MZF Managed Duration Investment Grade Municipal Fund
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Portfolio of Investments
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April 30, 2012 (unaudited)
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Principal
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Optional
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Amount
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Description
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Rating *
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Coupon
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Maturity
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Call Provisions**
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Value
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Long-Term Investments - 165.1%
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Municipal Bonds - 163.0%
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Alabama - 2.7%
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$845,000
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Courtland Industrial Development Board, AMT, Series B
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BBB
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6.25%
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08/01/2025
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08/01/13 @ 100
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$871,229
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1,890,000
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Courtland Industrial Development Board, AMT
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Baa3
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6.00%
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08/01/2029
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08/01/12 @ 100
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1,898,372
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2,769,601
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Alaska - 0.8%
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750,000
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Alaska Municipal Bond Bank Authority, Series 1
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AA
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5.75%
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09/01/2033
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09/01/18 @ 100
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856,883
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California - 19.3%
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1,500,000
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California Health Facilities Financing Authority, Series B
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AA-
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5.88%
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08/15/2031
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08/15/20 @ 100
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1,782,645
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5,000,000
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California State Public Works Board, Series A
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BBB+
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5.00%
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06/01/2024
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06/01/14 @ 100
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5,189,600
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1,000,000
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California Statewide Community Development Authority
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A+
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5.00%
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04/01/2042
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04/01/22 @ 100
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1,065,950
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6,000,000
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California Various Purpose General Obligation
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A-
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5.13%
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11/01/2024
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11/01/13 @ 100
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6,388,440
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2,500,000
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City of Chula Vista CA, AMT, Series B
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A
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5.50%
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12/01/2021
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06/02/14 @ 102
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2,682,100
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2,525,000
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Los Angeles Unified School District, Series F
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AA-
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5.00%
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01/01/2034
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07/01/19 @ 100
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2,728,086
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19,836,821
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Delaware - 1.6%
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1,500,000
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Delaware State Economic Development Authority
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BBB+
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5.40%
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02/01/2031
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08/01/20 @ 100
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1,631,865
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District of Columbia - 2.0%
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2,000,000
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District of Columbia Housing Finance Agency, AMT, (FHA)
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Aaa
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5.10%
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06/01/2037
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06/01/15 @ 102
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2,036,600
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Florida - 7.9%
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2,200,000
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County of Miami-Dade FL, Aviation Revenue, AMT, (CIFG)
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A-
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5.00%
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10/01/2038
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10/01/15 @ 100
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2,219,800
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3,000,000
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Highlands County Health Facilities Authority, Series D, (Prerefunded @ 11/15/2013)(a)
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NR
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5.88%
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11/15/2029
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11/15/13 @ 100
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3,240,690
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1,500,000
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Miami-Dade County School Board, Series A, (Assured Gty)
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AA-
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5.38%
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02/01/2034
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02/01/19 @ 100
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1,622,610
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1,000,000
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Seminole Indian Tribe of Florida, Series A(b)
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BBB-
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5.25%
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10/01/2027
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10/01/17 @ 100
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1,004,150
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8,087,250
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Hawaii - 1.1%
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1,000,000
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Hawaii Pacific Health, Series B
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BBB+
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5.63%
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07/01/2030
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07/01/20 @ 100
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1,086,020
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Illinois - 11.4%
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1,000,000
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Chicago Board of Education, General Obligation
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AA-
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5.00%
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12/01/2041
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12/01/21 @ 100
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1,088,850
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1,750,000
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City of Chicago IL O'Hare International Airport Revenue, Series C
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A-
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5.50%
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01/01/2031
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01/01/21 @ 100
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2,009,473
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1,115,000
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City of Chicago IL, O'Hare International Airport Revenue, AMT, Series A-2, (AGM)
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AA-
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5.50%
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01/01/2016
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01/01/14 @ 100
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1,181,242
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2,000,000
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Illinois Finance Authority, Roosevelt University Revenue
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Baa2
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5.50%
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04/01/2037
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04/01/17 @ 100
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2,055,240
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1,000,000
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Illinois Finance Authority, Rush University Medical Center Revenue, Series C
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A-
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6.38%
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11/01/2029
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05/01/19 @ 100
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1,205,910
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975,000
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Illinois Housing Development Authority, AMT, Series A-2
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AA
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5.00%
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08/01/2036
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02/01/16 @ 100
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985,179
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1,000,000
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Railsplitter Tobacco Settlement Authority
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A-
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6.00%
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06/01/2028
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06/01/21 @ 100
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1,135,470
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2,000,000
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State of Illinois, General Obligation, Series A
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A+
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5.00%
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03/01/2028
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03/01/14 @ 100
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2,093,480
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11,754,844
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Indiana - 3.2%
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1,000,000
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Indiana Finance Authority
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BB
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6.00%
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12/01/2026
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06/01/20 @ 100
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1,060,970
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2,000,000
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Indianapolis Local Public Improvement Bond Bank, Series A
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A+
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5.50%
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01/01/2029
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01/01/19 @ 100
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2,252,180
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3,313,150
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Iowa - 3.3%
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1,500,000
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Iowa Higher Education Loan Authority
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NR
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5.50%
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09/01/2025
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09/01/20 @ 100
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1,634,655
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2,000,000
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Iowa Tobacco Settlement Authority, Series B
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B+
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5.60%
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06/01/2034
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06/01/17 @ 100
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1,786,120
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3,420,775
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Kentucky - 2.1%
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1,000,000
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County of Owen KY, Waterworks System Revenue, Series B
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BBB+
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5.63%
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09/01/2039
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09/01/19 @ 100
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1,057,350
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1,000,000
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Kentucky Economic Development Finance Authority, Series A
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A1
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5.63%
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08/15/2027
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08/15/18 @ 100
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1,139,430
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2,196,780
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Louisiana - 7.9%
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1,000,000
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East Baton Rouge Sewerage Commission, Series A
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AA-
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5.25%
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02/01/2034
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02/01/19 @ 100
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1,111,250
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3,000,000
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Louisiana Local Government Environmental Facilities & Community Development Authority
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BBB-
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6.75%
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11/01/2032
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11/01/17 @ 100
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3,303,900
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1,000,000
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Louisiana Public Facilities Authority, Hospital Revenue
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A3
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5.25%
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11/01/2030
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05/01/20 @ 100
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1,063,690
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1,000,000
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Parish of DeSoto LA, AMT, Series A
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BBB
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5.85%
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11/01/2027
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11/01/13 @ 100
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1,047,640
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1,500,000
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Parish of St John the Baptist LA, Series A
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BBB
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5.13%
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06/01/2037
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06/01/17 @ 100
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1,553,790
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8,080,270
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Maryland - 0.5%
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500,000
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Maryland Economic Development Corp.
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BB
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5.75%
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09/01/2025
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09/01/20 @ 100
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529,475
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Massachusetts - 3.2%
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1,000,000
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Massachusetts Educational Financing Authority, AMT
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AA
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5.38%
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07/01/2025
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07/01/21 @ 100
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|
1,102,120
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1,000,000
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Massachusetts Health & Educational Facilities Authority, Series A
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BBB
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6.25%
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07/01/2030
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07/01/19 @ 100
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|
1,148,230
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970,000
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Massachusetts Housing Finance Agency, AMT
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AA-
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5.10%
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12/01/2027
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06/01/17 @ 100
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1,000,604
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3,250,954
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Michigan - 4.5%
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1,000,000
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City of Detroit MI, Sewer Disposal Revenue, Series B, (AGM)
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AA-
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7.50%
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07/01/2033
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07/01/19 @ 100
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|
1,231,410
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1,000,000
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City of Detroit MI, Water Supply System Revenue, (AGM)
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AA-
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7.00%
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07/01/2036
|
07/01/19 @ 100
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|
1,194,760
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1,000,000
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Michigan Finance Authority, Revenue
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AA
|
5.00%
|
12/01/2031
|
12/01/21 @ 100
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|
1,099,770
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1,000,000
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|
Michigan Strategic Fund, Series B-1
|
BBB
|
6.25%
|
06/01/2014
|
N/A
|
|
1,102,440
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|
|
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4,628,380
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|
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Mississippi - 1.1%
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|
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|
1,000,000
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|
County of Warren MS, Series A
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BBB
|
6.50%
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09/01/2032
|
09/01/18 @ 100
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|
1,123,030
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|
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|
Nevada - 7.4%
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|
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|
|
5,410,000
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|
City of Henderson NV, Series A
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A
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5.63%
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07/01/2024
|
07/01/14 @ 100
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|
5,991,575
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1,435,000
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Las Vegas Valley Water District
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AA+
|
5.00%
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06/01/2031
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06/01/21 @ 100
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|
1,588,186
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|
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7,579,761
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New Jersey - 1.5%
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|
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|
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|
|
1,500,000
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|
New Jersey Health Care Facilities Financing Authority
|
BBB+
|
5.75%
|
07/01/2039
|
07/01/19 @ 100
|
|
1,589,775
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|
|
|
|
|
|
|
|
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|
New York - 19.4%
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|
|
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1,935,000
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City of New York NY, General Obligation, Series J
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AA
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5.00%
|
05/15/2023
|
05/15/14 @ 100
|
|
2,093,670
|
2,750,000
|
|
Long Island Power Authority, Series A
|
A-
|
5.10%
|
09/01/2029
|
09/01/14 @ 100
|
|
2,904,908
|
4,000,000
|
|
Metropolitan Transportation Authority, Series A
|
AA-
|
5.13%
|
01/01/2024
|
07/01/12 @ 100
|
|
4,030,320
|
500,000
|
|
New York City Industrial Development Agency, American Airlines, JFK International Airport, AMT(c)
|
NR
|
7.50%
|
08/01/2016
|
N/A
|
|
513,405
|
750,000
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|
New York City Industrial Development Agency, JFK International Airport, AMT, Series A(c)
|
C
|
8.00%
|
08/01/2012
|
N/A
|
|
760,140
|
1,750,000
|
|
New York Municipal Bond Bank Agency, Series C
|
A+
|
5.25%
|
12/01/2022
|
06/01/13 @ 100
|
|
1,829,905
|
900,000
|
|
New York State Dormitory Authority, Series B
|
BBB+
|
5.25%
|
07/01/2024
|
07/01/17 @ 100
|
|
986,643
|
2,500,000
|
|
Suffolk County Industrial Development Agency, AMT
|
A-
|
5.25%
|
06/01/2027
|
06/01/13 @ 100
|
|
2,555,950
|
3,000,000
|
|
Tobacco Settlement Financing Corp., Series A-1
|
AA-
|
5.50%
|
06/01/2019
|
06/01/13 @ 100
|
|
3,167,400
|
1,000,000
|
|
Troy Industrial Development Authority
|
A-
|
5.00%
|
09/01/2031
|
09/01/21 @ 100
|
|
1,105,030
|
|
|
|
|
|
|
|
|
19,947,371
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 3.3%
|
|
|
|
|
|
|
1,000,000
|
|
North Carolina Eastern Municipal Power Agency, Series D
|
A-
|
5.13%
|
01/01/2023
|
01/01/13 @ 100
|
|
1,015,550
|
1,000,000
|
|
North Carolina Eastern Municipal Power Agency, Series D
|
A-
|
5.13%
|
01/01/2026
|
01/01/13 @ 100
|
|
1,012,190
|
1,315,000
|
|
North Carolina Housing Finance Agency, AMT, Series 14A, (AMBAC)
|
AA
|
5.35%
|
01/01/2022
|
06/22/12 @ 100
|
|
1,318,603
|
|
|
|
|
|
|
|
|
3,346,343
|
|
|
|
|
|
|
|
|
|
|
|
North Dakota - 1.2%
|
|
|
|
|
|
|
1,200,000
|
|
City of Grand Forks ND, Healthcare Systems Revenue
|
Baa1
|
5.00%
|
12/01/2035
|
12/01/21 @ 100
|
|
1,262,448
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 8.8%
|
|
|
|
|
|
|
1,465,000
|
|
County of Cuyahoga OH, Cleveland Clinic Health System, (Prerefunded @ 7/1/2013)(a)
|
AA-
|
6.00%
|
01/01/2020
|
07/01/13 @ 100
|
|
1,562,422
|
1,535,000
|
|
County of Cuyahoga OH, Cleveland Clinic Health System, (Prerefunded @ 7/1/2013)(a)
|
Aa2
|
6.00%
|
01/01/2020
|
07/01/13 @ 100
|
|
1,637,078
|
3,610,000
|
|
County of Lorain OH, Series A
|
AA-
|
5.25%
|
10/01/2033
|
05/30/12 @ 101
|
|
3,650,288
|
1,000,000
|
|
Ohio Air Quality Development Authority, Series A
|
BBB-
|
5.70%
|
02/01/2014
|
N/A
|
|
1,067,190
|
1,000,000
|
|
Ohio Air Quality Development Authority
|
BBB-
|
5.63%
|
06/01/2018
|
N/A
|
|
1,137,680
|
|
|
|
|
|
|
|
|
9,054,658
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 6.8%
|
|
|
|
|
|
|
1,110,000
|
|
City of Philadelphia PA, General Obligation, Series A, (Assured Gty)
|
AA-
|
5.38%
|
08/01/2030
|
08/01/19 @ 100
|
|
1,233,099
|
1,100,000
|
|
City of Philadelphia PA, General Obligation
|
BBB+
|
5.88%
|
08/01/2031
|
08/01/16 @ 100
|
|
1,191,762
|
2,340,000
|
|
Pennsylvania Higher Educational Facilities Authority
|
BBB
|
5.25%
|
05/01/2023
|
05/01/13 @ 100
|
|
2,400,489
|
1,000,000
|
|
Pennsylvania Higher Educational Facilities Authority, Series B
|
AA-
|
6.00%
|
08/15/2026
|
08/15/18 @ 100
|
|
1,186,950
|
1,000,000
|
|
Pennsylvania Higher Educational Facilities Authority, Series A
|
BBB
|
5.00%
|
05/01/2037
|
11/01/17 @ 100
|
|
1,024,100
|
|
|
|
|
|
|
|
|
7,036,400
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 2.3%
|
|
|
|
|
|
|
1,000,000
|
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority
|
BBB-
|
5.00%
|
07/01/2033
|
07/01/22 @ 100
|
|
999,930
|
1,215,000
|
|
Puerto Rico Sales Tax Financing Corp.
|
AA-
|
5.25%
|
08/01/2040
|
08/01/21 @ 100
|
|
1,333,292
|
|
|
|
|
|
|
|
|
2,333,222
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 1.4%
|
|
|
|
|
|
|
1,300,000
|
|
Rhode Island Convention Center Authority, Series A, (Assured Gty)
|
AA-
|
5.50%
|
05/15/2027
|
05/15/19 @ 100
|
|
1,483,443
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 3.5%
|
|
|
|
|
|
|
2,500,000
|
|
County of Florence SC, Series A, (AGM)
|
AA-
|
5.25%
|
11/01/2027
|
11/01/14 @ 100
|
|
2,601,200
|
1,000,000
|
|
County of Georgetown SC, AMT, Series A
|
BBB
|
5.30%
|
03/01/2028
|
03/01/14 @ 100
|
|
1,009,280
|
|
|
|
|
|
|
|
|
3,610,480
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota - 5.9%
|
|
|
|
|
|
|
1,200,000
|
|
South Dakota Health & Educational Facilities Authority, Series A
|
AA-
|
5.25%
|
11/01/2034
|
11/01/14 @ 100
|
|
1,255,884
|
4,755,000
|
|
South Dakota Housing Development Authority, AMT, Series K
|
AAA
|
5.05%
|
05/01/2036
|
11/01/15 @ 100
|
|
4,814,152
|
|
|
|
|
|
|
|
|
6,070,036
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 3.3%
|
|
|
|
|
|
|
2,500,000
|
|
Knox County Health Educational & Housing Facilities Board
|
BBB+
|
5.25%
|
04/01/2027
|
04/01/17 @ 100
|
|
2,647,150
|
700,000
|
|
Metropolitan Nashville Airport Authority
|
Baa3
|
5.20%
|
07/01/2026
|
07/01/20 @ 100
|
|
708,771
|
|
|
|
|
|
|
|
|
3,355,921
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 14.6%
|
|
|
|
|
|
|
2,000,000
|
|
Bexar County Housing Finance Corp., AMT, (GNMA)
|
Aa2
|
5.20%
|
10/20/2034
|
10/20/14 @ 100
|
|
2,022,040
|
2,000,000
|
|
City of Houston TX Utility System Revenue, Series A, (AGM)
|
AA
|
5.00%
|
11/15/2033
|
11/15/17 @ 100
|
|
2,178,040
|
2,000,000
|
|
Lower Colorado River Authority
|
A
|
6.25%
|
05/15/2028
|
05/15/18 @ 100
|
|
2,355,060
|
1,885,000
|
|
Matagorda County Navigation District No. 1, AMT, (AMBAC)(d)
|
A-
|
5.13%
|
11/01/2028
|
N/A
|
|
2,093,368
|
2,000,000
|
|
North Texas Tollway Authority, Series A
|
A-
|
5.63%
|
01/01/2033
|
01/01/18 @ 100
|
|
2,184,240
|
1,000,000
|
|
North Texas Tollway Authority, Series L-2(d)
|
A-
|
6.00%
|
01/01/2038
|
N/A
|
|
1,035,490
|
2,100,000
|
|
San Leanna Educational Facilities Corp.
|
BBB+
|
5.13%
|
06/01/2036
|
06/01/17 @ 100
|
|
2,137,926
|
950,000
|
|
Tarrant County Cultural Education Facilities Finance Corp., Series A, (Assured Gty)
|
AA-
|
5.75%
|
07/01/2018
|
N/A
|
|
1,036,117
|
|
|
|
|
|
|
|
|
15,042,281
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.5%
|
|
|
|
|
|
|
1,250,000
|
|
Washington County Industrial Development Authority, Series C
|
BBB+
|
7.50%
|
07/01/2029
|
01/01/19 @ 100
|
|
1,530,550
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 1.1%
|
|
|
|
|
|
|
1,000,000
|
|
Tes Properties WA, Revenue
|
AA+
|
5.63%
|
12/01/2038
|
06/01/19 @ 100
|
|
1,094,760
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 1.3%
|
|
|
|
|
|
|
1,250,000
|
|
Wisconsin Health & Educational Facilities Authority, Series A
|
AA+
|
5.00%
|
11/15/2036
|
11/15/16 @ 100
|
|
1,320,437
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming - 7.1%
|
|
|
|
|
|
|
4,000,000
|
|
County of Sweetwater WY, AMT
|
BBB+
|
5.60%
|
12/01/2035
|
12/01/15 @ 100
|
|
4,129,080
|
3,100,000
|
|
Wyoming Community Development Authority, AMT, Series 7
|
AA+
|
5.10%
|
12/01/2038
|
12/01/16 @ 100
|
|
3,153,754
|
|
|
|
|
|
|
|
|
7,282,834
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 163.0%
|
|
|
|
|
|
|
|
|
(Cost $154,106,280)
|
|
|
|
|
|
167,543,418
|
Redemption
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares - 2.1%
|
|
|
|
|
|
|
|
|
Diversified Financial Services - 2.1%
|
|
|
|
|
|
|
$2,000,000
|
|
Centerline Equity Issuer Trust, Series A-4-1(b)
|
Aaa
|
5.75%
|
05/15/2015
|
N/A
|
|
2,138,620
|
|
|
(Cost $2,000,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments - 165.1%
|
|
|
|
|
|
|
|
|
(Cost $156,106,280)
|
|
|
|
|
|
169,682,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments - 1.3%
|
|
|
|
|
|
|
Number
|
|
|
|
|
|
|
|
|
of Shares
|
|
Description
|
|
|
|
|
|
Value
|
|
|
Money Market - 1.3%
|
|
|
|
|
|
|
1,383,858
|
|
JPMorgan Tax Free Money Market
|
|
|
|
|
|
1,383,858
|
|
|
(Cost $1,383,858)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 166.4%
|
|
|
|
|
|
|
|
|
(Cost $157,490,138)
|
|
|
|
|
|
171,065,896
|
|
|
Other Assets in excess of Liabilities - 1.2%
|
|
|
|
|
|
1,165,498
|
|
|
Preferred Shares, at redemption value - (-67.6% of Net Assets
|
|
|
|
|
|
|
|
|
Applicable to Common Shareholders or -40.6% of Total Investments)
|
|
|
|
|
|
(69,450,000)
|
|
|
Net Assets Applicable to Common Shareholders - 100.0%
|
|
|
|
|
|
$102,781,394
|
|
|
|
|
|
|
|
|
|