In the following interview, the portfolio management team discusses the market environment and the performance of Tax-Exempt Portfolio — DWS Tax-Free Money Fund Class S during the 12-month period ended April 30, 2009.
As an investor of the Portfolio, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Portfolio expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Portfolio and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (November 1, 2008 to April 30, 2009).
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Tax-Free Money Fund Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Tax-Free Money Fund Class S shares during the period would be higher, and account value during the period would be lower, by this amount.
For more information, please refer to the Portfolio's prospectus.
| Principal Amount ($) | Value ($) |
| |
Municipal Investments 96.8% |
Alabama 0.6% |
Alabama, Huntsville-Randolph School, Educational Building Authority Lease Revenue, Randolph School Project, 0.49%*, 2/1/2038, Compass Bank (a) | 10,000,000 | 10,000,000 |
Pell City, AL, Special Care Facilities Financing Authority Revenue, Noland Health Services, Series A, 0.5%*, 12/1/2039, US Bank NA (a) | 4,000,000 | 4,000,000 |
Tuscaloosa County, AL, Industrial Development Gulf Opportunity Zone, Hunt Refining Project, Series C, 0.71%*, 12/1/2027, JPMorgan Chase Bank (a) | 10,000,000 | 10,000,000 |
| 24,000,000 |
Alaska 1.6% |
Alaska, State Housing Finance Corp., Capital Project, Series C, 0.35%*, 7/1/2022 | 10,000,000 | 10,000,000 |
Alaska, State Housing Finance Corp., Governmental Purpose, Series B, 0.35%*, 12/1/2030 | 50,000,000 | 50,000,000 |
| 60,000,000 |
Arizona 1.6% |
Apache County, AZ, Industrial Development Authority Revenue, Tucson Electric Power Co., Series 83C, 0.49%*, 12/15/2018, Bank of New York Mellon Corp. (a) | 2,650,000 | 2,650,000 |
Arizona, BB&T Municipal Trust, Series 2012, 144A, 0.51%*, 7/1/2027 | 2,075,000 | 2,075,000 |
Arizona, Health Facilities Authority Revenue, Banner Health System, Series B, 0.4%*, 1/1/2035, Scotiabank (a) | 12,300,000 | 12,300,000 |
Maricopa County, AZ, RBC Municipal Products, Inc. Trust: | | |
Series C-1, 144A, AMT, 0.72%*, 1/1/2016, Royal Bank of Canada (a) | 29,595,000 | 29,595,000 |
Series C-6, 144A, AMT, 0.72%*, 5/1/2016, Royal Bank of Canada (a) | 13,995,000 | 13,995,000 |
| 60,615,000 |
California 2.6% |
California, BB&T Municipal Trust, Series 2014, 144A, 0.48%*, 3/15/2039 | 2,250,000 | 2,250,000 |
California, Clipper Tax-Exempt Certificate Trust, Series 2007-38, 144A, 0.73%*, 4/1/2023 | 4,000,000 | 4,000,000 |
California, Housing Finance Agency Revenue, Home Mortgage: | | |
Series K, AMT, 1.0%*, 8/1/2037 | 7,900,000 | 7,900,000 |
Series K, AMT, 1.0%*, 2/1/2038 | 5,000,000 | 5,000,000 |
California, Housing Finance Agency Revenue, Multi-Family Housing, Series C, AMT, 3.25%*, 2/1/2033 | 35,500,000 | 35,500,000 |
California, State Economic Recovery, Series C-15, 2.0%*, 7/1/2023 (b) | 22,830,000 | 22,830,000 |
California, Statewide Communities Development Authority, Multi-Family Housing Revenue: | | |
Series 2680, 144A, 0.73%*, 5/15/2018, JPMorgan Chase Bank (a) | 11,100,000 | 11,100,000 |
Series 2681, 144A, AMT, 0.88%*, 5/15/2018, JPMorgan Chase Bank (a) | 10,000,000 | 10,000,000 |
| 98,580,000 |
Colorado 2.5% |
Colorado, Centerra Metropolitan District 1 Revenue, Refunding and Improvement, 0.57%*, 12/1/2029, Compass Bank (a) | 15,000,000 | 15,000,000 |
Colorado, Educational & Cultural Facilities Authority Revenue, Bear Creek School Project, 0.47%*, 10/1/2032, US Bank NA (a) | 6,400,000 | 6,400,000 |
Colorado, Educational & Cultural Facilities Authority Revenue, Fremont Christian School Project, 0.47%*, 6/1/2038, US Bank NA (a) | 16,610,000 | 16,610,000 |
Colorado, Educational & Cultural Facilities Authority Revenue, Trinity School Project, 0.51%*, 9/1/2026, Branch Banking & Trust (a) | 1,700,000 | 1,700,000 |
Colorado, Goldsmith Metropolitan District, 0.52%*, 12/1/2034, Compass Bank (a) | 5,300,000 | 5,300,000 |
Colorado, Health Facilities Authority Revenue, Fraiser Meadows Community Project, 0.47%*, 6/1/2038, JPMorgan Chase Bank (a) | 9,000,000 | 9,000,000 |
Colorado, Housing & Finance Authority, Series AA3, 0.75%*, 5/1/2036 | 7,670,000 | 7,670,000 |
Colorado, Housing & Finance Authority, Single Family Mortgage, Series 1-B-2, 1.8%*, 5/1/2034 | 9,100,000 | 9,100,000 |
Colorado, Lowry Economic Redevelopment Authority Revenue, Series A, 0.57%*, 12/1/2020, Compass Bank (a) | 6,965,000 | 6,965,000 |
Colorado, RBC Municipal Products, Inc. Trust, Series C-11, 144A, 0.61%*, 12/1/2031, Royal Bank of Canada (a) | 17,580,000 | 17,580,000 |
| 95,325,000 |
Connecticut 0.2% |
Connecticut, State Health & Education, 0.45%, 6/11/2009 | 6,000,000 | 6,000,000 |
Delaware 0.6% |
Delaware, BB&T Municipal Trust, Series 5000, 0.74%*, 10/1/2028, Rabobank International (a) | 17,944,262 | 17,944,262 |
Delaware, State Economic Development Authority Revenue, YMCA Delaware Project, 0.48%*, 5/1/2036, PNC Bank NA (a) | 6,275,000 | 6,275,000 |
| 24,219,262 |
District of Columbia 0.3% |
District of Columbia, Center for Internships & Academic Revenue, 0.51%*, 7/1/2036, Branch Banking & Trust (a) | 3,400,000 | 3,400,000 |
District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Series R-433, 144A, AMT, 0.72%*, 6/1/2038 | 7,780,000 | 7,780,000 |
| 11,180,000 |
Florida 5.7% |
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Santa Fe I Apartments, AMT, 1.0%*, 12/15/2038, Citibank NA (a) | 3,850,000 | 3,850,000 |
Broward County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Palms of Deerfield Beach, AMT, 1.0%*, 8/15/2038, Citibank NA (a) | 2,560,000 | 2,560,000 |
Florida, BB&T Municipal Trust: | | |
Series 1010, 144A, 0.6%*, 1/15/2019, Branch Banking & Trust (a) | 7,290,000 | 7,290,000 |
Series 1029, 0.6%*, 7/1/2024, Branch Banking & Trust (a) | 11,160,000 | 11,160,000 |
Series 1031, 0.6%*, 8/1/2024, Branch Banking & Trust (a) | 12,895,000 | 12,895,000 |
Series 1012, 144A, 0.6%*, 11/1/2024, Branch Banking & Trust (a) | 9,900,000 | 9,900,000 |
Florida, Capital Trust Agency Housing Revenue, Atlantic Housing Foundation, Series A, 0.55%*, 7/15/2024 | 19,000,000 | 19,000,000 |
Florida, Development Finance Corp., Enterprise Board Program, Out of Door Academy, 0.54%*, 7/1/2038, Northern Trust Co. (a) | 11,500,000 | 11,500,000 |
Florida, Housing Finance Corp., Multi-Family Revenue, Victoria Park, Series J-1, 0.5%*, 10/15/2032 | 8,620,000 | 8,620,000 |
Florida, RBC Municipal Products, Inc. Trust, Series E-4, 144A, AMT, 0.73%*, 6/1/2010, Royal Bank of Canada (a) | 9,995,000 | 9,995,000 |
Florida, Revenue Bonds, Series 10003, 144A, 0.88%*, 12/1/2031, Bank of America NA (a) | 3,975,000 | 3,975,000 |
Hernando County, FL, Industrial Development Revenue, Goodwill Industries-Suncoast, Inc., 1.5%*, 12/1/2030, SunTrust Bank (a) | 7,500,000 | 7,500,000 |
Hillsborough County, FL, Housing Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 2.0%*, 8/15/2041, SunTrust Bank (a) | 8,000,000 | 8,000,000 |
Hillsborough County, FL, Industrial Development Authority, Health Care Facility Revenue, Lifelink Foundation, Inc. Project, 1.5%*, 2/1/2035, SunTrust Bank (a) | 6,500,000 | 6,500,000 |
Jacksonville, FL, Health Facilities Authority Hospital Revenue, Series E, 0.46%*, 8/15/2027, Branch Banking & Trust (a) | 11,775,000 | 11,775,000 |
Jacksonville, FL, Transportation Revenue, Series B, 1.4%*, 10/1/2027 | 13,500,000 | 13,500,000 |
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue, Hope Hospice Project, 0.54%*, 10/1/2027, Northern Trust Co. (a) | 17,500,000 | 17,500,000 |
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare: | | |
Series G, 0.6%*, 10/1/2026, SunTrust Bank (a) | 5,500,000 | 5,500,000 |
Series F, 3.5%*, 10/1/2026, SunTrust Bank (a) | 5,800,000 | 5,800,000 |
Orange County, FL, Housing Finance Authority, Multi-Family Revenue, Laurel Oaks Apartments, Phase I, AMT, 2.0%*, 8/15/2042, SunTrust Bank (a) | 9,050,000 | 9,050,000 |
Orange County, FL, Housing Finance Authority, Multi-Family Revenue, Laurel Oaks Apartments, Phase II, AMT, 2.0%*, 8/15/2042, SunTrust Bank (a) | 8,660,000 | 8,660,000 |
Osceola County, FL, Housing Finance Authority, Multi-Family Revenue, Arrow Ridge Apartments, Series A, AMT, 0.55%*, 10/1/2032 | 4,200,000 | 4,200,000 |
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.59%*, 3/1/2034, Northern Trust Co. (a) | 4,750,000 | 4,750,000 |
Pinellas County, FL, Health Facilities Authority Revenue, Baycare Health Systems, Series A2, 0.58%*, 11/1/2038, Northern Trust Co. (a) | 9,750,000 | 9,750,000 |
Volusia County, FL, Housing Finance Authority, Multi-Family Housing Revenue, Cape Morris Cove Apartments, Series A, AMT, 0.64%*, 10/15/2042, JPMorgan Chase Bank (a) | 6,140,000 | 6,140,000 |
| 219,370,000 |
Georgia 5.3% |
Atlanta, GA, Revenue Bond, Series 2008-3046X, 144A, 0.93%*, 7/1/2037 (b) | 6,665,000 | 6,665,000 |
Cobb County, GA, Tax Anticipation Notes, 1.25%, 12/31/2009 | 110,000,000 | 110,584,872 |
Fulton County, GA, Development Authority Revenue, Doris & Alex Weber School Project, 0.51%*, 12/1/2030, Branch Banking & Trust (a) | 5,000,000 | 5,000,000 |
Fulton County, GA, Development Authority Revenue, Georgia Tech Facilities Project, Series A, 1.3%*, 5/1/2037, SunTrust Bank (a) | 4,625,000 | 4,625,000 |
Fulton County, GA, Development Authority Revenue, Kings Ridge Christian School, 0.51%*, 5/1/2026, Branch Banking & Trust (a) | 2,500,000 | 2,500,000 |
Fulton County, GA, Development Authority Revenue, Mount Vernon Presbyterian School, 0.51%*, 8/1/2035, Branch Banking & Trust (a) | 2,700,000 | 2,700,000 |
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project: | | |
Series C, 0.49%*, 10/1/2031, Branch Banking & Trust (a) | 8,750,000 | 8,750,000 |
Series A, 0.49%*, 10/1/2036, Branch Banking & Trust (a) | 11,040,000 | 11,040,000 |
Georgia, RBC Municipal Products, Inc. Trust: | | |
Series C-3, 144A, AMT, 0.72%*, 3/1/2016, Royal Bank of Canada (a) | 10,000,000 | 10,000,000 |
Series C-9, AMT, 0.73%*, 8/1/2016, Royal Bank of Canada (a) | 30,495,000 | 30,495,000 |
Georgia, Solar Eclipse Funding Trust, Series 2007-0072, 144A, 0.52%*, 6/1/2032, US Bank NA (a) | 11,630,000 | 11,630,000 |
| 203,989,872 |
Hawaii 0.3% |
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaii Pacific Health, Series A, 0.43%*, 7/1/2035, Union Bank NA (a) | 11,100,000 | 11,100,000 |
Idaho 2.6% |
Idaho, Health Facilities Authority Revenue, St. Luke's Health Systems Project: | | |
Series A, 0.37%*, 11/1/2043, Wells Fargo Bank NA (a) | 10,000,000 | 10,000,000 |
Series B, 0.48%*, 11/1/2043, Harris NA (a) | 13,000,000 | 13,000,000 |
Idaho, Housing & Finance Association, Single Family Mortgage: | | |
Series B, AMT, 1.2%*, 7/1/2032 | 5,460,000 | 5,460,000 |
"I", Series A, AMT, 1.2%*, 7/1/2033 | 6,280,000 | 6,280,000 |
"I", Series B, AMT, 1.2%*, 7/1/2033 | 6,160,000 | 6,160,000 |
Idaho, Non-Profit Housing & Finance Association Facilities Revenue, College of Idaho Project, 0.47%*, 7/1/2030, US Bank NA (a) | 5,000,000 | 5,000,000 |
Idaho, State General Obligation, Tax Anticipation Notes, 3.0%, 6/30/2009 | 52,500,000 | 52,608,519 |
| 98,508,519 |
Illinois 9.7% |
Channahon, IL, Morris Hospital Revenue: | | |
Series B, 0.5%*, 12/1/2032, US Bank NA (a) | 4,285,000 | 4,285,000 |
Series C, 0.5%*, 12/1/2032, US Bank NA (a) | 5,470,000 | 5,470,000 |
Chicago, IL, Board of Education, Dedicated Revenues: | | |
Series A-1, 0.45%*, 3/1/2026, Harris NA (a) | 4,900,000 | 4,900,000 |
Series A-2, 0.5%*, 3/1/2026, Northern Trust Co. (a) | 5,900,000 | 5,900,000 |
Chicago, IL, General Obligation: | | |
Series 2873, 144A, 0.65%*, 1/1/2033 | 5,500,000 | 5,500,000 |
Series 2008-068, 144A, 2.5%*, 1/1/2022, Dexia Credit Local (a) (b) | 11,560,000 | 11,560,000 |
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago: | | |
Series 2007, 144A, 0.51%*, 12/1/2033 | 3,810,000 | 3,810,000 |
Series 2008-051, 144A, 2.5%*, 12/1/2028 | 4,250,000 | 4,250,000 |
Series 2008-052, 144A, 2.5%*, 12/1/2035 | 25,180,000 | 25,180,000 |
Cook County, IL, Catholic Theological Union Project Revenue, 0.64%*, 2/1/2035, Harris NA (a) | 6,000,000 | 6,000,000 |
Cook County, IL, Sales Tax Anticipation Notes, 3.0%, 8/3/2009 | 17,500,000 | 17,562,793 |
Illinois, BB&T Municipal Trust, Series 5001, 0.74%*, 6/1/2020, Rabobank International (a) | 20,160,000 | 20,160,000 |
Illinois, Development Finance Authority Revenue, Shelby Memorial Hospital Association, Inc., Series B-1, 0.64%*, 10/1/2029, Comerica Bank (a) | 4,300,000 | 4,300,000 |
Illinois, Development Finance Authority, Industrial Development Revenue, Home Run Inn Frozen Foods, AMT, 1.63%*, 4/1/2020, JPMorgan Chase Bank (a) | 1,245,000 | 1,245,000 |
Illinois, Educational Facilities Authority Revenues, University of Chicago: | | |
Series B-1, 1.85%*, 7/1/2036 | 8,100,000 | 8,100,000 |
Series B-2, 1.85%*, 7/1/2036 | 8,600,000 | 8,600,000 |
Illinois, Educational Facility Authority Revenue, Series N, 0.55%, 6/18/2009 | 30,000,000 | 30,000,000 |
Illinois, Finance Authority Industrial Development Revenue, Fitzpatrick Brothers, 0.54%*, 4/1/2033, Northern Trust Co. (a) | 5,000,000 | 5,000,000 |
Illinois, Finance Authority Pollution Control Revenue, Commonwealth Edison Co., Series D, 1.45%*, 3/1/2020, SunTrust Bank (a) | 10,000,000 | 10,000,000 |
Illinois, Finance Authority Revenue, "A", 144A, 0.65%*, 12/1/2042 | 8,565,000 | 8,565,000 |
Illinois, Finance Authority Revenue, Carle Foundation: | | |
Series E, 0.35%*, 2/15/2033, JPMorgan Chase Bank (a) | 6,100,000 | 6,100,000 |
Series D, 0.43%*, 2/15/2033, JPMorgan Chase Bank (a) | 6,875,000 | 6,875,000 |
Illinois, Finance Authority Revenue, Clare Oaks: | | |
Series C, 0.47%*, 11/1/2040, Sovereign Bank FSB (a) | 5,000,000 | 5,000,000 |
Series D, 0.47%*, 11/1/2040, Sovereign Bank FSB (a) | 9,600,000 | 9,600,000 |
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series C, 0.37%*, 7/1/2032, Wells Fargo Bank NA (a) | 5,800,000 | 5,800,000 |
Illinois, Finance Authority Revenue, Northwestern University, Series A, 0.5%*, 12/1/2046 | 29,000,000 | 29,000,000 |
Illinois, Finance Authority Revenue, The Art Institution of Chicago: | | |
Series B-1, 0.48%*, 9/1/2038, JPMorgan Chase Bank (a) | 6,500,000 | 6,500,000 |
Series B-2, 0.48%*, 9/1/2038, Northern Trust Co. (a) | 3,000,000 | 3,000,000 |
Illinois, Finance Authority Revenue, University of Chicago Medical Center: | | |
Series A-1, 0.43%*, 8/15/2026, Wells Fargo Bank NA (a) | 3,200,000 | 3,200,000 |
Series A-2, 0.47%*, 8/15/2026, Wells Fargo Bank NA (a) | 4,160,000 | 4,160,000 |
Illinois, RBC Municipal Products, Inc. Trust, Finance Authority Revenue, Series E-10, 144A, 0.61%*, 3/1/2011, Royal Bank of Canada (a) | 10,000,000 | 10,000,000 |
Illinois, Regional Transit Improvements, Series 2008-3043X, 144A, 1.13%*, 7/1/2026 | 6,665,000 | 6,665,000 |
Illinois, State General Obligation, Series R-11295, 144A, 0.64%*, 1/1/2027 | 2,990,000 | 2,990,000 |
Illinois, State Toll Highway Authority Revenue, Series A-1, 1.95%*, 7/1/2030 | 25,000,000 | 25,000,000 |
Illinois, University of Illinois Revenue, "A", 144A, 0.83%*, 4/1/2035 | 14,300,000 | 14,300,000 |
Justice, IL, Multi-Family Housing Revenue, Candlewood Apartments Project, AMT, 0.61%*, 1/15/2033 | 10,700,000 | 10,700,000 |
Mundelein, IL, Industrial Development Revenue, MacLean Fogg Co. Project, AMT, 0.84%*, 1/1/2015, Northern Trust Co. (a) | 6,500,000 | 6,500,000 |
Woodstock, IL, Multi-Family Housing Revenue, Willow Brooke Apartments, AMT, 0.7%*, 4/1/2042, Wells Fargo Bank NA (a) | 28,000,000 | 28,000,000 |
| 373,777,793 |
Indiana 1.2% |
Indiana, Finance Authority Hospital Revenue, Community Foundation of Northwest Indiana, 0.47%*, 8/1/2029, Harris NA (a) | 6,970,000 | 6,970,000 |
Indiana, Health & Educational Facility, Financing Authority Revenue, Clarian Health: | | |
Series C, 0.4%*, 2/15/2030, Branch Banking & Trust (a) | 8,950,000 | 8,950,000 |
Series D, 0.41%*, 2/15/2030, Branch Banking & Trust (a) | 8,930,000 | 8,930,000 |
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 0.47%*, 5/1/2036, Sovereign Bank FSB (a) | 12,625,000 | 12,625,000 |
Terre Haute, IN, Westminster Village Revenue, Series A, 0.47%*, 8/1/2036, Sovereign Bank FSB (a) | 9,245,000 | 9,245,000 |
| 46,720,000 |
Iowa 0.8% |
Iowa, Finance Authority, Multi-Family Revenue, Housing Windsor on River, Series A, AMT, 0.67%*, 5/1/2042, Wells Fargo Bank NA (a) | 17,000,000 | 17,000,000 |
Iowa, State School Cash Anticipation Program, School Corporations, Series B, 3.0%, 1/21/2010, US Bank NA (a) | 14,000,000 | 14,221,787 |
| 31,221,787 |
Kansas 0.8% |
Kansas, State Development Finance Authority, Multi-Family Revenue, Oak Ridge Park II Project, Series X, AMT, 0.77%*, 12/1/2036, Marshall & Ilsley (a) | 3,650,000 | 3,650,000 |
Leawood, KS, General Obligation, Series 1, 3.0%, 10/1/2009 | 15,800,000 | 15,883,024 |
Lenexa, KS, Series 2007-302, 144A, 0.73%*, 2/1/2012 | 12,495,000 | 12,495,000 |
| 32,028,024 |
Kentucky 1.7% |
Kentucky, Asset/Liability Commission, General Fund Revenue, Tax & Revenue Anticipation Notes, Series A, 3.0%, 6/25/2009 | 53,000,000 | 53,095,732 |
Kentucky, Housing Corp. Revenue, Series F, AMT, 0.5%*, 7/1/2029 | 9,050,000 | 9,050,000 |
Mason County, KY, Pollution Control Revenue, East Kentucky Power Corp., Inc., Series B-2, 1.25%*, 10/15/2014 | 4,600,000 | 4,600,000 |
| 66,745,732 |
Louisiana 0.3% |
Louisiana, Local Government Environmental Facilities & Community Development Authority Revenue, Downreit, Inc., Series B, 0.5%*, 10/1/2037, ABN AMRO Bank NV (a) | 10,635,000 | 10,635,000 |
Maine 0.3% |
Maine, State Housing Authority Mortgage Purchase: | | |
Series G, AMT, 0.61%*, 11/15/2037 | 5,000,000 | 5,000,000 |
Series B, AMT, 0.73%*, 11/15/2041 | 5,000,000 | 5,000,000 |
| 10,000,000 |
Maryland 1.3% |
Baltimore, MD, Municipal Securities Trust Receipts, SGA 152, "A", 144A, 0.73%*, 7/1/2020, Societe Generale (a) | 10,000,000 | 10,000,000 |
Maryland, BB&T Municipal Trust, University & College Improvements, Series 46, 144A, 0.51%*, 7/1/2016 | 3,850,000 | 3,850,000 |
Maryland, Health & Higher Education Facility, Series A, 0.45%, 6/18/2009 | 13,777,000 | 13,777,000 |
Maryland, State Economic Development Corp. Revenue, YMCA Central Maryland Project, 0.51%*, 4/1/2031, Branch Banking & Trust (a) | 3,800,000 | 3,800,000 |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Sheppard Pratt, Series B, 1.5%*, 7/1/2028, SunTrust Bank (a) | 6,895,000 | 6,895,000 |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Upper Chesapeake Hospital, Series B, 0.49%*, 1/1/2043, Branch Banking & Trust (a) | 11,955,000 | 11,955,000 |
| 50,277,000 |
Massachusetts 2.3% |
Massachusetts, Bay Transportation Authority, General Transportation Systems, 1.5%*, 3/1/2030 | 65,000,000 | 65,000,000 |
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.73%*, 6/15/2012, Bank of America NA (a) | 4,150,000 | 4,150,000 |
Massachusetts, State Development Finance Agency Revenue, Clark University, 0.38%*, 10/1/2038, TD Bank NA (a) | 3,500,000 | 3,500,000 |
Massachusetts, State Development Finance Agency Revenue, Northfield Mount Hermon, 0.49%*, 10/1/2042, JPMorgan Chase Bank (a) | 3,000,000 | 3,000,000 |
Massachusetts, State Development Finance Agency Revenue, The Fay School, Inc., 0.63%*, 4/1/2038, TD Bank NA (a) | 5,400,000 | 5,400,000 |
Massachusetts, State Industrial Finance Agency Revenue, Groton School Issue, Series B, 0.6%*, 3/1/2028 | 8,410,000 | 8,410,000 |
| 89,460,000 |
Michigan 2.4% |
Eastern Michigan University Revenues, 3.0%*, 6/1/2036, Dexia Credit Local (a) | 13,000,000 | 13,000,000 |
Kalamazoo, MI, Hospital Finance Authority, Facility Revenue, Bronson Methodist Hospital, Series A, 0.5%*, 5/15/2028, JPMorgan Chase Bank (a) | 12,160,000 | 12,160,000 |
Michigan, RBC Municipal Products, Inc. Trust, Series L-25, 144A, AMT, 0.74%*, 9/1/2033, Royal Bank of Canada (a) | 66,745,000 | 66,745,000 |
| 91,905,000 |
Minnesota 0.5% |
Coon Rapids, MN, Industrial Development Revenue, Kurt Manufacturing Project: | | |
AMT, 0.72%*, 11/1/2017, US Bank NA (a) | 2,815,000 | 2,815,000 |
AMT, 0.72%*, 11/1/2027, US Bank NA (a) | 5,000,000 | 5,000,000 |
Minnesota, School Districts Tax & Aid Anticipation Borrowing Program Certificates, 3.0%, 9/4/2009 | 12,000,000 | 12,055,054 |
| 19,870,054 |
Mississippi 0.2% |
Mississippi, Redstone Partners Floaters/Residuals Trust, Series C, 144A, AMT, 0.82%*, 12/1/2047, Wachovia Bank NA (a) | 9,375,000 | 9,375,000 |
Missouri 0.5% |
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, 0.47%*, 2/1/2039, US Bank NA (a) | 9,000,000 | 9,000,000 |
Platte County, MO, Industrial Development Authority Revenue, Complete Home Concepts, Series A, AMT, 0.72%*, 1/1/2039, Columbian Bank (a) | 6,800,000 | 6,800,000 |
Springfield, MO, Industrial Development Authority Revenue, Abec, Inc. Project, AMT, 0.8%*, 6/1/2028, US Bank NA (a) | 3,200,000 | 3,200,000 |
| 19,000,000 |
Nebraska 0.3% |
Nebraska, Investment Finance Authority, Single Family Housing Revenue: | | |
Series B, AMT, 0.63%*, 9/1/2034 | 4,060,000 | 4,060,000 |
Series D, AMT, 0.63%*, 9/1/2034 | 3,545,000 | 3,545,000 |
Series E, AMT, 0.63%*, 9/1/2034 | 3,305,000 | 3,305,000 |
Omaha, NE, Public Power District Electric Revenue, Series R-11291, 144A, 0.64%*, 2/1/2034 | 2,490,000 | 2,490,000 |
| 13,400,000 |
Nevada 1.3% |
Clark County, NV, Airport Revenue, Series D-3, 0.55%*, 7/1/2029, Bayerische Landesbank (a) | 14,350,000 | 14,350,000 |
Clark County, NV, School District, Series B, 5.0%, 6/15/2009 | 7,000,000 | 7,027,246 |
Nevada, Housing Division Single Family Mortgage Revenue: | | |
Series B, AMT, 0.63%*, 4/1/2042 | 8,000,000 | 8,000,000 |
Series A, AMT, 0.68%*, 10/1/2039 | 14,700,000 | 14,700,000 |
Nevada, Housing Division, Multi-Unit Housing, Apache Project, Series A, AMT, 0.56%*, 10/15/2032 | 4,400,000 | 4,400,000 |
| 48,477,246 |
New Hampshire 0.4% |
New Hampshire, Health & Education Facilities Authority Revenue, RiverWoods at Exeter, 0.47%*, 3/1/2038, Bank of America NA (a) | 14,000,000 | 14,000,000 |
New Jersey 1.5% |
New Jersey, Economic Development Authority, Industrial Development Revenue, CST-Products LLC Project, AMT, 0.68%*, 4/1/2026, National Bank of Canada (a) | 2,840,000 | 2,840,000 |
New Jersey, State Tax & Revenue Anticipation Notes, Series A, 3.0%, 6/25/2009 | 50,000,000 | 50,104,443 |
New Jersey, State Turnpike Authority Revenue, Series C, 0.4%*, 1/1/2024, Scotiabank (a) | 3,000,000 | 3,000,000 |
| 55,944,443 |
New Mexico 0.5% |
University of New Mexico Revenues, 1.22%*, 6/1/2026 | 19,480,000 | 19,480,000 |
New York 4.4% |
Glen Cove, NY, Housing Authority Revenue, Series 57G, 144A, AMT, 0.74%*, 10/1/2026 | 5,425,000 | 5,425,000 |
New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 144, AMT, 2.0%*, 10/1/2037 | 9,000,000 | 9,000,000 |
New York, State Urban Development Corp. Revenue, Series 2008-054, 144A, 2.5%*, 3/15/2024, Dexia Credit Local (a) | 5,000,000 | 5,000,000 |
New York, Triborough Bridge & Tunnel Authority Revenues, Series A-1, 2.0%*, 11/15/2038 | 15,000,000 | 15,184,320 |
New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Second Generation: | | |
Series 2008-BB-3, 2.25%*, 6/15/2034 | 62,900,000 | 62,900,000 |
Series 2008-BB-1, 2.65%*, 6/15/2036 | 58,000,000 | 58,000,000 |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series A, Prerefunded, 6.0%, 8/15/2029 | 15,000,000 | 15,565,845 |
| 171,075,165 |
North Carolina 4.9% |
Cleveland County, NC, Industrial Facilities & Pollution Control Financing Authority, Curtiss-Wright Flight Systems, AMT, 0.75%*, 11/1/2023, Bank of America NA (a) | 4,150,000 | 4,150,000 |
North Carolina, BB&T Municipal Trust: | | |
Series 1008, 144A, 0.6%*, 3/1/2024, Branch Banking & Trust (a) | 6,225,000 | 6,225,000 |
Series 1009, 144A, 0.6%*, 3/1/2024, Branch Banking & Trust (a) | 18,435,000 | 18,435,000 |
Series 1011, 144A, 0.6%*, 4/1/2024, Branch Banking & Trust (a) | 8,350,000 | 8,350,000 |
Series 1024, 144A, 0.6%*, 5/31/2024, Branch Banking & Trust (a) | 5,370,000 | 5,370,000 |
Series 1025, 144A, 0.6%*, 6/1/2024, Branch Banking & Trust (a) | 11,800,000 | 11,800,000 |
Series 1027, 144A, 0.6%*, 3/1/2016, Branch Banking & Trust (a) | 11,085,000 | 11,085,000 |
Series 1032, 0.6%*, 1/7/2024, Branch Banking & Trust (a) | 12,995,000 | 12,995,000 |
North Carolina, Capital Educational Facilities Finance Agency Revenue, High Point University Project: | | |
0.51%*, 12/1/2028, Branch Banking & Trust (a) | 6,000,000 | 6,000,000 |
0.51%*, 5/1/2030, Branch Banking & Trust (a) | 4,500,000 | 4,500,000 |
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Salem Academy & College Project, 0.51%*, 8/1/2030, Branch Banking & Trust (a) | 7,400,000 | 7,400,000 |
North Carolina, Capital Facilities Finance Agency, Educational Facilities Revenue, Summit School, Inc. Project, 0.51%*, 6/1/2033, Branch Banking & Trust (a) | 2,700,000 | 2,700,000 |
North Carolina, Capital Facilities Finance Agency, Educational Revenue, Forsyth Country Day School, 0.51%*, 12/1/2031, Branch Banking & Trust (a) | 11,690,000 | 11,690,000 |
North Carolina, Medical Care Commission, Health Care Facilities Revenue, First Mortgage Deerfield, Series B, 0.51%*, 11/1/2038, Branch Banking & Trust (a) | 10,035,000 | 10,035,000 |
North Carolina, Medical Care Commission, Health Care Facilities Revenue, Wake Forest University, Series A, 0.4%*, 7/1/2034, Branch Banking & Trust (a) | 7,870,000 | 7,870,000 |
North Carolina, Medical Care Commission, Hospital Revenue, Southeastern Regional Medical Center, 0.51%*, 6/1/2037, Branch Banking & Trust (a) | 2,500,000 | 2,500,000 |
North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage Southminster, Series C, 0.48%*, 10/1/2014, Sovereign Bank FSB (a) | 6,175,000 | 6,175,000 |
North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage, United Methodist Church, Series B, 0.51%*, 10/1/2035, Branch Banking & Trust (a) | 4,905,000 | 4,905,000 |
North Carolina, Piedmont Triad Airport Authority Revenue: | | |
Series A, 0.5%*, 7/1/2032, Branch Banking & Trust (a) | 4,340,000 | 4,340,000 |
Series B, AMT, 0.75%*, 7/1/2029, Branch Banking & Trust (a) | 3,965,000 | 3,965,000 |
North Carolina, State Education Assistance Authority Revenue, Student Loan: | | |
Series A-2, AMT, 0.59%*, 9/1/2035, Royal Bank of Canada (a) | 9,000,000 | 9,000,000 |
Series 5, AMT, 0.66%*, 9/1/2035, Branch Banking & Trust (a) | 16,570,000 | 16,570,000 |
Raleigh Durham, NC, Airport Authority Revenue, Series C, AMT, 1.75%*, 5/1/2036, SunTrust Bank (a) | 9,825,000 | 9,825,000 |
University of North Carolina Revenues, Series R-11292, 144A, 0.64%*, 12/1/2036 | 3,080,000 | 3,080,000 |
| 188,965,000 |
Ohio 2.5% |
Akron, Bath & Copley, OH, Joint Township Hospital District Revenue, Health Care Facility, Summner Project, 0.65%*, 12/1/2032, KBC Bank NV (a) | 5,050,000 | 5,050,000 |
Butler County, OH, Healthcare Facilities Revenue, LifeSphere Project, 0.5%*, 5/1/2030, US Bank NA (a) | 3,425,000 | 3,425,000 |
Cleveland, OH, Water Revenue, Series R, 0.3%*, 1/1/2033, BNP Paribas (a) | 4,500,000 | 4,500,000 |
Columbus, OH, Regional Airport Authority Revenue, Pooled Financing Program, Series A, 0.51%*, 1/1/2030, US Bank NA (a) | 5,180,000 | 5,180,000 |
Ohio, Clipper Tax-Exempt Certificate Trust, Series 2006-8, 144A, AMT, 0.75%*, 4/1/2013 | 5,855,000 | 5,855,000 |
Ohio, Housing Finance Agency, Mortgage Revenue, Residential-Mortgage Backed, Series D, AMT, 0.61%*, 9/1/2036 | 45,000,000 | 45,000,000 |
Ohio, Redstone Partners Floaters/Residuals Trust, Housing Finance Authority: | | |
Series C, 0.82%*, 6/1/2048, Wachovia Bank NA (a) | 9,780,000 | 9,780,000 |
Series D, AMT, 0.82%*, 6/1/2048, Wachovia Bank NA (a) | 4,340,000 | 4,340,000 |
Ohio, State Housing Finance Authority Revenue, Series 2008-3308, 144A, AMT, 0.83%*, 3/1/2033 | 13,105,000 | 13,105,000 |
| 96,235,000 |
Oklahoma 0.4% |
Oklahoma, Development Finance Authority, Continuing Care Retirement, Inverness Village Project, Series A, 0.5%*, 1/1/2042, KBC Bank NV (a) | 15,835,000 | 15,835,000 |
Oregon 1.9% |
Oregon, Portland Housing Revenue, Series 2007-313, 144A, 0.73%*, 12/1/2039 | 11,805,000 | 11,805,000 |
Oregon, State Facilities Authority Revenue, PeaceHealth System: | | |
Series D, 0.4%*, 5/1/2047, Wells Fargo Bank NA (a) | 8,000,000 | 8,000,000 |
Series C, 0.47%*, 5/1/2047, Wells Fargo Bank NA (a) | 4,200,000 | 4,200,000 |
Oregon, State General Obligation, Tax Anticipation Notes, Series A, 3.0%, 6/30/2009 | 35,000,000 | 35,073,500 |
Salem, OR, Hospital Facility Authority Revenue, Capital Manor, Inc. Project: | | |
0.6%*, 5/1/2034, Bank of America NA (a) | 8,835,000 | 8,835,000 |
0.6%*, 5/1/2037, Bank of America NA (a) | 5,580,000 | 5,580,000 |
| 73,493,500 |
Pennsylvania 3.6% |
Adams County, PA, Industrial Development Authority Revenue, Brethren Home Community Project, 0.51%*, 6/1/2032, PNC Bank NA (a) | 7,525,000 | 7,525,000 |
Allegheny County, PA, RBC Municipal Products, Inc. Trust, Series E-11, 144A, 0.61%*, 12/1/2011, Royal Bank of Canada (a) | 10,000,000 | 10,000,000 |
Bucks County, PA, Industrial Development Authority Revenue, Grand View Hospital, Series B, 0.4%*, 7/1/2039, PNC Bank NA (a) | 8,850,000 | 8,850,000 |
Butler County, PA, General Authority Revenue, New Castle Area School District, Series A, 0.48%*, 3/1/2029, PNC Bank NA (a) | 3,135,000 | 3,135,000 |
Chester County, PA, Industrial Development Authority, University Student Housing Revenue LLC, Series A, 2.9%*, 2/1/2043, Citizens Bank of PA (a) | 8,000,000 | 8,000,000 |
Monroe County, PA, Hospital Authority Revenue, Stars-Pocono Medical Center, Series B, 0.43%*, 1/1/2032, PNC Bank NA (a) | 7,045,000 | 7,045,000 |
Pennsylvania, BB&T Municipal Trust, Series 1, 0.52%*, 9/15/2015 | 4,995,000 | 4,995,000 |
Pennsylvania, Commonwealth Systems of Higher Education, University of Pittsburgh Capital Project: | | |
Series B, 4.98%*, 9/15/2027 | 12,500,000 | 12,500,000 |
Series B, 4.98%*, 9/15/2028 | 5,000,000 | 5,000,000 |
Series B, 4.98%*, 9/15/2040 | 20,000,000 | 20,000,000 |
Series B, 4.98%*, 9/15/2041 | 10,300,000 | 10,300,000 |
Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply LLC, Series C, 0.52%*, 12/1/2037, Wachovia Bank NA (a) | 8,570,000 | 8,570,000 |
Pennsylvania, Northeastern Hospital & Education Authority Revenue, Commonwealth Medical College Project, 0.4%*, 9/1/2034, PNC Bank NA (a) | 5,725,000 | 5,725,000 |
Pennsylvania, State Turnpike Commission Revenue, Series B, 1.75%*, 12/1/2012 | 6,250,000 | 6,250,000 |
Philadelphia, PA, Airport Revenue, Series C, AMT, 0.53%*, 6/15/2025, TD Bank NA (a) | 20,000,000 | 20,000,000 |
| 137,895,000 |
Rhode Island 0.4% |
Rhode Island, Housing & Mortgage Finance Corp., Series R-11207, 144A, AMT, 0.72%*, 10/1/2047 | 9,625,000 | 9,625,000 |
Rhode Island, Single Family Housing, Series 2008-1110, 144A, AMT, 0.83%*, 10/1/2032 | 5,250,000 | 5,250,000 |
| 14,875,000 |
South Carolina 0.6% |
Greenwood County, SC, Exempt Facility Industrial Revenue, Fuji Photo Film Project, AMT, 0.65%*, 9/1/2011 | 10,300,000 | 10,300,000 |
South Carolina, BB&T Municipal Trust, Series 1013, 144A, 0.6%*, 1/1/2023, Branch Banking & Trust (a) | 6,460,000 | 6,460,000 |
South Carolina, Jobs Economic Development Authority Revenue, Goodwill Industries of Upper South Carolina, Inc. Project, 0.51%*, 9/1/2028, Branch Banking & Trust (a) | 6,400,000 | 6,400,000 |
| 23,160,000 |
South Dakota 1.4% |
South Dakota, Conservancy District Revenue, State Revolving Fund Program, 1.0%*, 8/1/2029 | 35,000,000 | 35,000,000 |
South Dakota, Economic Development Finance Authority, Industrial Development Revenue, Wilson Trailer Project, 144A, AMT, 0.77%*, 2/1/2028, First American Bank (a) | 9,500,000 | 9,500,000 |
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health, Series A-2, 0.4%*, 7/1/2038, US Bank NA (a) | 9,000,000 | 9,000,000 |
| 53,500,000 |
Tennessee 2.2% |
Blount County, TN, Public Building Authority, Local Government Public Improvement: | | |
Series E-5-A, 0.49%*, 6/1/2030, Branch Banking & Trust (a) | 41,500,000 | 41,500,000 |
Series C-3-A, 0.5%*, 6/1/2029 | 10,000,000 | 10,000,000 |
Dickson, TN, Redstone Partners Floaters/Residuals Trust, Series B, 144A, AMT, 0.82%*, 12/1/2047, Wachovia Bank NA (a) | 3,120,000 | 3,120,000 |
Nashville & Davidson County, TN, Metropolitan Government, Health & Educational Facilities Board Revenue, Belmont University Project, 1.45%*, 12/1/2025, SunTrust Bank (a) | 11,805,000 | 11,805,000 |
Nashville, TN, Metropolitan Nashville Airport Authority Revenue, Series A, 1.5%*, 7/1/2019, Societe Generale (a) | 5,900,000 | 5,900,000 |
Nashville, TN, Metropolitan Nashville Airport Authority, Special Facilities Revenue, Aero Nashville LLC Project, Series A, AMT, 0.73%*, 7/1/2036, JPMorgan Chase Bank (a) | 5,155,000 | 5,155,000 |
Selmer/McNairy County, TN, Industrial Development Board Revenue, United Stainless, Inc., AMT, 0.75%*, 12/1/2023, Bank of America NA (a) | 6,500,000 | 6,500,000 |
| 83,980,000 |
Texas 12.5% |
Atascosa County, TX, Industrial Development Corp., Pollution Control Revenue, San Miguel Electric Cooperative, Inc., 0.75%*, 6/30/2020 | 33,100,000 | 33,100,000 |
Comal, TX, Independent School District, Series 2593, 144A, 0.65%*, 2/1/2034 | 6,825,000 | 6,825,000 |
Dallas, TX, Independent School Building District, 5.0%, 2/15/2010 | 12,980,000 | 13,431,491 |
East Texas, Housing Finance, Redstone Partners Floaters/Residuals Trust, Series D, 144A, AMT, 0.82%*, 12/1/2047, Wachovia Bank NA (a) | 7,945,000 | 7,945,000 |
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Hermann Healthcare System, Series D-3, 0.33%*, 6/1/2029, Compass Bank (a) | 4,625,000 | 4,625,000 |
Harris County, TX, Cultural Education Facilities Finance Corp., Special Facilities Revenue, Texas Medical Center, Series B-2, 0.38%*, 9/1/2031, Compass Bank (a) | 4,125,000 | 4,125,000 |
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of Medicine, Series B, 0.45%*, 11/15/2047, Northern Trust Co. (a) | 5,000,000 | 5,000,000 |
Houston, TX, Housing Finance Corp., Series 2110, 144A, AMT, 0.7%*, 12/1/2040 | 4,515,000 | 4,515,000 |
Houston, TX, Independent School District, Series 1231, 144A, 0.65%*, 2/15/2032 | 5,040,000 | 5,040,000 |
Houston, TX, Water & Sewer System Revenue, Series 27TPZ, 144A, 0.58%*, 12/1/2028 (b) | 13,460,000 | 13,460,000 |
Leander, TX, Independent School District, Series R-11662, 144A, 0.65%*, 8/15/2025 | 3,750,000 | 3,750,000 |
North Texas, Higher Education Authority, Inc., Student Loan Revenue, Series A, AMT, 0.75%*, 12/1/2038, Lloyds TSB Bank PLC (a) | 2,600,000 | 2,600,000 |
North Texas, Tollway Authority, 0.45%, 6/1/2009 | 6,000,000 | 6,000,000 |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health, Series C-5, 0.45%*, 7/1/2031, Compass Bank (a) | 10,000,000 | 10,000,000 |
Texas, Alliance Airport Authority, Inc., Special Facilities Revenue, Series 2088, 144A, AMT, 0.61%*, 4/1/2021 | 24,570,000 | 24,570,000 |
Texas, Department of Housing, Series 2008-3022X, 144A, AMT, 0.83%*, 9/1/2032 | 6,740,000 | 6,740,000 |
Texas, North East Independent School District, "A", 144A, 0.63%*, 8/1/2037 | 8,935,000 | 8,935,000 |
Texas, RBC Municipal Products, Inc. Trust, Series L-46, 144A, AMT, 0.74%*, 12/1/2034, Royal Bank of Canada (a) | 52,995,000 | 52,995,000 |
Texas, Solar Eclipse Funding Trust, 144A, 0.51%*, 8/1/2037, US Bank NA (a) | 8,465,000 | 8,465,000 |
Texas, State Department of Housing & Community Affairs, Multi-Family Housing Revenue, Series 2108, 144A, AMT, 0.7%*, 6/20/2047 | 3,375,000 | 3,375,000 |
Texas, State Municipal Securities Trust Receipts, Series SGA-92, 144A, 1.2%*, 8/1/2029 | 11,435,000 | 11,435,000 |
Texas, State Tax & Revenue Anticipation Notes, 3.0%, 8/28/2009 | 150,000,000 | 150,668,650 |
Texas, State Transportation Commission Revenue, First Tier, Series A, 5.0%, 4/1/2010 | 5,000,000 | 5,199,672 |
Texas, State Veteran Housing Assistance Fund II, Series A, AMT, 1.25%*, 12/1/2038 | 17,810,000 | 17,810,000 |
Texas, University of Houston, Series 2008-3315, 144A, 0.93%*, 2/15/2033 (b) | 9,335,000 | 9,335,000 |
Texas, University Systems Revenue, Series F, 0.47%, 6/23/2009 | 19,500,000 | 19,500,000 |
Travis County, TX, Health Facilities Development Corp., Retirement Facilities Revenue, Longhorn Village Project, Series B, 0.38%*, 7/1/2037, Bank of Scotland (a) | 13,800,000 | 13,800,000 |
Tyler, TX, Independent School District, School Building, Series A, 1.5%*, 2/15/2025 | 24,000,000 | 24,000,000 |
Weslaco, TX, Health Facilities Development, Knapp Medical Centre, Series A, 0.6%*, 6/1/2038, Compass Bank (a) | 4,780,000 | 4,780,000 |
| 482,024,813 |
Utah 2.2% |
Utah, Housing Corp., Series 2008-3300, 144A, AMT, 0.83%*, 1/1/2039 | 5,000,000 | 5,000,000 |
Utah, Transportation Authority Revenue, Series 2008-3045X, 144A, 0.93%*, 6/15/2036 (b) | 2,500,000 | 2,500,000 |
Utah, Water Finance Agency Revenue, Series B-3, 0.52%*, 7/1/2036, JPMorgan Chase Bank (a) | 75,400,000 | 75,400,000 |
| 82,900,000 |
Virginia 2.2% |
Albemarle County, VA, Economic Development Authority, Hospital Revenue, Martha Jefferson Hospital, Series B, 0.46%*, 10/1/2048, Branch Banking & Trust (a) | 6,000,000 | 6,000,000 |
Lynchburg, VA, Industrial Development Authority Revenue, Central Health Hospital: | | |
Series B, 0.44%*, 1/1/2035, Branch Banking & Trust (a) | 4,550,000 | 4,550,000 |
Series C, 0.44%*, 1/1/2035, Branch Banking & Trust (a) | 8,900,000 | 8,900,000 |
Norfolk, VA, State General Obligation, AMT, 0.73%*, 8/1/2037 | 11,820,000 | 11,820,000 |
Virginia, College Building Authority, Educational Facilities Revenue, University of Richmond: | | |
Series A, 0.8%*, 2/26/2039 | 10,500,000 | 10,500,000 |
Series B, 0.8%*, 2/26/2039 | 4,000,000 | 4,000,000 |
Virginia, RBC Municipal Products, Inc. Trust: | | |
Series C-2, 144A, AMT, 0.72%*, 1/1/2014, Royal Bank of Canada (a) | 9,490,000 | 9,490,000 |
Series C-8, 144A, AMT, 0.73%*, 9/1/2039, Royal Bank of Canada (a) | 25,665,000 | 25,665,000 |
Winchester, VA, Industrial Development Authority, Residential Care Facility Revenue, Westminster Cantenbury, Series B, 0.51%*, 1/1/2035, Branch Banking & Trust (a) | 2,900,000 | 2,900,000 |
| 83,825,000 |
Washington 2.4% |
Seattle, WA, Water Systems Revenue, Series 2170, 144A, 0.51%*, 2/1/2031 (b) | 2,530,000 | 2,530,000 |
University of Washington, 0.45%, 5/19/2009 | 30,000,000 | 30,000,000 |
Washington, RBC Municipal Products, Inc. Trust, Series C-7, 144A, AMT, 0.73%*, 12/1/2009, Royal Bank of Canada (a) | 11,995,000 | 11,995,000 |
Washington, Solar Eclipse Funding Trust, Series 2007-0094, 144A, 0.51%*, 10/1/2036 | 4,204,000 | 4,204,000 |
Washington, State Economic Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series D, AMT, 0.6%*, 7/1/2030, JPMorgan Chase Bank (a) | 8,000,000 | 8,000,000 |
Washington, State General Obligation: | | |
Series 2599, 144A, 0.56%*, 1/1/2016 | 4,505,000 | 4,505,000 |
Series 3087, 144A, 0.56%*, 7/1/2016 | 5,055,000 | 5,055,000 |
Series R-11477, 0.98%*, 7/1/2025 (b) | 5,445,000 | 5,445,000 |
Washington, State Higher Education Facilities Authority Revenue, Seattle University Project, Series A, 0.47%*, 5/1/2028, US Bank NA (a) | 9,255,000 | 9,255,000 |
Washington, State Housing Finance Commission, Multi-Family Housing Revenue, Lake City Senior Apartments Project, Series A, AMT, 0.75%*, 7/1/2039 | 4,800,000 | 4,800,000 |
Washington, State Housing Finance Commission, Multi-Family Housing Revenue, Vintage Silverdale, Series A, AMT, 0.68%*, 9/15/2039 | 4,000,000 | 4,000,000 |
Washington, State Housing Finance Commission, Nonprofit Revenue, YMCA Tacoma-Pierce County Project, 0.43%*, 12/1/2032, US Bank NA (a) | 3,615,000 | 3,615,000 |
| 93,404,000 |
West Virginia 0.3% |
West Virginia, State Hospital Finance Authority Revenue, Cabell Huntington Hospital, Series A, 0.46%*, 1/1/2034, Branch Banking & Trust (a) | 13,480,000 | 13,480,000 |
Wisconsin 4.0% |
Milwaukee, WI, General Obligation: | | |
Series V8, 0.55%*, 2/1/2025 | 2,700,000 | 2,700,000 |
Series 2009-R3, 1.25%, 12/17/2009 | 50,000,000 | 50,253,730 |
Series 2009-R3, 1.5%, 12/17/2009 | 66,000,000 | 66,434,317 |
Plymouth, WI, Industrial Development Revenue, Masters Gallery Foods, Series A, AMT, 0.62%*, 5/1/2038, Wells Fargo Bank NA (a) | 5,300,000 | 5,300,000 |
University of Wisconsin, Hospitals & Clinics Authority Revenue, Series A, 0.48%*, 4/1/2032, US Bank NA (a) | 4,870,000 | 4,870,000 |
Whitewater, WI, Industrial Development Revenue, MacLean-Fogg Co. Project, AMT, 0.8%*, 12/1/2009, Bank of America NA (a) | 3,000,000 | 3,000,000 |
Wisconsin, Clipper Tax-Exempt Certificates Trust, Series 2007-5, 144A, 0.73%*, 9/1/2017 | 6,755,000 | 6,755,000 |
Wisconsin, State Health & Educational Facilities Authority Revenue, Gundersen Lutheran, Series A, 1.92%*, 12/1/2015 (b) | 15,895,000 | 15,895,000 |
| 155,208,047 |
Wyoming 1.0% |
Wyoming, Student Loan Corp. Revenue, Series A-3, AMT, 0.59%*, 12/1/2043, Royal Bank of Canada (a) | 40,000,000 | 40,000,000 |
Cash Account Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.
The Trust offers three portfolios: Money Market Portfolio, Government & Agency Securities Portfolio and Tax-Exempt Portfolio (the "Portfolios"). The financial statements of Government & Agency Securities Portfolio and Money Market Portfolio are presented in separate annual reports.
Tax-Exempt Portfolio (the "Portfolio") offers nine classes of shares: Capital Assets Funds Shares, Davidson Cash Equivalent Shares, DWS Tax-Exempt Cash Institutional Shares, DWS Tax-Exempt Money Fund, DWS Tax-Free Money Fund Class S, Premier Money Market Shares, Service Shares, Tax-Exempt Cash Managed Shares and Tax-Free Investment Class.
The financial highlights for all classes of shares, other than DWS Tax-Free Money Fund Class S, are provided separately and are available upon request.
The Portfolio's investment income, realized and unrealized gains and losses, and certain Portfolio-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 of that Portfolio, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders 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 Trust have equal rights with respect to voting subject to class-specific arrangements.
The Portfolio'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 Portfolio in the preparation of its financial statements.
The Portfolio adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), effective at the beginning of the Portfolio's fiscal year. Disclosure about the classification of fair value measurements is included at the end of the Portfolio's Investment Portfolio.
The Portfolio has reviewed the tax positions for the open tax years as of April 30, 2009 and has determined that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period. There were no significant book-to-tax differences for the Portfolio.
At April 30, 2009, the Portfolio's components of distributable earnings on a tax-basis are as follows:
In addition, during the years ended April 30, 2009 and April 30, 2008, the tax character of distributions paid to shareholders by the Portfolio is summarized as follows:
Prior to June 1, 2008, in addition to portfolio management services, the Advisor provided certain administrative services in accordance with the Investment Management Agreement. For the period from May 1, 2008 through May 31, 2008, the Portfolio paid a monthly management fee based on the Trust's combined average daily net assets, computed and accrued daily and payable monthly, at 1/12 of the following annual rates:
Effective June 1, 2008, under the Amended and Restated Investment Management Agreement with the Advisor, the Portfolio pays a monthly management fee based on the Trust's combined average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
Accordingly, for the year ended April 30, 2009, the Portfolio incurred a management fee equivalent to the following annual effective rate of the Portfolio's average daily net assets:
For the period from March 19, 2007 through March 18, 2010, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the DWS Tax-Free Money Fund Class S to the extent necessary to maintain total operating expenses at 0.70% of average daily net assets (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest).
The Advisor also has agreed to maintain expenses of certain other classes of the Trust. These rates are disclosed in the respective share classes' annual reports that are provided separately and are available upon request.
In addition, DIDI provides information and administrative services for a fee ("Service Fee") for the shares listed in the following table. A portion of these fees may be paid pursuant to a Rule 12b-1 plan.
The Portfolio has entered into an arrangement with its custodian and transfer agent whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Portfolio's custodian expenses. During the year ended April 30, 2009, the Portfolio's custodian fee was reduced as follows:
The Portfolio and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow 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 based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement.
The Portfolio is participating in the Temporary Guarantee Program for Money Market Funds (the "Program") established by the U.S. Department of the Treasury (the "Treasury").
The Program is designed to protect the value of accounts in the Portfolio as of the close of business on September 19, 2008. According to the terms of the Program, any investment made by a shareholder after September 19, 2008 in excess of the amount held in the account as of the close of business on that date will not be covered by the Program. Any purchase of the shares of the Portfolio for an account opened after September 19, 2008 will also not be covered under the Program. The Program guarantee will apply to the lesser of (i) the number of shares held in an account as of the close of business on September 19, 2008, or (ii) the number of shares held in the account on the date the Program guarantee is triggered. Subject to certain conditions and limitations, the Program guarantee is triggered if the Portfolio's net asset value falls below $0.995 and the Portfolio is liquidated. Guarantee payments under the Program will not exceed the amount available within the Treasury's Exchange Stabilization Fund ("ESF") on the date of payment.
The Portfolio bears the expenses of participating in the Program. The expense is determined by the product of (i) the number of shares outstanding of each class as of September 19, 2008 valued at $1.00; and (ii) the applicable Program participation fee rate, which is based upon the market-based net asset value outstanding of each share class as of September 19, 2008. For the initial period ending December 18, 2008, the Program participation fee was equal to 0.01%. For the coverage under the Program beginning on December 19, 2008 and ending on April 30, 2009, the Program participation fee was equal to 0.015%. For the coverage under the Program beginning on May 1, 2009 and ending September 18, 2009, the Program participation fee is equal to 0.015%. This expense is being amortized over the length of the participation in the Program and is included in "Temporary guarantee program participation fee" on the Statement of Operations. For the period through April 30, 2009, the Portfolio accrued $1,017,974. The Program is set to terminate on September 18, 2009.
Neither the Portfolio nor Deutsche Investment Management Americas Inc., the Portfolio's investment advisor, are in any manner approved, endorsed, sponsored or authorized by the Treasury.
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of the Tax-Exempt Portfolio (the "Portfolio"), one of the portfolios constituting Cash Account Trust (the "Trust"), as of April 30, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trust's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2009, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Tax-Exempt Portfolio of Cash Account Trust at April 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Pursuant to Section 852 of the Internal Revenue Code, the Tax-Exempt Portfolio designates $53,000 as capital gain dividends for its year ended April 30, 2009, of which 100% represents 15% rate gains.
For the Tax-Exempt Portfolio, of the dividends paid from net investment income for the taxable year ended April 30, 2009, 100% are designated as exempt interest dividends for federal income tax purposes.
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 (800) 621-1048.
Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2008, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007.
For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.
Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.
I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of directors of a private market research company, and have served in various leadership and financial oversight capacities with non-profit organizations.
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).
In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of the proposed management fees to be charged by DeAM to the DWS Funds, taking onto account a proposal to pass through to the funds certain fund accounting-related charges in connection with new regulatory requirements. My evaluation considered the following:
Based on the foregoing considerations, in my opinion the fees and expenses for all of the DWS Funds will remain reasonable if the Directors adopt this proposal.
The following table presents certain information regarding the Board Members and Officers of the Trust as of April 30, 2009. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member 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 Independent Board Member is c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33904. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.
