage Revenue, Series A, 5.375%, 1/1/2039
|
6,770,000 | 7,160,223 | ||||||
Texas, State Public Finance Authority Revenue, Unemployment Compensation, Series A, 5.0%, 1/1/2013
|
4,175,000 | 4,385,044 | ||||||
Texas, State Transportation Commission Revenue, First Tier, 5.0%, 4/1/2022
|
10,000,000 | 11,369,800 | ||||||
Texas, State Veterans Housing Assistance Program, Fund II, Series A, 5.25%, 12/1/2023
|
4,000,000 | 4,796,400 | ||||||
Texas, Transportation Commission Turnpike Systems Revenue, 2.75%, Mandatory Put 2/15/2013 @ 100, 8/15/2042
|
5,000,000 | 5,065,150 | ||||||
Texas, Water & Sewer Revenue, 5.375%, 3/1/2015, INS: AGMC
|
3,710,000 | 3,928,408 | ||||||
Texas, Water Development Board Revenue, State Revolving Fund:
|
||||||||
Series B, Prerefunded 7/15/2014 @ 100, 5.0%, 7/15/2017
|
3,000,000 | 3,344,910 | ||||||
Series A, 5.0%, 7/15/2020
|
3,150,000 | 3,662,505 | ||||||
Series B, 5.25%, 7/15/2021
|
3,000,000 | 3,515,670 | ||||||
University of Texas, Financing Systems, Series A, 5.0%, 8/15/2013
|
3,725,000 | 4,015,401 | ||||||
West Harris County, TX, Regional Water Authority, Water Systems Revenue:
|
||||||||
5.0%, 12/15/2026
|
2,640,000 | 2,839,716 | ||||||
5.0%, 12/15/2027
|
2,770,000 | 2,957,861 | ||||||
5.0%, 12/15/2028
|
2,905,000 | 3,079,445 | ||||||
316,287,958 | ||||||||
Utah 0.2%
|
||||||||
Intermountain Power Agency, UT, Power Supply Revenue, Series A, ETM, 6.15%, 7/1/2014, INS: NATL
|
575,000 | 609,264 | ||||||
Riverton, UT, Hospital Revenue, IHC Health Services, Inc., 5.0%, 8/15/2020
|
2,825,000 | 3,212,392 | ||||||
3,821,656 | ||||||||
Virgin Islands 0.2%
|
||||||||
Virgin Islands, Public Finance Authority Revenue, Series B, 5.0%, 10/1/2019
|
1,250,000 | 1,361,650 | ||||||
Virgin Islands, Water & Power Authority, Electric Systems Revenue, Series A, 4.0%, 7/1/2012
|
1,000,000 | 1,014,460 | ||||||
2,376,110 | ||||||||
Virginia 0.6%
|
||||||||
Albemarle County, VA, Economic Development Authority, Hospital Revenue, Martha Jefferson Hospital, Series B, 0.13%*, 10/1/2048, LOC: Branch Banking & Trust
|
5,500,000 | 5,500,000 | ||||||
Richmond, VA, Metro Expressway Authority, ETM, 7.0%, 10/15/2013, INS: AMBAC
|
525,000 | 566,081 | ||||||
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College & Equipment, Series F-1, 5.0%, 2/1/2013
|
1,355,000 | 1,428,550 | ||||||
Virginia, State College Building Authority, Educational Facilities Revenue, University of Richmond Project, 0.12%*, 11/1/2036, SPA: Wells Fargo Bank NA
|
1,550,000 | 1,550,000 | ||||||
Virginia, State Public School Authority, Series A, 5.0%, 8/1/2013
|
1,000,000 | 1,076,950 | ||||||
10,121,581 | ||||||||
Washington 6.0%
|
||||||||
King County, WA, General Obligation, Series A, 4.0%, 12/1/2011
|
1,610,000 | 1,610,177 | ||||||
Seattle, WA, Municipal Light & Power Revenue, Series B, 5.0%, 2/1/2025
|
7,250,000 | 8,215,845 | ||||||
Seattle, WA, Water System Revenue:
|
||||||||
5.0%, 2/1/2020
|
3,870,000 | 4,521,011 | ||||||
5.0%, 2/1/2025, INS: AGMC
|
5,695,000 | 6,225,318 | ||||||
Washington, Electric Revenue, Public Power Supply System, Nuclear Project No. 2, Series A, 6.3%, 7/1/2012
|
1,000,000 | 1,035,460 | ||||||
Washington, Energy Northwest Electric Revenue, Project 1, Series A, 5.0%, 7/1/2013 (a)
|
3,260,000 | 3,409,797 | ||||||
Washington, State Economic Development Finance Authority, Solid Waste Dispensary Revenue, Waste Management, Inc., Series D, 2.0%, Mandatory Tender 9/2/2014 @ 100, 11/1/2017
|
5,000,000 | 5,016,500 | ||||||
Washington, State General Obligation:
|
||||||||
Series 2011-A, 5.0%, 8/1/2028
|
15,000,000 | 17,206,800 | ||||||
Series 2011-A, 5.0%, 8/1/2031
|
17,845,000 | 19,837,930 | ||||||
Series A, 5.0%, 8/1/2032
|
14,000,000 | 15,130,220 | ||||||
Washington, State Housing Finance Commission, Homeownership Program, Series A, 4.7%, 10/1/2028
|
1,355,000 | 1,448,360 | ||||||
Washington, State Motor Vehicle Fuel Tax:
|
||||||||
Series B, 5.0%, 7/1/2025, INS: AGMC
|
2,000,000 | 2,228,540 | ||||||
Series 2010-B, 5.0%, 8/1/2027
|
6,000,000 | 6,840,720 | ||||||
92,726,678 | ||||||||
West Virginia 0.2%
|
||||||||
West Virginia, Transportation/Tolls Revenue, 5.25%, 5/15/2015, INS: FGIC, NATL
|
2,940,000 | 3,334,136 | ||||||
Wisconsin 1.9%
|
||||||||
Wisconsin, Health & Educational Facilities, Viterbo College, Inc. Project:
|
||||||||
Series A, 5.75%, 2/1/2012, LOC: U.S. Bank NA
|
65,000 | 65,236 | ||||||
Series A, 6.0%, 2/1/2017, LOC: U.S. Bank NA
|
405,000 | 407,232 | ||||||
Wisconsin, State Clean Water Revenue:
|
||||||||
Series 1, 5.0%, 6/1/2031
|
2,500,000 | 2,705,850 | ||||||
Series 3, 5.5%, 6/1/2025
|
5,000,000 | 5,712,250 | ||||||
Wisconsin, State General Appropriation Revenue, Series A, 6.0%, 5/1/2026
|
5,000,000 | 5,844,250 | ||||||
Wisconsin, State General Obligation:
|
||||||||
Series C, Prerefunded 5/1/2012 @ 100, 5.25%, 5/1/2016, INS: NATL
|
7,705,000 | 7,866,882 | ||||||
Series A, 5.25%, 5/1/2026
|
3,500,000 | 4,065,530 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Series B, 5.0%, 7/15/2013
|
2,000,000 | 2,092,160 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Children's Hospital of Wisconsin, Series B, 5.375%, 8/15/2024
|
1,000,000 | 1,105,281 | ||||||
29,864,671 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $1,504,267,240)+
|
101.2 | 1,573,932,624 | ||||||
Other Assets and Liabilities, Net
|
(1.2 | ) | (18,081,472 | ) | ||||
Net Assets
|
100.0 | 1,555,851,152 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Investments (b)
|
$ | — | $ | 1,573,932,624 | $ | — | $ | 1,573,932,624 | ||||||||
Total
|
$ | — | $ | 1,573,932,624 | $ | — | $ | 1,573,932,624 |
as of November 30, 2011 (Unaudited)
|
||||
Assets
|
||||
Investments in securities, at value (cost $1,504,267,240)
|
$ | 1,573,932,624 | ||
Receivable for investments sold
|
532,169 | |||
Receivable for Fund shares sold
|
4,517,452 | |||
Interest receivable
|
19,902,637 | |||
Other assets
|
62,984 | |||
Total assets
|
1,598,947,866 | |||
Liabilities
|
||||
Cash overdraft
|
1,190,988 | |||
Payable for investments purchased — when-issued securities
|
36,421,424 | |||
Payable for Fund shares redeemed
|
3,290,073 | |||
Distributions payable
|
807,901 | |||
Accrued management fee
|
400,057 | |||
Other accrued expenses and payables
|
986,271 | |||
Total liabilities
|
43,096,714 | |||
Net assets, at value
|
$ | 1,555,851,152 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
741,792 | |||
Net unrealized appreciation (depreciation) on investments
|
69,665,384 | |||
Accumulated net realized gain (loss)
|
(5,084,222 | ) | ||
Paid-in capital
|
1,490,528,198 | |||
Net assets, at value
|
$ | 1,555,851,152 |
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 ($358,894,386 ÷ 30,898,935 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 11.62 | ||
Maximum offering price per share (100 ÷ 97.25 of $11.62)
|
$ | 11.95 | ||
Class B
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,405,060 ÷ 120,866 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 11.62 | ||
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($73,875,332 ÷ 6,362,542 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 11.61 | ||
Class S
Net Asset Value, offering and redemption price per share ($727,785,856 ÷ 62,644,762 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 11.62 | ||
Institutional Class
Net Asset Value, offering and redemption price per share ($393,890,518 ÷ 33,898,796 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)
|
$ | 11.62 |
for the six months ended November 30, 2011 (Unaudited)
|
||||
Investment Income
|
||||
Income:
Interest
|
$ | 28,313,498 | ||
Expenses:
Management fee
|
2,297,176 | |||
Administration fee
|
731,003 | |||
Services to shareholders
|
802,555 | |||
Distribution and service fees
|
784,239 | |||
Custodian fee
|
7,680 | |||
Professional fees
|
44,448 | |||
Reports to shareholders
|
57,340 | |||
Registration fees
|
111,873 | |||
Trustees' fees and expenses
|
35,746 | |||
Other
|
72,045 | |||
Total expenses before expense reductions
|
4,944,105 | |||
Expense reductions
|
(83,144 | ) | ||
Total expenses before expense reductions
|
4,860,961 | |||
Net investment income
|
23,452,537 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from investments
|
(95,915 | ) | ||
Change in net unrealized appreciation (depreciation) on investments
|
26,569,859 | |||
Net gain (loss)
|
26,473,944 | |||
Net increase (decrease) in net assets resulting from operations
|
$ | 49,926,481 |
Increase (Decrease) in Net Assets
|
Six Months Ended November 30, 2011 (Unaudited)
|
Year Ended May 31, 2011
|
||||||
Operations:
Net investment income
|
$ | 23,452,537 | $ | 44,467,730 | ||||
Net realized gain (loss)
|
(95,915 | ) | (3,079,098 | ) | ||||
Change in net unrealized appreciation (depreciation)
|
26,569,859 | (8,357,887 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
49,926,481 | 33,030,745 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(5,405,464 | ) | (11,496,944 | ) | ||||
Class B
|
(17,409 | ) | (40,397 | ) | ||||
Class C
|
(801,560 | ) | (1,588,575 | ) | ||||
Class S
|
(11,488,848 | ) | (21,824,340 | ) | ||||
Institutional Class
|
(5,692,456 | ) | (9,391,378 | ) | ||||
Total distributions
|
(23,405,737 | ) | (44,341,634 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
333,000,351 | 690,122,865 | ||||||
Reinvestment of distributions
|
16,502,628 | 30,728,151 | ||||||
Payments for shares redeemed
|
(207,295,993 | ) | (497,293,127 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
142,206,986 | 223,557,889 | ||||||
Increase from regulatory settlements (see Note F)
|
— | 359 | ||||||
Increase (decrease) in net assets
|
168,727,730 | 212,247,359 | ||||||
Net assets at beginning of period
|
1,387,123,422 | 1,174,876,063 | ||||||
Net assets at end of period (including undistributed net investment income of $741,792 and $694,992, respectively)
|
$ | 1,555,851,152 | $ | 1,387,123,422 |
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
|
$ | 11.40 | $ | 11.46 | $ | 11.15 | $ | 11.06 | $ | 11.00 | $ | 11.06 | ||||||||||||
Income from investment operations:
Net investment income
|
.18 | .36 | .40 | .42 | .42 | .43 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.22 | (.06 | ) | .32 | .12 | .06 | (.05 | ) | ||||||||||||||||
Total from investment operations
|
.40 | .30 | .72 | .54 | .48 | .38 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.18 | ) | (.36 | ) | (.40 | ) | (.42 | ) | (.42 | ) | (.43 | ) | ||||||||||||
Net realized gains
|
— | — | (.01 | ) | (.03 | ) | (.00 | )*** | (.01 | ) | ||||||||||||||
Total distributions
|
(.18 | ) | (.36 | ) | (.41 | ) | (.45 | ) | (.42 | ) | (.44 | ) | ||||||||||||
Net asset value, end of period
|
$ | 11.62 | $ | 11.40 | $ | 11.46 | $ | 11.15 | $ | 11.06 | $ | 11.00 | ||||||||||||
Total Return (%)a
|
3.52 | ** | 2.71 | 6.58 | 5.06 | 4.46 | b | 3.41 | b | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
359 | 349 | 296 | 152 | 119 | 80 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
.77 | * | .76 | .79 | .84 | .93 | .79 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
.77 | * | .76 | .79 | .84 | .93 | .79 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.77 | * | .76 | .77 | .78 | .80 | .79 | |||||||||||||||||
Ratio of net investment income (%)
|
3.10 | * | 3.21 | 3.51 | 3.84 | 3.83 | 3.87 | |||||||||||||||||
Portfolio turnover rate (%)
|
22 | ** | 50 | 59 | 61 | 59 | 45 | |||||||||||||||||
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
|
$ | 11.41 | $ | 11.47 | $ | 11.16 | $ | 11.07 | $ | 11.01 | $ | 11.07 | ||||||||||||
Income from investment operations:
Net investment income
|
.13 | .27 | .30 | .33 | .34 | .35 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.21 | (.06 | ) | .32 | .12 | .06 | (.06 | ) | ||||||||||||||||
Total from investment operations
|
.34 | .21 | .62 | .45 | .40 | .29 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.13 | ) | (.27 | ) | (.30 | ) | (.33 | ) | (.34 | ) | (.34 | ) | ||||||||||||
Net realized gains
|
— | — | (.01 | ) | (.03 | ) | (.00 | )*** | (.01 | ) | ||||||||||||||
Total distributions
|
(.13 | ) | (.27 | ) | (.31 | ) | (.36 | ) | (.34 | ) | (.35 | ) | ||||||||||||
Net asset value, end of period
|
$ | 11.62 | $ | 11.41 | $ | 11.47 | $ | 11.16 | $ | 11.07 | $ | 11.01 | ||||||||||||
Total Return (%)a
|
3.02 | ** | 1.87 | 5.68 | 4.22 | 3.65 | b | 2.62 | b | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
1 | 2 | 2 | 2 | 3 | 5 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.56 | * | 1.58 | 1.61 | 1.64 | 1.72 | 1.58 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.56 | * | 1.58 | 1.61 | 1.64 | 1.70 | 1.54 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.56 | * | 1.58 | 1.59 | 1.58 | 1.57 | 1.54 | |||||||||||||||||
Ratio of net investment income (%)
|
2.31 | * | 2.39 | 2.69 | 3.04 | 3.06 | 3.12 | |||||||||||||||||
Portfolio turnover rate (%)
|
22 | ** | 50 | 59 | 61 | 59 | 45 | |||||||||||||||||
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
|
$ | 11.40 | $ | 11.46 | $ | 11.15 | $ | 11.06 | $ | 11.00 | $ | 11.06 | ||||||||||||
Income from investment operations:
Net investment income
|
.13 | .27 | .31 | .34 | .34 | .35 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.21 | (.06 | ) | .32 | .12 | .06 | (.06 | ) | ||||||||||||||||
Total from investment operations
|
.34 | .21 | .63 | .46 | .40 | .29 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.13 | ) | (.27 | ) | (.31 | ) | (.34 | ) | (.34 | ) | (.34 | ) | ||||||||||||
Net realized gains
|
— | — | (.01 | ) | (.03 | ) | (.00 | )*** | (.01 | ) | ||||||||||||||
Total distributions
|
(.13 | ) | (.27 | ) | (.32 | ) | (.37 | ) | (.34 | ) | (.35 | ) | ||||||||||||
Net asset value, end of period
|
$ | 11.61 | $ | 11.40 | $ | 11.46 | $ | 11.15 | $ | 11.06 | $ | 11.00 | ||||||||||||
Total Return (%)a
|
3.02 | ** | 1.91 | 5.76 | 4.27 | 3.69 | b | 2.62 | b | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
74 | 66 | 57 | 22 | 11 | 9 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)c
|
1.56 | * | 1.55 | 1.57 | 1.61 | 1.69 | 1.57 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)c
|
1.56 | * | 1.55 | 1.57 | 1.61 | 1.68 | 1.54 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
1.56 | * | 1.55 | 1.55 | 1.55 | 1.55 | 1.54 | |||||||||||||||||
Ratio of net investment income (%)
|
2.31 | * | 2.42 | 2.73 | 3.07 | 3.08 | 3.12 | |||||||||||||||||
Portfolio turnover rate (%)
|
22 | ** | 50 | 59 | 61 | 59 | 45 | |||||||||||||||||
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
|
$ | 11.41 | $ | 11.47 | $ | 11.15 | $ | 11.07 | $ | 11.00 | $ | 11.06 | ||||||||||||
Income from investment operations:
Net investment income
|
.19 | .38 | .41 | .44 | .44 | .46 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.21 | (.06 | ) | .33 | .11 | .07 | (.06 | ) | ||||||||||||||||
Total from investment operations
|
.40 | .32 | .74 | .55 | .51 | .40 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.19 | ) | (.38 | ) | (.41 | ) | (.44 | ) | (.44 | ) | (.45 | ) | ||||||||||||
Net realized gains
|
— | — | (.01 | ) | (.03 | ) | (.00 | )*** | (.01 | ) | ||||||||||||||
Total distributions
|
(.19 | ) | (.38 | ) | (.42 | ) | (.47 | ) | (.44 | ) | (.46 | ) | ||||||||||||
Net asset value, end of period
|
$ | 11.62 | $ | 11.41 | $ | 11.47 | $ | 11.15 | $ | 11.07 | $ | 11.00 | ||||||||||||
Total Return (%)
|
3.52 | a** | 2.88 | a | 6.81 | 5.16 | 4.75 | a | 3.65 | a | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
728 | 667 | 590 | 397 | 381 | 389 | ||||||||||||||||||
Ratio of expenses before expense reductions (including interest expense) (%)b
|
.62 | * | .63 | .64 | .65 | .75 | .57 | |||||||||||||||||
Ratio of expenses after expense reductions (including interest expense) (%)b
|
.60 | * | .59 | .64 | .65 | .74 | .55 | |||||||||||||||||
Ratio of expenses after expense reductions (excluding interest expense) (%)
|
.60 | * | .59 | .62 | .59 | .61 | .55 | |||||||||||||||||
Ratio of net investment income (%)
|
3.27 | * | 3.38 | 3.66 | 4.03 | 4.02 | 4.11 | |||||||||||||||||
Portfolio turnover rate (%)
|
22 | ** | 50 | 59 | 61 | 59 | 45 | |||||||||||||||||
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
|
$ | 11.41 | $ | 11.47 | $ | 11.15 | $ | 11.07 | $ | 11.00 | $ | 11.07 | ||||||||||||
Income (loss) from investment operations:
Net investment income
|
.19 | .39 | .43 | .45 | .46 | .46 | ||||||||||||||||||
Net realized and unrealized gain (loss)
|
.21 | (.06 | ) | .33 | .11 | .07 | (.06 | ) | ||||||||||||||||
Total from investment operations
|
.40 | .33 | .76 | .56 | .53 | .40 | ||||||||||||||||||
Less distributions from:
Net investment income
|
(.19 | ) | (.39 | ) | (.43 | ) | (.45 | ) | (.46 | ) | (.46 | ) | ||||||||||||
Net realized gains
|
— | — | (.01 | ) | (.03 | ) | (.00 | )*** | (.01 | ) | ||||||||||||||
Total distributions
|
(.19 | ) | (.39 | ) | (.44 | ) | (.48 | ) | (.46 | ) | (.47 | ) | ||||||||||||
Net asset value, end of period
|
$ | 11.62 | $ | 11.41 | $ | 11.47 | $ | 11.15 | $ | 11.07 | $ | 11.00 | ||||||||||||
Total Return (%)
|
3.57 | ** | 2.98 | 6.95 | 5.27 | 4.88 | 3.61 | |||||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
||||||||||||||||||||||||
Net assets, end of period ($ millions)
|
394 | 304 | 230 | 119 | 147 | 150 | ||||||||||||||||||
Ratio of expenses (including interest expense) (%)a
|
.50 | * | .49 | .51 | .55 | .62 | .50 | |||||||||||||||||
Ratio of expenses (excluding interest expense) (%)
|
.50 | * | .49 | .49 | .49 | .49 | .50 | |||||||||||||||||
Ratio of net investment income (%)
|
3.37 | * | 3.48 | 3.79 | 4.13 | 4.14 | 4.16 | |||||||||||||||||
Portfolio turnover rate (%)
|
22 | ** | 50 | 59 | 61 | 59 | 45 | |||||||||||||||||
a 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.
|
Services to Shareholders
|
Total Aggregated
|
Waived
|
Unpaid at November 30, 2011
|
|||||||||
Class A
|
$ | 10,187 | $ | — | $ | 4,988 | ||||||
Class B
|
183 | — | 110 | |||||||||
Class C
|
4,209 | — | 2,932 | |||||||||
Class S
|
53,924 | 53,924 | — | |||||||||
Institutional Class
|
18,178 | — | 8,526 | |||||||||
$ | 86,681 | $ | 53,924 | $ | 16,556 |
Distribution Fee
|
Total Aggregated
|
Unpaid at November 30, 2011
|
||||||
Class B
|
$ | 5,660 | $ | 944 | ||||
Class C
|
260,157 | 44,826 | ||||||
$ | 265,817 | $ | 45,770 |
Service Fee
|
Total Aggregated
|
Unpaid at November 30, 2011
|
Annualized Effective Rate
|
|||||||||
Class A
|
$ | 429,982 | $ | 139,692 | .25 | % | ||||||
Class B
|
1,886 | 605 | .25 | % | ||||||||
Class C
|
86,554 | 30,022 | .25 | % | ||||||||
$ | 518,422 | $ | 170,319 |
Six Months Ended
November 30, 2011
|
Year Ended
May 31, 2011
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
4,964,032 | $ | 57,467,485 | 18,565,954 | $ | 212,275,170 | ||||||||||
Class B
|
4,396 | 51,288 | 7,389 | 85,696 | ||||||||||||
Class C
|
1,257,447 | 14,561,493 | 2,437,164 | 27,903,350 | ||||||||||||
Class S
|
10,556,893 | 121,860,628 | 24,528,224 | 278,449,494 | ||||||||||||
Institutional Class
|
12,015,387 | 139,059,457 | 15,095,476 | 171,409,155 | ||||||||||||
$ | 333,000,351 | $ | 690,122,865 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
390,675 | $ | 4,522,326 | 791,857 | $ | 8,995,642 | ||||||||||
Class B
|
1,141 | 13,223 | 2,506 | 28,484 | ||||||||||||
Class C
|
42,714 | 494,521 | 81,447 | 924,273 | ||||||||||||
Class S
|
560,358 | 6,488,688 | 1,084,548 | 12,329,185 | ||||||||||||
Institutional Class
|
430,209 | 4,983,870 | 744,214 | 8,450,567 | ||||||||||||
$ | 16,502,628 | $ | 30,728,151 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(5,030,135 | ) | $ | (58,210,393 | ) | (14,565,174 | ) | $ | (163,455,856 | ) | ||||||
Class B
|
(23,719 | ) | (273,835 | ) | (27,935 | ) | (316,691 | ) | ||||||||
Class C
|
(687,616 | ) | (7,944,821 | ) | (1,754,774 | ) | (19,667,824 | ) | ||||||||
Class S
|
(6,986,575 | ) | (80,910,245 | ) | (18,566,095 | ) | (209,093,806 | ) | ||||||||
Institutional Class
|
(5,175,217 | ) | (59,956,699 | ) | (9,294,601 | ) | (104,758,950 | ) | ||||||||
$ | (207,295,993 | ) | $ | (497,293,127 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
324,572 | $ | 3,779,418 | 4,792,637 | $ | 57,814,956 | ||||||||||
Class B
|
(18,182 | ) | (209,324 | ) | (18,040 | ) | (202,511 | ) | ||||||||
Class C
|
612,545 | 7,111,193 | 763,837 | 9,159,799 | ||||||||||||
Class S
|
4,130,676 | 47,439,071 | 7,046,677 | 81,684,873 | ||||||||||||
Institutional Class
|
7,270,379 | 84,086,628 | 6,545,089 | 75,100,772 | ||||||||||||
$ | 142,206,986 | $ | 223,557,889 |
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
|
SZMAX
|
SZMBX
|
SZMCX
|
SCMTX
|
SZMIX
|
|
CUSIP Number
|
23337X-103
|
23337X-202
|
23337X-301
|
23337X-509
|
23337X-707
|
|
Fund Number
|
445
|
645
|
745
|
2045
|
1445
|
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
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
|
||
ITEM 11.
|
CONTROLS AND PROCEDURES
|
|
(a)
|
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
(b)
|
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
ITEM 12.
|
EXHIBITS
|
|
(a)(1)
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
|
(b)
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
Registrant:
|
DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free Trust
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
January 30, 2012
|
By:
|
/s/W. Douglas Beck
W. Douglas Beck
President
|
Date:
|
January 30, 2012
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
January 30, 2012
|
1.
|
I have reviewed this report, filed on behalf of DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
January 30, 2012
|
/s/W. Douglas Beck
|
W. Douglas Beck
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free Trust, on Form N-CSRS;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
January 30, 2012
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free 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.
|
1.
|
I have reviewed this report, filed on behalf of DWS Intermediate Tax/AMT Free Fund, a series of DWS Tax Free 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.
|