UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM N-CSR Investment Company Act file number 811-2671 Scudder Municipal Trust ----------------------- (Exact Name of Registrant as Specified in Charter) Two International Place Boston, Massachusetts 02110-4103 -------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code: (617) 295-2572 -------------- John Millette Deutsche Investment Management Americas Inc. Two International Place Boston, Massachusetts 02110-4103 --------------------------------------- (Name and Address of Agent for Service) Date of fiscal year end: 5/31 Date of reporting period: 5/31/03ITEM 1. REPORT TO STOCKHOLDERS
[Scudder Investments logo]
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Annual Report to Shareholders | ||
May 31, 2003 | ||
Contents |
<Click Here> Performance Summary <Click Here> Portfolio Management Review <Click Here> Portfolio Summary <Click Here> Investment Portfolio <Click Here> Financial Statements <Click Here> Financial Highlights <Click Here> Notes to Financial Statements <Click Here> Report of Independent Auditors <Click Here> Tax Information <Click Here> Trustees and Officers <Click Here> Investment Products <Click Here> Account Management Resources |
Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.
This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. The prospectus contains more complete information, including a description of the risks of investing in the fund, management fees and expenses. Please read it carefully before you invest or send money.
Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.
Classes A, B, C and Institutional
Average Annual Total Returns* (Unadjusted for Sales Charge) | ||||
Scudder Managed Municipal Bond Fund | 1-Year | 3-Year | 5-Year | 10-Year |
Class A(a) | 9.41% | 9.12% | 6.00% | 6.11% |
Class B(a) | 8.52% | 8.26% | 5.17% | 5.29% |
Class C(a) | 8.52% | 8.24% | 5.15% | 5.26% |
Lehman Brothers Municipal Bond Index+ | 10.36% | 9.64% | 6.47% | 6.60% |
Scudder Managed Municipal Bond Fund | Life of Class** |
Institutional Class*** | 5.94% |
Lehman Brothers Municipal Bond Index+ | 6.54% |
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
Net Asset Value and Distribution Information | ||||
Class A | Class B | Class C | Institutional Class | |
Net Asset Value: 5/31/03 | $ 9.50 | $ 9.50 | $ 9.50 | $ 9.50 |
5/31/02 | $ 9.12 | $ 9.11 | $ 9.11 | $ - |
8/19/02 (inception date for Institutional Class) | $ - | $ - | $ - | $ 9.33 |
Distribution Information: Twelve Months: Income Dividends | $ .42 | $ .35 | $ .35 | $ .31+++ |
Capital Gains Distributions | $ .03 | $ .03 | $ .03 | $ .03 |
May Income Dividend | $ .0361 | $ .0295 | $ .0294 | $ .0368 |
SEC 30-day Yield++ | 3.06% | 2.38% | 2.32% | 2.80% |
Tax Equivalent Yield++ | 4.71% | 3.66% | 3.57% | 4.31% |
Current Annualized Distribution Rate++ | 4.56% | 3.73% | 3.71% | 4.70% |
++ Current annualized distribution rate is the latest monthly dividend as an annualized percentage of net asset value on May 31, 2003. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The SEC yield is net investment income per share earned over the month ended May 31, 2003, shown as an annualized percentage of the net asset value on that date. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. Tax equivalent yield is based on the Fund's yield and a marginal federal income tax rate of 35%. Yields and distribution rates are historical and will fluctuate.
+++ Income dividends for ten-month period.
Class A Lipper Rankings* - General Municipal Debt Funds Category | ||||
Period | Rank | Number of Funds Tracked | Percentile Ranking | |
1-Year | 152 | of | 292 | 52 |
Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.
Source: Lipper Inc.
Growth of an Assumed $10,000 Investment(b)* (Adjusted for Sales Charge) |
[] Scudder Managed Municipal Bond Fund - Class A(c) [] Lehman Brothers Municipal Bond Index+ |
Yearly periods ended May 31 |
Comparative Results* (Adjusted for Sales Charge) | |||||
Scudder Managed Municipal Bond Fund | 1-Year | 3-Year | 5-Year | 10-Year | |
Class A(c) | Growth of $10,000 | $10,449 | $12,408 | $12,779 | $17,282 |
Average annual total return | 4.49% | 7.46% | 5.03% | 5.62% | |
Class B(c) | Growth of $10,000 | $10,552 | $12,490 | $12,768 | $16,741 |
Average annual total return | 5.52% | 7.69% | 5.01% | 5.29% | |
Class C(c) | Growth of $10,000 | $10,744 | $12,555 | $12,724 | $16,533 |
Average annual total return | 7.44% | 7.88% | 4.94% | 5.16% | |
Lehman Brothers Municipal Bond Index+ | Growth of $10,000 | $11,036 | $13,181 | $13,679 | $18,941 |
Average annual total return | 10.36% | 9.64% | 6.47% | 6.60% |
Scudder Managed Municipal Bond Fund | Life of Class** | |
Institutional Class*** | Growth of $250,000 | $264,850 |
Average annual total return | 5.94% | |
Lehman Brothers Municipal Bond Index+ | Growth of $250,000 | $266,350 |
Average annual total return | 6.54% |
The growth of $10,000 and $250,000 are cumulative.
Notes to Performance Summary - Classes A, B, C and Institutional |
* Returns and rankings during the periods shown for Class A shares reflect a temporary fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.
** Institutional class shares commenced operations on August 19, 2002. Index returns begin August 31, 2002.
*** Institutional class is not subject to sales charges.
a Returns shown for Class A, B and C shares for the periods prior to their inception on June 11, 2001 are derived from the historical performance of Class S shares of Scudder Managed Municipal Bond Fund during such periods and have been adjusted to reflect the higher gross total annual operating expenses of each specific class. The difference in expenses will affect performance.
b The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 4.50%. This results in a net initial investment of $9,550.
c Returns shown for Class A, B and C shares for the periods prior to their inception on June 25, 2001 are derived from the historical performance of Class S shares of Scudder Managed Municipal Bond Fund during such periods and have been adjusted to reflect the higher gross total annual operating expenses and the current applicable sales charge of each specific class. Returns for Class A reflect the current maximum initial sales charge of 4.50%. Class B share performance is adjusted for the applicable contingent deferred sales charge ("CDSC"), which is 4% within the first year after purchase, declining to 0% after six years. Returns for Class C shares reflect an initial sales charge of 1%. Redemptions on Class C shares within one year of purchase may be subject to a CDSC of 1%. The difference in expenses will affect performance.
+ The unmanaged Lehman Brothers Municipal Bond Index is a market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
All performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results. Investment return and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than when purchased. Performance figures do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Returns and rankings may differ by share class.
Although the Fund seeks income that is federally tax free, a portion of the Fund's returns may be subject to federal, state, local and the alternative minimum tax.
Investments in funds involve risk. Some funds have more risk than others. These include funds that allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization or foreign securities (e.g., political or economic instability, which can be accentuated in emerging market countries). Please read this fund's prospectus for specific details regarding its investments and risk profile.
Please call (800) 728-3337 for the fund's most up-to-date performance. On the Web, go to scudder.com.
Class AARP and Class S
Class AARP has been created especially for members of AARP. Class S is not available to new investors.
Average Annual Total Returns | ||||
Scudder Managed Municipal Bond Fund | 1-Year | 3-Year | 5-Year | 10-Year |
Class S | 9.49% | 9.34% | 6.21% | 6.32% |
Class AARP(a) | 9.61% | 9.35% | 6.22% | 6.33% |
Lehman Brothers Municipal Bond Index+ | 10.36% | 9.64% | 6.47% | 6.60% |
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
Net Asset Value and Distribution Information | ||
Class AARP | Class S | |
Net Asset Value: 5/31/03 | $ 9.50 | $ 9.50 |
5/31/02 | $ 9.12 | $ 9.12 |
Distribution Information: Twelve Months: Income Dividends | $ .44 | $ .44 |
Capital Gains Distributions | $ .03 | $ .03 |
May Income Dividend | $ .0373 | $ .0372 |
SEC 30-day Yield++ | 3.32% | 3.32% |
Tax Equivalent Yield++ | 5.11% | 5.11% |
Current Annualized Distribution Rate++ | 4.71% | 4.70% |
++ Current annualized distribution rate is the latest monthly dividend as an annualized percentage of net asset value on May 31, 2003. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The SEC yield is net investment income per share earned over the month ended May 31, 2003, shown as an annualized percentage of the net asset value on that date. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. Tax equivalent yield is based on the Fund's yield and a marginal federal income tax rate of 35%. Yields and distribution rates are historical and will fluctuate.
Class S Lipper Rankings - General Municipal Debt Funds Category | ||||
Period | Rank | Number of Funds Tracked | Percentile Ranking | |
1-Year | 150 | of | 292 | 52 |
3-Year | 57 | of | 249 | 23 |
5-Year | 15 | of | 217 | 7 |
10-Year | 9 | of | 98 | 10 |
Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested.
Source: Lipper Inc.
Growth of an Assumed $10,000 Investment |
[] Scudder Managed Municipal Bond Fund - Class S [] Lehman Brothers Municipal Bond Index+ |
Yearly periods ended May 31 |
Comparative Results | |||||
Scudder Managed Municipal Bond Fund | 1-Year | 3-Year | 5-Year | 10-Year | |
Class S | Growth of $10,000 | $10,949 | $13,073 | $13,514 | $18,460 |
Average annual total return | 9.49% | 9.34% | 6.21% | 6.32% | |
Class AARP(a) | Growth of $10,000 | $10,961 | $13,075 | $13,520 | $18,468 |
Average annual total return | 9.61% | 9.35% | 6.22% | 6.33% | |
Lehman Brothers Municipal Bond Index+ | Growth of $10,000 | $11,036 | $13,181 | $13,679 | $18,941 |
Average annual total return | 10.36% | 9.64% | 6.47% | 6.60% |
The growth of $10,000 is cumulative.
a Returns shown for Class AARP shares for the period prior to its inception on July 31, 2000 are derived from the historical performance of Class S shares of Scudder Managed Municipal Bond Fund during such periods and have assumed the same expense structure during such periods. Any difference in expenses will affect performance.
+ The unmanaged Lehman Brothers Municipal Bond Index is a market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
All performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results. Investment return and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than when purchased. Performance figures do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Performance of share classes may vary, expense ratios are the same.
Although the Fund seeks income that is federally tax free, a portion of the Fund's returns may be subject to federal, state, local and the alternative minimum tax.
Investments in funds involve risk. Some funds have more risk than others. These include funds that allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization or foreign securities (e.g., political or economic instability, which can be accentuated in emerging market countries). Please read this fund's prospectus for specific details regarding its investments and risk profile.
Please call (800) 728-3337 (Class AARP) or (800) SCUDDER (Class S) for the fund's most up-to-date performance. On the Web, go to aarp.scudder.com (Class AARP) or myScudder.com (Class S).
Scudder Managed Municipal Bond Fund:
A Team Approach to Investing
Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for Scudder Managed Municipal Bond Fund. DeIM and its predecessors have more than 80 years of experience managing mutual funds and DeIM provides a full range of investment advisory services to institutional and retail clients. DeIM is also responsible for selecting brokers and dealers and for negotiating brokerage commissions and dealer charges.
Deutsche Asset Management is a global asset management organization that offers a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.
Portfolio Management Team
Philip G. Condon
Managing Director of Deutsche Asset Management and Co-Lead Manager of the fund.
• Joined Deutsche Asset Management in 1983 and the fund in 1990.
• Over 26 years of investment industry experience.
• MBA, University of Massachusetts at Amherst.
Ashton P. Goodfield
CFA, Managing Director of Deutsche Asset Management and Co-Lead Manager of the fund.
• Joined Deutsche Asset Management in 1986 and the fund in 1998.
• Over 16 years of investment industry experience.
Eleanor R. Brennan
CFA, Director of Deutsche Asset Management and Co-Lead Manager of the fund.
• Joined Deutsche Asset Management in 1995 and the fund in 1999.
• Over 16 years of investment industry experience.
• MS, Drexel University.
Matthew J. Caggiano
CFA, Vice President of Deutsche Asset Management and Portfolio Manager of the fund.
• Joined Deutsche Asset Management in 1989 and the fund in 1999.
• Over 13 years of investment industry experience.
• MS, Boston College.
Philip G. Condon, Ashton P. Goodfield and Eleanor R. Brennan serve as co-lead portfolio managers of Scudder Managed Municipal Bond Fund. In the following interview, Scudder's municipal bond team discusses the fund's performance and the recent market environment for municipal bonds.
Q: Will you describe the general market environment during the annual period ended May 31, 2003?
A: The last year has been a strong period for bonds. Overall, the bond market delivered positive returns and outpaced stocks. For the one-year period, the Lehman Brothers Aggregate Bond Index gained 11.58% and the S&P 500 index fell 8.06%. The municipal bond market, as measured by the Lehman Brothers Municipal Bond Index, rose 10.36%.1 In general, on a pre-tax basis, municipal bonds lagged government bonds, while corporate bonds tended to outperform both municipal and taxable government issues.
1 Lehman Brothers Aggregate Bond Index is an unmanaged index representing domestic taxable investment-grade bonds, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities with average maturities of one year or more.The S&P 500 index is an unmanaged index, widely regarded as representative of the equity market in general.
The unmanaged Lehman Brothers Municipal Bond Index is a market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years.
The annual period began with investors concerned about the sluggish US economy and weak corporate earnings, as well as geopolitical concerns in the Middle East and the possibility of terrorist attacks. These worries abated toward the end of the annual period as the stock market began to predict a recovery in the economy and the war in Iraq came to a conclusion. Throughout the period, demand for municipal bonds remained strong among individual and institutional buyers. At the same time, the introduction of new municipal bonds continued to be heavy, as states issued more debt to make up for revenue shortfalls and to refinance old debt at new, lower rates.
Interest rates declined throughout the annual period. While the Federal Reserve Board acted just once during the period by lowering the federal funds rate by 50 basis points on November 6, general interest rates in the marketplace declined steadily over the 12 month period.2 In fact, by the end of the period, rates on US Treasuries were near the lowest levels they had seen since the late 1950s. At the same time, stock and lower-quality, higher-yielding bonds experienced a more turbulent time. Prior to the Federal Reserve Board's action last fall, stocks and lower-quality bonds generally produced negative returns. However, in December 2002, stocks and lower-quality bonds began to perform better. At the same time, municipal bond prices lagged as the interest rate cut shifted investor interest to stocks and lower-quality, higher-yielding bonds. Then, in January and February, worries about a war with Iraq and terrorist attacks heightened, once again sparking a renewed interest in higher-quality bonds. By the end of the period, equity markets began to rebound, while the bond market continued to benefit from generally declining interest rates.
2 The federal funds rate is the rate that banks charge each other on overnight loans. The Federal Reserve Board's Open Market Committee sets a target rate to either make credit more easily available or tighten monetary policy in an attempt to avoid economic imbalances such as high inflation.Q: How did municipal bond yields react during the annual period?
A: Municipal bond yields declined as a whole over the period, though not as much as Treasury bond yields. At the same time, the municipal bond yield curve steepened,
Municipal bond yield curve (as of 5/31/02 versus 5/31/03) (7-day yield) |
Source: Deutsche Asset Management
This chart is not intended to represent the yield of any Scudder fund. Past performance is no guarantee of future results.
as intermediate-term (5 to 10 year) municipal bond yields declined more than long-term yields. (The yield curve illustrates the relationship between the yield on bonds of the same credit quality but different maturities. A steepening of the curve means that the difference in yields between longer-term and shorter-term maturities increases.)
Q: How did Scudder Managed Municipal Bond Fund perform during the period?
A: Scudder Managed Municipal Bond Fund posted strong absolute and relative results during the period. The fund's total return of 9.41% (Class A shares, unadjusted for sales charges) outpaced the 9.17% gain by its average peer in the Lipper General Municipal Debt Funds category5. The fund's benchmark, the unmanaged Lehman Brothers Municipal Bond Index, rose 10.36% during the period. (Please see pages 4 through 9 for performance of other share classes.)
5 The Lipper General Municipal Debt Funds category includes funds that invest at least 65% of their assets in municipal debt issues in the top four credit ratings. Lipper figures represent the average of the total returns reported by all mutual funds designated by Lipper Inc. as falling into the category indicated.Q: How was the fund positioned and how did this positioning contribute to its performance?
A: Throughout the period, solid credit selection and bonds with premium coupon structures aided our absolute results. However, in the second half of the period our relative results were held back somewhat by our decision to position the portfolio more defensively.
We continue to focus our purchases on issues with maturities between 15 and 20 years, while keeping the fund's duration neutral. As a result, we believe the fund will be well-positioned when the yield curve normalizes toward its average historical steepness.
The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover. The managers' view is subject to change at any time based on market and other conditions and should not be construed as a recommendation.
Portfolio Composition | 5/31/03 | 5/31/02 |
Revenue Bonds | 62% | 61% |
General Obligation Bonds | 21% | 24% |
Lease Obligations | 9% | 9% |
US Government Secured | 8% | 6% |
100% | 100% |
Quality | 5/31/03 | 5/31/02 |
AAA | 72% | 73% |
AA | 10% | 11% |
A | 9% | 5% |
BBB | 4% | 4% |
Not Rated | 5% | 7% |
100% | 100% |
Effective Maturity | 5/31/03 | 5/31/02 |
0 < 5 years | 16% | 16% |
5 < 10 years | 40% | 38% |
10 < 15 years | 28% | 30% |
Greater than 15 years | 16% | 16% |
100% | 100% |
Weighted average effective maturity: 10.40 years and 10.25 years, respectively.
Top Five State Allocations | 5/31/03 | 5/31/02 |
Illinois | 13% | 12% |
California | 12% | 6% |
Texas | 9% | 10% |
New York | 7% | 6% |
New Jersey | 6% | 6% |
Portfolio composition, quality, effective maturity and state allocations are subject to change.
For more complete details about the fund's investment portfolio, see page 17. A quarterly Fund Summary and Portfolio Holdings are available upon request.
Principal Amount ($) | Value ($) | |
Municipal Investments 100.0% | ||
Alabama 0.1% | ||
Phoenix County, Industrial Development Revenue, Industrial Development Board, AMT, 6.35%, 5/15/2035 | 4,000,000 | 4,109,720 |
Alaska 1.9% | ||
Anchorage, AK, Core City GO, 5.5%, 7/1/2021 (b) | 3,860,000 | 4,340,184 |
Anchorage, AK, Electric Revenue, 6.5%, 12/1/2015 (b) | 5,000,000 | 6,547,100 |
Anchorage, AK, State GO: | ||
5.5%, 7/1/2019 (b) | 2,500,000 | 2,847,575 |
5.5%, 7/1/2020 (b) | 2,500,000 | 2,825,325 |
North Slope Borough, AK, County (GO) Lease, Series B, Zero Coupon, 6/30/2011 (b) | 5,000,000 | 3,784,650 |
North Slope Borough, AK, Other GO: | ||
Series B, Zero Coupon, 6/30/2004 (b) | 30,500,000 | 30,120,580 |
Series B, Zero Coupon, 6/30/2005 (b) | 43,800,000 | 42,590,244 |
93,055,658 | ||
Arizona 1.5% | ||
Arizona, School District GO, School Facilities Board Revenue: | ||
5.5%, 7/1/2014 | 5,000,000 | 5,834,800 |
5.5%, 7/1/2015 | 3,000,000 | 3,488,790 |
5.5%, 7/1/2016 | 5,000,000 | 5,804,600 |
Arizona, State Agency (GO) Lease, Municipal Finance Program, Series 25, 7.875%, 8/1/2014 (b) | 3,500,000 | 4,862,690 |
Arizona, Water & Sewer Revenue, Infrastructure Financing Authority: | ||
Series A, 5.375%, 10/1/2016 | 3,540,000 | 4,064,416 |
Series A, 5.375%, 10/1/2017 | 2,280,000 | 2,609,528 |
Series A, 5.375%, 10/1/2018 | 2,200,000 | 2,514,886 |
Mesa, AZ, Electric Revenue: | ||
5.25%, 7/1/2016 (b) | 7,500,000 | 8,881,350 |
5.25%, 7/1/2017 (b) | 10,000,000 | 11,852,900 |
Phoenix, AZ, Transportation/Tolls Revenue: | ||
Series A, Zero Coupon, 7/1/2012 (b) | 4,675,000 | 3,435,330 |
Series A, Zero Coupon, 7/1/2013 (b) | 4,700,000 | 3,302,314 |
Phoenix, AZ, Water & Sewer Revenue, Civic Improvement Corp., 6.0%, 7/1/2011 (b) | 4,105,000 | 5,035,521 |
Scottsdale, AZ, Other GO: | ||
5.375%, 7/1/2014 | 2,680,000 | 3,137,101 |
5.375%, 7/1/2015 | 2,635,000 | 3,063,873 |
Tucson, AZ, Water & Sewer Revenue: | ||
5.5%, 7/1/2015 (b) | 1,430,000 | 1,692,090 |
5.5%, 7/1/2018 (b) | 4,100,000 | 4,749,645 |
74,329,834 | ||
Arkansas 0.9% | ||
Jonesboro, AR, Hospital & Healthcare Revenue, Healthcare Facilities Authority, Bernard's Regional Medical Center, Series A, 5.8%, 7/1/2012 (b) | 4,025,000 | 4,541,850 |
North Little Rock, AR, Electric Revenue: | ||
Series A, 6.5%, 7/1/2010 (b) | 19,750,000 | 24,481,310 |
Series A, 6.5%, 7/1/2015 (b) | 13,080,000 | 16,788,180 |
45,811,340 | ||
California 11.9% | ||
Alameda County, County (GO) Lease, Santa Rita Jail Project, 5.375%, 6/1/2009 (b) | 5,000,000 | 5,892,450 |
Banning, CA, Water & Sewer Revenue, Water System Improvement Project, 8.0%, 1/1/2019 (b) | 960,000 | 1,347,888 |
Banning, CA, Water & Sewer Revenue, Water System Reference & Improvement Project, 8.0%, 1/1/2019 (b) | 1,080,000 | 1,438,495 |
California, Electric Revenue, Department of Water Resources and Power Supply: | ||
Series A, 5.25%, 5/1/2020 | 2,000,000 | 2,147,860 |
Series A, 5.375%, 5/1/2021 | 5,000,000 | 5,394,500 |
Series A, 5.375%, 5/1/2022 | 10,665,000 | 11,462,102 |
Series A, 5.875%, 5/1/2016 | 20,000,000 | 23,150,000 |
California, Electric Revenue, Department Water Supply, Series 309, Inverse Floater, 9.32%, 5/1/2018* (b) | 5,625,000 | 7,149,206 |
California, Higher Education Revenue: | ||
5.25%, 11/1/2020 (b) | 6,315,000 | 7,074,000 |
5.25%, 11/1/2021 (b) | 4,000,000 | 4,449,240 |
California, Higher Education Revenue, Marymount University, Zero Coupon, 10/1/2014 (b) | 1,000,000 | 645,780 |
California, Senior Care Revenue, Statewide Community Development Authority, California Lutheran Homes, ETM, 5.5%, 11/15/2008 (b) | 2,250,000 | 2,624,243 |
California, Special Assessment Revenue, 6.625%, 6/1/2040 | 27,295,000 | 25,159,439 |
California, Special Assessment Revenue, Golden State TOB Securitization Corp, Series 2003-A-1, 6.75%, 6/1/2039 | 47,520,000 | 44,580,888 |
California, State (REV) Lease, 5.25%, 12/1/2020 (b) | 22,040,000 | 24,430,018 |
California, State Agency (GO) Lease, Series A, 6.3%, 12/1/2006 (b) | 8,095,000 | 9,402,504 |
California, State GO: | ||
5.0%, 11/1/2016 | 10,000,000 | 10,749,300 |
5.0%, 11/1/2017 | 10,000,000 | 10,675,400 |
5.0%, 6/1/2021 | 14,500,000 | 15,066,660 |
5.0%, 10/1/2021 | 20,430,000 | 21,335,253 |
5.5%, 3/1/2015 (b) (d) | 20,000,000 | 22,940,000 |
6.25%, 10/1/2007 (b) (d) | 4,000,000 | 4,707,120 |
6.25%, 4/1/2008 (b) (d) | 5,000,000 | 5,925,300 |
6.6%, 2/1/2009 (b) (d) | 15,600,000 | 18,954,312 |
California, Water & Sewer Revenue: | ||
5.0%, 12/1/2020 (b) | 8,000,000 | 8,754,320 |
5.0%, 12/1/2021 (b) | 16,025,000 | 17,411,163 |
5.0%, 12/1/2022 (b) | 21,670,000 | 23,395,582 |
Series Y, 5.25%, 12/1/2019 (b) | 5,000,000 | 5,645,250 |
Series W, 5.5%, 12/1/2015 | 3,390,000 | 3,949,960 |
Foothill, CA, Transportation/Toll Revenue, Eastern Corridor Agency: | ||
Series A, Zero Coupon, 1/1/2018 | 21,890,000 | 12,015,421 |
Series A, Prerefunded, 6.0%, 1/1/2016 | 20,400,000 | 24,731,124 |
Series A, Prerefunded, Step-up Coupon, 0% to 1/1/2005, 7.1% to 1/1/2011 | 4,000,000 | 4,689,960 |
Series A, Prerefunded, Step-up Coupon, 0% to 1/1/2005, 7.1% to 1/1/2012 | 4,000,000 | 4,689,960 |
Series A, Prerefunded, Step-up Coupon, 0% to 1/1/2005, 7.15% to 1/1/2014 | 6,250,000 | 7,342,000 |
Series A, ETM, Step-up Coupon, 0% to 1/1/2005, 7.05% to 1/1/2009 | 5,000,000 | 5,660,400 |
Foothill, CA: | ||
Series A, ETM, Zero Coupon, 1/1/2015 | 11,000,000 | 7,099,620 |
Series A, ETM, Zero Coupon, 1/1/2017 | 5,000,000 | 2,898,050 |
Los Angeles County, County (GO) Lease, Capital Asset Leasing Corp., 6.0%, 12/1/2006 (b) | 9,000,000 | 10,388,610 |
Los Angeles County, County (GO) Lease: | ||
Zero Coupon, 9/1/2007 | 4,030,000 | 3,596,815 |
Zero Coupon, 9/1/2009 | 5,425,000 | 4,432,388 |
Los Angeles, CA, Airport Revenue, Regional Airports Improvement Corporation Lease, AMT, Series C, 7.5%, 12/1/2024 | 2,500,000 | 2,000,000 |
Los Angeles, CA, Higher Education Revenue, Unified School District, Inverse Floater: | ||
9.03%, 7/1/2019* (b) | 5,000,000 | 6,299,100 |
9.03%, 7/1/2020* (b) | 1,375,000 | 1,710,088 |
Los Angeles, CA, Sales & Special Tax Revenue, Metropolitan Transportation Authority, Series B, 5.25%, 7/1/2018 (b) | 7,470,000 | 8,375,439 |
Los Angeles, CA, School District GO, Series A, 5.375%, 7/1/2018 (b) | 15,575,000 | 17,931,030 |
Los Angeles, CA, School District GO, Unified School District: | ||
5.75%, 7/1/2015 (b) | 2,000,000 | 2,463,680 |
5.75%, 7/1/2016 (b) | 17,000,000 | 20,997,890 |
Madera County, Hospital & Healthcare Revenue, Valley Childrens Hospital, 6.5%, 3/15/2010 (b) | 2,840,000 | 3,495,728 |
Murrieta Valley, CA, School District GO, Unified School District, Series A, Zero Coupon, 9/1/2014 (b) | 4,235,000 | 2,743,687 |
Oakland, CA, Special Assessment Revenue, Oakland Convention Centers: | ||
5.5%, 10/1/2013 (b) | 2,740,000 | 3,316,304 |
5.5%, 10/1/2014 (b) | 2,000,000 | 2,418,480 |
Roseville, CA, School District GO, Junior High, Series B, Zero Coupon, 8/1/2015 (b) | 1,000,000 | 614,260 |
San Diego, School District GO, 5.25%, 7/1/2025 (b) | 11,500,000 | 12,560,185 |
San Diego, CA, Electric Revenue, Inverse Floater Rites-PA 626, Industrial Development Authority, 10.681%, 9/1/2019* (b) | 7,300,000 | 7,646,677 |
San Diego, CA, School District GO, Series A, Zero Coupon, 7/1/2014 (b) | 3,420,000 | 2,229,977 |
San Diego, CA, Water & Sewer Revenue: | ||
5.632%, 4/25/2007 (b) | 6,300,000 | 7,158,375 |
5.681%, 4/22/2009 (b) | 4,500,000 | 5,258,115 |
San Francisco, CA, Sales & Special Tax Revenue, Bay Area Rapid Transit District, 6.75%, 7/1/2010 (b) | 2,000,000 | 2,512,560 |
San Joaquin County, County (GO) Lease, Facilities Project, 5.5%, 11/15/2013 (b) | 3,895,000 | 4,722,571 |
San Joaquin Hills, CA, Transportation/Tolls Revenue, Transportation Corridor Agency, Toll Road Revenue: | ||
Series A, Zero Coupon, 1/15/2012 (b) | 5,000,000 | 3,695,850 |
Series A, Zero Coupon, 1/15/2013 (b) | 35,295,000 | 24,789,090 |
Series A, Zero Coupon, 1/15/2014 (b) | 14,905,000 | 9,893,045 |
Ukiah, CA, School District (GO) Lease, Zero Coupon, 8/1/2015 (b) | 2,000,000 | 1,228,520 |
587,463,232 | ||
Colorado 3.1% | ||
Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, 6.5%, 11/15/2031 | 3,000,000 | 3,332,460 |
Colorado, Senior Care Revenue, Health Facilities Authority: | ||
6.75%, 12/1/2015 | 1,750,000 | 1,869,053 |
6.75%, 12/1/2025 | 4,150,000 | 4,367,626 |
Colorado, Transportation/Tolls Revenue: | ||
Series A, 5.5%, 6/15/2014 (b) | 6,000,000 | 7,039,500 |
Series A, 5.75%, 9/1/2014 (b) | 14,700,000 | 18,158,322 |
6.0%, 6/15/2010 (b) | 8,680,000 | 10,479,017 |
Colorado, Transportation/Tolls Revenue, Public Highway Authority, Zero Coupon, 9/1/2016 (b) | 5,000,000 | 2,898,800 |
Colorado, Transportation/Tolls Revenue, Zero Coupon: | ||
Series B, 9/1/2014 (b) | 11,295,000 | 7,305,493 |
Series B, 9/1/2015 (b) | 21,500,000 | 13,173,695 |
Series B, 9/1/2017 (b) | 8,000,000 | 4,390,720 |
Series B, 9/1/2018 (b) | 20,560,000 | 10,645,968 |
Series B, 9/1/2019 (b) | 36,500,000 | 17,787,545 |
Series B, 9/1/2020 (b) | 7,000,000 | 3,215,590 |
Series B, 9/1/2034 | 15,200,000 | 1,561,496 |
Denver, CO, Airport Revenue: | ||
Series A, 7.4%, 11/15/2005 | 1,250,000 | 1,349,850 |
Series A, 7.5%, 11/15/2006 | 1,000,000 | 1,080,390 |
Series A, 7.5%, 11/15/2023 | 5,945,000 | 6,472,738 |
Series A, Prerefunded, 7.5%, 11/15/2023 | 1,240,000 | 1,374,354 |
Denver, CO, Airport Revenue, Inverse Floater Rites-PA 762, AMT, 10.617%, 11/15/2013* (b) | 5,000,000 | 6,492,550 |
Denver, CO, Sales & Special Tax Revenue, Urban Renewal Tax Increment Revenue, AMT, 7.5%, 9/1/2004 | 345,000 | 349,354 |
Denver, CO, School District GO: | ||
Series A, 6.5%, 6/1/2010 | 3,225,000 | 3,985,487 |
Series A, 6.5%, 12/1/2010 | 3,000,000 | 3,752,910 |
Douglas County, School District GO: | ||
Series A, 6.5%, 12/15/2016 (b) | 715,000 | 776,490 |
7.0%, 12/15/2013 (b) | 10,000,000 | 13,414,500 |
Mesa County, Residual Revenue, EMT, Zero Coupon, 12/1/2011 | 11,435,000 | 8,579,223 |
153,853,131 | ||
Connecticut 1.3% | ||
Bridgeport, CT, Core City GO, Series A, 6.0%, 7/15/2014 (b) | 5,535,000 | 6,791,556 |
Connecticut, Sales & Special Tax Revenue: | ||
Series II, Inverse Floater, 9.34%, 10/1/2014* (b) | 8,390,000 | 11,117,253 |
Series II, Inverse Floater, 9.34%, 10/1/2015* (b) | 2,000,000 | 2,621,900 |
Series II, Inverse Floater, 9.34%, 10/1/2016* (b) | 1,050,000 | 1,442,606 |
Series II, Inverse Floater, 9.34%, 10/1/2017* (b) | 830,000 | 1,140,345 |
Connecticut, State GO: | ||
5.5%, 12/15/2015 | 5,000,000 | 6,084,800 |
Series A, 5.375%, 4/15/2016 | 2,805,000 | 3,229,705 |
Series A, 5.375%, 4/15/2017 | 4,870,000 | 5,567,238 |
Series A, 5.375%, 4/15/2018 | 4,000,000 | 4,543,240 |
Series A, 5.375%, 4/15/2019 | 10,075,000 | 11,361,678 |
Series B, 5.5%, 6/15/2018 | 1,000,000 | 1,150,930 |
Series C, 5.5%, 12/15/2014 | 5,000,000 | 6,072,750 |
Series E, 6.0%, 3/15/2012 | 170,000 | 209,664 |
Greenwich, CT, Multi Family Housing Revenue, 6.35%, 9/1/2027 | 2,640,000 | 2,657,450 |
63,991,115 | ||
District of Columbia 1.1% | ||
District of Columbia, Series A1, Prerefunded, 6.5%, 6/1/2010 (b) | 1,095,000 | 1,365,607 |
District of Columbia, Core City GO: | ||
Series B2, 5.5%, 6/1/2008 (b) | 3,225,000 | 3,719,618 |
Series B3, 5.5%, 6/1/2009 (b) | 2,840,000 | 3,310,446 |
Series B3, 5.5%, 6/1/2012 (b) | 1,050,000 | 1,240,040 |
Series A1, 6.5%, 6/1/2010 (b) | 1,175,000 | 1,447,036 |
District of Columbia, Core City GO, Series B, Zero Coupon, 6/1/2003 (b) | 2,000,000 | 1,999,940 |
District of Columbia, Core City GO, Inverse Floater Rites-PA 568, 9.52%, 6/1/2007* (b) | 12,500,000 | 16,744,500 |
District of Columbia, Senior Care Revenue, Series C, 1.35%, 8/15/2038** (b) | 1,570,000 | 1,570,000 |
District of Columbia, Water & Sewer Revenue, Public Utility Revenue: | ||
5.5%, 10/1/2023 (b) | 5,000,000 | 5,909,300 |
Series 14, Inverse Floater, 10.49%, 10/1/2012* (b) | 1,970,000 | 2,932,168 |
Series 15, Inverse Floater, 10.49%, 10/1/2013* (b) | 3,565,000 | 5,344,185 |
Series 13, Inverse Floater, 10.48%, 10/1/2016* (b) | 1,210,000 | 1,788,961 |
Series 16, Inverse Floater, 10.49%, 10/1/2014* (b) | 2,750,000 | 4,141,335 |
51,513,136 | ||
Florida 2.6% | ||
Florida, Industrial Development Revenue, Capital Travel Agency, Series A, 10.0%, 10/1/2033 | 13,250,000 | 15,084,993 |
Florida, State GO, Board of Public Education, Series D, 5.375%, 6/1/2016 | 5,765,000 | 6,644,047 |
Highlands County, Hospital & Healthcare Revenue: Adventist Hospital, Series A, 6.0%, 11/15/2031 | 7,000,000 | 7,586,950 |
Hospital-Adventist Health Systems, 5.25%, 11/15/2028 | 5,300,000 | 5,402,979 |
Jacksonville, FL, Health Facilities Authority: | ||
ETM, 11.5%, 10/1/2012 | 85,000 | 142,622 |
Prerefunded 10/1/2003, 11.5%, 10/1/2012 | 10,000 | 10,347 |
Prerefunded 10/1/2004, 11.5%, 10/1/2012 | 35,000 | 39,765 |
Prerefunded 10/1/2005, 11.5%, 10/1/2012 | 40,000 | 49,340 |
Prerefunded 10/1/2006, 11.5%, 10/1/2012 | 15,000 | 19,801 |
Jacksonville, FL, Sales & Special Tax Revenue, 5.5%, 10/1/2014 (b) | 3,000,000 | 3,501,000 |
Jacksonville, FL, Sales & Special Tax Revenue, Local Government: | ||
5.5%, 10/1/2014 (b) | 4,025,000 | 4,875,684 |
5.5%, 10/1/2015 (b) | 4,730,000 | 5,737,112 |
5.5%, 10/1/2016 (b) | 6,760,000 | 8,202,652 |
5.5%, 10/1/2018 (b) | 5,470,000 | 6,646,542 |
Lee County, Airport Revenue,: | ||
AMT, Series 14, Inverse Floater, 10.297%, 10/1/2013* (b) | 3,960,000 | 5,186,610 |
Series 14, Inverse Floater, 10.44%, 10/1/2020* (b) | 1,410,000 | 1,766,321 |
Series 14, Inverse Floater, 10.69%, 10/1/2015* (b) | 1,500,000 | 1,999,905 |
Miami-Dade County, Sales & Special Tax Revenue: | ||
Series A, Zero Coupon, 10/1/2014 (b) | 2,195,000 | 1,325,231 |
Series A, Zero Coupon, 10/1/2022 (b) | 7,000,000 | 2,584,260 |
Orange County, Health Facilities Authority Orlando Regional Facilities, Series A, ETM, 6.25%, 10/1/2016 (b) | 710,000 | 917,931 |
Orange County, Hospital & Healthcare Revenue, Health Facilities Authority, Orlando Regional Healthcare: | ||
Series A, 6.25%, 10/1/2016 (b) | 290,000 | 370,417 |
Series C, 6.25%, 10/1/2021 (b) | 6,000,000 | 7,619,520 |
Orlando, FL, Electric Revenue, Community Utilities, 6.75%, 10/1/2017 | 3,500,000 | 4,587,275 |
Palm Beach County, Airport Revenue: | ||
5.75%, 10/1/2012 (b) | 5,000,000 | 6,103,050 |
5.75%, 10/1/2013 (b) | 5,000,000 | 6,156,450 |
Palm Beach County, Resource Recovery Revenue, Solid Waste Authority, Series A, Zero Coupon, 10/1/2013 (b) | 20,000,000 | 13,646,000 |
Sunrise, FL, Water & Sewer Revenue, Utility Systems, 5.5%, 10/1/2018 (b) | 10,000,000 | 12,072,100 |
128,278,904 | ||
Georgia 1.9% | ||
Atlanta, GA, Airport Revenue, AMT: | ||
Series B, 5.75%, 1/1/2010 (b) | 4,240,000 | 4,865,146 |
Series B, 5.75%, 1/1/2011 (b) | 1,590,000 | 1,815,939 |
Series C, 6.0%, 1/1/2011 (b) | 7,375,000 | 8,530,810 |
Series C, 6.125%, 1/1/2012 (b) | 7,735,000 | 8,949,240 |
Atlanta, GA, Water & Sewer Revenue, Series A, 5.5%, 11/1/2019 (b) | 13,000,000 | 15,725,320 |
Cobb County, Hospital & Healthcare Revenue, Series A, 5.625%, 4/1/2011 (b) | 2,305,000 | 2,731,702 |
Fulton County, Single Family Housing Revenue: | ||
Series A, 6.55%, 3/1/2018 (b) | 80,000 | 83,077 |
Series A, 6.6%, 3/1/2028 (b) | 1,250,000 | 1,278,925 |
Georgia, Electric Revenue, Municipal Electric Authority Power Revenue: | ||
Series Y, 6.4%, 1/1/2013 (b) | 3,305,000 | 4,114,494 |
Series Y, Prerefunded, ETM, 6.4%, 1/1/2013 (b) | 195,000 | 242,853 |
Series V, 6.5%, 1/1/2012 (b) | 5,000,000 | 6,068,800 |
Series X, 6.5%, 1/1/2012 (b) | 3,500,000 | 4,231,745 |
Series W, 6.6%, 1/1/2018 (b) | 11,270,000 | 14,944,696 |
Georgia, Electric Revenue, Inverse Floater Rites-PA 786, 11.27%, 1/1/2016* | 4,600,000 | 7,257,282 |
Georgia, State GO, Series C, 5.5%, 9/1/2014 | 5,485,000 | 6,660,271 |
Georgia, Water & Sewer Revenue, Municipal Electric Authority Power Revenue, Series W, 6.6%, 1/1/2018 (b) | 200,000 | 259,524 |
Macon-Bibb County, Hospital & Healthcare Revenue, Series C, 5.25%, 8/1/2011 (b) | 3,000,000 | 3,493,530 |
91,253,354 | ||
Hawaii 0.2% | ||
Hawaii, Airport Revenue, AMT, Series B, 6.5%, 7/1/2013 (b) | 6,680,000 | 8,045,392 |
Hawaii, State GO, Series CU, 5.875%, 10/1/2014 (b) | 1,500,000 | 1,824,435 |
9,869,827 | ||
Illinois 12.7% | ||
Chicago, IL, Central Station Project, Series A, Prerefunded, 8.9%, 1/1/2011 | 1,250,000 | 1,283,450 |
Chicago, IL, Emergency Telephone Systems, ETM, 5.6%, 1/1/2009 (b) | 7,200,000 | 8,432,496 |
Chicago, IL, Core City GO: | ||
Series B, 5.0%, 1/1/2010 (b) | 5,200,000 | 5,902,000 |
Series B, 5.0%, 1/1/2011 (b) | 1,620,000 | 1,841,276 |
Series B, 5.125%, 1/1/2015 (b) | 9,550,000 | 11,061,861 |
Series A, 5.375%, 1/1/2013 (b) | 15,410,000 | 17,856,954 |
6.25%, 1/1/2011 (b) | 3,000,000 | 3,660,450 |
Series A, Zero Coupon, 1/1/2013 (b) | 6,250,000 | 4,373,188 |
Zero Coupon, 1/1/2017 | 20,000,000 | 11,295,200 |
Chicago, IL, Sales & Special Tax Revenue, 5.375%, 1/1/2014 (b) | 5,000,000 | 5,874,050 |
Chicago, IL, School District (GO) Lease, Board of Education: | ||
Series A, 6.0%, 1/1/2016 (b) | 11,025,000 | 13,677,284 |
Series A, 6.0%, 1/1/2020 (b) | 46,340,000 | 58,174,309 |
Series A, 6.25%, 1/1/2009 (b) | 6,735,000 | 8,057,552 |
Series A, 6.25%, 1/1/2011 (b) | 10,000,000 | 12,201,500 |
Series A, 6.25%, 1/1/2015 (b) | 28,725,000 | 36,179,425 |
Chicago, IL, School District (GO) Lease, Public Housing Revenue: | ||
Series A, 5.25%, 12/1/2008 (b) | 2,655,000 | 3,067,322 |
Series A, 5.25%, 12/1/2011 (b) | 9,705,000 | 11,338,643 |
Chicago, IL, School District (REV) Lease, Board of Education: | ||
Series A, 6.25%, 1/1/2010 (b) | 11,550,000 | 13,965,914 |
6.25%, 12/1/2011 (b) | 1,600,000 | 1,987,296 |
Chicago, IL, School District (REV) Lease, Public Housing Revenue, Series A, 5.25%, 12/1/2009 (b) | 10,420,000 | 12,129,922 |
Chicago, IL, School District GO, Board of Education, 6.0%, 12/1/2016 (b) | 5,000,000 | 5,762,900 |
Chicago, IL, School District GO, Board of Education: | ||
Series B, Zero Coupon, 12/1/2009 (b) | 7,615,000 | 6,317,632 |
Series A, Zero Coupon, 12/1/2012 (b) | 3,500,000 | 2,484,720 |
Series A, Zero Coupon, 12/1/2014 (b) | 2,000,000 | 1,283,420 |
Chicago, IL, Water & Sewer Revenue, 5.375%, 1/1/2013 (b) | 3,215,000 | 3,778,107 |
Chicago, IL, Water & Sewer Revenue: | ||
Zero Coupon, 11/1/2012 (b) | 6,350,000 | 4,524,502 |
Zero Coupon, 11/1/2018 (b) | 5,165,000 | 2,660,078 |
Cook & Dupage Counties, School District GO, Zero Coupon, 12/1/2009 (b) | 2,860,000 | 2,374,258 |
Cook County, ETM, Zero Coupon, 11/1/2004 (b) | 3,205,000 | 3,155,931 |
Cook County, County GO, 6.5%, 11/15/2014 (b) | 18,560,000 | 24,095,149 |
Cook County, County GO, Inverse Floater Rites-PA 591, 11.53%, 11/15/2013* | 10,610,000 | 16,824,914 |
Decatur, IL, Other GO: | ||
Zero Coupon, 10/1/2003 (b) | 1,455,000 | 1,449,878 |
Zero Coupon, 10/1/2004 (b) | 1,415,000 | 1,394,412 |
Hoffman Estates, IL, Sales & Special Tax Revenue, Tax Increment Revenue: | ||
Zero Coupon, 5/15/2006 | 4,500,000 | 4,026,330 |
Zero Coupon, 5/15/2007 | 15,460,000 | 13,185,989 |
Illinois, Airport Revenue, Metropolitan Pier and Exposition Authority, Series A, Zero Coupon, 6/15/2011 (b) | 895,000 | 679,019 |
Illinois, Educational Facilities Authority: | ||
Series A, ETM, Zero Coupon, 7/1/2004 (b) | 2,860,000 | 2,826,138 |
Series A, ETM, Zero Coupon, 7/1/2005 (b) | 7,100,000 | 6,916,394 |
Illinois, Health Facilities Authority, ETM, 7.0%, 2/15/2009 | 4,150,000 | 4,845,831 |
Illinois, Higher Education Revenue, University Retirement System: | ||
Zero Coupon, 10/1/2003 (b) | 2,750,000 | 2,740,045 |
Zero Coupon, 10/1/2005 (b) | 7,000,000 | 6,772,360 |
Illinois, Higher Education Revenue, Zero Coupon, 4/1/2015 (b) | 3,300,000 | 2,060,256 |
Illinois, Hospital & Healthcare Revenue, Adventist Health System, 5.5%, 11/15/2020 | 10,000,000 | 10,382,000 |
Illinois, Hospital & Healthcare Revenue, Development Finance Authority, Adventist Health System, 5.25%, 11/15/2029 | 5,475,000 | 5,618,117 |
Illinois, Hospital & Healthcare Revenue, Health Facilities Authority: | ||
5.2%, 9/1/2012 | 1,000,000 | 1,052,830 |
6.0%, 8/15/2006 (b) | 1,380,000 | 1,559,441 |
6.0%, 8/15/2007 (b) | 1,460,000 | 1,680,825 |
6.0%, 8/15/2008 (b) | 1,550,000 | 1,810,431 |
6.0%, 8/15/2009 (b) | 1,640,000 | 1,936,364 |
6.25%, 8/15/2013 (b) | 3,400,000 | 4,234,666 |
Series A, 6.25%, 1/1/2015 (b) | 17,000,000 | 21,154,120 |
6.4%, 6/1/2008 (b) | 1,350,000 | 1,593,716 |
Illinois, Metropolitan Pier and Exposition Authority, Series A, ETM, Zero Coupon, 6/15/2011 (b) | 2,900,000 | 2,212,381 |
Illinois, Pollution Control Revenue, Commonwealth Edison Co. Project, Series D, 6.75%, 3/1/2015 (b) | 16,780,000 | 18,596,771 |
Illinois, Pollution Control Revenue, Development Finance Authority Pollution Control, 5.85%, 1/15/2014 (b) | 5,000,000 | 6,040,350 |
Illinois, Project Revenue, Metropolitan Pier and Exposition Authority: Zero Coupon, 6/15/2016 (b) | 10,000,000 | 5,860,100 |
5.25%, 6/15/2042 (b) | 5,000,000 | 5,359,500 |
Illinois, Project Revenue, Zero Coupon, 1/1/2014 (b) | 17,975,000 | 11,992,201 |
Illinois, Sales & Special Tax Revenue: | ||
6.0%, 6/15/2010 | 3,500,000 | 4,220,405 |
6.125%, 6/15/2012 | 2,000,000 | 2,447,340 |
6.25%, 12/15/2011 (b) | 3,000,000 | 3,728,790 |
6.25%, 12/15/2020 (b) | 6,975,000 | 8,863,063 |
Series A, 6.5%, 12/15/2007 (b) | 4,765,000 | 5,698,082 |
Series A, 6.5%, 12/15/2008 (b) | 5,255,000 | 6,409,366 |
Series P, 6.5%, 6/15/2013 | 2,100,000 | 2,591,379 |
Illinois, Sales & Special Tax Revenue, Development Finance Authority, 7.5%, 11/15/2013 | 3,750,000 | 4,142,063 |
Illinois, Sales & Special Tax Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, 6/15/2013 (b) | 7,565,000 | 5,209,335 |
Illinois, Special Assessment Revenue, Metropolitan Pier and Exposition Authority, Zero Coupon, Series A, 12/15/2018 (b) | 6,660,000 | 3,412,051 |
Illinois, State GO, 5.5%, 5/1/2016 (b) | 2,500,000 | 3,005,900 |
Illinois, Transportation/Tolls Revenue, Inverse Floater Rites-PA 584, Regional Transportation Authority, 11.921%, 11/1/2021* | 12,900,000 | 21,774,942 |
Illinois, Water & Sewer Revenue, Northwest Suburban Municipal Joint Action Water Agency, 6.45%, 5/1/2007 (b) | 2,575,000 | 3,007,806 |
Joliet, IL, Higher Education Revenue, College Assistance Corp., North Campus Extension Center Project, 6.7%, 9/1/2012 (b) | 2,500,000 | 3,101,550 |
Kane Cook & Du Page Counties, School District GO: | ||
Series B, Zero Coupon, 1/1/2011 (b) | 1,040,000 | 802,308 |
Series B, Zero Coupon, 1/1/2012 (b) | 1,300,000 | 956,163 |
Series B, Zero Coupon, 1/1/2013 (b) | 4,595,000 | 3,218,200 |
Kane County, School District GO, Aurora West Side, Series A, 6.5%, 2/1/2010 (b) | 1,775,000 | 2,170,967 |
Lake Cook Kane & McHenry Counties, School District GO, 6.3%, 12/1/2017 (b) | 1,885,000 | 2,449,369 |
Lake County, Higher Education Revenue, District No. 117: | ||
Series B, Zero Coupon, 12/1/2013 (b) | 5,880,000 | 3,979,878 |
Series B, Zero Coupon, 12/1/2014 (b) | 5,985,000 | 3,842,370 |
Macon & Decatur Counties, County (GO) Lease, 6.5%, 1/1/2006 (b) | 1,500,000 | 1,689,720 |
Northern, IL, Higher Education Revenue, University, Auxiliary Facilities System: | ||
Zero Coupon, 10/1/2005 (b) | 1,865,000 | 1,804,350 |
Zero Coupon, 10/1/2007 (b) | 1,865,000 | 1,692,562 |
Oak Lawn, IL, Water & Sewer Revenue: | ||
Zero Coupon, 10/1/2003 (b) | 1,295,000 | 1,289,263 |
Zero Coupon, 10/1/2004 (b) | 1,295,000 | 1,271,172 |
Zero Coupon, 10/1/2005 (b) | 1,295,000 | 1,247,525 |
Zero Coupon, 10/1/2006 (b) | 1,295,000 | 1,214,024 |
Rosemont, IL, Other GO, Tax Increment: | ||
Zero Coupon, 12/1/2004 (b) | 6,000,000 | 5,890,080 |
Zero Coupon, 12/1/2005 (b) | 7,060,000 | 6,808,593 |
Zero Coupon, 12/1/2005 (b) | 4,455,000 | 4,296,357 |
Zero Coupon, 12/1/2007 (b) | 2,655,000 | 2,393,403 |
Skokie, IL, Other GO, Park District, Zero Coupon, Series B, 12/1/2011 (b) | 3,000,000 | 2,237,640 |
St. Charles, IL, Multi Family Housing Revenue, Wessel Court Project, AMT, 7.6%, 4/1/2024 | 3,425,000 | 3,436,782 |
University Park, IL, Sales & Special Tax Revenue, Governors Gateway Industrial Park, 8.5%, 12/1/2011 | 2,145,000 | 2,234,768 |
Will County, IL, Community Unit School District No. 201-U, Zero Coupon, ETM, 12/15/2006 (b) | 3,725,000 | 3,511,185 |
Will County, IL, County GO: | ||
Series B, Zero Coupon, 12/1/2011 (b) | 4,145,000 | 3,089,103 |
Series B, Zero Coupon, 12/1/2012 (b) | 2,480,000 | 1,760,602 |
Series B, Zero Coupon, 12/1/2013 (b) | 12,030,000 | 8,134,927 |
Series B, Zero Coupon, 12/1/2014 (b) | 10,255,000 | 6,576,326 |
Will County, IL, School District GO, Community Unit School District No. 365-U, Series B, Zero Coupon, 11/1/2015 (b) | 8,000,000 | 4,879,920 |
Winnebago County, School District GO, District No. 122 Harlem-Loves: | ||
6.55%, 6/1/2009 (b) | 1,675,000 | 2,047,202 |
6.55%, 6/1/2010 (b) | 1,825,000 | 2,254,058 |
628,393,057 | ||
Indiana 1.5% | ||
Indiana, Electric Revenue, Municipal Power Agency: | ||
Series B, 5.5%, 1/1/2016 (b) | 10,160,000 | 12,128,094 |
Series B, 6.0%, 1/1/2012 (b) | 1,750,000 | 2,118,935 |
Indiana, Health Facilities Financing Authority: | ||
ETM, 6.0%, 7/1/2010 (b) | 1,035,000 | 1,252,795 |
ETM, 6.0%, 7/1/2011 (b) | 1,100,000 | 1,340,207 |
Indiana, Higher Education Revenue, Series H, Zero Coupon, 8/1/2006 (b) | 6,000,000 | 5,667,480 |
Indiana, Hospital & Healthcare Revenue, Health Facilities Finance Authority, Greenwood Village South Project, 5.625%, 5/15/2028 | 2,100,000 | 1,829,163 |
Indiana, Hospital & Healthcare Revenue, Health Facilities Financing Authority: | ||
Series D, 5.75%, 11/15/2012 | 4,660,000 | 5,276,891 |
ETM, 6.0%, 7/1/2003 (b) | 430,000 | 431,763 |
ETM, 6.0%, 7/1/2004 (b) | 455,000 | 477,805 |
Prerefunded, 6.0%, 7/1/2004 (b) | 850,000 | 894,693 |
ETM, 6.0%, 7/1/2005 (b) | 485,000 | 529,601 |
Prerefunded, 6.0%, 7/1/2005 (b) | 1,535,000 | 1,685,829 |
Prerefunded, 6.0%, 7/1/2006 (b) | 1,630,000 | 1,850,115 |
ETM, 6.0%, 7/1/2006 (b) | 515,000 | 580,055 |
Prerefunded, ETM, 6.0%, 7/1/2007 (b) | 1,725,000 | 2,001,397 |
ETM, 6.0%, 7/1/2007 (b) | 545,000 | 625,840 |
Prerefunded, ETM, 6.0%, 7/1/2008 (b) | 945,000 | 1,119,126 |
ETM, 6.0%, 7/1/2008 (b) | 300,000 | 349,614 |
Prerefunded, ETM, 6.0%, 7/1/2009 (b) | 980,000 | 1,176,804 |
ETM, 6.0%, 7/1/2009 (b) | 310,000 | 365,431 |
ETM, 6.0%, 7/1/2010 (b) | 325,000 | 384,313 |
ETM, 6.0%, 7/1/2011 (b) | 345,000 | 416,750 |
ETM, 6.0%, 7/1/2012 (b) | 370,000 | 445,284 |
Prerefunded, ETM, 6.0%, 7/1/2012 (b) | 1,165,000 | 1,431,226 |
ETM, 6.0%, 7/1/2013 (b) | 390,000 | 475,398 |
Prerefunded, ETM, 6.0%, 7/1/2013 (b) | 1,230,000 | 1,521,854 |
ETM, 6.0%, 7/1/2014 (b) | 410,000 | 501,807 |
Prerefunded, ETM, 6.0%, 7/1/2014 (b) | 1,310,000 | 1,625,789 |
ETM, 6.0%, 7/1/2015 (b) | 440,000 | 541,033 |
Prerefunded, ETM, 6.0%, 7/1/2015 (b) | 1,385,000 | 1,723,037 |
ETM, 6.0%, 7/1/2016 (b) | 465,000 | 572,675 |
Prerefunded, ETM, 6.0%, 7/1/2016 (b) | 1,470,000 | 1,832,928 |
ETM, 6.0%, 7/1/2017 (b) | 490,000 | 605,214 |
Prerefunded, ETM, 6.0%, 7/1/2017 (b) | 1,560,000 | 1,950,094 |
ETM, 6.0%, 7/1/2018 (b) | 520,000 | 643,292 |
Prerefunded, ETM, 6.0%, 7/1/2018 (b) | 1,655,000 | 2,071,166 |
Indiana, Transportation/Tolls Revenue, Series A, 7.25%, 6/1/2015 | 3,120,000 | 4,161,550 |
Indiana, Transportation/Tolls Revenue, Transportation Authority: | ||
Series A, 5.75%, 6/1/2012 (b) | 4,550,000 | 5,497,629 |
Series A, ETM, 7.25%, 6/1/2015 | 880,000 | 1,130,149 |
Indiana, Transportation/Tolls Revenue, Transportation Finance Authority, Series A, 5.75%, 6/1/2012 (b) | 450,000 | 547,992 |
Merrillville, IN, School District (REV) Lease, Multiple School Building Corp., First Mortgage, Zero Coupon, 1/15/2011 (b) | 4,000,000 | 3,058,440 |
72,839,258 | ||
Iowa 0.6% | ||
Iowa, Project Revenue: | ||
5.5%, 2/15/2015 (b) | 10,530,000 | 12,644,951 |
5.5%, 2/15/2016 (b) | 6,645,000 | 7,994,799 |
5.5%, 2/15/2020 (b) | 8,000,000 | 9,576,560 |
30,216,310 | ||
Kansas 0.9% | ||
Johnson County, School District GO, Series B, 5.5%, 9/1/2015 (b) | 1,860,000 | 2,251,772 |
Kansas, Pollution Control Revenue, Development Financing Authority: | ||
Series II, 5.5%, 5/1/2014 | 2,000,000 | 2,393,520 |
Series II, 5.5%, 11/1/2015 | 1,000,000 | 1,207,320 |
Series II, 5.5%, 11/1/2017 | 1,000,000 | 1,207,830 |
Kansas, Transportation/Tolls Revenue, Development Financing Authority, Series A, 5.75%, 9/1/2013 | 8,235,000 | 9,700,830 |
Kansas City, KS, Utility Systems Revenue: | ||
ETM, Zero Coupon, 9/1/2004 (b) | 3,575,000 | 3,527,524 |
ETM, Zero Coupon, 9/1/2005 (b) | 5,300,000 | 5,153,296 |
Kansas City, KS, Electric Revenue, Utility Systems Revenue: | ||
Zero Coupon, 9/1/2004 (b) | 2,640,000 | 2,601,562 |
Zero Coupon, 9/1/2006 (b) | 1,375,000 | 1,301,163 |
Overland Park, KS, Industrial Development Revenue, Development Corp., Series A, 7.375%, 1/1/2032 | 12,000,000 | 12,267,840 |
Saline County, School District GO, 5.5%, 9/1/2017 (b) | 3,240,000 | 3,723,084 |
45,335,741 | ||
Kentucky 1.9% | ||
Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority: | ||
Series C, Step-up Coupon, 0% to 10/1/2005, 5.6% to 10/1/2012 (b) | 13,670,000 | 14,455,205 |
Series C, Step-up Coupon, 0% to 10/1/2005, 5.7% to 10/1/2013 (b) | 8,245,000 | 8,784,718 |
Series C, Step-up Coupon, 0% to 10/1/2005, 5.8% to 10/1/2014 (b) | 5,130,000 | 5,456,986 |
Series C, Step-up Coupon, 0% to 10/1/2005, 5.85% to 10/1/2015 (b) | 5,235,000 | 5,483,034 |
Series C, Step-up Coupon, 0% to 10/1/2005, 5.9% to 10/1/2016 (b) | 6,500,000 | 6,764,615 |
Kentucky, Project Revenue: | ||
5.5%, 8/1/2017 (b) | 6,770,000 | 8,200,163 |
5.5%, 8/1/2018 (b) | 5,000,000 | 6,053,600 |
5.5%, 8/1/2019 (b) | 6,870,000 | 8,294,082 |
5.5%, 8/1/2020 (b) | 4,320,000 | 5,200,114 |
Kentucky, Public Housing Revenue, Property and Buildings Project No. 69, Series A, 5.375%, 8/1/2016 (b) | 5,000,000 | 5,694,800 |
Kentucky, State (REV) Lease, Property and Buildings Project No. 68, 5.75%, 10/1/2015 | 5,375,000 | 6,283,751 |
Kentucky, State Agency (REV) Lease, Property and Buildings Project No. 71: | ||
5.5%, 8/1/2013 | 2,500,000 | 2,994,450 |
5.5%, 8/1/2014 | 4,250,000 | 5,097,578 |
5.5%, 8/1/2015 | 4,000,000 | 4,811,280 |
93,574,376 | ||
Louisiana 0.4% | ||
Jefferson, LA, Sales & Special Tax Revenue: | ||
5.75%, 12/1/2015 (b) | 2,335,000 | 2,799,455 |
5.75%, 12/1/2016 (b) | 2,465,000 | 2,933,153 |
5.75%, 12/1/2017 (b) | 2,610,000 | 3,087,056 |
5.75%, 12/1/2018 (b) | 2,760,000 | 3,247,361 |
Louisiana, Public Facilities Authority, Centenary College Louisiana Project: | ||
Prerefunded, 5.75%, 2/1/2012 | 1,000,000 | 1,170,970 |
Prerefunded, 5.9%, 2/1/2017 | 1,000,000 | 1,177,610 |
New Orleans, LA, Other GO, Zero Coupon, 9/1/2005 (b) | 2,500,000 | 2,422,800 |
Orleans, LA, Sales & Special Tax Revenue, Levee, District Improvement Project, 5.95%, 11/1/2014 (b) | 1,540,000 | 1,746,791 |
18,585,196 | ||
Maine 0.1% | ||
Maine, Hospital & Healthcare Revenue, Health and Educational Facilities Authority, Series B, Prerefunded, 7.1%, 7/1/2014 (b) | 55,000 | 59,678 |
Maine, Transportation/Tolls Revenue, Turnpike Authority, 5.625%, 7/1/2017 (b) | 4,350,000 | 5,055,309 |
5,114,987 | ||
Maryland 1.0% | ||
Baltimore, MD, Sales & Special Tax Revenue, Series A, 5.9%, 7/1/2012 (b) | 3,100,000 | 3,778,559 |
Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030 | 4,000,000 | 4,508,920 |
Maryland, Project Revenue, Economic Development Corp., Chesapeake Bay, Series B, 7.75%, 12/1/2031 (d) | 37,000,000 | 33,033,970 |
Northeast, MD, Resource Recovery Revenue, Waste Disposal Authority: | ||
7.2%, 1/1/2006 (b) | 4,940,000 | 5,216,097 |
7.2%, 1/1/2007 (b) | 3,390,000 | 3,579,467 |
50,117,013 | ||
Massachusetts 5.1% | ||
Massachusetts, Airport Revenue, AMT, Port Authority, Delta Air Lines, Inc. Project, Series A, 5.5%, 1/1/2017 (b) | 4,000,000 | 4,327,280 |
Massachusetts, Airport Revenue, Port Authority, Series B, 5.5%, 7/1/2012 (b) | 3,025,000 | 3,373,178 |
Massachusetts, Higher Education Revenue, 5.5%, 7/1/2022 | 9,000,000 | 10,769,670 |
Massachusetts, Higher Education Revenue, Building Authority Project: | ||
Series 2, 5.5%, 11/1/2017 (b) | 1,105,000 | 1,271,093 |
Series 2, 5.5%, 11/1/2018 (b) | 1,400,000 | 1,603,574 |
Massachusetts, Higher Education Revenue, College Building Authority Project, Series A, 7.5%, 5/1/2014 | 5,500,000 | 7,468,285 |
Massachusetts, Higher Education Revenue, Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series I-1, 5.2%, 1/1/2028 | 10,500,000 | 12,091,065 |
Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Massachusetts General Hospital, Series F, 6.25%, 7/1/2012 (b) | 1,000,000 | 1,208,520 |
Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032 | 5,000,000 | 5,033,100 |
Massachusetts, Port Authority Revenue, AMT, Port Authority, Delta Air Lines, Inc. Project, Series A, 5.5%, 1/1/2018 (b) | 5,000,000 | 5,382,200 |
Massachusetts, Port Authority Revenue, ETM, 13.0%, 7/1/2013 | 1,500,000 | 2,362,665 |
Massachusetts, Project Revenue, 9.2%, 12/15/2031 | 17,000,000 | 18,768,000 |
Massachusetts, Project Revenue, Health & Educational Facilities Authority, Series B, 9.15%, 12/15/2023 | 3,000,000 | 3,323,490 |
Massachusetts, Resource Recovery Revenue, Development Finance Agency, Resource Recovery, Inverse Floater, Series 563, 9.83%, 1/1/2016* (b) | 3,375,000 | 4,350,375 |
Massachusetts, Sales & Special Tax Revenue, Federal Highway, Series A, Zero Coupon, 12/15/2014 | 27,680,000 | 17,864,949 |
Massachusetts, State GO, Consolidated Loan: | ||
Series D, 5.5%, 11/1/2018 (b) | 4,000,000 | 4,837,520 |
Series D, 5.5%, 11/1/2019 (b) | 7,500,000 | 9,041,475 |
Series D, 5.5%, 11/1/2020 (b) | 2,000,000 | 2,403,180 |
Massachusetts, State GO, College Building Authority Project, Series A, 7.5%, 5/1/2010 | 4,110,000 | 5,301,489 |
Massachusetts, State GO, Inverse Floater Rites-PA 793, 10.124%, 10/1/2008* | 6,095,000 | 8,630,520 |
Massachusetts, State GO, Transportation Authority: | ||
Series A, 5.875%, 3/1/2015 | 10,075,000 | 12,424,087 |
Series B, 6.2%, 3/1/2016 | 17,450,000 | 21,929,241 |
Massachusetts, Transportation/Tolls Revenue, Turnpike Authority, Series C, Zero Coupon, 1/1/2018 (b) | 10,000,000 | 5,453,800 |
Massachusetts, Water & Sewer Revenue, Water Authority: | ||
Series J, 5.5%, 8/1/2020 (b) | 34,315,000 | 41,113,831 |
Series J, 5.5%, 8/1/2021 (b) | 5,685,000 | 6,774,360 |
Massachusetts, Water & Sewer Revenue, Water Resource Authority: | ||
Series A, 6.5%, 7/15/2009 | 2,625,000 | 3,221,636 |
Series A, 6.5%, 7/15/2019 | 13,710,000 | 17,845,622 |
Series C, 6.0%, 12/1/2011 | 10,000,000 | 12,234,300 |
250,408,505 | ||
Michigan 2.5% | ||
Detroit, MI, Core City GO: | ||
Series B, 6.0%, 4/1/2016 (b) | 2,865,000 | 3,398,320 |
Series B, 6.25%, 4/1/2010 | 3,410,000 | 3,615,930 |
Detroit, MI, School District GO: | ||
Series A, 5.5%, 5/1/2015 (b) | 6,675,000 | 7,798,670 |
Series A, 5.5%, 5/1/2017 (b) | 3,295,000 | 3,794,687 |
Series C, 5.25%, 5/1/2014 (b) | 1,000,000 | 1,178,050 |
Detroit, MI, State GO: | ||
Series A-1, 5.375%, 4/1/2016 (b) | 2,760,000 | 3,136,354 |
Series A1, 5.375%, 4/1/2018 (b) | 3,000,000 | 3,383,610 |
Detroit, MI, Water & Sewer Revenue, Series A, Zero Coupon, 7/1/2015 (b) | 8,710,000 | 5,422,411 |
Grand Rapids, MI, Water & Sewer Revenue, Water Supply, 5.75%, 1/1/2016 (b) | 2,955,000 | 3,463,437 |
Michigan, Electric Revenue, Series A, 5.25%, 1/1/2018 (b) | 11,000,000 | 12,860,760 |
Michigan, Hospital & Healthcare Revenue, Finance Authority: | ||
Series A, 6.0%, 11/15/2013 (b) | 10,000,000 | 12,255,100 |
Series A, 6.25%, 11/15/2014 (b) | 10,000,000 | 12,404,000 |
Michigan, Hospital & Healthcare Revenue, Hospital Finance Authority, Gratiot Community Hospital, 6.1%, 10/1/2007 | 1,930,000 | 2,028,334 |
Michigan, Sales & Special Tax Revenue, State Trunk Line: Series A, 5.5%, 11/1/2014 (b) | 4,055,000 | 4,736,199 |
Series A, 5.5%, 11/1/2016 (b) | 9,545,000 | 11,013,689 |
Series A, 5.5%, 11/1/2017 | 7,000,000 | 8,498,910 |
Michigan, State Agency (GO) Lease, Building Authority, Inverse Floater, Series B, 9.55%, 4/15/2009* | 2,500,000 | 3,303,025 |
Michigan, State Agency (GO) Lease, Inverse Floater Rites-PA 889R, Series A, 9.55%, 4/15/2009* | 4,155,000 | 5,546,426 |
Michigan, State GO: | ||
5.5%, 12/1/2014 | 5,000,000 | 6,075,200 |
5.5%, 12/1/2015 | 5,875,000 | 7,146,526 |
Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services, Series A, ETM, 5.6%, 2/15/2013 | 2,265,000 | 2,545,271 |
123,604,909 | ||
Minnesota 0.3% | ||
New Hope, MN, Hospital & Healthcare Revenue, Masonic Home North Ridge: | ||
5.875%, 3/1/2029 | 2,700,000 | 2,692,602 |
5.9%, 3/1/2019 | 1,335,000 | 1,351,407 |
University of Minnesota, Higher Education Revenue: | ||
Series A, 5.75%, 7/1/2017 | 3,240,000 | 4,018,507 |
Series A, 5.75%, 7/1/2018 | 6,760,000 | 8,390,918 |
16,453,434 | ||
Mississippi 0.4% | ||
Jones County, Hospital & Healthcare Revenue, South Central Regional Medical Center, 5.5%, 12/1/2017 | 1,375,000 | 1,395,556 |
Mississippi, State GO: | ||
5.5%, 12/1/2014 | 10,655,000 | 12,889,247 |
5.5%, 12/1/2015 | 6,000,000 | 7,264,380 |
21,549,183 | ||
Missouri 2.2% | ||
Missouri, Hospital & Healthcare Revenue: | ||
Series AA, 6.35%, 6/1/2008 (b) | 8,125,000 | 9,690,769 |
Series AA, 6.4%, 6/1/2009 (b) | 8,640,000 | 10,502,093 |
Missouri, Hospital & Healthcare Revenue, Health and Educational Facilities Authority, Washington University, Series A, 5.5%, 6/15/2016 | 11,400,000 | 13,790,808 |
Missouri, Senior Care Revenue, Health & Educational Facilities Authority, 5.75%, 2/1/2017 | 3,250,000 | 3,402,068 |
Missouri, Transportation/Tolls Revenue: | ||
Series A, 5.625%, 2/1/2014 | 2,000,000 | 2,341,680 |
Series A, 5.625%, 2/1/2016 | 3,125,000 | 3,626,938 |
Missouri, Water & Sewer Revenue, Clearence Cannon Wholesale, 6.0%, 5/15/2020 | 10,000,000 | 10,198,500 |
Missouri, Water & Sewer Revenue, Environmental Improvement and Energy Resource Authority: | ||
Series C, 5.375%, 7/1/2016 | 3,585,000 | 4,287,875 |
Series C, 5.375%, 7/1/2017 | 4,305,000 | 5,156,572 |
Series C, 5.375%, 7/1/2018 | 3,250,000 | 3,889,535 |
Series B, 5.5%, 7/1/2014 | 3,000,000 | 3,613,170 |
Series B, 5.5%, 7/1/2015 | 3,500,000 | 4,225,305 |
Series B, 5.5%, 7/1/2016 | 5,065,000 | 6,124,092 |
St. Louis, MO, Airport Revenue, Series A, 5.625%, 7/1/2017 (b) | 6,000,000 | 6,973,560 |
St. Louis, MO, County GO, Industrial Development Authority, Convention Center Hotel, Zero Coupon, 7/15/2016 (b) | 6,895,000 | 4,073,704 |
St. Louis, MO, County (GO) Lease, Regional Convention & Sports Complex Authority, Series C, 7.9%, 8/15/2021 | 125,000 | 125,778 |
St. Louis, MO, Industrial Development Revenue, Convention Center AMT, Series A, 6.875%, 12/15/2020 | 2,500,000 | 2,520,050 |
St. Louis, MO, Industrial Development Revenue, St. Louis Convention, AMT, Series A, 7.25%, 12/15/2035 | 5,000,000 | 5,077,400 |
St. Louis, MO, Special Assessment Revenue, Scullin Redevelopment Area, Series A, 10.0%, 8/1/2010 | 6,300,000 | 7,740,432 |
St. Louis, MO, State (GO) Lease, Industrial Development Authority, Convention Center Hotel, Zero Coupon, 7/15/2015 (b) | 4,200,000 | 2,623,152 |
109,983,481 | ||
Montana 0.1% | ||
Montana, Higher Education Revenue, Series F, 6.0%, 5/15/2019 (b) | 5,000,000 | 5,974,650 |
Nebraska 0.3% | ||
Omaha, NE, Public Power District, Electric Revenue, Series B, ETM, 6.2%, 2/1/2017 | 4,700,000 | 5,903,482 |
Omaha, NE, Core City GO, Series A, 6.5%, 12/1/2018 | 1,000,000 | 1,330,200 |
Omaha, NE, School District GO: | ||
Series A, 6.5%, 12/1/2015 | 1,480,000 | 1,941,479 |
Series A, 6.5%, 12/1/2016 | 1,000,000 | 1,317,450 |
Series A, 6.5%, 12/1/2017 | 4,000,000 | 5,304,360 |
Scotts Bluff County, Hospital & Healthcare Revenue, 6.45%, 12/15/2004 | 870,000 | 890,549 |
16,687,520 | ||
Nevada 0.9% | ||
Clark County, Airport Revenue, Airport Jet Aviation Fuel: | ||
Series C, 5.375%, 7/1/2018 (b) | 1,500,000 | 1,635,015 |
Series C, 5.375%, 7/1/2019 (b) | 1,100,000 | 1,189,639 |
Series C, 5.375%, 7/1/2020 (b) | 1,100,000 | 1,184,051 |
Series C, 5.375%, 7/1/2021 (b) | 1,500,000 | 1,607,040 |
Clark County, School District GO, Series B, Zero Coupon, 3/1/2005 | 8,070,000 | 7,890,120 |
Henderson, NV, Hospital & Healthcare Revenue, Catholic Healthcare West, 5.375%, 7/1/2026 | 15,000,000 | 14,359,050 |
Las Vegas, NV, Transportation/Tolls Revenue, Monorail Department Business and Industry: Zero Coupon, 1/1/2013 (b) | 5,000,000 | 3,471,650 |
7.375%, 1/1/2040 | 15,000,000 | 13,616,700 |
44,953,265 | ||
New Hampshire 0.1% | ||
New Hampshire, Senior Care Revenue, Havenwood Heritage Heights, 7.35%, 1/1/2018 | 2,500,000 | 2,583,900 |
New Hampshire, Senior Care Revenue, Higher Education Revenue, Havenwood Heritage Heights, 7.45%, 1/1/2025 | 4,000,000 | 4,118,040 |
6,701,940 | ||
New Jersey 6.2% | ||
Atlantic City, NJ, School District GO, Board of Education, 6.1%, 12/1/2014 (b) | 4,500,000 | 5,701,365 |
New Jersey, Transportation/Tolls Revenue, Garden State Parkway, ETM, 6.5%, 1/1/2011 | 3,326,000 | 3,882,839 |
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026 | 1,000,000 | 1,006,700 |
New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp, 5.75%, 6/1/2032 | 18,000,000 | 16,323,660 |
New Jersey, Senior Care Revenue, Economic Development Authority, United Methodist Homes: | ||
5.5%, 7/1/2019 | 4,000,000 | 4,011,400 |
5.75%, 7/1/2029 | 9,500,000 | 9,391,890 |
New Jersey, Special Assessment Revenue: | ||
6.25%, 6/1/2043 | 28,000,000 | 24,249,120 |
6.75%, 6/1/2039 | 35,480,000 | 33,072,327 |
New Jersey, State (REV) Lease, Transportation Trust Fund Authority, Inverse Floater, Rites-PA 785, 10.425%, 9/15/2015* (b) | 5,190,000 | 7,185,347 |
New Jersey, State Agency (GO) Lease, Transportation Trust Fund Authority, Series A, 5.625%, 6/15/2014 | 3,555,000 | 4,294,440 |
New Jersey, State Agency (GO) Lease, Transportation Trust Fund Authority, Inverse Floater, Residual Certificates, Series 224, 10.06%, 6/15/2016* | 11,000,000 | 15,908,860 |
New Jersey, State GO: | ||
5.25%, 7/1/2016 | 5,000,000 | 5,909,350 |
Series H, 5.25%, 7/1/2017 | 14,665,000 | 17,346,495 |
New Jersey, Transportation/Tolls Revenue: | ||
5.5%, 12/15/2015 (b) | 5,000,000 | 6,039,150 |
5.75%, 6/15/2017 | 8,000,000 | 9,827,920 |
Inverse Floater, 9.575%, 1/1/2013* (b) | 14,935,000 | 20,800,273 |
New Jersey, Transportation/Tolls Revenue, Economic Development Authority, Series A, 5.875%, 5/1/2014 (b) | 5,000,000 | 5,809,500 |
New Jersey, Transportation/Tolls Revenue, Federal Transportation Administration Grants, Series B, 5.75%, 9/15/2013 (b) | 11,000,000 | 12,951,620 |
New Jersey, Transportation/Tolls Revenue, Turnpike Authority, Series C, 6.5%, 1/1/2016 (b) (d) | 49,470,000 | 63,328,526 |
New Jersey, Transportation/Tolls Revenue, Turnpike Authority: Inverse Floater Rites-PA 613, 10.05%, 1/1/2016* (b) | 21,170,000 | 33,030,069 |
Inverse Floater Rites-PA 614, 10.05%, 1/1/2016* (b) | 3,830,000 | 5,975,681 |
306,046,532 | ||
New Mexico 0.4% | ||
Albuquerque, NM, Hospital and Healthcare Revenue, Southwest Community Health Services: | ||
ETM, 10.0%, 8/1/2003 | 190,000 | 192,842 |
Prerefunded, 10.125%, 8/1/2012 | 3,615,000 | 4,666,423 |
Los Alamos County, Electric Revenue, Utility Systems, Series A, 6.1%, 7/1/2010 (b) | 4,400,000 | 4,719,264 |
New Mexico, Single Family Housing Revenue, Mortgage Finance Authority, Series E2, 6.8%, 3/1/2031 (b) | 6,850,000 | 7,854,553 |
Socorro, NM, Southwest Community Health Services, ETM, 10.0%, 8/1/2003 | 260,000 | 263,890 |
17,696,972 | ||
New York 6.8% | ||
Monroe County, Airport Revenue: Inverse Floater Rites-PA 585A, 10.064%, 1/1/2011* | 2,005,000 | 2,748,494 |
Inverse Floater Rites-PA 585B, 10.062%, 7/1/2011* | 2,515,000 | 3,466,223 |
Inverse Floater Rites-PA 585C, 10.312%, 7/1/2012* | 1,915,000 | 2,689,139 |
Nassau County, Sales & Special Tax Revenue, Interim Finance Authority: | ||
Series A, 5.75%, 11/15/2015 | 3,060,000 | 3,531,271 |
Series A, 5.75%, 11/15/2016 (b) | 4,250,000 | 4,983,975 |
New York, 5.875%, 2/15/2019 | 2,520,000 | 2,859,721 |
New York, Core City GO, 5.875%, 2/15/2019 | 13,540,000 | 14,815,739 |
New York, Electric Revenue, Zero Coupon, 6/1/2009 (b) | 6,750,000 | 5,780,768 |
New York, Higher Education Revenue, 5.75%, 7/1/2013 | 10,000,000 | 11,943,900 |
New York, Higher Education Revenue, Dormitory Authority, Series B, 5.25%, 5/15/2019 (b) | 11,860,000 | 13,973,808 |
New York, Higher Education Revenue, Dormitory Authority, City University: | ||
Series A, 5.625%, 7/1/2016 (b) | 5,075,000 | 6,214,338 |
Series B, 6.0%, 7/1/2014 | 7,000,000 | 8,727,880 |
New York, Sales & Special Tax Revenue, Thruway Authority, Series A, 5.5%, 3/15/2018 | 5,000,000 | 5,708,200 |
New York, School District GO, Dormitory Authority, City University, Series A, 5.5%, 5/15/2019 | 1,500,000 | 1,794,015 |
New York, Senior Care Revenue, Dormitory Authority, City University: | ||
Series A, 5.25%, 5/15/2021 | 2,000,000 | 2,305,500 |
Series F, 5.375%, 7/1/2007 | 2,000,000 | 2,253,900 |
New York, Senior Care Revenue, Metropolitan Transportation Authority, Series O, 5.75%, 7/1/2013 (b) | 6,775,000 | 8,098,361 |
New York, State (GO) Lease, Urban Development Corp., State Facilities, 5.6%, 4/1/2015 | 4,655,000 | 5,553,043 |
New York, State Agency (GO) Lease, Dormitory Authority, City University: | ||
5.25%, 5/15/2017 (b) | 3,500,000 | 4,122,230 |
Series C, 7.5%, 7/1/2010 (b) | 5,750,000 | 7,088,715 |
Series D, 7.0%, 7/1/2009 (b) | 4,000,000 | 4,641,680 |
New York, State Agency (GO) Lease, Metropolitan Transportation Authority, Series A, 6.0%, 4/1/2020 (b) | 5,000,000 | 6,311,100 |
New York, State Agency (GO) Lease, Urban Development Authority, Correctional Facilities, Series A, 6.5%, 1/1/2011 (b) | 4,500,000 | 5,563,080 |
New York, State Agency (GO) Lease, Urban Development Corp., 5.7%, 4/1/2020 | 3,600,000 | 4,312,368 |
New York, State GO, Dorm Authority, Inverse Floater, 41.72%, 11/15/2023* | 1,000,000 | 2,325,800 |
New York, Transportation/Tolls Revenue, 5.0%, 11/15/2021 | 12,000,000 | 12,893,040 |
New York, Transportation/Tolls Revenue, Inverse Floater, Securities Trust Certificates, 9.59%, 11/15/2017* (b) | 7,500,000 | 9,930,525 |
New York, Transportation/Tolls Revenue, Metropolitan Transportation Authority: | ||
Series C, Prerefunded, 5.125%, 7/1/2013 (b) | 1,530,000 | 1,782,634 |
5.5%, 11/15/2018 (b) | 5,000,000 | 5,775,300 |
New York, Transportation/Tolls Revenue, Thruway Authority Service Contract, Local Highway and Bridge Building, 5.625%, 4/1/2012 (b) | 5,470,000 | 6,509,956 |
New York, Transportation/Tolls Revenue, Transportation Authority: | ||
Series A, 5.125%, 1/1/2029 | 22,250,000 | 23,489,325 |
Series E, 5.5%, 11/15/2020 (b) | 3,750,000 | 4,278,413 |
Series E, 5.5%, 11/15/2021 (b) | 6,000,000 | 6,794,760 |
New York, Transportation/Tolls Revenue, Triborough Bridge and Tunnel Authority, Series Y, 5.5%, 1/1/2017 | 5,050,000 | 6,074,898 |
New York, Water & Sewer Revenue, Environmental Facilities Corp., State Water Pollution Control, Series E, 6.875%, 6/15/2014 | 4,560,000 | 4,869,533 |
New York and New Jersey, Port Authority Revenue: | ||
Inverse Floater, AMT, Series II, 10.03%, 10/15/2014* (b) | 6,160,000 | 7,788,026 |
6.0%, 7/1/2013 | 6,555,000 | 7,338,650 |
6.0%, 7/1/2015 | 2,500,000 | 2,798,875 |
New York and New Jersey, Port Authority Revenue, Special Obligation, AMT, Series 4, 7.0%, 10/1/2007 | 1,700,000 | 1,799,841 |
New York, NY, Series E, ETM, 7.0%, 12/1/2007 (b) | 1,385,000 | 1,405,872 |
New York, NY, Metropolitan Transportation Authority, Series C, Prerefunded, 5.125%, 7/1/2013 (b) | 3,470,000 | 4,073,641 |
New York, NY, Core City GO: | ||
Series A, 5.75%, 8/1/2016 | 6,350,000 | 7,069,201 |
Series A, 6.5%, 5/15/2012 | 7,000,000 | 8,231,790 |
Series C, 5.375%, 11/15/2017 (b) | 5,000,000 | 5,408,350 |
Series E, 6.5%, 2/15/2005 | 7,000,000 | 7,565,600 |
Series F, 5.25%, 8/1/2016 | 5,000,000 | 5,349,750 |
Series F, 8.4%, 11/15/2005 | 190,000 | 196,380 |
Series F, 8.4%, 11/15/2006 | 560,000 | 578,805 |
Series G, 6.75%, 2/1/2009 | 2,000,000 | 2,381,340 |
Series G, Zero Coupon, 8/1/2009 (b) | 4,995,000 | 4,197,099 |
New York, NY, Sports, Expo & Entertainment Revenue, Industrial Development Agency, USTA National Tennis Center: | ||
6.5%, 11/15/2010 (b) | 3,485,000 | 3,814,576 |
6.6%, 11/15/2011 (b) | 3,000,000 | 3,273,720 |
New York, NY, State GO, Series A, 5.25%, 3/15/2015 | 2,500,000 | 2,830,600 |
New York, NY, Water & Sewer Revenue, Municipal Water Financial Authority, Series A, 5.375%, 6/15/2019 | 25,000,000 | 28,121,000 |
Suffolk County, Water & Sewer Revenue, Industrial Development Agency, 6.0%, 2/1/2007 (b) | 8,000,000 | 9,164,720 |
337,599,468 | ||
North Carolina 1.2% | ||
Charlotte, NC, Core City GO, 5.5%, 8/1/2018 (c) | 4,165,000 | 4,720,278 |
Charlotte, NC, Water & Sewer Revenue: | ||
5.5%, 6/1/2014 | 3,105,000 | 3,657,969 |
5.5%, 6/1/2017 | 3,255,000 | 3,763,919 |
North Carolina, Electric Revenue, 5.25%, 1/1/2020 (b) | 4,000,000 | 4,433,400 |
North Carolina, Electric Revenue, Catawba Municipal Power Agency, 6.0%, 1/1/2011 (b) | 8,235,000 | 9,927,704 |
North Carolina, Electric Revenue, Eastern Municipal Power Agency: | ||
6.0%, 1/1/2018 (b) | 8,775,000 | 10,960,414 |
Series B, 6.0%, 1/1/2022 (b) (d) | 18,775,000 | 23,312,730 |
60,776,414 | ||
Ohio 3.3% | ||
Akron, OH, Higher Education Revenue, 5.75%, 1/1/2013 (b) | 2,365,000 | 2,767,334 |
Akron, OH, Project Revenue, Economic Development, 6.0%, 12/1/2012 (b) | 1,000,000 | 1,234,990 |
Akron, OH, Water & Sewer Revenue, 5.9%, 12/1/2011 (b) | 385,000 | 439,986 |
Avon, OH, School District GO, 6.5%, 12/1/2015 (b) | 940,000 | 1,233,101 |
Batavia, OH, Local School District, Prerefunded, 7.0%, 12/1/2014 (b) | 500,000 | 581,145 |
Beavercreek, OH, School District GO, Local School District, 6.6%, 12/1/2015 (b) | 1,500,000 | 1,973,880 |
Big Walnut, OH, School District GO, Local School District, Zero Coupon, 12/1/2012 (b) | 420,000 | 305,294 |
Cincinnati, OH, Higher Education Revenue, General Receipts: | ||
Series T, 5.5%, 6/1/2012 | 1,280,000 | 1,518,285 |
Series A, 5.75%, 6/1/2015 (b) | 2,000,000 | 2,359,880 |
Series A, 5.75%, 6/1/2016 (b) | 1,500,000 | 1,760,655 |
Cincinnati, OH, Water & Sewer Revenue: | ||
5.5%, 12/1/2014 | 1,500,000 | 1,753,410 |
5.5%, 12/1/2017 | 1,000,000 | 1,151,050 |
Cleveland, OH, Core City (REV) Lease, Parking Facility Revenue, 6.0%, 9/15/2009 (b) | 1,385,000 | 1,668,482 |
Cleveland, OH, Electric Revenue, Public Power Systems Revenue: | ||
Series A, Zero Coupon, 11/15/2012 (b) | 2,250,000 | 1,620,990 |
Series 1, 6.0%, 11/15/2011 (b) | 1,050,000 | 1,284,465 |
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 | 1,021,120 |
Cleveland, OH, Water & Sewer Revenue: | ||
Series J, 5.375%, 1/1/2014 (b) | 1,500,000 | 1,740,150 |
Series J, 5.375%, 1/1/2016 (b) | 2,000,000 | 2,287,940 |
Series G, 5.5%, 1/1/2013 (b) | 10,000,000 | 11,759,100 |
Cleveland-Cuyahoga County, Port Authority Revenue, 6.0%, 3/1/2007 | 2,060,000 | 2,293,089 |
Crawford County, Prerefunded, 6.75%, 12/1/2019 (b) | 700,000 | 773,283 |
Cuyahoga County, Hospital and Healthcare Revenue, Prerefunded, 6.25%, 8/15/2014 | 8,000,000 | 9,039,360 |
Cuyahoga County, County (GO) Lease, 5.0%, 12/1/2020 | 1,000,000 | 1,072,770 |
Cuyahoga County, County (GO), 5.65%, 5/15/2018 | 500,000 | 612,850 |
Cuyahoga County, Multi Family Housing Revenue, 6.5%, 10/20/2020 (b) | 1,000,000 | 1,058,760 |
Dublin, OH, School District GO, Zero Coupon, 12/1/2011 (b) | 1,095,000 | 822,356 |
Fayette County, School District GO, Rattlesnake Improvement Area Project, 5.9%, 12/1/2013 | 115,000 | 129,983 |
Finneytown, OH, Other GO, Local School District, 6.2%, 12/1/2017 (b) | 320,000 | 413,994 |
Franklin County, Hospital & Healthcare Revenue, Presbyterian Services: | ||
5.25%, 7/1/2008 | 500,000 | 527,310 |
5.5%, 7/1/2017 | 1,000,000 | 1,005,190 |
Franklin County, School District GO, 6.5%, 12/1/2013 | 500,000 | 642,840 |
Green Springs, OH, Senior Care Revenue, Hospital and Healthcare Facilities Revenue, Series A, 7.0%, 5/15/2014 | 4,635,000 | 4,076,343 |
Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025 | 4,405,000 | 3,663,330 |
Hamilton County, Sales & Special Tax Revenue: | ||
Series B, 5.75%, 12/1/2014 (b) | 2,000,000 | 2,361,160 |
Series B, 5.75%, 12/1/2015 (b) | 4,240,000 | 4,990,141 |
Hilliard, OH, School District GO, Series A, Zero Coupon, 12/1/2012 (b) | 1,655,000 | 1,189,482 |
Huber Heights, OH, Water & Sewer Revenue, Zero Coupon, 12/1/2012 (b) | 1,005,000 | 722,856 |
Lakeview, OH, Local School District, Prerefunded, 6.9%, 12/1/2014 (b) | 700,000 | 774,844 |
Liberty Benton, OH, School District GO, Zero Coupon, 12/1/2014 (b) | 570,000 | 375,356 |
Liberty, OH, School District GO, Zero Coupon, 12/1/2012 (b) | 255,000 | 183,240 |
Lorain County, Hospital & Healthcare Revenue, Series A, Prerefunded, 5.9%, 12/15/2008 | 1,000,000 | 1,023,020 |
Lorain County, Lakeland Community Hospital Inc., ETM, 6.5%, 11/15/2012 | 935,000 | 959,123 |
Lucas County, Flower Hospital, Prerefunded, 6.125%, 12/1/2013 | 1,375,000 | 1,482,910 |
Lucas County, Hospital & Healthcare Revenue, Presbyterian: | ||
Series A, 6.625%, 7/1/2014 | 2,000,000 | 2,139,080 |
Series A, 6.75%, 7/1/2020 | 2,000,000 | 2,109,880 |
Marion County, Senior Care Revenue, Healthcare Facilities, Church Homes Project: | ||
6.3%, 11/15/2015 | 3,600,000 | 3,678,624 |
6.375%, 11/15/2010 | 3,160,000 | 3,241,275 |
Miami County, Hospital & Healthcare Revenue, Upper Valley Medical Center, Series C, 6.25%, 5/15/2013 | 1,000,000 | 1,064,130 |
Napoleon, OH, Hospital & Healthcare Revenue, Lutheran Orphans Home, 6.875%, 8/1/2023 (b) | 390,000 | 411,575 |
North Olmstead, OH, Other GO, 6.2%, 12/1/2011 (b) | 2,000,000 | 2,423,000 |
Ohio, Building Authority, Juvenile Correctional Facility, Series A, Prerefunded, 6.6%, 10/1/2014 (b) | 200,000 | 218,558 |
Ohio, Higher Education Revenue, Series A, 6.5%, 7/1/2008 | 2,325,000 | 2,802,904 |
Ohio, Higher Education Revenue, Case Western Reserve University: | ||
6.0%, 10/1/2014 | 1,000,000 | 1,253,890 |
Series B, 6.5%, 10/1/2020 | 2,250,000 | 2,980,283 |
Ohio, Higher Education Revenue, General Receipts: | ||
Series A, 6.0%, 12/1/2016 | 1,000,000 | 1,188,850 |
Series A, 6.0%, 12/1/2017 | 1,060,000 | 1,260,181 |
Ohio, Higher Education Revenue, University of Dayton, 6.6%, 12/1/2017 (b) | 430,000 | 450,627 |
Ohio, Higher Education Revenue, University of Findlay Project, 6.125%, 9/1/2016 | 400,000 | 407,732 |
Ohio, Higher Education Revenue, University of Ohio, General Receipts, 5.75%, 6/1/2016 (b) | 1,250,000 | 1,468,025 |
Ohio, Higher Education Revenue, Xavier University, 6.0%, 5/15/2011 (b) | 240,000 | 277,896 |
Ohio, Mortgage Revenue, Single Family Housing Finance Agency: | ||
Prerefunded, Zero Coupon, 1/15/2015 (b) | 3,515,000 | 2,093,569 |
Prerefunded, Zero Coupon, 1/15/2015 (b) | 4,360,000 | 2,515,589 |
Ohio, Project Revenue, Administrative Building Funds Project, Series A, 5.375%, 10/1/2013 | 1,000,000 | 1,153,120 |
Ohio, Sales & Special Tax Revenue, Infrastructure Improvement, Series B, 5.25%, 2/1/2014 | 5,000,000 | 5,887,900 |
Ohio, School District GO, 6.0%, 12/1/2019 (b) | 475,000 | 603,260 |
Ohio, State (GO) Lease, Higher Education Revenue, Series B, 5.625%, 5/1/2015 | 1,000,000 | 1,190,060 |
Ohio, State Agency (REV) Lease, Administrative Building Funds Project: | ||
Series A, 5.5%, 10/1/2015 (b) | 4,370,000 | 5,051,676 |
Series A, 5.5%, 10/1/2016 (b) | 3,790,000 | 4,353,535 |
Series A, 5.5%, 10/1/2018 (b) | 3,695,000 | 4,212,522 |
Ohio, State Agency (REV) Lease, Building Authority, Juvenile Correctional Facility, Series A, 5.5%, 4/1/2016 | 3,665,000 | 4,209,949 |
Ohio, State GO, 6.0%, 8/1/2010 | 1,000,000 | 1,216,080 |
Ohio, Transportation/Tolls Revenue, Series A, 5.5%, 2/15/2017 (b) | 6,925,000 | 8,350,927 |
Ohio, Water & Sewer Revenue, Bay Shore Project, AMT, Series A, 5.875%, 9/1/2020 | 4,250,000 | 3,968,055 |
Olentangy, OH, School District GO, Series A, 5.85%, 12/1/2007 | 400,000 | 436,268 |
Olmsted Falls, OH, City School District, Prerefunded, 6.85%, 12/15/2011 (b) | 250,000 | 276,973 |
Sandusky County, County GO, 6.2%, 12/1/2013 (b) | 500,000 | 548,255 |
South Euclid Lyndhurst, OH, School District GO, 6.4%, 12/1/2018 (b) | 535,000 | 625,030 |
Springboro, OH, School District GO, Community City School District, 6.0%, 12/1/2011 (b) | 500,000 | 597,945 |
Springdale, OH, Senior Care Revenue, 6.0%, 11/1/2018 | 2,000,000 | 2,080,380 |
Summit County, Prerefunded, 6.4%, 12/1/2014 (b) | 1,000,000 | 1,099,010 |
Toledo, OH, Other GO, Macys Project, Series A, 6.35%, 12/1/2025 (b) | 1,000,000 | 1,167,310 |
Toledo, OH, Water & Sewer Revenue, 4.75%, 11/15/2017 (b) | 1,000,000 | 1,069,280 |
Trumbull County, County GO, 6.2%, 12/1/2014 (b) | 500,000 | 544,805 |
Tuscarawas Valley, OH, School District GO, 6.6%, 12/1/2015 (b) | 365,000 | 420,648 |
Wayne, OH, School District GO: | ||
6.45%, 12/1/2011 (b) | 155,000 | 195,629 |
6.6%, 12/1/2016 (b) | 200,000 | 265,624 |
Willoughby, OH, Senior Care Revenue, Industrial Development Revenue, Series A, 6.875%, 7/1/2016 | 2,825,000 | 2,829,633 |
Wooster, OH, School District GO, Zero Coupon, 12/1/2013 (b) | 930,000 | 637,376 |
163,631,765 | ||
Oklahoma 0.9% | ||
Oklahoma, Hospital & Healthcare Revenue, Valley View Hospital Authority: | ||
5.75%, 8/15/2006 | 2,415,000 | 2,597,260 |
6.0%, 8/15/2014 | 2,695,000 | 2,732,649 |
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023 (b) | 23,125,000 | 29,083,619 |
Tulsa, OK, Hospital & Healthcare Revenue, Industrial Development Authority: | ||
Zero Coupon, 12/1/2004 (b) | 5,430,000 | 5,330,522 |
Zero Coupon, 12/1/2006 (b) | 6,430,000 | 6,035,905 |
45,779,955 | ||
Oregon 0.4% | ||
Chemeketa, OR, School District GO, 5.5%, 6/1/2015 (b) | 2,600,000 | 3,135,860 |
Oregon, State (GO) Lease, Administrative Services, Series B, 5.375%, 5/1/2015 (b) | 7,550,000 | 8,660,756 |
Oregon, Transportation/Tolls Revenue: | ||
5.75%, 11/15/2015 | 1,435,000 | 1,687,517 |
5.75%, 11/15/2016 | 3,140,000 | 3,692,546 |
17,176,679 | ||
Pennsylvania 3.7% | ||
Allegheny County, Airport Revenue, Pittsburgh International, AMT, Series A, 5.75%, 1/1/2013 (b) | 3,080,000 | 3,611,362 |
Allegheny County, Airport Revenue: Inverse Floater Rites-PA 567A, 9.952%, 1/1/2010* | 3,000,000 | 3,884,640 |
Inverse Floater Rites-PA 567B, 9.952%, 1/1/2011* | 1,500,000 | 1,955,925 |
Inverse Floater Rites-PA 567C, 9.96%, 1/1/2013* | 3,160,000 | 4,250,326 |
Inverse Floater Rites-PA 567D, 9.952%, 1/1/2014* | 5,250,000 | 7,217,123 |
Allegheny County, Port Authority Revenue: | ||
5.5%, 3/1/2015 (b) | 2,000,000 | 2,313,480 |
5.5%, 3/1/2016 (b) | 1,000,000 | 1,148,600 |
5.5%, 3/1/2017 (b) | 1,000,000 | 1,141,990 |
Berks County, Hospital & Healthcare Revenue, Municipal Authority, Reading Hospital and Medical Center Project, 5.7%, 10/1/2014 (b) | 1,000,000 | 1,203,830 |
Bucks County, PA, Water and Sewer Authority Revenue, ETM, 6.375%, 12/1/2008 | 365,000 | 407,610 |
Delaware County, Hospital and Healthcare Revenue, Series B, Prerefunded, 6.0%, 11/15/2007 | 915,000 | 953,146 |
Delaware County, Senior Care Revenue, Hospital and Healthcare Revenue, Series A, 6.6%, 7/1/2006 | 1,000,000 | 1,031,660 |
Delaware Valley, PA, Core City GO, Regional Financial Authority, Inverse Floater Rites-PA 1028, 10.05%, 1/1/2014* | 12,500,000 | 17,916,500 |
Erie County, Industrial Development Revenue, Pollution Control, Series A, 5.3%, 4/1/2012 | 1,000,000 | 1,065,240 |
Exter Township, PA, School District GO, Zero Coupon, 5/15/2017 (b) | 3,700,000 | 2,079,770 |
Indiana County, Pollution Control Revenue, Industrial Development Authority, 5.35%, 11/1/2010 (b) | 1,000,000 | 1,174,280 |
Latrobe, PA, Higher Education Revenue, Industrial Development Authority, 5.375%, 5/1/2013 | 1,000,000 | 1,108,790 |
Mckean County, Hospital & Healthcare Revenue, Bradford Hospital Project, 5.95%, 10/1/2008 (b) | 2,800,000 | 2,965,844 |
Montgomery County, Senior Care Revenue, Industrial Development Authority, Retirement-Life Communities, 5.25%, 11/15/2028 | 3,500,000 | 3,497,480 |
New Castle, PA, Hospital & Healthcare Revenue, Area Hospital Authority, Jameson Memorial Hospital, 6.0%, 7/1/2010 (b) | 845,000 | 1,005,719 |
Pennsylvania, Convention Center Authority, Series A, 6.0%, 9/1/2019 (b) | 2,200,000 | 2,767,666 |
Pennsylvania, Core City GO, Regional Finance Authority Local Government, 5.75%, 7/1/2032 | 28,000,000 | 34,193,600 |
Pennsylvania, Higher Education Revenue, Ursinus College: | ||
5.85%, 1/1/2017 | 1,475,000 | 1,666,617 |
5.9%, 1/1/2027 | 3,400,000 | 3,789,062 |
Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 | 7,340,000 | 7,851,304 |
Pennsylvania, Sales & Special Tax Revenue, Convention Center Authority: | ||
Series A, 6.7%, 9/1/2014 | 3,750,000 | 4,008,788 |
Series A, 6.75%, 9/1/2019 | 8,775,000 | 9,380,212 |
Pennsylvania, Sales & Special Tax Revenue, Intergovernmental Cooperative Authority: | ||
Inverse Floater, 8.97%, 6/15/2013* | 2,225,000 | 2,805,948 |
Inverse Floater, 8.97%, 6/15/2014* (b) | 2,500,000 | 3,146,850 |
Inverse Floater, 8.97%, 6/15/2015* (b) | 2,250,000 | 2,818,845 |
Pennsylvania, State Agency (REV) Lease, Industrial Development Authority, Economic Development, 5.8%, 7/1/2008 (b) | 4,875,000 | 5,716,279 |
Pennsylvania, State GO: | ||
Inverse Floater, 18.17%, 5/1/2019* | 5,000,000 | 7,835,600 |
6.25%, 7/1/2010 | 1,000,000 | 1,225,010 |
Pennsylvania, Transportation/Tolls Revenue, 5.25%, 7/1/2019 | 2,000,000 | 2,187,500 |
Pennsylvania, Transportation/Tolls Revenue, Community Turnpike: | ||
Series T, 5.5%, 12/1/2013 (b) | 2,000,000 | 2,422,500 |
Series S, 5.625%, 6/1/2014 | 3,750,000 | 4,415,775 |
Pennsylvania, Water & Sewer Revenue, 5.25%, 11/1/2014 (b) | 1,750,000 | 2,066,050 |
Philadelphia, PA, Core City (GO) Lease, Municipal Authority, Series D, 6.25%, 7/15/2013 | 2,500,000 | 2,557,575 |
Philadelphia, PA, Core City (REV) Lease, Municipal Authority, Series D, 6.3%, 7/15/2017 | 2,300,000 | 2,351,773 |
Philadelphia, PA, Industrial Development Revenue, Industrial Development Authority, Series A, 6.5%, 10/1/2027 | 1,000,000 | 990,120 |
Philadelphia, PA, Port Authority Revenue, 6.2%, 9/1/2013 (b) | 2,000,000 | 2,050,660 |
Philadelphia, PA, Water & Sewer Revenue, 6.25%, 8/1/2010 (b) | 1,000,000 | 1,227,170 |
Pittsburgh, PA, Water and Sewer System, ETM, 7.25%, 9/1/2014 (b) | 150,000 | 193,466 |
Pittsburgh, PA, Core City GO, Series A, 5.5%, 9/1/2014 (b) | 1,500,000 | 1,802,535 |
Westmoreland County, Hospital & Healthcare Revenue, Industrial Development Authority, 5.375%, 7/1/2011 (b) | 7,300,000 | 8,573,704 |
Westmoreland County, Project Revenue, Zero Coupon, 8/15/2017 (b) | 6,230,000 | 3,465,936 |
181,443,860 | ||
Puerto Rico 1.2% | ||
Puerto Rico, Electric Revenue, 5.375%, 7/1/2018 (b) | 8,710,000 | 10,379,184 |
Puerto Rico, Electric Revenue, Power Authority, Series S, 6.125%, 7/1/2009 (b) | 2,000,000 | 2,430,200 |
Puerto Rico, Sales & Special Tax Revenue, Highway and Transportation Authority, 5.5%, 7/1/2013 (b) | 1,000,000 | 1,206,970 |
Puerto Rico, Sales & Special Tax Revenue: Inverse Floater Rites PA 620A, 10.6%, 7/1/2013* | 2,500,000 | 3,745,075 |
Inverse Floater Rites PA 944RA, 9.619%, 7/1/2015* (b) | 3,720,000 | 5,286,827 |
Inverse Floater Rites PA 993R, 9.622%, 7/1/2019* | 11,325,000 | 16,094,977 |
Inverse Floater Rites PA 994RC, 9.619%, 7/1/2007* (b) | 3,000,000 | 4,198,020 |
Puerto Rico, State Agency (GO) Lease, Municipal Finance Agency, Series A, 6.0%, 7/1/2014 (b) | 250,000 | 267,105 |
Puerto Rico, State GO, 5.5%, 7/1/2014 (b) | 5,000,000 | 6,042,650 |
Puerto Rico, State GO, Public Building Authority, Series A, ETM, 6.25%, 7/1/2013 (b) | 1,000,000 | 1,272,510 |
Puerto Rico, State GO, Public Improvements, 5.5%, 7/1/2013 (b) | 5,000,000 | 6,034,850 |
56,958,368 | ||
Rhode Island 1.2% | ||
Rhode Island, Economic Protection Corp., Special Obligation: | ||
Series B, ETM, 5.8%, 8/1/2010 (b) | 6,200,000 | 7,483,090 |
Series B, ETM, 5.8%, 8/1/2011 (b) | 4,525,000 | 5,496,337 |
Series B, ETM, 5.8%, 8/1/2012 (b) | 2,500,000 | 3,063,025 |
Series B, ETM, 5.8%, 8/1/2013 (b) | 7,340,000 | 9,046,110 |
Rhode Island, Project Revenue, Convention Center Authority: | ||
Series B, 5.0%, 5/15/2010 (b) | 5,000,000 | 5,718,200 |
Series B, 5.25%, 5/15/2015 (b) | 22,000,000 | 25,864,960 |
Rhode Island, Water & Sewer Revenue, Clean Water Protection Agency, Revolving Fund, Series A, 5.4%, 10/1/2015 (b) | 2,000,000 | 2,379,060 |
59,050,782 | ||
South Carolina 0.6% | ||
Charleston County, County (GO) Lease: | ||
Series B, 6.875%, 6/1/2014 (b) | 240,000 | 257,722 |
Series B, 7.0%, 6/1/2019 (b) | 115,000 | 123,538 |
Lexington County, Hospital & Healthcare Revenue, 5.5%, 11/1/2032 | 4,515,000 | 4,739,441 |
Piedmont, SC, Electric Revenue, Municipal Power Agency: | ||
5.5%, 1/1/2012 (b) | 2,810,000 | 3,290,622 |
ETM, 5.5%, 1/1/2012 (b) | 2,190,000 | 2,608,049 |
Series A, ETM, 6.5%, 1/1/2016 (b) | 430,000 | 561,167 |
South Carolina, Electric Revenue, Municipal Power Agency, 6.75%, 1/1/2019 (b) | 3,525,000 | 4,658,076 |
South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance, Series A, 7.375%, 12/15/2021 | 4,500,000 | 5,062,275 |
South Carolina, Transportation/Tolls Revenue, Transportation Infrastructure, Series A, 5.5%, 10/1/2018 (b) | 5,300,000 | 6,068,235 |
27,369,125 | ||
Tennessee 1.3% | ||
Knox County, Hospital & Healthcare Revenue, Inverse Floater Rites-PA 750, 9.912%, 1/1/2012* (b) | 8,940,000 | 12,184,326 |
Knox County, Hospital & Healthcare Revenue, Sanders Alliance: | ||
5.75%, 1/1/2011 (b) | 15,405,000 | 18,082,851 |
5.75%, 1/1/2014 (b) | 2,000,000 | 2,382,460 |
6.25%, 1/1/2013 (b) | 4,000,000 | 4,880,000 |
7.25%, 1/1/2009 (b) | 3,750,000 | 4,630,200 |
Shelby County, County GO: | ||
Zero Coupon, 8/1/2012 | 3,410,000 | 2,451,415 |
Zero Coupon, 8/1/2013 | 3,440,000 | 2,355,265 |
Zero Coupon, 8/1/2014 | 4,965,000 | 3,225,214 |
Tennessee, Single Family Housing Revenue, Housing Development Agency Mortgage Financial: | ||
Series A, 7.05%, 7/1/2020 | 14,405,000 | 14,956,279 |
Series A, 7.125%, 7/1/2026 | 270,000 | 280,511 |
65,428,521 | ||
Texas 8.6% | ||
Abilene, TX, Senior Care Revenue, Health Facilities Development, Series A, 5.875%, 11/15/2018 | 3,250,000 | 3,073,589 |
Austin, TX, Project Revenue, Bergstrom Landhost Enterprises, Inc. Airport Hotel Project, Series A, 6.75%, 4/1/2027 | 21,780,000 | 19,022,870 |
Austin, TX, School District GO, Independent School District, 5.0%, 8/1/2015 (b) | 2,000,000 | 2,302,640 |
Austin, TX, Water & Sewer Revenue, Utility Systems, Zero Coupon, 11/15/2012 (b) | 13,520,000 | 9,614,342 |
Boerne, TX, School District (GO) Lease, Independent School District: | ||
Zero Coupon, 2/1/2014 (b) | 2,785,000 | 1,842,445 |
Zero Coupon, 2/1/2016 (b) | 3,285,000 | 1,949,779 |
Brownsville, TX, Electric Revenue, Utility Systems, 6.25%, 9/1/2010 (b) | 4,085,000 | 4,994,444 |
Cedar Hill, TX, School District GO: | ||
Zero Coupon, 8/15/2009 (b) | 1,500,000 | 1,193,790 |
Zero Coupon, 8/15/2010 (b) | 3,130,000 | 2,350,818 |
Cypress and Fairbanks, TX, School District (GO) Lease, Cypress-Fairbaks Texas Independent School District, Series A, Zero Coupon, 2/15/2014 (b) | 6,000,000 | 3,967,560 |
Cypress and Fairbanks, TX, School District GO, Cypress-Fairbanks Texas Independent School District: | ||
Series A, Zero Coupon, 2/15/2012 (b) | 5,750,000 | 4,206,413 |
Series A, Zero Coupon, 2/15/2013 (b) | 8,840,000 | 6,157,325 |
Dallas Fort-Worth, TX, Airport Revenue, 5.75%, 11/1/2013 (b) | 4,285,000 | 4,888,071 |
Dallas, TX, Airport Revenue, International Airport, Series 350, 9.615%, 5/1/2011** (b) | 17,875,000 | 21,194,388 |
Dallas, TX, Core City GO, Inverse Floater: | ||
9.05%, 2/15/2018* | 3,915,000 | 4,907,100 |
9.05%, 2/15/2019* | 4,110,000 | 5,087,399 |
9.05%, 2/15/2020* | 5,125,000 | 6,255,729 |
Dallas, TX, Single Family Housing Revenue, Zero Coupon, 10/1/2016 (b) | 2,460,000 | 660,830 |
Dallas-Fort Worth, TX, Airport Revenue: | ||
Series A, 7.375%, 11/1/2008 (b) | 4,500,000 | 4,843,035 |
Series A, 7.375%, 11/1/2009 (b) | 4,500,000 | 4,843,035 |
Series A, 7.375%, 11/1/2010 (b) | 3,500,000 | 3,766,805 |
Series A, 7.75%, 11/1/2003 (b) | 1,000,000 | 1,027,520 |
Series A, 7.8%, 11/1/2005 (b) | 2,000,000 | 2,155,800 |
Series A, 7.8%, 11/1/2006 (b) | 2,025,000 | 2,181,310 |
Series A, 7.8%, 11/1/2007 (b) | 2,390,000 | 2,574,484 |
Galveston County, County GO, 5.5%, 2/1/2014 (b) | 1,675,000 | 1,934,726 |
Galveston County, County GO, Justice Center and Public Safety Building, 5.5%, 2/1/2014 (b) | 2,235,000 | 2,581,559 |
Georgetown, TX, Higher Education Revenue, Southwestern University Project, 6.25%, 2/15/2009 | 840,000 | 870,240 |
Grapevine-Colleyville, TX, School District GO: | ||
Zero Coupon, 8/15/2010 | 2,160,000 | 1,715,623 |
Zero Coupon, 8/15/2013 | 1,000,000 | 682,990 |
Harris County, County GO: Zero Coupon, 10/1/2017 (b) | 3,910,000 | 2,139,630 |
Series A, Zero Coupon, 8/15/2005 (b) | 4,025,000 | 3,904,250 |
Harris County, Hospital & Healthcare Revenue, Health Facilities Development Corp., Medical Center Project: | ||
6.25%, 5/15/2009 (b) | 2,965,000 | 3,517,024 |
6.25%, 5/15/2010 (b) | 3,000,000 | 3,582,990 |
Harris County, School District GO, Series A, Zero Coupon, 8/15/2004 (b) | 2,050,000 | 2,021,218 |
Harris County, Transportation/Tolls Revenue, 6.0%, 8/1/2010 (b) | 18,415,000 | 22,247,162 |
Harris County, Transportation/Tolls Revenue, Series A, Zero Coupon, 8/15/2004 (b) | 4,050,000 | 3,993,138 |
Hidalgo County, Hospital & Healthcare Revenue, Health Services Mission Hospital, 6.875%, 8/15/2026 | 2,880,000 | 2,882,218 |
Houston, TX, Airport Revenue: | ||
AMT, Series A, 5.875%, 7/1/2013 (b) | 6,000,000 | 6,788,760 |
AMT, Series A, 5.875%, 7/1/2015 (b) | 9,505,000 | 10,741,220 |
AMT, Series A, 6.0%, 7/1/2014 (b) | 5,030,000 | 5,728,868 |
Houston, TX, Airport Revenue, Continental Airlines, Series B, 6.125%, 7/15/2027 | 3,100,000 | 1,960,626 |
Houston, TX, Airport Revenue, Continental Airlines Project, Series C, 5.7%, 7/15/2029 | 2,000,000 | 1,184,740 |
Houston, TX, School District GO, Series A, Zero Coupon, 2/15/2015 | 26,000,000 | 14,927,120 |
Houston, TX, Water & Sewer Revenue: | ||
Series A, 5.5%, 12/1/2016 (b) | 10,000,000 | 11,501,200 |
5.75%, 12/1/2015 (b) | 5,000,000 | 5,981,000 |
Series B, 5.75%, 12/1/2016 (b) | 3,000,000 | 3,561,690 |
Houston, TX, Water & Sewer Revenue: | ||
Series C, Zero Coupon, 12/1/2005 (b) | 15,000,000 | 14,465,850 |
Series C, Zero Coupon, 12/1/2009 (b) | 14,750,000 | 12,244,860 |
Series C, Zero Coupon, 12/1/2010 (b) | 5,000,000 | 3,932,700 |
Series C, Zero Coupon, 12/1/2012 (b) | 4,350,000 | 3,088,152 |
Laredo, TX, School District GO, Independent School District, Prerefunded, 6.0%, 8/1/2011 | 2,465,000 | 2,979,766 |
Lubbock, TX, Health Facilities Development Corp., Methodist Hospital: | ||
Series B, ETM, 5.6%, 12/1/2007 (b) | 2,415,000 | 2,796,715 |
Series B, ETM, 5.625%, 12/1/2008 (b) | 4,400,000 | 5,189,008 |
Series B, ETM, 5.625%, 12/1/2009 (b) | 4,640,000 | 5,548,002 |
Montgomery County: | ||
Prerefunded, Zero Coupon, 9/1/2004 (b) | 795,000 | 784,442 |
Prerefunded, Zero Coupon, 9/1/2005 (b) | 685,000 | 666,039 |
Montgomery County, County (GO) Lease: | ||
Zero Coupon, 9/1/2003 (b) | 2,675,000 | 2,667,724 |
Zero Coupon, 9/1/2004 (b) | 2,680,000 | 2,640,658 |
Montgomery County, County GO, Zero Coupon, 9/1/2005 (b) | 2,790,000 | 2,703,845 |
Northeast, TX, Hospital & Healthcare Revenue, Northeast Medical Center, 6.0%, 5/15/2010 (b) | 2,180,000 | 2,569,806 |
Northside, TX, School District GO, 5.5%, 2/15/2014 | 2,685,000 | 3,102,571 |
Tarrant County, Hospital & Healthcare Revenue, Health Facilities Development Corp.: | ||
6.0%, 5/15/2011 (b) | 4,615,000 | 5,410,626 |
6.0%, 5/15/2021 (b) | 6,235,000 | 7,591,362 |
Texas, Electric Revenue: | ||
Zero Coupon, 9/1/2017 (b) | 5,935,000 | 3,259,146 |
ETM, Zero Coupon, 9/1/2017 (b) | 65,000 | 35,944 |
Texas, Electric Revenue, Municipal Power Agency: | ||
Zero Coupon, 9/1/2016 (b) | 18,470,000 | 10,716,479 |
6.1%, 9/1/2007 (b) | 9,250,000 | 10,798,728 |
Texas, Multi-Family Housing Revenue, Department Housing & Community Affairs, Series A, 6.4%, 1/1/2027 | 3,350,000 | 3,514,452 |
Texas, Municipal Power Agency: | ||
ETM, Zero Coupon, 9/1/2016 (b) | 205,000 | 119,718 |
ETM, 6.1%, 9/1/2009 (b) | 4,435,000 | 5,397,262 |
Texas, Other GO, 7.0%, 9/15/2012 | 8,072,624 | 8,277,265 |
Texas, Port Authority Revenue, Zero Coupon, 1/1/2013 (b) | 5,600,000 | 3,944,248 |
Texas, School District GO, Community College District: | ||
5.5%, 8/15/2014 (b) | 3,145,000 | 3,710,408 |
5.5%, 8/15/2015 (b) | 3,435,000 | 4,023,278 |
5.5%, 8/15/2017 (b) | 4,060,000 | 4,685,605 |
Texas, State Agency (GO) Lease, Public Finance Authority, Series B, 6.25%, 2/1/2008 (b) | 5,190,000 | 6,121,501 |
Texas, Water & Sewer Revenue, Trinity River Authority: | ||
5.5%, 2/1/2019 (b) | 1,000,000 | 1,144,710 |
5.5%, 2/1/2022 (b) | 4,725,000 | 5,314,680 |
Texas, Water & Sewer Revenue, Water Development Board Revenue, Series A, 5.625%, 7/15/2015 | 1,000,000 | 1,158,200 |
Titus County, Water & Sewer Revenue, Hospital District Revenue, 6.125%, 8/15/2013 | 6,700,000 | 6,625,764 |
Travis County, Hospital & Healthcare Revenue, Health Facilities Development Corp.: | ||
Series A, 5.75%, 11/15/2011 (b) | 3,440,000 | 3,969,382 |
Series A, 6.25%, 11/15/2016 (b) | 13,770,000 | 17,042,991 |
Travis County, Hospital & Healthcare Revenue, Health Facilities Development Corp., Ascension Health, Series A, 6.25%, 11/15/2015 (b) | 2,780,000 | 3,440,778 |
Waxahachie, TX, School District GO, Independent School District: | ||
Zero Coupon, 8/15/2012 | 4,120,000 | 2,955,564 |
Zero Coupon, 8/15/2013 | 2,060,000 | 1,407,804 |
425,555,546 | ||
Utah 0.6% | ||
Provo, UT, Electric Revenue, Series A, ETM, 10.375%, 9/15/2015 (b) | 1,630,000 | 2,385,603 |
Salt Lake City, Core City GO, 5.75%, 6/15/2014 | 25,000 | 29,387 |
Salt Lake City, UT, Hospital & Healthcare Revenue, IHC Hospitals, Inc., 6.15%, 2/15/2012** | 1,500,000 | 1,800,435 |
Utah, Electric Revenue, Associated Municipal Power System: | ||
Zero Coupon, 7/1/2004 (b) | 5,895,000 | 5,822,020 |
Zero Coupon, 7/1/2005 (b) | 5,900,000 | 5,736,688 |
Zero Coupon, 7/1/2006 (b) | 5,895,000 | 5,593,235 |
Zero Coupon, 7/1/2007 (b) | 3,750,000 | 3,432,075 |
Utah, Electric Revenue, Intermountain Power Agency, Series A, ETM, 5.0%, 7/1/2012 (b) | 630,000 | 632,457 |
Utah, Electric Revenue, Intermountain Power Agency: | ||
Zero Coupon, Series A, ETM, 7/1/2003 (b) | 630,000 | 629,439 |
Zero Coupon, Series A, 7/1/2003 (b) | 370,000 | 369,656 |
Zero Coupon, Series A, 7/1/2004 (b) | 635,000 | 627,139 |
Zero Coupon, Series A, ETM, 7/1/2004 (b) | 1,095,000 | 1,082,265 |
West Valley City, UT, Excise Tax Revenue, ETM, 10.625%, 7/1/2004 (b) | 160,000 | 168,827 |
28,309,226 | ||
Vermont 0.2% | ||
Burlington, VT, Electric Revenue: | ||
5.375%, 7/1/2013 (b) | 4,800,000 | 5,611,200 |
5.375%, 7/1/2014 (b) | 5,055,000 | 5,883,312 |
11,494,512 | ||
Virgin Islands 0.0% | ||
Virgin Islands, Sales & Special Tax Revenue, Public Finance Authority, Series A, 6.5%, 10/1/2024 | 900,000 | 1,037,646 |
Virginia 0.8% | ||
Fairfax County, Hospital & Healthcare Revenue, Economic Development Authority, Greenspring Retirement Community, Series A, 7.25%, 10/1/2019 | 2,000,000 | 2,118,860 |
Fairfax County, Hospital & Healthcare Revenue, Economic Development Finance Authority, Series A, 7.5%, 10/1/2029 | 7,100,000 | 7,541,123 |
Richmond, VA, Core City GO, Public Improvement, 5.375%, 7/15/2015 (b) | 2,285,000 | 2,638,809 |
Roanoke, VA, Hospital & Healthcare Revenue, Industrial Development Authority, Roanoke Memorial Hospital, Series B, 6.125%, 7/1/2017 (b) | 5,500,000 | 6,888,090 |
Virginia, Resource Recovery Revenue, Public Service Authority Refunding, Series A, 5.25%, 7/1/2010 (b) | 7,380,000 | 8,568,106 |
Virginia Beach, VA, Hospital & Healthcare Revenue, Development Authority Hospital Facility First Mortgage, 5.125%, 2/15/2018 (b) | 3,000,000 | 3,435,450 |
Winchester, VA, Hospital & Healthcare Revenue, Industrial Development Authority, 5.5%, 1/1/2015** (b) | 5,700,000 | 6,721,383 |
37,911,821 | ||
Washington 3.2% | ||
Chelan County, Electric Revenue, Public Utilities, Colombia River Rock, Zero Coupon, 6/1/2014 (b) | 12,685,000 | 8,195,398 |
Clark and Skamania Counties, School District GO, 6.5%, 12/1/2013 (b) | 4,430,000 | 5,595,622 |
Clark County, Electric Revenue, Public Utilities District No. 001 Generating Systems, 6.0%, 1/1/2008 (b) | 2,200,000 | 2,574,792 |
Clark County, School District GO, Zero Coupon, 12/1/2017 (b) | 6,725,000 | 3,638,830 |
Clark County, School District GO, No. 98 Hockinson, 6.125%, 12/1/2011 (b) | 3,190,000 | 3,852,212 |
King and Snohomish Counties, School District GO, No. 417 Northshore, 5.6%, 12/1/2010 (b) | 1,650,000 | 1,962,906 |
King County, County GO, Series B, Prerefunded, 6.625%, 12/1/2015 | 8,835,000 | 10,782,499 |
King County, County GO, King Co. Washington GO Prerefunded, 6.625%, 12/1/2015 | 1,010,000 | 1,232,634 |
Port Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2014 (b) | 4,000,000 | 4,854,320 |
Seattle, WA, Airport Revenue, Series B, 6.0%, 2/1/2012 (b) | 1,765,000 | 2,092,690 |
Skagit County, School District GO, District No.100 Burlington Edison, 5.625%, 12/1/2015 (b) | 4,925,000 | 5,772,199 |
Snohomish County, School District GO, 5.75%, 12/1/2011 (b) | 3,485,000 | 4,198,693 |
Snohomish County, School District GO, School District No. 006 Mukilteo, 6.5%, 12/1/2007 (b) | 3,325,000 | 3,968,122 |
Spokane County, School District GO, Series B, Zero Coupon, 12/1/2014 (b) | 2,500,000 | 1,597,775 |
Washington, Public Power Supply System Nuclear Project No. 2: Series A, 7.25%, 7/1/2006 | 6,585,000 | 7,736,782 |
Series A, ETM, 5.7%, 7/1/2008 | 3,730,000 | 4,377,416 |
Washington, Electric Revenue, Series A, 5.5%, 7/1/2017 (b) | 11,200,000 | 12,743,808 |
Washington, Electric Revenue, Public Power Supply Nuclear Project #2, 5.7%, 7/1/2008 (b) | 1,270,000 | 1,481,087 |
Washington, Electric Revenue, Public Power Supply System, Series A, 6.0%, 7/1/2007 (b) | 7,000,000 | 8,103,690 |
Washington, Electric Revenue, Public Power Supply System Nuclear Project # 2, Series B, 7.25%, 7/1/2006 | 415,000 | 483,570 |
Washington, Electric Revenue, Public Power Supply Systems: | ||
Zero Coupon, 7/1/2007 (b) | 4,375,000 | 3,989,519 |
Series B, 7.25%, 7/1/2009 (b) | 12,350,000 | 14,756,274 |
Washington, Electric Revenue, Public Power Supply Systems: | ||
Series A, Zero Coupon, 7/1/2004 (b) | 3,625,000 | 3,573,199 |
Series A, Zero Coupon, 7/1/2005 (b) | 4,125,000 | 3,996,713 |
Series B, Zero Coupon, 7/1/2006 (b) | 5,555,000 | 5,252,919 |
Series A, Zero Coupon, 7/1/2006 (b) | 1,380,000 | 1,304,555 |
Series A, Zero Coupon, 7/1/2010 (b) | 5,860,000 | 4,642,116 |
Series A, Zero Coupon, 7/1/2011 (b) | 4,200,000 | 3,199,098 |
Washington, Hospital & Healthcare Revenue, Health Care Facilities Authority: | ||
5.75%, 11/1/2007 (b) | 7,350,000 | 8,432,288 |
5.8%, 11/1/2008 (b) | 4,865,000 | 5,665,293 |
5.8%, 11/1/2009 (b) | 4,595,000 | 5,405,007 |
5.8%, 11/1/2010 (b) | 2,100,000 | 2,472,120 |
Washington, State GO, Series 5, Zero Coupon, 1/1/2017 (b) | 4,535,000 | 2,550,983 |
160,485,129 | ||
West Virginia 0.1% | ||
West Virginia, Hospital Finance Authority, Charleston Medical Center, Prerefunded, 6.75%, 9/1/2030 | 2,410,000 | 3,075,136 |
West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center, 6.75%, 9/1/2030 | 590,000 | 662,157 |
3,737,293 | ||
Wisconsin 1.8% | ||
Milwaukee County, Series A, ETM, Zero Coupon, 12/1/2011 (b) | 220,000 | 165,057 |
Wisconsin, Hospital & Healthcare Revenue, Health & Educational Facilities Authority: | ||
Series B, 5.625%, 2/15/2029 | 9,725,000 | 9,799,688 |
5.75%, 11/15/2006 (b) | 2,000,000 | 2,259,400 |
6.0%, 11/15/2008 (b) | 4,085,000 | 4,795,422 |
Wisconsin, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029 | 21,800,000 | 21,997,944 |
Wisconsin, Hospital & Healthcare Revenue, Health and Education Facilities Authority: | ||
5.75%, 11/15/2007 (b) | 1,500,000 | 1,721,160 |
6.0%, 11/15/2009 (b) | 4,330,000 | 5,140,013 |
6.1%, 8/15/2008 (b) | 4,580,000 | 5,369,317 |
Series B, 6.25%, 1/1/2022 (b) | 5,285,000 | 6,615,552 |
Series C, 6.25%, 1/1/2022 (b) | 9,230,000 | 11,564,729 |
Series AA, 6.4%, 6/1/2008 (b) | 2,335,000 | 2,755,323 |
Series AA, 6.45%, 6/1/2009 (b) | 2,485,000 | 2,979,490 |
Series AA, 6.45%, 6/1/2010 (b) | 2,650,000 | 3,200,538 |
Series AA, 6.5%, 6/1/2011 (b) | 2,820,000 | 3,519,191 |
Series AA, 6.5%, 6/1/2012 (b) | 3,000,000 | 3,726,840 |
Wisconsin, State Agency (GO) Lease, Health and Education Facilities Authority, 6.1%, 8/15/2009 (b) | 2,000,000 | 2,372,740 |
87,982,404 | ||
Wyoming 0.0% | ||
Wyoming, Single Family Housing Revenue, Community Development Authority, Series B, 8.125%, 6/1/2021 (b) | 30,000 | 30,042 |
Wyoming, Single Family Housing Revenue, Community Development Authority Housing, Series 2, 6.35%, 6/1/2029 | 155,000 | 165,004 |
195,046 | ||
Total Investment Portfolio - 100.0% (Cost $4,310,372,296) (a) | 4,939,689,140 |
* Inverse floating rate notes are derivative debt instruments with a floating rate of interest that bears an inverse relationship to changes in short-term market interest rates. Inverse floating rate notes exhibit added interest rate sensitivity compared to other bonds with a similar maturity. Investments in this type of security involve special risks as compared to investments in a fixed rate municipal security. These securities, amounting to $374,650,841, aggregating 7.5% of net assets, are shown at their current rate as of May 31, 2003.
** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rate as of May 31, 2003.
(a) The cost for federal income tax purposes was $4,305,482,048. At May 31, 2003, net unrealized appreciation for all securities based on tax cost was $634,207,092. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $648,769,911 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $14,562,819.
(b) Bond is insured by one of these companies:
AMBAC | AMBAC Assurance Corp. |
Capital Guaranty | |
FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration |
FSA | Financial Security Assurance |
MBIA | Municipal Bond Investors Assurance |
At May 31, 2003, insurance concentrations greater than 10% of the total Investment Portfolio were MBIA (30%), AMBAC (13%) and FGIC (13%).
(c) When-issued or forward delivery security (see Notes to the Financial Statements).(d) At May 31, 2003, these securities have been segregated, in whole or in part, to cover initial margin requirements for open futures contracts.
AMT: Subject to alternative minimum tax
ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
At May 31, 2003, open futures contracts sold short were as follows:Futures | Expiration Date | Contracts | Aggregated Face Value ($) | Value ($) | Net Unrealized Appreciation (Depreciation) ($) |
10 Year Interest Rate Swap | 9/15/2003 | 408 | 47,746,302 | 48,080,250 | (333,948) |
10 Year CBT Treasury Note | 9/19/2003 | 2,826 | 333,009,481 | 334,704,375 | (1,694,894) |
Total net unrealized depreciation on open future contracts | (2,028,842) |
At May 31, 2003, open forward commitments were as follows:
Notional Amount ($) | Description | Net Unrealized Appreciation ($) | |||
25,000,000 | MMD Lock with Morgan Guaranty Trust Co. terminating July 30, 2003, to pay the spread between a fixed rate of 4.485% and the spot rate on the MMD AAA yield curve at termination date. | 920,000 | |||
Total net unrealized appreciation | 920,000 |
At May 31, 2003, open interest rate swaps were as follows:
Effective/ Expiration Dates | Notional Amount ($) | Cash Flows Paid by the Fund | Cash Flows Received by the Fund | Net Unrealized Appreciation (Depreciation) ($) |
9/26/2002 5/15/2012 | 9,000,000+++ | Fixed - 3.28% | USD-Floating BMA Index | (292,500) |
6/4/2003 6/4/2013 | 20,000,000+ | Fixed - 4.199% | USD-Floating LIBOR BBA | (844,000) |
6/5/2003 6/5/2013 | 40,000,000++ | Fixed - 4.151% | USD-Floating LIBOR BBA | (1,472,000) |
6/10/2003 6/10/2013 | 77,500,000+++ | Fixed - 4.13% | USD-Floating LIBOR BBA | (2,797,750) |
6/11/2003 6/11/2013 | 77,500,000+++ | Fixed - 4.128% | USD-Floating LIBOR BBA | (2,743,500) |
6/12/2003 6/12/2013 | 40,000,000++++ | Fixed - 4.132% | USD-Floating LIBOR BBA | (1,380,000) |
7/30/2003 7/30/2013 | 29,000,000+ | Fixed - 4.322% | USD-Floating LIBOR BBA | (1,348,500) |
10/8/2003 10/8/2011 | 100,000,000+++ | Fixed - 3.472% | USD-Floating BMA Index | (4,310,000) |
10/14/2003 10/14/2011 | 100,000,000+++++ | Fixed - 3.431% | USD-Floating BMA Index | (3,900,000) |
11/20/2003 11/20/2013 | 116,000,000+++++ | Fixed - 3.92% | USD-Floating LIBOR BBA | 46,400 |
6/10/2003 6/10/2013 | 77,500,000++++ | Fixed - 4.126% | USD-Floating LIBOR BBA | (2,735,750) |
6/12/2003 6/12/2013 | 40,000,000+++++ | Fixed - 4.131% | USD-Floating LIBOR BBA | (1,440,000) |
10/9/2003 10/9/2011 | 115,000,000+ | Fixed - 3.485% | USD-Floating BMA Index | (5,025,500) |
11/6/2003 11/6/2013 | 30,000,000+++++ | Fixed - 4.416% | USD-Floating LIBOR BBA | (1,287,000) |
11/12/2003 11/12/2013 | 30,000,000+++++ | Fixed - 4.288% | USD-Floating LIBOR BBA | (942,000) |
11/18/2003 11/18/2013 | 58,000,000+++ | Fixed - 4.116% | USD-Floating LIBOR BBA | (991,800) |
12/2/2003 12/2/2013 | 40,000,000++++ | Fixed - 4.01% | USD-Floating LIBOR BBA | (296,000) |
Total net unrealized depreciation on open interest rate swaps | (31,759,900) |
Counterparties:
+ Merrill Lynch Capital Services, Inc.
++ J.P. Morgan Chase Bank
+++ Lehman Brothers, Inc.
++++ Goldman, Sachs & Co.
+++++ Morgan Guaranty Trust Co.
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of May 31, 2003 | |
Assets | |
Investments in securities, at value (cost $4,310,372,296) | $ 4,939,689,140 |
Receivable for investments sold | 829,383 |
Interest receivable | 71,504,548 |
Receivable for Fund shares sold | 1,378,571 |
Receivable for daily variation margin on open futures contracts | 200,812 |
Net unrealized appreciation on open forward commitments | 920,000 |
Other receivable | 192,000 |
Total assets | 5,014,714,454 |
Liabilities | |
Due to custodian bank | 1,682,086 |
Payable for when-issued and delayed delivery securities | 4,415,546 |
Notes payable | 750,000 |
Dividends payable | 3,106,686 |
Payable for Fund shares redeemed | 3,082,632 |
Net unrealized depreciation on interest rate swaps | 31,759,900 |
Accrued management fee | 1,548,879 |
Other accrued expenses and payables | 1,034,183 |
Total liabilities | 47,379,912 |
Net assets, at value | $ 4,967,334,542 |
Net Assets | |
Net assets consist of: Undistributed net investment income | 4,290,531 |
Net unrealized appreciation (depreciation) on: Investments | 629,316,844 |
Other receivable | 192,000 |
Forward commitments | 920,000 |
Futures | (2,028,842) |
Interest rate swaps | (31,759,900) |
Accumulated net realized gain (loss) | (76,384,656) |
Paid-in capital | 4,442,788,565 |
Net assets, at value | $ 4,967,334,542 |
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of May 31, 2003 (continued) | |
Net Asset Value | |
Class A Net Asset Value and redemption price per share ($2,454,461,595 / 258,399,923 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
Maximum offering price per share (100 / 95.5 of $9.50) | $ 9.95 |
Class B Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($66,205,799 / 6,969,579 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
Class C Net Asset Value and redemption price (subject to contingent deferred sales charge) per share ($24,103,970 / 2,537,413 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
Maximum offering price per share (100 / 99.00 of $9.50) | $ 9.60 |
Class AARP Net Asset Value, offering and redemption price per share ($1,585,406,126 / 166,888,250 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
Class S Net Asset Value, offering and redemption price per share ($837,156,002 / 88,111,861 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
Institutional Class Net Asset Value, offering and redemption price per share ($1,050 / 110.5 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.50 |
The accompanying notes are an integral part of the financial statements.
Statement of Operations for the year ended May 31, 2003 | |
Investment Income | |
Income: Interest | $ 264,697,195 |
Expenses: Management fee | 20,081,218 |
Administrative fee | 6,107,788 |
Distribution service fees | 6,588,712 |
Trustees' fees and expenses | 119,131 |
Interest expense | 12,257 |
Other | 103,388 |
Total expenses, before expense reductions | 33,012,494 |
Expense reductions | (7,944) |
Total expenses, after expense reductions | 33,004,550 |
Net investment income | 231,692,645 |
Realized and Unrealized Gain (Loss) on Investment Transactions | |
Net realized gain (loss) from: Investments | 80,273,123 |
Interest rate swaps | (84,378,594) |
Forward commitments | 5,992,873 |
Futures | (33,906,539) |
(32,019,137) | |
Net unrealized appreciation (depreciation) during the period on: Investments | 268,511,783 |
Other receivable | (192,000) |
Interest rate swaps | (23,983,250) |
Forward commitments | (833,915) |
Futures | (2,028,842) |
241,473,776 | |
Net gain (loss) on investment transactions | 209,454,639 |
Net increase (decrease) in net assets resulting from operations | $ 441,147,284 |
The accompanying notes are an integral part of the financial statements.
Statement of Changes in Net Assets | ||
Years Ended May 31, | ||
Increase (Decrease) in Net Assets | 2003 | 2002 |
Operations: Net investment income | $ 231,692,645 | $ 230,938,071 |
Net realized gain (loss) on investment transactions | (32,019,137) | 74,521,780 |
Net unrealized appreciation (depreciation) on investment transactions during the period | 241,473,776 | 75,495 |
Net increase (decrease) in net assets resulting from operations | 441,147,284 | 305,535,346 |
Distributions to shareholders from: Net investment income: Class A | (110,681,529) | (113,211,676) |
Class B | (2,520,955) | (2,627,299) |
Class C | (738,305) | (469,514) |
Class AARP | (72,930,391) | (73,088,255) |
Class S | (38,928,143) | (39,935,188) |
Institutional Class | (37) | - |
From net realized gains: Class A | (6,806,010) | - |
Class B | (191,902) | - |
Class C | (57,807) | - |
Class AARP | (4,319,833) | - |
Class S | (2,310,818) | - |
Institutional Class | (3) | - |
Fund share transactions: Proceeds from shares sold | 414,170,246 | 885,394,692 |
Net assets acquired in tax-free reorganizations | - | 2,584,208,162 |
Reinvestment of distributions | 146,758,004 | 137,672,106 |
Cost of shares redeemed | (603,772,438) | (1,159,107,717) |
Net increase (decrease) in net assets from Fund share transactions | (42,844,188) | 2,448,167,243 |
Increase (decrease) in net assets | 158,817,363 | 2,524,370,657 |
Net assets at beginning of period | 4,808,517,179 | 2,284,146,522 |
Net assets at end of period (including undistributed net investment income of $4,290,531 and $1,850,191, respectively) | $ 4,967,334,542 | $ 4,808,517,179 |
The accompanying notes are an integral part of the financial statements.
Class A | ||
Years Ended May 31, | 2003 | 2002a |
Selected Per Share Data | ||
Net asset value, beginning of period | $ 9.12 | $ 9.00 |
Income from investment operations: Net investment income | .42 | .42 |
Net realized and unrealized gain (loss) on investment transactions | .41 | .12 |
Total from investment operations | .83 | .54 |
Less distributions from: Net investment income | (.42) | (.42) |
Net realized gain on investment transactions | (.03) | - |
Total distributions | (.45) | (.42) |
Net asset value, end of period | $ 9.50 | $ 9.12 |
Total Return (%)b | 9.41 | 5.94** |
Ratios to Average Net Assets and Supplemental Data | ||
Net assets, end of period ($ millions) | 2,454 | 2,416 |
Ratio of expenses before expense reductions (%) | .75 | .77* |
Ratio of expenses after expense reductions (%) | .75 | .77* |
Ratio of net investment income (%) | 4.66 | 4.74* |
Portfolio turnover rate (%) | 22 | 33 |
a For the period from June 11, 2001 (commencement of sales of Class A shares) to May 31, 2002. b Total return does not reflect the effect of any sales charges. * Annualized ** Not annualized |
Class B | ||
Years Ended May 31, | 2003 | 2002a |
Selected Per Share Data | ||
Net asset value, beginning of period | $ 9.11 | $ 9.00 |
Income from investment operations: Net investment income | .35 | .35 |
Net realized and unrealized gain (loss) on investment transactions | .42 | .11 |
Total from investment operations | .77 | .46 |
Less distributions from: Net investment income | (.35) | (.35) |
Net realized gain on investment transactions | (.03) | - |
Total distributions | (.38) | (.35) |
Net asset value, end of period | $ 9.50 | $ 9.11 |
Total Return (%)b | 8.52 | 5.15** |
Ratios to Average Net Assets and Supplemental Data | ||
Net assets, end of period ($ millions) | 66 | 65 |
Ratio of expenses (%) | 1.53 | 1.58* |
Ratio of net investment income (%) | 3.88 | 3.93* |
Portfolio turnover rate (%) | 22 | 33 |
a For the period from June 11, 2001 (commencement of sales of Class B shares) to May 31, 2002. b Total return does not reflect the effect of any sales charges. * Annualized ** Not annualized |
Class C | ||
Years Ended May 31, | 2003 | 2002a |
Selected Per Share Data | ||
Net asset value, beginning of period | $ 9.11 | $ 9.00 |
Income from investment operations: Net investment income | .35 | .34 |
Net realized and unrealized gain (loss) on investment transactions | .42 | .11 |
Total from investment operations | .77 | .45 |
Less distributions from: Net investment income | (.35) | (.34) |
Net realized gain on investment transactions | (.03) | - |
Total distributions | (.38) | (.34) |
Net asset value, end of period | $ 9.50 | $ 9.11 |
Total Return (%)b | 8.52 | 5.11** |
Ratios to Average Net Assets and Supplemental Data | ||
Net assets, end of period ($ millions) | 24 | 14 |
Ratio of expenses (%) | 1.56 | 1.59* |
Ratio of net investment income (%) | 3.85 | 3.92* |
Portfolio turnover rate (%) | 22 | 33 |
a For the period from June 11, 2001 (commencement of sales of Class C shares) to May 31, 2002. b Total return does not reflect the effect of any sales charges. * Annualized ** Not annualized |
Class AARP | |||
Years Ended May 31, | 2003 | 2002a | 2001b |
Selected Per Share Data | |||
Net asset value, beginning of period | $ 9.12 | $ 8.95 | $ 8.69 |
Income from investment operations: Net investment income | .44 | .45 | .37 |
Net realized and unrealized gain (loss) on investment transactions | .41 | .17 | .26 |
Total from investment operations | .85 | .62 | .63 |
Less distributions from: Net investment income | (.44) | (.45) | (.37) |
Net realized gain on investment transactions | (.03) | - | - |
Total distributions | (.47) | (.45) | (.37) |
Net asset value, end of period | $ 9.50 | $ 9.12 | $ 8.95 |
Total Return (%) | 9.61 | 6.92 | 7.35** |
Ratios to Average Net Assets and Supplemental Data | |||
Net assets, end of period ($ millions) | 1,585 | 1,502 | 1,470 |
Ratio of expenses (%) | .56 | .57 | .64c* |
Ratio of net investment income (%) | 4.85 | 4.92 | 4.92* |
Portfolio turnover rate (%) | 22 | 33 | 11 |
a As required, effective June 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting market discount on debt securities. The effect of this change for the year ended May 31, 2002, was to increase net investment income per share by $.004, decrease net realized and unrealized gain (loss) per share by $.004, and increase the ratio of net investment income to average net assets from 4.88% to 4.92%. Per share data and ratios for periods prior to June 1, 2001, have not been restated to reflect this change in presentation. b For the period from July 31, 2000 (commencement of sales of Class AARP shares) to May 31, 2001. c The ratio of operating expenses includes a one-time reduction in connection with a fund complex reorganization. The ratio without this reduction was .65%. * Annualized ** Not annualized |
Class S | ||||||
Years Ended May 31, | 2003 | 2002a | 2001 | 2000 | 1999b | 1998c |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 9.12 | $ 8.95 | $ 8.43 | $ 8.98 | $ 9.18 | $ 9.13 |
Income from investment operations: | ||||||
Net investment income | .44 | .45 | .44 | .46 | .19 | .45 |
Net realized and unrealized gain (loss) on investment transactions | .41 | .17 | .52 | (.51) | (.20) | .10 |
Total from investment operations | .85 | .62 | .96 | (.05) | (.01) | .55 |
Less distributions from: | ||||||
Net investment income | (.44) | (.45) | (.44) | (.46) | (.19) | (.45) |
Net realized gains on investment transactions | (.03) | - | - | (.04) | - | (.05) |
Total distributions | (.47) | (.45) | (.44) | (.50) | (.19) | (.50) |
Net asset value, end of period | $ 9.50 | $ 9.12 | $ 8.95 | $ 8.43 | $ 8.98 | $ 9.18 |
Total Return (%) | 9.49 | 7.04 | 11.55 | (.62) | (.17)** | 6.23 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 837 | 812 | 814 | 664 | 713 | 737 |
Ratio of expenses before expense reductions (%) | .56 | .57 | .65 | .66d | .64* | .62 |
Ratio of expenses after expense reductions (%) | .56 | .57 | .65 | .65d | .64* | .62 |
Ratio of net investment income (%) | 4.85 | 4.92 | 4.96 | 5.27 | 4.92* | 4.96 |
Portfolio turnover rate (%) | 22 | 33 | 11 | 47 | 14* | 9 |
a As required, effective June 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting market discount on debt securities. The effect of this change for the year ended May 31, 2002, was to increase net investment income per share by $.004, decrease net realized and unrealized gain (loss) per share by $.004, and increase the ratio of net investment income to average net assets from 4.88% to 4.92%. Per share data and ratios for periods prior to June 1, 2001, have not been restated to reflect this change in presentation. b For the five months ended May 31, 1999. On August 10, 1998, the Fund changed its fiscal year end from December 31 to May 31. c Year ended December 31. d The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were .65% and .64%, respectively. * Annualized ** Not annualized |
Institutional Class | |
Years Ended May 31, | 2003a |
Selected Per Share Data | |
Net asset value, beginning of period | $ 9.33 |
Income from investment operations: Net investment income | .31 |
Net realized and unrealized gain (loss) on investment transactions | .20 |
Total from investment operations | .51 |
Less distributions from: Net investment income | (.31) |
Net realized gain on investment transactions | (.03) |
Total distributions | (.34) |
Net asset value, end of period | $ 9.50 |
Total Return (%) | 5.94** |
Ratios to Average Net Assets and Supplemental Data | |
Net assets, end of period ($ millions) | .001 |
Ratio of expenses (%) | .54* |
Ratio of net investment income (%) | 4.74* |
Portfolio turnover rate (%) | 22 |
a For the period from August 19, 2002 (commencement of sales of Institutional Class shares) to May 31, 2003. * Annualized ** Not annualized |
A. Significant Accounting Policies
Scudder Managed Municipal Bond Fund (the "Fund") (formerly Scudder Managed Municipal Bonds) is a diversified series of Scudder Municipal Trust (the "Trust") which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares are offered without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors subject to an initial sales charge and are subject to higher ongoing expenses than Class A and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Prior to February 3, 2003, Class C shares were offered without an initial sales charge. Class C shares do not convert into another class. On August 19, 2002, the Fund commenced offering Institutional Class shares which are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Shares of Class AARP are designed for members of AARP. Class S shares of the Fund are generally not available to new investors. Class AARP and S shares are not subject to initial or contingent deferred sales charges.
Investment income, realized and unrealized gains and losses and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution services fees, administrative fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Debt securities are valued by independent pricing services approved by the Trustees of the Fund, whose valuations are intended to reflect the mean between the bid and asked prices. If the pricing services are unable to provide valuations, securities are valued at the average of the means based on the most recent bid and asked quotations or evaluated prices obtained from two broker dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trustees.
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund may enter into futures contracts as a hedge against anticipated interest rate, currency or equity market changes, and for duration management, risk management and return enhancement purposes.
Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When entering into a closing transaction, the Fund will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities or currencies hedged. When utilizing futures contracts to hedge, the Fund gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.
Forward Commitment Agreements. A Municipal Market Data ("MMD") forward commitment agreement is a commitment to pay or receive at the termination date the spread between a fixed rate and a spot rate on the MMD AAA yield curve. Risks may arise upon entering into these agreements from the potential inability of counterparties to meet the terms of their agreement and from unanticipated changes in the interest rates on which the agreement is based. The Fund also bears the risk of limited liquidity prior to the termination. MMD forward commitments are valued daily and the change in value is recorded by the Fund as unrealized appreciation or depreciation on forward commitments. Upon the termination date, a cash payment is made based on the spread between the fixed rate and the spot rate and the Fund will realize a gain or loss based upon the cash payment received or paid.
Swap Agreements. The Fund may enter into swap agreements. A swap is an exchange of cash payments between the Fund and another party, which is based on a specific financial index. Commencing after the effective date, cash payments are exchanged at specified intervals. The value of the swap is adjusted daily and the change in value is recorded as unrealized appreciation or depreciation. When entering into a closing transaction, the Fund will realize a gain or loss. Risks may arise upon entering into these agreements from the potential inability of counterparties to meet the terms of their contract and from unanticipated changes in the value of the financial index on which the swap agreement is based. The Fund uses swaps for both hedging and non-hedging purposes. For hedging purposes, the Fund may use swaps to reduce its exposure to interest rate fluctuations. For non-hedging purposes, the Fund may use swaps to take advantage of future changes in interest rates.
When-Issued/Delayed Delivery Securities. The Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to the Fund until payment takes place. At the time the Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment.
Certain risks may arise upon entering into when-issued or delayed delivery securities from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.
At May 31, 2003, the Fund had a net tax basis capital loss carryforward of approximately $21,929,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until May 31, 2008 ($12,507,000), May 31, 2009 ($7,004,000) and May 31, 2011 ($2,418,000), the respective expiration dates, whichever occurs first, and which may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code.
In addition, from November 1, 2002 through May 31, 2003, the Fund incurred approximately $35,203,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending May 31, 2004.
Distribution of Income and Gains. All of the net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in futures contracts, securities sold at a loss and accretion of market discount on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
At May 31, 2003, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:
Undistributed tax-exempt income* | $ 7,388,534 |
Undistributed net long-term capital gains | $ - |
Capital loss carryforwards | $ (21,929,000) |
Net unrealized appreciation (depreciation) on investments | $ 634,207,092 |
In addition, during the years ended May 31, 2003 and May 31, 2002 the tax character of distributions paid to shareholders by the Fund is summarized as follows:
2003 | 2002 | |
Distributions from tax-exempt income | $ 225,799,360 | $ 229,331,932 |
Distributions from short-term capital gains | $ 2,475,481 | $ - |
Distributions from long-term capital gains | $ 11,210,892 | $ - |
* For tax purposes short-term capital gains distributions are considered ordinary income distributions.
Other. Investment transactions are accounted for on the trade date. Interest income is recorded on an accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for financial reporting purposes.
At May 31, 2003, the other receivable of $192,000 (0.004% of net assets) has been valued in good faith as determined in accordance with procedures approved by the Trustees.
B. Purchases and Sales of Securities
During the year ended May 31, 2003, purchases and sales of investment securities (excluding short-term investments) aggregated $1,098,645,797 and $1,350,394,094, respectively.
C. Related Parties
Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. The management fee payable under the Management Agreement is equal to an annual rate of 0.450% of the first $250,000,000 of the Fund's average daily net assets, 0.430% of the next $750,000,000 of such net assets, 0.410% of the next $1,500,000,000 of such net assets, 0.400% of the next $2,500,000,000 of such net assets, 0.380% of the next $2,500,000,000 of such net assets, 0.360% of the next $2,500,000,000 of such net assets, 0.340% of the next $2,500,000,000 of such net assets and 0.320% of such net assets in excess of $12,500,000,000, computed and accrued daily and payable monthly. Accordingly, for the year ended May 31, 2003, the fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.41% of the Fund's average daily net assets.
Administrative Fee. Under the Administrative Agreement (the "Administrative Agreement"), the Advisor provides or pays others to provide substantially all of the administrative services required by the Fund (other than those provided by the Advisor under its Management Agreement with the Fund, as described above) in exchange for the payment by the Fund of an administrative services fee (the "Administrative Fee") of 0.10%, 0.125%, 0.15%, 0.15%, 0.15% and 0.125%, of average daily net assets for Class A, B, C, AARP, S and Institutional Class shares, respectively, computed and accrued daily and payable monthly. For the period June 1, 2002 through June 11, 2002, the Advisor voluntarily waived 0.005% of the Administrative Fee for Class A.
Various third-party service providers, some of which are affiliated with the Advisor, provide certain services to the Fund under the Administrative Agreement. Scudder Fund Accounting Corporation, a subsidiary of the Advisor, computes the net asset value for the Fund and maintains the accounting records of the Fund. Scudder Investments Service Company, an affiliate of the Advisor, is the transfer, shareholder service and dividend-paying agent for Class A, B, C and Institutional Class shares of the Fund. Scudder Service Corporation, also a subsidiary of the Advisor, is the transfer, shareholder service and dividend-paying agent for Class AARP and S shares of the Fund. These affiliated entities have in turn entered into various agreements with third-party service providers to provide these services. In addition, other service providers, not affiliated with the Advisor, provide certain services (i.e., custody, legal and audit) to the Fund under the Administrative Agreement. the Advisor pays the service providers for the provision of their services to the Fund and pays other Fund expenses, including insurance, registration, printing, postage and other costs. Certain expenses of the Fund will not be borne by the Advisor under the Administrative Agreement, such as taxes, brokerage, interest and extraordinary expenses, and the fees and expenses of the Independent Trustees (including the fees and expenses of their independent counsel). For the year ended May 31, 2003, the Administrative Fee was as follows:
Administrative Fee | Total Aggregated | Fees Waived | Unpaid at May 31, 2003 |
Class A | $ 2,436,850 | $ 3,312 | $ 195,726 |
Class B | 84,703 | - | 6,733 |
Class C | 29,755 | - | 2,922 |
Class AARP | 2,318,781 | - | 201,080 |
Class S | 1,237,699 | - | 106,721 |
$ 6,107,788 | $ 3,312 | $ 513,182 |
The Administrative Agreement between the Advisor and the Fund will terminate effective September 30, 2003 and the Fund will directly bear the cost of those expenses formerly covered under the Administrative Agreement. Effective October 1, 2003 through September 30, 2005, the Advisor has agreed to contractually waive all or a portion of its management fee and reimburse or pay certain operating expenses of each class at 0.80% of average daily net assets for Class A, B, C, AARP and S shares and 0.54% of average daily net assets for Institutional Class shares (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, Rule 12b-1 and/or service fees, trustees and trustee counsel fees).
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Scudder Distributors, Inc. ("SDI"), a subsidiary of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class B and C shares. Pursuant to the agreement, SDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the year ended May 31, 2003, the Distribution Fee was as follows:
Distribution Fee | Total Aggregated | Unpaid at May 31, 2003 |
Class B | $ 507,033 | $ 42,488 |
Class C | 148,774 | 15,282 |
$ 655,807 | $ 57,770 |
In addition, SDI provides information and administrative services ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. SDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended May 31, 2003, the Service Fee was as follows:
Service Fee | Total Aggregated | Unpaid at May 31, 2003 | Effective Rate |
Class A | $ 5,717,622 | $ 434,231 | .23% |
Class B | 166,513 | 12,853 | .25% |
Class C | 48,770 | 4,795 | .25% |
$ 5,932,905 | $ 451,879 |
Underwriting Agreement and Contingent Deferred Sales Charge. SDI is the principal underwriter for Class A, B and C shares. Underwriting commissions paid to SDI in connection with the distribution of Class A and C shares for the year ended May 31, 2003 aggregated $208,028 and $511, respectively.
In addition, SDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the year ended May 31, 2003, the CDSC for Class B and C shares aggregated $125,795 and $9,367, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended May 31, 2003, SDI received $17,467.
Trustees' Fees and Expenses. The Fund pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.
Other Related Parties. AARP through its affiliates, monitors and approves the AARP Investment Program from the Advisor. The Advisor has agreed to pay a fee to AARP and/or its affiliates in return for the use of the AARP trademark and services relating to investments by AARP members in Class AARP shares of the Fund. This fee is calculated on a daily basis as a percentage of the combined net assets of the AARP classes of all funds managed by the Advisor. The fee rates, which decrease as the aggregate net assets of the AARP classes become larger, are as follows: 0.07% for the first $6,000,000,000 of net assets, 0.06% for the next $10,000,000,000 of such net assets and 0.05% of such net assets thereafter. These amounts are used for the general purposes of AARP and its members.
D. Expense Off-Set Arrangement
The Fund has entered into an arrangement with the custodian whereby credits realized as a result of uninvested cash balances were used to reduce a portion of the Fund's expenses. During the year ended May 31, 2003, pursuant to the Administrative Agreement, the Administrative Fee was reduced by $4,632 for custodian credits earned.
E. Line of Credit
The Fund and several other affiliated funds (the "Participants") share in a $1.25 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, pro rata based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. At the end of the period, $750,000 was outstanding. Interest expense incurred on the borrowings amounted to $12,257 for the year ended May 31, 2003. The average dollar amount of the borrowings was $5,350,000 and the weighted average interest rate on these borrowings was 1.999%.
F. Share Transactions
The following table summarizes share and dollar activity in the Fund:
Year Ended May 31, 2003 | Year Ended May 31, 2002 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 20,986,909 | $ 194,800,399 | 42,296,074* | $ 383,717,975* |
Class B | 2,265,059 | 21,105,613 | 1,266,678* | 11,494,621* |
Class C | 1,566,539 | 14,619,324 | 754,250* | 6,847,487* |
Class AARP | 11,410,208 | 106,193,791 | 9,080,392 | 82,524,706 |
Class S | 8,318,649 | 77,450,119 | 44,156,592 | 400,809,903 |
Institutional Class** | 108 | 1,000 | - | - |
$ 414,170,246 | $ 885,394,692 | |||
Shares issued in tax-free reorganizations | ||||
Class A | - | $ - | 277,768,912 | $ 2,499,961,842 |
Class B | - | - | 8,020,544 | 72,187,172 |
Class C | - | - | 1,339,956 | 12,059,148 |
$ - | $ 2,584,208,162 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 7,910,426 | $ 73,544,462 | 7,591,446* | $ 68,948,245* |
Class B | 168,322 | 1,564,480 | 155,494* | 1,412,630* |
Class C | 55,099 | 512,275 | 28,826* | 261,797* |
Class AARP | 5,009,960 | 46,587,140 | 4,804,751 | 43,629,883 |
Class S | 2,639,506 | 24,549,616 | 2,578,823 | 23,419,551 |
Institutional Class** | 3 | 31 | - | - |
$ 146,758,004 | $ 137,672,106 | |||
Shares redeemed | ||||
Class A | (35,546,297) | $ (330,514,129) | (62,607,547)* | $ (568,555,897)* |
Class B | (2,550,815) | (23,734,049) | (2,355,703)* | (21,419,870)* |
Class C | (662,780) | (6,183,341) | (544,477)* | (4,952,666)* |
Class AARP | (14,269,565) | (132,587,083) | (13,432,136) | (121,990,782) |
Class S | (11,912,804) | (110,753,836) | (48,627,983) | (442,188,502) |
Institutional Class** | - | - | - | - |
$ (603,772,438) | $ (1,159,107,717) | |||
Net increase (decrease) | ||||
Class A | (6,648,962) | $ (62,169,268) | 265,048,885* | $ 2,384,072,165* |
Class B | (117,434) | (1,063,956) | 7,087,013* | 63,674,553* |
Class C | 958,858 | 8,948,258 | 1,578,555* | 14,215,766* |
Class AARP | 2,150,603 | 20,193,848 | 453,007 | 4,163,807 |
Class S | (954,649) | (8,754,101) | (1,892,568) | (17,959,048) |
Institutional Class** | 111 | 1,031 | - | - |
$ (42,844,188) | $ 2,448,167,243 |
* For the period from June 11, 2001, (commencement of sales of Class A, B and C shares) to May 31, 2002.
** For the period from August 19, 2002 (commencement of sales of Institutional Class shares) to May 31, 2003.
G. Acquisition of Assets
On June 8, 2001, the Fund acquired all the net assets of Kemper Municipal Bond Fund and Kemper Ohio Tax-Free Income Fund pursuant to plans of reorganization approved by shareholders on May 24, 2001. The acquisition of Kemper Municipal Bond Fund was accomplished by a tax-free exchange of 274,956,913 Class A shares, 6,926,222 Class B shares and 1,021,277 Class C shares of the Fund, respectively, for 248,280,451 Class A shares, 6,271,177 Class B shares and 920,713 Class C shares of Kemper Municipal Bond Fund, respectively, outstanding on June 8, 2001. The acquisition of Kemper Ohio Tax-Free Income Fund was accomplished by a tax-free exchange of 2,811,999 Class A shares, 1,094,322 Class B shares and 318,679 Class C shares of the Fund, respectively, for 2,479,812 Class A shares, 965,154 Class B shares and 281,161 Class C shares of Kemper Ohio Tax-Free Income Fund, respectively, outstanding on June 8, 2001. Kemper Municipal Bond Fund's net assets at that date ($2,546,182,540), including $150,928,377 of unrealized appreciation and Kemper Ohio Tax-Free Income Fund's net assets at that date ($38,025,622), including $1,764,050 of unrealized appreciation, were combined with those of the Fund. The aggregate net assets of the Fund immediately before the acquisitions were $2,286,479,077. The combined net assets of the Fund immediately following the acquisitions were $4,870,687,239.
To the Trustees of Scudder Municipal Trust and the Shareholders of Scudder Managed Municipal Bond Fund:
In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Scudder Managed Municipal Bond Fund (formerly Scudder Managed Municipal Bonds) (the "Fund") at May 31, 2003, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
Boston, Massachusetts | PricewaterhouseCoopers LLP |
The Fund paid distributions of $.022 per share from net long-term capital gains during its year ended May 31, 2003, of which 100% represents 20% rate gains.
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call 1-800-SCUDDER.
The following table presents certain information regarding the Trustees and Officers of the fund as of May 31, 2003. Each individual's age is set forth in parentheses after his or her name. Unless otherwise noted, (i) each individual has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity, and (ii) the address of each individual is c/o Deutsche Asset Management, Two International Place, Boston, Massachusetts 02110-4103. Each Trustee's term of office extends until the next shareholder's meeting called for the purpose of electing Trustees and until the election and qualification of a successor, or until such Trustee sooner dies, resigns or is removed as provided in the governing documents of the fund.
Non-Interested Trustees | ||
Name, Age, Position(s) Held with the Fund and Length of Time Served1 | Principal Occupation(s) During Past 5 Years and Other Directorships Held | Number of Funds in Fund Complex Overseen |
Henry P. Becton, Jr. (59) Trustee, 1990-present | President, WGBH Educational Foundation. Directorships: American Public Television; New England Aquarium; Becton Dickinson and Company (medical technology company); Mass Corporation for Educational Telecommunications; The A.H. Belo Company (media company); Committee for Economic Development; Concord Academy; Public Broadcasting Service; Boston Museum of Science | 47 |
Dawn-Marie Driscoll (56) Trustee, 1987-present | President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley College; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: CRS Technology (technology service company); Advisory Board, Center for Business Ethics, Bentley College; Board of Governors, Investment Company Institute; former Chairman, ICI Directors Services Committee | 47 |
Keith R. Fox (49) Trustee, 1996-present | Managing Partner, Exeter Capital Partners (private equity funds). Directorships: Facts on File (school and library publisher); Progressive Holding Corporation (kitchen importer and distributor); Cloverleaf Transportation Inc. (trucking); K-Media, Inc. (broadcasting); Natural History, Inc. (magazine publisher); National Association of Small Business Investment Companies (trade association) | 47 |
Louis E. Levy (70) Trustee, 2002-present | Retired. Formerly, Chairman of the Quality Control Inquiry Committee, American Institute of Certified Public Accountants (1992-1998); Partner, KPMG LLP (1958-1990). Directorships: Household International (banking and finance); ISI Family of Funds (registered investment companies; 4 funds overseen); Kimberly-Clark Corporation (personal consumer products) | 47 |
Jean Gleason Stromberg (59) Trustee, 1999-present | Retired. Formerly, Consultant (1997-2001); Director, U.S. General Accounting Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation; Service Source, Inc. | 47 |
Jean C. Tempel (60) Trustee, 1994-present | Managing Partner, First Light Capital (venture capital group) (2000-present); formerly, Special Limited Partner, TL Ventures (venture capital fund) (1996-1998); General Partner, TL Ventures (1994-1996); President and Chief Operating Officer, Safeguard Scientifics, Inc. (public technology business incubator company) (1991-1993). Directorships: Sonesta International Hotels, Inc.; Aberdeen Group (technology research); The Reference, Inc. (IT consulting for financial services); United Way of Mass Bay. Trusteeships: Connecticut College, Chair, Finance Committee; Northeastern University, Chair, Funds and Endowment Committee | 47 |
Carl W. Vogt (67) Trustee, 2002-present | Senior Partner, Fulbright & Jaworski, L.L.P. (law firm); formerly, President (interim) of Williams College (1999-2000); President, certain funds in the Deutsche Asset Management Family of Funds (formerly, Flag Investors Family of Funds) (registered investment companies) (1999-2000). Directorships: Yellow Corporation (trucking); American Science & Engineering (x-ray detection equipment); ISI Family of Funds (registered investment companies, 4 funds overseen); National Railroad Passenger Corporation (Amtrak); formerly, Chairman and Member, National Transportation Safety Board | 47 |
Interested Trustees and Officers2 | ||
Name, Age, Position(s) Held with the Fund and Length of Time Served1 | Principal Occupation(s) During Past 5 Years and Other Directorships Held | Number of Funds in Fund Complex Overseen |
Richard T. Hale3 (57) Chairman and Trustee, 2002-present President, 2003-present | Managing Director, Deutsche Investment Management Americas Inc. (2003-present); Managing Director, Deutsche Bank Securities Inc. (formerly Deutsche Banc Alex. Brown Inc.) and Deutsche Asset Management (1999 to present); Director and President, Investment Company Capital Corp. (registered investment advisor) (1996 to present); Director, Deutsche Global Funds, Ltd. (2000 to present), CABEI Fund (2000 to present), North American Income Fund (2000 to present) (registered investment companies); Director, Scudder Global Opportunities Fund (since 2003); Director/Officer Deutsche/Scudder Mutual Funds (various dates); President, Montgomery Street Income Securities, Inc. (2002 to present) (registered investment companies); Vice President, Deutsche Asset Management, Inc. (2000 to present); formerly, Director, ISI Family of Funds (registered investment companies; 4 funds overseen) (1992-1999) | 200 |
Daniel O. Hirsch3 (49) Vice President and Assistant Secretary, 2002-present | Managing Director, Deutsche Asset Management (2002-present) and Director, Deutsche Global Funds Ltd. (2002-present); formerly, Director, Deutsche Asset Management (1999-2002); Principal, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Assistant General Counsel, United States Securities and Exchange Commission (1993-1998) | n/a |
John Millette (40) Vice President and Secretary, 1999-present | Director, Deutsche Asset Management | n/a |
Philip G. Condon (52) Vice President, 1997-present | Managing Director, Deutsche Asset Management | n/a |
Ashton P. Goodfield (39) Vice President, 1999-present | Managing Director, Deutsche Asset Management | n/a |
Kenneth Murphy (39) Vice President, 2002-present | Vice President, Deutsche Asset Management (2000-present); Vice President, Scudder Distributors, Inc. (December 2002-present); formerly, Director, John Hancock Signature Services (1992-2000) | n/a |
Charles A. Rizzo (45) Treasurer, 2002-present | Director, Deutsche Asset Management (April 2000- present). Formerly, Vice President and Department Head, BT Alex. Brown Incorporated (now Deutsche Bank Securities Inc.) (1998-1999); Senior Manager, Coopers & Lybrand L.L.P. (now PricewaterhouseCoopers LLP) (1993-1998) | n/a |
Salvatore Schiavone (37) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management | n/a |
Lucinda H. Stebbins (57) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management | n/a |
Kathleen Sullivan D'Eramo (46) Assistant Treasurer, 2003-present | Director, Deutsche Asset Management | n/a |
Caroline Pearson (41) Assistant Secretary, 1997-present | Managing Director, Deutsche Asset Management | n/a |
1 Length of time served represents the date that each Trustee was first elected to the common board of trustees which oversees a number of investment companies, including the fund, managed by the Advisor. For the Officers of the fund, length of time served represents the date that each Officer was first elected to serve as an officer of any fund overseen by the aforementioned common board of trustees.
2 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act, as amended. Interested persons receive no compensation from the fund.
3 Address: One South Street, Baltimore, Maryland
The fund's Statement of Additional Information ("SAI") includes additional information about the Trustees. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: 1-800-SCUDDER.
Scudder Funds |
Growth Funds Scudder 21st Century Growth Fund Scudder Aggressive Growth Fund Scudder Blue Chip Fund Scudder Capital Growth Fund Scudder Development Fund Scudder Dynamic Growth Fund Scudder Flag Investors Scudder Gold & Precious Metals Fund Scudder Global Biotechnology Fund Scudder Growth Fund Scudder Health Care Fund Scudder Large Company Growth Fund Scudder Micro Cap Fund Scudder Mid Cap Fund Scudder Small Cap Fund Scudder Strategic Growth Fund Scudder Technology Fund Scudder Technology Innovation Fund Scudder Top 50 US Fund Value FundsScudder Contrarian Fund Scudder-Dreman Financial Services Fund Scudder-Dreman High Return Equity Fund Scudder-Dreman Small Cap Value Fund Scudder Flag Investors Equity Scudder Growth and Income Fund Scudder Large Company Value Fund Scudder-RREEF Real Estate Securities Fund Scudder Small Company Stock Fund Scudder Small Company Value Fund Multicategory/Asset Allocation FundsScudder Balanced Fund Scudder Flag Investors Value Builder Fund Scudder Focus Value+Growth Fund Scudder Lifecycle Mid Range Fund Scudder Lifecycle Long Range Fund Scudder Lifecycle Short Range Fund Scudder Pathway Conservative Portfolio Scudder Pathway Growth Portfolio Scudder Pathway Moderate Portfolio Scudder Target 2013 Fund Scudder Total Return Fund International/Global FundsScudder Emerging Markets Growth Fund Scudder Emerging Markets Income Fund Scudder European Equity Fund Scudder Global Fund Scudder Global Bond Fund Scudder Global Discovery Fund Scudder Greater Europe Growth Fund Scudder International Fund Scudder International Equity Fund Scudder International Select Equity Fund Scudder Japanese Equity Fund Scudder Latin America Fund Scudder New Europe Fund Scudder Pacific Opportunities Fund Income FundsScudder Cash Reserves Fund Scudder Fixed Income Fund Scudder GNMA Fund Scudder High Income Plus Fund (formerly Deutsche High Yield Bond Fund) Scudder High Income Fund (formerly Scudder High Yield Fund) Scudder High Income Opportunity Fund (formerly Scudder High Yield Opportunity Fund) Scudder Income Fund Scudder PreservationPlus Fund Scudder PreservationPlus Income Fund Scudder Short Duration Fund (formerly Scudder Short-Term Fixed Income Fund) Scudder Short-Term Bond Fund Scudder Strategic Income Fund Scudder U.S. Government Securities Fund |
Scudder Funds (continued) |
Tax-Free Income Funds Scudder California Tax-Free Income Fund Scudder Florida Tax-Free Income Fund Scudder High Yield Tax-Free Fund Scudder Managed Municipal Bond Fund Scudder Massachusetts Tax-Free Fund Scudder Medium-Term Tax-Free Fund Scudder Municipal Bond Fund Scudder New York Tax-Free Income Fund Scudder Short-Term Municipal Bond Fund Index-Related FundsScudder EAFE ® Equity Index Fund Scudder Equity 500 Index Fund Scudder S&P 500 Index Fund Scudder S&P 500 Stock Fund Scudder Select 500 Fund Scudder US Bond Index Fund Money MarketA large number of money market funds are available through Scudder Investments. |
Retirement Programs and Education Accounts |
Retirement Programs Traditional IRA Roth IRA SEP-IRA Inherited IRA Keogh Plan 401(k), 403(b) Plans Variable Annuities Education AccountsCoverdell Education Savings Account UGMA/UTMA IRA for Minors |
Closed-End Funds |
The Brazil Fund, Inc. The Korea Fund, Inc. Montgomery Street Income Securities, Inc. Scudder Global High Income Fund, Inc. Scudder New Asia Fund, Inc. Scudder High Income Trust Scudder Intermediate Government Trust Scudder Multi-Market Income Trust Scudder Municipal Income Trust Scudder RREEF Real Estate Fund, Inc. Scudder Strategic Income Trust Scudder Strategic Municipal Income Trust The Central European Equity Fund, Inc. The Germany Fund, Inc. The New Germany Fund, Inc. The SMALLCap Fund, Inc. |
Not all funds are available in all share classes.
Scudder open-end funds are offered by prospectus only. For more complete information on any fund or variable annuity registered in your state, including information about a fund's objectives, strategies, risks, advisory fees, distribution charges, and other expenses, please order a free prospectus. Read the prospectus before investing in any fund to ensure the fund is appropriate for your goals and risk tolerance.
A money market mutual fund investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market mutual fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.
The products described should not be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
For shareholders of Classes A, B, C and Institutional
Automated Information Lines | ScudderACCESS (800) 972-3060 Personalized account information, information on other Scudder funds and services via touchtone telephone and for Classes A, B, and C only, the ability to exchange or redeem shares. |
Web Site | scudder.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 Scudder funds, subscription to fund updates by e-mail, retirement planning information, and more. |
For more information | (800) 621-1048 To speak with a Scudder service representative. |
Written correspondence | Scudder Investments PO Box 219356Kansas City, MO 64121-9356 |
Principal Underwriter | If you have questions, comments or complaints, contact: Scudder Distributors, Inc. 222 South Riverside PlazaChicago, IL 60606 (800) 621-1148 |
Class A | Class B | Class C | Institutional | |
Nasdaq Symbol | SMLAX | SMLBX | SMLCX | SMLIX |
CUSIP Number | 811170-802 | 811170-885 | 811170-877 | 81118T-204 |
Fund Number | 466 | 666 | 766 | 544 |
For shareholders of Class AARP and Class S
AARP Investment Program Shareholders | Scudder Class S Shareholders | |
Automated Information Lines | Easy-Access Line (800) 631-4636 | SAIL™ (800) 343-2890 |
Personalized account information, the ability to exchange or redeem shares, and information on other Scudder funds and services via touchtone telephone. | ||
Web Sites | aarp.scudder.com | myScudder.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 Scudder funds, subscription to fund updates by e-mail, retirement planning information, and more. | ||
For more information | (800) 253-2277 To speak with an AARP Investment Program service representative | (800) SCUDDER To speak with a Scudder service representative. |
Written correspondence | AARP Investment Program from Scudder Investments PO Box 219735Kansas City, MO 64121-9735 | Scudder Investments PO Box 219669Kansas City, MO 64121-9669 |
Principal Underwriter | If you have questions, comments or complaints, contact: Scudder Distributors, Inc. 222 South Riverside PlazaChicago, IL 60606 (800) 621-1148 | |
Class AARP | Class S | |
Nasdaq Symbol | AMUBX | SCMBX |
Fund Number | 166 | 066 |
Notes |
Notes |
Notes |
Notes |
ITEM 2. CODE OF ETHICS. Not currently applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not currently applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not currently applicable. ITEM 5. [RESERVED] ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIERS AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. ITEM 8. [RESERVED] ITEM 9. 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) During the six month period ended May 31, 2003, management identified an issue related to a different registrant within the Scudder fund complex. Management discussed the issue with the Registrant's Audit Committee and auditors and instituted additional procedures to enhance its internal controls over financial reporting.Form N-CSR Item F SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: Scudder Managed Municipal Bond Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: July 25, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Scudder Managed Municipal Bond Fund By: /s/Richard T. Hale --------------------------- Richard T. Hale Chief Executive Officer Date: July 25, 2003 By: /s/Charles A. Rizzo --------------------------- Charles A. Rizzo Chief Financial Officer Date: July 25, 2003