MZF Managed Duration Investment Grade Municipal Fund
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Portfolio of Investments
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October 31, 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 - 164.1%***
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Municipal Bonds - 162.1%
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Alabama - 2.6%
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$845,000
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Courtland Industrial Development Board, AMT, Series B
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BBB
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6.250%
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08/01/2025
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08/01/13 @ 100
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$ 863,624
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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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6.000%
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08/01/2029
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12/03/12 @ 100
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1,897,522
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2,761,146
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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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5.750%
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09/01/2033
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09/01/18 @ 100
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871,133
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Arizona - 1.1%
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1,000,000
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Phoenix Industrial Development Authority
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A+
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5.250%
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06/01/2034
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06/01/22 @ 100
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1,119,680
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California - 16.5%
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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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5.875%
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08/15/2031
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08/15/20 @ 100
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1,795,950
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2,500,000
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California State Public Works Board, Series A(a)
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BBB+
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5.000%
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06/01/2024
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06/01/14 @ 100
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2,650,325
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6,000,000
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California Various Purpose General Obligation(a)
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A-
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5.125%
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11/01/2024
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11/01/13 @ 100
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6,272,160
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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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5.500%
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12/01/2021
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06/02/14 @ 102
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2,695,675
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1,000,000
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Los Angeles County Public Works Financing Authority
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AA-
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4.000%
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08/01/2042
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08/01/22 @ 100
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999,950
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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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5.000%
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01/01/2034
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07/01/19 @ 100
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2,868,299
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17,282,359
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Connecticut - 1.5%
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1,500,000
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Connecticut Housing Finance Authority, Series D 2
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AAA
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4.000%
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11/15/2034
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05/15/21 @ 100
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1,525,950
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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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5.400%
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02/01/2031
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08/01/20 @ 100
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1,680,870
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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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5.100%
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06/01/2037
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06/01/15 @ 102
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2,056,520
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Florida - 9.2%
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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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5.000%
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10/01/2038
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10/01/15 @ 100
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2,245,166
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3,000,000
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Highlands County Health Facilities Authority, Series D, (Prerefunded @ 11/15/2013)(b)
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NR
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5.875%
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11/15/2029
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11/15/13 @ 100
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3,164,130
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1,500,000
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JEA Water & Sewer System Revenue, Series B
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AA
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4.000%
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10/01/2041
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10/01/17 @ 100
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1,510,590
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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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5.375%
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02/01/2034
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02/01/19 @ 100
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1,693,065
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1,000,000
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Seminole Indian Tribe of Florida, Series A(c)
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BBB-
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5.250%
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10/01/2027
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10/01/17 @ 100
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1,064,300
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9,677,251
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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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A-
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5.625%
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07/01/2030
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07/01/20 @ 100
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1,139,420
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Illinois - 13.4%
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1,000,000
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Chicago Board of Education, General Obligation, Series A
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A+
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5.000%
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12/01/2041
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12/01/21 @ 100
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1,080,170
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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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5.500%
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01/01/2031
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01/01/21 @ 100
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2,054,675
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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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5.500%
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01/01/2016
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01/01/14 @ 100
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1,168,386
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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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5.500%
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04/01/2037
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04/01/17 @ 100
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2,101,040
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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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6.375%
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11/01/2029
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05/01/19 @ 100
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1,218,730
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930,000
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Illinois Housing Development Authority, AMT, Series A-2
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AA
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5.000%
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08/01/2036
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02/01/16 @ 100
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940,965
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2,000,000
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Metropolitan Pier & Exposition Authority, Series A
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AAA
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5.000%
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06/15/2042
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06/15/22 @ 100
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2,236,060
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1,000,000
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Railsplitter Tobacco Settlement Authority
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A-
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6.000%
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06/01/2028
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06/01/21 @ 100
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1,193,550
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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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5.000%
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03/01/2028
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03/01/14 @ 100
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2,088,300
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14,081,876
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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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6.000%
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12/01/2026
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06/01/20 @ 100
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1,036,210
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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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5.500%
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01/01/2029
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01/01/19 @ 100
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2,298,440
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3,334,650
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Iowa - 4.4%
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1,000,000
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Iowa Finance Authority
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BBB-
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4.750%
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08/01/2042
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08/01/22 @ 100
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1,016,320
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1,500,000
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Iowa Higher Education Loan Authority
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BBB
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5.500%
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09/01/2025
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09/01/20 @ 100
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1,688,355
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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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5.600%
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06/01/2034
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06/01/17 @ 100
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1,934,320
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4,638,995
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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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5.625%
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09/01/2039
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09/01/19 @ 100
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1,083,090
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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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5.625%
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08/15/2027
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08/15/18 @ 100
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1,153,150
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2,236,240
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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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5.250%
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02/01/2034
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02/01/19 @ 100
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1,157,910
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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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6.750%
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11/01/2032
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11/01/17 @ 100
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3,372,660
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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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5.250%
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11/01/2030
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05/01/20 @ 100
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1,086,940
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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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5.850%
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11/01/2027
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11/01/13 @ 100
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1,041,530
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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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5.125%
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06/01/2037
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06/01/17 @ 100
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1,633,200
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8,292,240
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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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5.750%
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09/01/2025
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09/01/20 @ 100
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545,960
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Massachusetts - 4.1%
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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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5.375%
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07/01/2025
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07/01/21 @ 100
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1,100,480
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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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4.700%
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07/01/2026
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07/01/21 @ 100
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1,039,530
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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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6.250%
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07/01/2030
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07/01/19 @ 100
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1,168,420
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950,000
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Massachusetts Housing Finance Agency, AMT
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AA-
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5.100%
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12/01/2027
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06/01/17 @ 100
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989,254
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4,297,684
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Michigan - 5.0%
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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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7.500%
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07/01/2033
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07/01/19 @ 100
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1,257,920
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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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7.000%
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07/01/2036
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07/01/19 @ 100
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1,210,770
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500,000
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Detroit Wayne County Stadium Authority, (AGM)
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AA-
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5.000%
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10/01/2026
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10/01/22 @ 100
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550,865
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1,000,000
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Michigan Finance Authority, Revenue
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AA
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5.000%
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12/01/2031
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12/01/21 @ 100
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1,128,980
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1,000,000
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Michigan Strategic Fund, Series B-1
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BBB
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6.250%
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06/01/2014
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N/A
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1,085,630
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5,234,165
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Minnesota - 1.4%
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1,500,000
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St Paul Port Authority, AMT
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BBB-
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4.500%
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10/01/2037
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10/01/22 @ 100
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1,505,895
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Mississippi - 1.1%
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1,000,000
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County of Warren MS, Series A
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BBB
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6.500%
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09/01/2032
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09/01/18 @ 100
|
1,152,740
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Nevada - 7.1%
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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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5.625%
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07/01/2024
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07/01/14 @ 100
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5,733,085
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|
1,435,000
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Las Vegas Valley Water District, Series C
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AA+
|
5.000%
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06/01/2031
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06/01/21 @ 100
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1,650,494
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7,383,579
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New Hampshire - 1.0%
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|
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|
1,000,000
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New Hampshire Health & Education Facilities Authority
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BBB
|
5.000%
|
01/01/2034
|
01/01/22 @ 100
|
1,083,160
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|
|
|
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New Jersey - 2.1%
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|
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|
500,000
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New Jersey Economic Development Authority
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BBB-
|
5.000%
|
07/01/2032
|
07/01/22 @ 100
|
505,695
|
|
1,500,000
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New Jersey Health Care Facilities Financing Authority
|
BBB+
|
5.750%
|
07/01/2039
|
07/01/19 @ 100
|
1,670,505
|
|
|
|
|
|
|
|
|
2,176,200
|
|
|
|
|
|
|
|
|
|
|
|
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New York - 15.4%
|
|
|
|
|
|
|
1,895,000
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|
City of New York NY, Series J, (Prerefunded @ 5/15/2014)(b)
|
Aa2
|
5.000%
|
05/15/2023
|
05/15/14 @ 100
|
2,031,269
|
|
40,000
|
|
City of New York NY, General Obligation, Series J
|
AA
|
5.000%
|
05/15/2023
|
05/15/14 @ 100
|
42,654
|
|
2,750,000
|
|
Long Island Power Authority, Series A
|
A-
|
5.100%
|
09/01/2029
|
09/01/14 @ 100
|
2,935,983
|
|
500,000
|
|
New York City Industrial Development Agency, American Airlines, JFK International Airport, AMT(d)
|
NR
|
7.500%
|
08/01/2016
|
N/A
|
529,465
|
|
1,750,000
|
|
New York Municipal Bond Bank Agency, Series C, (Prerefunded @ 6/1/2013)(b)
|
AA-
|
5.250%
|
12/01/2022
|
06/01/13 @ 100
|
1,800,417
|
|
1,000,000
|
|
New York State Dormitory Authority, Series A
|
BBB
|
5.000%
|
07/01/2032
|
07/01/22 @ 100
|
1,103,840
|
|
800,000
|
|
New York State Dormitory Authority, Series B
|
A-
|
5.250%
|
07/01/2024
|
07/01/17 @ 100
|
876,360
|
|
2,500,000
|
|
Suffolk County Industrial Development Agency, AMT
|
A-
|
5.250%
|
06/01/2027
|
06/01/13 @ 100
|
2,557,275
|
|
3,000,000
|
|
Tobacco Settlement Financing Corp., Series A-1
|
AA-
|
5.500%
|
06/01/2019
|
06/01/13 @ 100
|
3,091,770
|
|
1,000,000
|
|
Troy Industrial Development Authority
|
A-
|
5.000%
|
09/01/2031
|
09/01/21 @ 100
|
1,133,250
|
|
|
|
|
|
|
|
|
16,102,283
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 1.9%
|
|
|
|
|
|
|
1,000,000
|
|
North Carolina Eastern Municipal Power Agency, Series D, (Prerefunded @ 1/1/2013)(b)
|
A-
|
5.125%
|
01/01/2023
|
01/01/13 @ 100
|
1,007,640
|
|
1,000,000
|
|
North Carolina Eastern Municipal Power Agency, Series D, (Prerefunded @ 1/1/2013)(b)
|
A-
|
5.125%
|
01/01/2026
|
01/01/13 @ 100
|
1,007,640
|
|
|
|
|
|
|
|
|
2,015,280
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 7.2%
|
|
|
|
|
|
|
2,000,000
|
|
American Municipal Power, Inc., Series B
|
A
|
5.000%
|
02/15/2042
|
02/15/22 @ 100
|
2,209,120
|
|
1,465,000
|
|
County of Cuyahoga OH, Cleveland Clinic Health System, Series A, (Prerefunded @ 7/1/2013)(b)
|
AA-
|
6.000%
|
01/01/2020
|
07/01/13 @ 100
|
1,520,333
|
|
1,535,000
|
|
County of Cuyahoga OH, Cleveland Clinic Health System, Series A, (Prerefunded @ 7/1/2013)(b)
|
NR
|
6.000%
|
01/01/2020
|
07/01/13 @ 100
|
1,592,455
|
|
1,000,000
|
|
Ohio Air Quality Development Authority, Series A
|
BBB-
|
5.700%
|
02/01/2014
|
N/A
|
1,048,930
|
|
1,000,000
|
|
Ohio Air Quality Development Authority
|
BBB-
|
5.625%
|
06/01/2018
|
N/A
|
1,163,280
|
|
|
|
|
|
|
|
|
7,534,118
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.1%
|
|
|
|
|
|
|
1,000,000
|
|
Oklahoma Development Finance Authority
|
A
|
5.000%
|
02/15/2034
|
02/15/22 @ 100
|
1,122,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 6.8%
|
|
|
|
|
|
|
1,110,000
|
|
City of Philadelphia PA, General Obligation, Series A, (Assured Gty)
|
AA-
|
5.375%
|
08/01/2030
|
08/01/19 @ 100
|
1,255,255
|
|
1,100,000
|
|
City of Philadelphia PA, General Obligation
|
BBB+
|
5.875%
|
08/01/2031
|
08/01/16 @ 100
|
1,206,513
|
|
2,340,000
|
|
Pennsylvania Higher Educational Facilities Authority, (Prerefunded @ 5/1/2013)(b)
|
BBB
|
5.250%
|
05/01/2023
|
05/01/13 @ 100
|
2,397,002
|
|
1,000,000
|
|
Pennsylvania Higher Educational Facilities Authority, Series A
|
BBB
|
5.000%
|
05/01/2037
|
11/01/17 @ 100
|
1,048,040
|
|
1,000,000
|
|
Pennsylvania Higher Educational Facilities Authority, Series B
|
AA-
|
6.000%
|
08/15/2026
|
08/15/18 @ 100
|
1,193,700
|
|
|
|
|
|
|
|
|
7,100,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 2.2%
|
|
|
|
|
|
|
1,000,000
|
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority
|
BBB-
|
5.000%
|
07/01/2033
|
07/01/22 @ 100
|
996,110
|
|
1,215,000
|
|
Puerto Rico Sales Tax Financing Corp.
|
AA-
|
5.250%
|
08/01/2040
|
08/01/21 @ 100
|
1,337,302
|
|
|
|
|
|
|
|
|
2,333,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 1.4%
|
|
|
|
|
|
|
1,300,000
|
|
Rhode Island Convention Center Authority, Series A, (Assured Gty)
|
AA-
|
5.500%
|
05/15/2027
|
05/15/19 @ 100
|
1,489,709
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 3.5%
|
|
|
|
|
|
|
2,500,000
|
|
County of Florence SC, Series A, (AGM)
|
AA-
|
5.250%
|
11/01/2027
|
11/01/14 @ 100
|
2,605,850
|
|
1,000,000
|
|
County of Georgetown SC, AMT, Series A
|
BBB
|
5.300%
|
03/01/2028
|
03/01/14 @ 100
|
1,012,780
|
|
|
|
|
|
|
|
|
3,618,630
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota - 3.2%
|
|
|
|
|
|
|
1,200,000
|
|
South Dakota Health & Educational Facilities Authority, Series A
|
A+
|
5.250%
|
11/01/2034
|
11/01/14 @ 100
|
1,259,100
|
|
2,035,000
|
|
South Dakota Housing Development Authority, AMT, Series K
|
AAA
|
5.050%
|
05/01/2036
|
11/01/15 @ 100
|
2,073,950
|
|
|
|
|
|
|
|
|
3,333,050
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 3.2%
|
|
|
|
|
|
|
2,500,000
|
|
Knox County Health Educational & Housing Facilities Board
|
BBB+
|
5.250%
|
04/01/2027
|
04/01/17 @ 100
|
2,691,925
|
|
675,000
|
|
Metropolitan Nashville Airport Authority
|
Baa3
|
5.200%
|
07/01/2026
|
07/01/20 @ 100
|
702,614
|
|
|
|
|
|
|
|
|
3,394,539
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 15.5%
|
|
|
|
|
|
|
2,000,000
|
|
Bexar County Housing Finance Corp., AMT, (GNMA)
|
Aa2
|
5.200%
|
10/20/2034
|
10/20/14 @ 100
|
2,028,920
|
|
2,000,000
|
|
City of Houston TX Utility System Revenue, Series A, (AGM)
|
AA
|
5.000%
|
11/15/2033
|
11/15/17 @ 100
|
2,296,980
|
|
1,000,000
|
|
Fort Bend County Industrial Development Corp.
|
Baa3
|
4.750%
|
11/01/2042
|
11/01/22 @ 100
|
1,010,300
|
|
2,000,000
|
|
Lower Colorado River Authority
|
A
|
6.250%
|
05/15/2028
|
05/15/18 @ 100
|
2,373,600
|
|
1,885,000
|
|
Matagorda County Navigation District No. 1, AMT, (AMBAC)(e)
|
A-
|
5.125%
|
11/01/2028
|
N/A
|
2,209,503
|
|
2,000,000
|
|
North Texas Tollway Authority, Series A
|
A-
|
5.625%
|
01/01/2033
|
01/01/18 @ 100
|
2,259,160
|
|
1,000,000
|
|
North Texas Tollway Authority, Series L-2, (Prerefunded @ 1/1/2013)(b) (e)
|
A-
|
6.000%
|
01/01/2038
|
N/A
|
1,009,000
|
|
2,100,000
|
|
San Leanna Educational Facilities Corp.
|
BBB+
|
5.125%
|
06/01/2036
|
06/01/17 @ 100
|
2,181,753
|
|
820,000
|
|
Tarrant County Cultural Education Facilities Finance Corp., Series A, (Assured Gty)
|
AA-
|
5.750%
|
07/01/2018
|
N/A
|
886,690
|
|
|
|
|
|
|
|
|
16,255,906
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.5%
|
|
|
|
|
|
|
1,250,000
|
|
Washington County Industrial Development Authority, Series C
|
BBB+
|
7.500%
|
07/01/2029
|
01/01/19 @ 100
|
1,584,050
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 1.1%
|
|
|
|
|
|
|
1,000,000
|
|
Tes Properties, WA Revenue
|
AA+
|
5.625%
|
12/01/2038
|
06/01/19 @ 100
|
1,114,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 1.3%
|
|
|
|
|
|
|
1,250,000
|
|
Wisconsin Health & Educational Facilities Authority, Series A
|
AA+
|
5.000%
|
11/15/2036
|
11/15/16 @ 100
|
1,390,313
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming - 7.1%
|
|
|
|
|
|
|
4,000,000
|
|
County of Sweetwater WY, AMT
|
BBB+
|
5.600%
|
12/01/2035
|
12/01/15 @ 100
|
4,246,160
|
|
3,100,000
|
|
Wyoming Community Development Authority, AMT, Series 7
|
AA+
|
5.100%
|
12/01/2038
|
12/01/16 @ 100
|
3,179,515
|
|
|
|
|
|
|
|
|
7,425,675
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 162.1%
|
|
|
|
|
|
|
|
|
(Cost $154,744,248)
|
|
|
|
|
169,892,598
|
|
|
|
|
|
|
|
|
|
|
Redemption
|
|
|
|
|
|
|
|
|
Value
|
|
Description
|
|
|
|
|
Value
|
|
|
|
Preferred Shares - 2.0%
|
|
|
|
|
|
|
|
|
Diversified Financial Services - 2.0%
|
|
|
|
|
|
|
2,000,000
|
|
Centerline Equity Issuer Trust, Series A-4-1(c)
|
Aaa
|
5.750%
|
05/15/2015
|
N/A
|
2,120,440
|
|
|
|
(Cost $2,000,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 164.1%
|
|
|
|
|
|
|
|
|
(Cost $156,744,248)
|
|
|
|
|
172,013,038
|
|
|
|
Other Assets in excess of Liabilities - 2.1%
|
|
|
|
|
2,234,379
|
|
|
|
Preferred Shares, at redemption value - (-66.2% of Net Assets
|
|
|
|
|
|
|
|
|
Applicable to Common Shareholders or -40.4% of Total Investments)
|
|
|
|
|
(69,450,000)
|
|
|
|
Net Assets Applicable to Common Shareholders - 100.0%
|
|
|
|
|
$ 104,797,417
|
|
|
|
|
|
|
|
|
|