Investment Portfolio | as of August 31, 2020 (Unaudited) |
DWS Strategic High Yield Tax-Free Fund
Principal Amount ($) | Value ($) | ||||||||
Municipal Bonds and Notes 93.2% | |||||||||
Alabama 0.5% | |||||||||
Jefferson County, AL, Sewer Revenue, Series C, Step-up Coupon, 0% to 10/1/2023, 6.9% to 10/1/2050, INS: AGMC | 5,000,000 | 4,889,750 | |||||||
Arizona 3.3% | |||||||||
Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project: | |||||||||
Series C, 144A, 5.0%, 1/1/2049 | 1,300,000 | 1,034,800 | |||||||
Series C, 144A, 5.5%, 1/1/2054 | 2,700,000 | 2,285,577 | |||||||
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 2,760,000 | 2,928,471 | |||||||
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects: | |||||||||
Series G, 144A, 5.0%, 7/1/2047 | 1,000,000 | 1,062,270 | |||||||
Series D, 144A, 5.0%, 7/1/2051 | 1,035,000 | 1,096,903 | |||||||
Series G, 144A, 5.0%, 7/1/2051 | 550,000 | 582,896 | |||||||
Series A, 144A, 5.25%, 7/1/2047 | 1,000,000 | 1,067,060 | |||||||
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043 | 8,000,000 | 10,137,280 | |||||||
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 | 1,000,000 | 1,128,240 | |||||||
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 1,490,000 | 1,588,429 | |||||||
Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project: | |||||||||
Series A, 144A, 5.0%, 7/1/2038 | 1,380,000 | 1,415,894 | |||||||
Series A, 144A, 5.25%, 7/1/2048 | 1,750,000 | 1,794,730 | |||||||
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC: | |||||||||
Series A, 5.0%, 7/1/2037 | 2,000,000 | 2,147,120 | |||||||
Series A, 5.0%, 7/1/2042 | 2,000,000 | 2,119,360 | |||||||
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||||||||
144A, 5.0%, 6/15/2049 | 410,000 | 412,743 | |||||||
144A, 5.0%, 6/15/2052 | 710,000 | 713,848 | |||||||
Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.: | |||||||||
Series A, 6.25%, 12/1/2042 | 1,535,000 | 1,558,516 | |||||||
Series A, 6.25%, 12/1/2046 | 1,400,000 | 1,419,922 | |||||||
34,494,059 | |||||||||
Arkansas 0.4% | |||||||||
Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, AMT, 4.75%, 9/1/2049 (a) | 4,000,000 | 4,072,800 | |||||||
California 5.9% | |||||||||
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049 | 4,800,000 | 5,409,792 | |||||||
California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055 | 15,000,000 | 2,685,300 | |||||||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||||||||
Series A-1, 5.0%, 6/1/2047 | 1,125,000 | 1,156,748 | |||||||
Series A-2, 5.0%, 6/1/2047 | 5,075,000 | 5,218,216 | |||||||
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 8,750,000 | 13,615,962 | |||||||
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 1,145,000 | 1,256,500 | |||||||
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements: | |||||||||
3.875%, 9/1/2049 | 2,630,000 | 2,648,752 | |||||||
4.0%, 9/1/2046 | 4,895,000 | 5,018,256 | |||||||
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047 | 2,075,000 | 2,374,506 | |||||||
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047 | 2,135,000 | 2,352,706 | |||||||
California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046 | 2,000,000 | 2,228,940 | |||||||
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056 | 5,515,000 | 5,938,717 | |||||||
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co. | 620,000 | 707,693 | |||||||
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048 | 2,850,000 | 3,104,847 | |||||||
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041 | 3,250,000 | 3,421,568 | |||||||
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050 | 3,555,000 | 3,923,049 | |||||||
61,061,552 | |||||||||
Colorado 3.9% | |||||||||
Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049 | 2,000,000 | 1,127,980 | |||||||
Colorado, E-470 Public Highway Authority Revenue, Series C, 5.375%, 9/1/2026 | 2,000,000 | 2,000,000 | |||||||
Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056 | 2,275,000 | 2,450,607 | |||||||
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | 6,365,000 | 8,188,127 | |||||||
Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041 | 2,000,000 | 2,003,940 | |||||||
Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041 | 1,615,000 | 1,664,952 | |||||||
Colorado, State Health Facilities Authority Revenue, Covenant Retirement Communities, Series A, 5.0%, 12/1/2033 | 4,835,000 | 5,037,006 | |||||||
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049 | 4,000,000 | 4,409,760 | |||||||
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: | |||||||||
Series A, 5.0%, 12/1/2043 | 1,630,000 | 1,791,321 | |||||||
Series A, 5.0%, 12/1/2048 | 2,610,000 | 2,855,966 | |||||||
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 1,009,400 | |||||||
Denver, CO, Convention Center Hotel Authority Revenue: | |||||||||
5.0%, 12/1/2033 | 500,000 | 537,915 | |||||||
5.0%, 12/1/2034 | 1,000,000 | 1,073,410 | |||||||
5.0%, 12/1/2040 | 2,060,000 | 2,189,842 | |||||||
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | 1,170,000 | 1,324,686 | |||||||
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 2,365,000 | 2,430,676 | |||||||
40,095,588 | |||||||||
Connecticut 0.2% | |||||||||
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031* PIK | 19,713,389 | 1,281,370 | |||||||
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 870,000 | 963,882 | |||||||
2,245,252 | |||||||||
District of Columbia 0.7% | |||||||||
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049 | 3,090,000 | 3,395,446 | |||||||
District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049 | 3,375,000 | 3,938,524 | |||||||
7,333,970 | |||||||||
Florida 7.4% | |||||||||
Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049 | 4,165,000 | 4,691,331 | |||||||
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* | 2,310,000 | 1,732,500 | |||||||
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | 1,840,000 | 1,927,400 | |||||||
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054* | 5,755,000 | 4,028,500 | |||||||
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||||||||
Series A, 144A, AMT, 6.375% **, 1/1/2049 | 1,740,000 | 1,517,645 | |||||||
Series A, 144A, AMT, 6.5% **, 1/1/2049 | 2,260,000 | 1,958,787 | |||||||
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036 | 890,000 | 1,024,354 | |||||||
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 8,555,000 | 9,384,322 | |||||||
Florida, State Development Finance Corp., Learning Gate Community School Project: | |||||||||
Series A, 5.0%, 2/15/2038 | 500,000 | 547,960 | |||||||
Series A, 5.0%, 2/15/2048 | 1,150,000 | 1,252,879 | |||||||
Florida, State Higher Educational Facilities Financial Authority Revenue: | |||||||||
Series A, 4.0%, 10/1/2044 | 1,395,000 | 1,392,824 | |||||||
4.0%, 10/1/2049 | 1,905,000 | 1,882,331 | |||||||
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 1,750,000 | 1,710,870 | |||||||
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035 | 1,030,000 | 1,169,400 | |||||||
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||||||||
144A, 4.25%, 5/1/2043 | 2,485,000 | 2,659,248 | |||||||
144A, 4.375%, 5/1/2050 | 2,085,000 | 2,231,221 | |||||||
Florida, Village Community Development District No. 9, Special Assessment Revenue: | |||||||||
5.5%, 5/1/2042 | 1,265,000 | 1,316,739 | |||||||
7.0%, 5/1/2041 | 1,425,000 | 1,477,996 | |||||||
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2044 | 5,000,000 | 5,609,300 | |||||||
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project: | |||||||||
Series A, AMT, 4.0%, 10/1/2049 | 5,000,000 | 5,575,050 | |||||||
AMT, 5.0%, 11/15/2026 | 1,500,000 | 1,544,490 | |||||||
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 3,168,978 | |||||||
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project: | |||||||||
Series A, 144A, 5.0%, 1/15/2049 | 825,000 | 856,688 | |||||||
Series A, 144A, 5.0%, 1/15/2054 | 850,000 | 879,495 | |||||||
Lake County, FL, Senior Living Revenue, Village Veranda at Lady Lake Project, Series A-1, 144A, 7.125%, 1/1/2052 | 2,700,000 | 2,409,912 | |||||||
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032 | 1,750,000 | 1,812,195 | |||||||
Osceola County, FL, Transportation Revenue: | |||||||||
Series A-2, Zero Coupon, 10/1/2049 | 3,400,000 | 1,214,582 | |||||||
Series A-2, Zero Coupon, 10/1/2051 | 4,775,000 | 1,572,121 | |||||||
Series A-2, Zero Coupon, 10/1/2054 | 4,570,000 | 1,337,182 | |||||||
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc., Series B, 4.0%, 5/15/2053 | 3,000,000 | 2,924,970 | |||||||
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: | |||||||||
Series A, 5.25%, 11/15/2039 | 445,000 | 412,951 | |||||||
Series A, 5.5%, 11/15/2049 | 3,635,000 | 3,315,956 | |||||||
Series A, 5.75%, 11/15/2054 | 1,365,000 | 1,259,963 | |||||||
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 1,210,000 | 1,357,584 | |||||||
77,157,724 | |||||||||
Georgia 2.3% | |||||||||
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, 6.375%, 5/15/2043 | 4,000,000 | 4,406,880 | |||||||
Atlanta, GA, Development Authority Revenue Bonds: | |||||||||
Series A-1, 5.0%, 7/1/2032 | 1,650,000 | 1,840,889 | |||||||
Series A-1, 5.0%, 7/1/2033 | 2,595,000 | 2,879,594 | |||||||
Series A-1, 5.0%, 7/1/2034 | 2,320,000 | 2,558,682 | |||||||
Atlanta, GA, Tax Allocation, Beltline Project: | |||||||||
Series B, 5.0%, 1/1/2029 | 3,450,000 | 4,141,414 | |||||||
Series B, 5.0%, 1/1/2030 | 1,715,000 | 2,049,099 | |||||||
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project: | |||||||||
Series A, 5.25%, 8/15/2049 | 500,000 | 580,235 | |||||||
Series A, 5.5%, 8/15/2054 | 1,820,000 | 2,125,596 | |||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 2,440,000 | 2,885,202 | |||||||
23,467,591 | |||||||||
Guam 0.6% | |||||||||
Guam, Government Waterworks Authority, Water & Wastewater System Revenue: | |||||||||
5.0%, 7/1/2040 | 1,040,000 | 1,207,461 | |||||||
Series A, 5.0%, 1/1/2050 | 655,000 | 797,305 | |||||||
Guam, International Airport Authority Revenue: | |||||||||
Series A, 5.0%, 10/1/2020 | 225,000 | 225,166 | |||||||
Series C, AMT, 6.25%, 10/1/2034 | 500,000 | 517,420 | |||||||
Series C, AMT, 6.375%, 10/1/2043 | 1,610,000 | 1,660,683 | |||||||
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | 800,000 | 915,192 | |||||||
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034 | 1,200,000 | 1,263,588 | |||||||
6,586,815 | |||||||||
Illinois 8.8% | |||||||||
Chicago, IL, Board of Education: | |||||||||
Series B, 4.0%, 12/1/2035 | 2,500,000 | 2,521,700 | |||||||
Series A, 5.0%, 12/1/2033 | 740,000 | 839,730 | |||||||
Series A, 5.0%, 12/1/2041 | 3,930,000 | 3,979,714 | |||||||
Series H, 5.0%, 12/1/2046 | 1,690,000 | 1,838,483 | |||||||
Series A, 5.5%, 12/1/2039 | 2,900,000 | 2,964,438 | |||||||
Chicago, IL, General Obligation: | |||||||||
Series B, 6.314%, 1/1/2044 | 2,500,000 | 2,680,050 | |||||||
Series A, 5.0%, 1/1/2036 | 1,000,000 | 1,057,630 | |||||||
Series A, 5.0%, 1/1/2044 | 4,000,000 | 4,383,200 | |||||||
Series B, 5.432%, 1/1/2042 | 3,885,000 | 3,850,579 | |||||||
Series A, 5.5%, 1/1/2049 | 2,425,000 | 2,752,084 | |||||||
Series A, 6.0%, 1/1/2038 | 2,180,000 | 2,516,374 | |||||||
Chicago, IL, O'Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039 | 1,595,000 | 1,618,558 | |||||||
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 1,185,000 | 1,340,579 | |||||||
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||||||||
Series A, 4.0%, 12/1/2050 (a) | 1,400,000 | 1,541,610 | |||||||
Series A, 4.0%, 12/1/2055 (a) | 1,390,000 | 1,523,774 | |||||||
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project: | |||||||||
Series A, Zero Coupon, 12/15/2052, INS: AGMC | 7,000,000 | 2,227,750 | |||||||
Series A, 5.0%, 6/15/2050 | 1,365,000 | 1,538,614 | |||||||
Series B, 5.0%, 6/15/2052 | 4,435,000 | 4,561,264 | |||||||
Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 0.14% ***, 9/7/2020, LOC: JPMorgan Chase Bank NA | 50,000 | 50,000 | |||||||
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | 5,435,000 | 4,809,921 | |||||||
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041 | 5,265,000 | 5,543,940 | |||||||
Illinois, State Finance Authority, Health Services Facilities Lease Revenue, University of Health Services Facility Project, 4.0%, 10/1/2050 | 1,500,000 | 1,647,285 | |||||||
Illinois, State General Obligation: | |||||||||
5.0%, 2/1/2028 | 3,135,000 | 3,546,218 | |||||||
5.0%, 2/1/2029 | 3,745,000 | 4,212,638 | |||||||
Series A, 5.0%, 10/1/2033 | 4,970,000 | 5,588,616 | |||||||
Series B, 5.0%, 10/1/2033 | 3,150,000 | 3,542,080 | |||||||
5.0%, 11/1/2034 | 1,500,000 | 1,642,920 | |||||||
5.0%, 1/1/2035 | 300,000 | 324,894 | |||||||
Series A, 5.0%, 5/1/2035 | 5,000,000 | 5,568,150 | |||||||
Series A, 5.0%, 12/1/2038 | 2,890,000 | 3,169,290 | |||||||
5.0%, 5/1/2039 | 2,600,000 | 2,733,354 | |||||||
Series A, 5.0%, 12/1/2042 | 3,610,000 | 3,923,384 | |||||||
5.75%, 5/1/2045 | 1,470,000 | 1,727,074 | |||||||
91,765,895 | |||||||||
Indiana 1.5% | |||||||||
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project: | |||||||||
Series A, 144A, 5.875%, 7/1/2038 | 1,340,000 | 1,443,877 | |||||||
Series A, 144A, 6.125%, 7/1/2048 | 3,660,000 | 3,942,223 | |||||||
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043 | 2,290,000 | 2,455,956 | |||||||
Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039 | 2,335,000 | 2,203,656 | |||||||
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 5,000,000 | 5,697,350 | |||||||
15,743,062 | |||||||||
Iowa 0.8% | |||||||||
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc.: | |||||||||
Series A, 5.0%, 5/15/2041 | 1,600,000 | 1,693,312 | |||||||
Series A, 5.0%, 5/15/2047 | 350,000 | 368,032 | |||||||
Series A, 5.0%, 5/15/2048 | 4,085,000 | 4,325,321 | |||||||
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,476,025 | |||||||
8,862,690 | |||||||||
Kansas 0.1% | |||||||||
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | 1,535,000 | 1,522,996 | |||||||
Kentucky 1.3% | |||||||||
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033 | 2,560,000 | 2,737,459 | |||||||
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053 | 7,195,000 | 7,729,588 | |||||||
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||||||||
Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,394,200 | |||||||
Series A, 5.25%, 6/1/2041 | 1,915,000 | 2,148,247 | |||||||
14,009,494 | |||||||||
Louisiana 0.2% | |||||||||
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 710,000 | 809,599 | |||||||
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047 | 10,000 | 12,507 | |||||||
Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC | 1,000,000 | 1,147,630 | |||||||
1,969,736 | |||||||||
Maine 0.9% | |||||||||
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036 | 9,000,000 | 9,236,520 | |||||||
Maryland 1.8% | |||||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare: | |||||||||
Series A, 5.5%, 1/1/2046 | 11,080,000 | 12,323,841 | |||||||
Series A, 6.125%, 1/1/2036 | 3,250,000 | 3,393,682 | |||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center, 6.25%, 7/1/2031 | 2,500,000 | 2,587,600 | |||||||
18,305,123 | |||||||||
Massachusetts 0.3% | |||||||||
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047 | 1,250,000 | 1,307,400 | |||||||
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 2,000,000 | 1,998,920 | |||||||
3,306,320 | |||||||||
Michigan 2.5% | |||||||||
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village: | |||||||||
7.0%, 11/15/2038 | 3,500,000 | 2,678,095 | |||||||
7.125%, 11/15/2043 | 1,500,000 | 1,148,160 | |||||||
144A, 7.5%, 11/15/2044 | 1,480,000 | 1,132,008 | |||||||
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039 | 2,100,000 | 2,294,481 | |||||||
Detroit, MI, Water Supply Systems Revenue, Series A, Prerefunded, 5.75%, 7/1/2037 | 7,590,000 | 7,942,024 | |||||||
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041 | 3,750,000 | 3,852,825 | |||||||
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project: | |||||||||
4.0%, 9/1/2045 | 1,775,000 | 1,939,187 | |||||||
4.0%, 9/1/2050 | 1,660,000 | 1,803,424 | |||||||
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department: | |||||||||
Series C-3, 5.0%, 7/1/2033, INS: AGMC | 1,820,000 | 2,075,983 | |||||||
Series C, 5.0%, 7/1/2035 | 910,000 | 1,067,612 | |||||||
25,933,799 | |||||||||
Minnesota 0.9% | |||||||||
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||||||||
Series A, 5.0%, 2/15/2048 | 1,000,000 | 1,151,810 | |||||||
Series A, 5.0%, 2/15/2053 | 2,815,000 | 3,234,069 | |||||||
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050 | 1,625,000 | 1,812,850 | |||||||
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,940,000 | 2,925,124 | |||||||
9,123,853 | |||||||||
Mississippi 0.7% | |||||||||
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022 | 5,500,000 | 6,003,525 | |||||||
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035 | 1,000,000 | 1,047,810 | |||||||
7,051,335 | |||||||||
Missouri 1.9% | |||||||||
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project: | |||||||||
Series B, 144A, 5.0%, 2/1/2040 | 1,300,000 | 1,363,167 | |||||||
Series B, 144A, 5.0%, 2/1/2050 | 1,780,000 | 1,854,885 | |||||||
Series A, 144A, 6.25%, 4/15/2049 | 3,750,000 | 3,632,662 | |||||||
Lee's Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project: | |||||||||
Series A, 5.0%, 8/15/2042 | 2,500,000 | 2,570,950 | |||||||
Series A, 5.0%, 8/15/2046 | 2,500,000 | 2,543,675 | |||||||
Series A, 5.0%, 8/15/2051 | 1,000,000 | 1,014,880 | |||||||
Series A, 5.25%, 8/15/2039 | 1,710,000 | 1,757,795 | |||||||
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 665,000 | 711,756 | |||||||
Missouri, State Health & Educational Facilities Authority, Lutheran Senior Services, 6.0%, 2/1/2041 | 2,250,000 | 2,282,512 | |||||||
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | 2,275,000 | 2,020,860 | |||||||
19,753,142 | |||||||||
Nebraska 0.2% | |||||||||
Douglas County, NE, Hospital Authority No. 3, Health Facilities Revenue, State Methodist Health System, 5.0%, 11/1/2045 | 1,850,000 | 2,091,554 | |||||||
Nevada 0.2% | |||||||||
Carson City, NV, Hospital Revenue, Carson Tahoe Regional Medical Centre, Series A, 5.0%, 9/1/2047 | 1,000,000 | 1,140,310 | |||||||
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 4,500,000 | 614,070 | |||||||
1,754,380 | |||||||||
New Hampshire 0.6% | |||||||||
New Hampshire, State Health & Educational Facilities Authority Revenue, Elliot Hospital Obligation Group, 5.0%, 10/1/2038 | 3,835,000 | 4,437,747 | |||||||
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |||||||||
Series A, 144A, 6.125%, 7/1/2037 | 900,000 | 762,327 | |||||||
Series A, 144A, 6.25%, 7/1/2042 | 1,090,000 | 899,392 | |||||||
6,099,466 | |||||||||
New Jersey 2.8% | |||||||||
New Jersey, State Economic Development Authority Revenue: | |||||||||
5.0%, 6/15/2028 | 450,000 | 461,695 | |||||||
Series BBB, 5.5%, 6/15/2030 | 8,975,000 | 10,695,059 | |||||||
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | 3,645,000 | 3,506,089 | |||||||
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,625,000 | 1,552,379 | |||||||
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033 | 880,000 | 996,336 | |||||||
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | 2,500,000 | 2,596,050 | |||||||
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038 | 4,000,000 | 4,467,720 | |||||||
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC | 1,820,000 | 2,034,669 | |||||||
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||||||||
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,484,925 | |||||||
Series B, AMT, 3.5%, 12/1/2039 | 1,800,000 | 1,817,568 | |||||||
29,612,490 | |||||||||
New Mexico 0.3% | |||||||||
New Mexico, State Mortgage Finance Authority, "I", Series D, 3.25%, 7/1/2044 | 2,740,000 | 2,926,539 | |||||||
New York 7.2% | |||||||||
Hudson, NY, Yards Infrastructure Corp. Revenue, Fiscal 2012: | |||||||||
Series A, 5.25%, 2/15/2047 | 4,780,000 | 4,876,126 | |||||||
Series A, Prerefunded, 5.25%, 2/15/2047 | 220,000 | 225,056 | |||||||
Series A, 5.75%, 2/15/2047 | 2,665,000 | 2,726,828 | |||||||
Series A, Prerefunded, 5.75%, 2/15/2047 | 125,000 | 128,155 | |||||||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050 | 3,750,000 | 3,860,437 | |||||||
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | 455,000 | 498,325 | |||||||
New York, Metropolitan Transportation Authority Revenue: | |||||||||
Series B-2A, 5.0%, 5/15/2021 | 4,500,000 | 4,577,085 | |||||||
Series D-1, 5.0%, 9/1/2022 | 5,000,000 | 5,221,800 | |||||||
Series D, 5.0%, 11/15/2033 | 1,500,000 | 1,668,885 | |||||||
Series C-1, 5.0%, 11/15/2050 | 1,320,000 | 1,458,164 | |||||||
Series C-1, 5.25%, 11/15/2055 | 3,960,000 | 4,457,614 | |||||||
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045 | 1,000,000 | 1,099,240 | |||||||
New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 144A, 5.0%, 11/15/2044 | 3,000,000 | 3,183,930 | |||||||
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project: | |||||||||
AMT, 5.25%, 8/1/2031 | 2,800,000 | 2,901,136 | |||||||
AMT, 5.375%, 8/1/2036 | 900,000 | 933,624 | |||||||
New York, TSASC, Inc.: | |||||||||
Series A, 5.0%, 6/1/2041 | 595,000 | 671,434 | |||||||
Series B, 5.0%, 6/1/2048 | 8,800,000 | 9,078,872 | |||||||
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042 | 5,795,000 | 5,865,873 | |||||||
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: | |||||||||
Series E-1, 2.8%, 11/1/2034 | 5,000,000 | 5,264,950 | |||||||
Series E-1, 3.0%, 11/1/2039 | 3,000,000 | 3,142,140 | |||||||
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060 | 150,000,000 | 5,101,500 | |||||||
New York, NY, General Obligation, Series A-1, 4.0%, 8/1/2038 | 5,000,000 | 5,814,650 | |||||||
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 | 2,125,000 | 1,833,025 | |||||||
74,588,849 | |||||||||
North Carolina 0.2% | |||||||||
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 2,100,000 | 2,355,045 | |||||||
North Dakota 0.2% | |||||||||
Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032 | 2,000,000 | 2,055,480 | |||||||
Ohio 4.1% | |||||||||
Buckeye, OH, Tobacco Settlement Financing Authority: | |||||||||
Series B-3, Class 2, Zero Coupon, 6/1/2057 | 20,000,000 | 2,906,400 | |||||||
Series B-2, Class 2, 5.0%, 6/1/2055 | 3,625,000 | 3,987,500 | |||||||
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047 | 2,480,000 | 2,546,811 | |||||||
Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053 | 7,140,000 | 7,412,462 | |||||||
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||||||||
5.0%, 1/1/2051 | 1,270,000 | 1,309,434 | |||||||
Series A, 5.0%, 1/1/2052 | 1,000,000 | 1,035,570 | |||||||
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 10,345,000 | 12,118,237 | |||||||
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |||||||||
AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | 725,000 | 771,168 | |||||||
AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | 3,115,000 | 3,307,382 | |||||||
Ohio, State Higher Educational Facility Commission Revenue, Summa Health System Obligated Group, 5.75%, 11/15/2040 | 1,105,000 | 1,109,133 | |||||||
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 6,000,000 | 6,341,880 | |||||||
42,845,977 | |||||||||
Oklahoma 0.8% | |||||||||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||||||||
Series B, 5.5%, 8/15/2052 | 1,635,000 | 1,919,768 | |||||||
Series B, 5.5%, 8/15/2057 | 4,235,000 | 4,962,658 | |||||||
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | 1,175,000 | 1,236,746 | |||||||
8,119,172 | |||||||||
Oregon 0.0% | |||||||||
Clackamas County, OR, Hospital Facilities Authority Revenue, Mary's Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038 | 195,000 | 205,300 | |||||||
Pennsylvania 3.7% | |||||||||
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048 | 500,000 | 503,245 | |||||||
Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049 | 2,235,000 | 2,484,560 | |||||||
Lancaster County, PA, Hospital Authority, Brethren Village Project: | |||||||||
5.125%, 7/1/2037 | 900,000 | 939,159 | |||||||
5.25%, 7/1/2041 | 900,000 | 937,107 | |||||||
Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc. | 985,000 | 987,581 | |||||||
Pennsylvania, Economic Development Financing Authority, Sewer Sludge Disposal Revenue, Philadelphia Biosolids Facility, 6.25%, 1/1/2032 | 1,420,000 | 1,446,483 | |||||||
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | 5,260,000 | 4,872,601 | |||||||
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, AMT, 5.0%, 12/31/2034 | 8,005,000 | 9,164,124 | |||||||
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | 1,705,000 | 1,866,532 | |||||||
Pennsylvania, State Turnpike Commission Revenue: | |||||||||
Series A, 5.0%, 12/1/2039 | 5,000,000 | 6,176,750 | |||||||
Series A-1, 5.0%, 12/1/2041 | 20,000 | 22,797 | |||||||
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035 | 7,085,000 | 7,121,063 | |||||||
Philadelphia, PA, Gas Works Revenue, Series 9, 5.25%, 8/1/2040 | 1,835,000 | 1,842,193 | |||||||
38,364,195 | |||||||||
Puerto Rico 4.3% | |||||||||
Puerto Rico, Aqueduct & Sewer Authority Revenue: | |||||||||
Series A, 5.25%, 7/1/2029 | 1,000,000 | 1,038,750 | |||||||
Series A, 5.25%, 7/1/2042 | 6,500,000 | 6,686,875 | |||||||
Puerto Rico, Commonwealth Aqueduct & Sewer Authority Revenue, Series A, 5.0%, 7/1/2033 | 1,720,000 | 1,769,450 | |||||||
Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041* | 1,955,000 | 1,224,319 | |||||||
Puerto Rico, Electric Power Authority Revenue: | |||||||||
Series TT, 5.0%, 7/1/2025 * | 920,000 | 634,800 | |||||||
Series XX, 5.25%, 7/1/2040 * | 4,000,000 | 2,765,000 | |||||||
Series WW, 5.5%, 7/1/2038 * | 2,900,000 | 2,011,875 | |||||||
Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040 | 9,079,542 | 6,230,836 | |||||||
Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035* | 5,000,000 | 3,056,250 | |||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||||||||
Series A-1, Zero Coupon, 7/1/2046 | 20,000,000 | 5,737,400 | |||||||
Series A-1, 4.75%, 7/1/2053 | 6,800,000 | 7,147,072 | |||||||
Series A-1, 5.0%, 7/1/2058 | 6,183,000 | 6,601,589 | |||||||
44,904,216 | |||||||||
South Carolina 2.9% | |||||||||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 | 1,000,000 | 1,054,570 | |||||||
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039 | 3,919,000 | 3,921,626 | |||||||
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | 2,290,000 | 2,652,805 | |||||||
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 | 10,360,000 | 12,028,789 | |||||||
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 8,890,000 | 10,463,974 | |||||||
30,121,764 | |||||||||
Tennessee 1.0% | |||||||||
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054 | 1,500,000 | 1,648,485 | |||||||
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | 900,000 | 944,892 | |||||||
Tennessee, Energy Acquisition Corp., Gas Revenue, Series C, 5.0%, 2/1/2027, GTY: Goldman Sachs Group, Inc. | 6,435,000 | 7,913,184 | |||||||
10,506,561 | |||||||||
Texas 8.1% | |||||||||
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation: | |||||||||
Zero Coupon, 1/1/2030 | 5,000,000 | 4,051,700 | |||||||
Zero Coupon, 1/1/2032 | 3,500,000 | 2,601,025 | |||||||
Clifton, TX, Higher Education Finance Corp., Education Revenue: | |||||||||
Series A, 5.75%, 8/15/2038 | 2,810,000 | 3,163,161 | |||||||
Series D, 6.125%, 8/15/2048 | 4,485,000 | 5,070,427 | |||||||
Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.0%, 7/15/2027 | 3,000,000 | 3,121,410 | |||||||
Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038 | 2,000,000 | 2,035,800 | |||||||
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC | 11,000,000 | 13,047,650 | |||||||
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048 | 1,440,000 | 1,465,315 | |||||||
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC | 8,000,000 | 8,002,000 | |||||||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044 | 1,575,000 | 1,641,528 | |||||||
Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038 | 2,830,000 | 3,104,991 | |||||||
Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035 | 2,715,000 | 2,736,693 | |||||||
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040 | 7,445,000 | 7,477,609 | |||||||
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 3,550,000 | 3,631,117 | |||||||
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Legacy Midtown Park, Inc. Project, Series A, 5.5%, 7/1/2054 | 2,250,000 | 2,140,672 | |||||||
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project, 5.0%, 10/1/2039 | 1,820,000 | 1,841,640 | |||||||
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | 6,605,000 | 6,226,666 | |||||||
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 8,520,000 | 10,084,528 | |||||||
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043 | 2,220,000 | 2,532,243 | |||||||
Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health, 7.0%, 11/1/2030 | 80,000 | 80,560 | |||||||
84,056,735 | |||||||||
Utah 0.9% | |||||||||
Utah, Infrastructure Agency Telecommunication Revenue, Series 2019, 4.0%, 10/15/2042 | 2,350,000 | 2,429,289 | |||||||
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | 6,490,000 | 7,057,940 | |||||||
9,487,229 | |||||||||
Virginia 2.5% | |||||||||
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge: | |||||||||
5.0%, 1/1/2037 | 1,000,000 | 1,066,930 | |||||||
5.0%, 1/1/2046 | 1,530,000 | 1,612,987 | |||||||
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |||||||||
Series 2020, 5.0%, 9/1/2050 | 1,740,000 | 1,705,548 | |||||||
Series A, 5.375%, 9/1/2054 | 1,500,000 | 1,531,635 | |||||||
Virginia, Marquis Community Development Authority Revenue: | |||||||||
Series C, Zero Coupon, 9/1/2041 | 7,906,000 | 370,475 | |||||||
144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045 | 1,640,000 | 946,821 | |||||||
Series B, 5.625%, 9/1/2041 | 5,332,000 | 2,927,215 | |||||||
Virginia, Mosaic District Community Development Authority Revenue, Series A, 6.875%, 3/1/2036 | 2,000,000 | 2,031,000 | |||||||
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |||||||||
144A, 5.0%, 9/1/2037 | 1,400,000 | 1,461,348 | |||||||
144A, 5.0%, 9/1/2045 | 4,100,000 | 4,269,207 | |||||||
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052 | 5,250,000 | 5,917,537 | |||||||
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037 | 1,640,000 | 1,757,900 | |||||||
25,598,603 | |||||||||
Washington 3.6% | |||||||||
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital: | |||||||||
5.0%, 12/1/2037 | 1,025,000 | 1,072,570 | |||||||
5.0%, 12/1/2046 | 2,000,000 | 2,059,680 | |||||||
Washington, Port of Seattle Revenue: | |||||||||
Series A, AMT, 5.0%, 5/1/2033 | 4,000,000 | 4,756,400 | |||||||
AMT, 5.0%, 4/1/2044 | 4,000,000 | 4,761,840 | |||||||
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030 | 2,000,000 | 2,056,200 | |||||||
Washington, State Convention Center Public Facilities District: | |||||||||
5.0%, 7/1/2043 | 3,835,000 | 4,213,438 | |||||||
5.0%, 7/1/2048 | 5,000,000 | 5,495,800 | |||||||
Washington, State Higher Education Facilities Authority, Seattle University Project: | |||||||||
4.0%, 5/1/2045 | 1,850,000 | 2,044,472 | |||||||
4.0%, 5/1/2050 | 1,020,000 | 1,119,613 | |||||||
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044 | 6,000,000 | 6,424,020 | |||||||
Washington, State Housing Finance Commission, The Hearthstone Project: | |||||||||
Series A, 144A, 5.0%, 7/1/2038 | 775,000 | 791,050 | |||||||
Series A, 144A, 5.0%, 7/1/2048 | 1,735,000 | 1,740,448 | |||||||
Series A, 144A, 5.0%, 7/1/2053 | 1,125,000 | 1,124,922 | |||||||
37,660,453 | |||||||||
Wisconsin 2.7% | |||||||||
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |||||||||
Series A-1, 5.0%, 7/1/2043 | 4,000,000 | 4,228,920 | |||||||
Series B, 5.0%, 7/1/2048 | 910,000 | 883,319 | |||||||
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042 | 3,500,000 | 3,618,335 | |||||||
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |||||||||
5.0%, 7/1/2047 | 2,000,000 | 2,127,400 | |||||||
5.0%, 7/1/2052 | 910,000 | 966,593 | |||||||
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049 | 520,000 | 529,895 | |||||||
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049 | 5,000,000 | 5,490,150 | |||||||
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||||||||
144A, 5.5%, 5/1/2039 | 135,000 | 132,366 | |||||||
144A, 5.75%, 5/1/2054 | 3,620,000 | 3,504,667 | |||||||
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047 | 4,545,000 | 4,783,022 | |||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project: | |||||||||
5.0%, 6/1/2037 | 1,110,000 | 1,140,769 | |||||||
5.0%, 6/1/2041 | 955,000 | 970,872 | |||||||
28,376,308 | |||||||||
Total Municipal Bonds and Notes (Cost $928,107,221) | 969,719,382 | ||||||||
Underlying Municipal Bonds of Inverse Floaters (b) 6.1% | |||||||||
Florida 2.1% | |||||||||
Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (c) | 10,000,000 | 11,614,125 | |||||||
Trust: Miami-Dade County, FL, Transit Sales Surtax Revenue, Series XM0901, 144A, 14.02%, 7/1/2028, Leverage Factor at purchase date: 4 to 1 (a) | |||||||||
Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (c) | 10,000,000 | 10,766,775 | |||||||
Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.54%, 9/1/2027, Leverage Factor at purchase date: 4 to 1 | |||||||||
22,380,900 | |||||||||
Michigan 1.2% | |||||||||
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (c) | 10,000,000 | 12,016,182 | |||||||
Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 13.287%, 10/15/2023, Leverage Factor at purchase date: 3 to 1 | |||||||||
New York 1.1% | |||||||||
New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (c) | 10,000,000 | 11,385,050 | |||||||
Trust: New York, State Thruway Authority General Revenue, Series XM0880, 144A, 13.57%, 1/1/2028, Leverage Factor at purchase date: 4 to 1 | |||||||||
Washington 1.7% | |||||||||
Washington, State General Obligation, Series A-1, 144A, 5.0%, 8/1/2037 (c) | 15,000,000 | 17,972,250 | |||||||
Trust: State General Obligation, Series XM0127, 144A, 17.75%, 8/1/2023, Leverage Factor at purchase date: 4 to 1 | |||||||||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $61,281,904) | 63,754,382 | ||||||||
Other Municipal Related 0.0% | |||||||||
Illinois | |||||||||
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055 * | 900,000 | 9,000 | |||||||
Texas | |||||||||
Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Mirador Project Escrow: | |||||||||
Series A, 11/15/2048 * | 1,000,000 | 100 | |||||||
Series A, 11/15/2055 * | 3,430,000 | 343 | |||||||
443 | |||||||||
Total Other Municipal Related (Cost $7,707) | 9,443 | ||||||||
Open-End Investment Companies 5.1% | |||||||||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% **** (Cost $52,872,694) | 52,861,439 | 52,872,011 | |||||||
% of Net Assets | Value ($) | ||||||||
Total Investment Portfolio (Cost $1,042,269,526) | 104.4 | 1,086,355,218 | |||||||
Floating Rate Notes (b) | (3.9) | (40,420,000) | |||||||
Other Assets and Liabilities, Net | (0.5) | (5,005,817) | |||||||
Net Assets | 100.0 | 1,040,929,401 | |||||||
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. |
The following table represents bonds that are in default: |
Security | Coupon | Maturity Date | Principal Amount ($) | Cost ($) | Value ($) | |||||||||||||||
Connecticut, Mashantucket Western Pequot Tribe Bond* | 6.05 | % | 7/1/2031 | 19,713,389 | 12,394,576 | 1,281,370 | ||||||||||||||
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A* | 8.125 | % | 5/15/2044 | 2,310,000 | 2,279,782 | 1,732,500 | ||||||||||||||
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A* | 5.875 | % | 7/1/2054 | 5,755,000 | 6,411,229 | 4,028,500 | ||||||||||||||
Puerto Rico, Commonwealth of Public Improvement, Series A* | 5.0 | % | 7/1/2041 | 1,955,000 | 1,412,688 | 1,224,319 | ||||||||||||||
Puerto Rico, Electric Power Authority Revenue, Series TT* | 5.0 | % | 7/1/2025 | 920,000 | 767,144 | 634,800 | ||||||||||||||
Puerto Rico, Electric Power Authority Revenue, Series XX* | 5.25 | % | 7/1/2040 | 4,000,000 | 3,166,337 | 2,765,000 | ||||||||||||||
Puerto Rico, Electric Power Authority Revenue, Series WW* | 5.5 | % | 7/1/2038 | 2,900,000 | 2,359,579 | 2,011,875 | ||||||||||||||
Puerto Rico, General Obligation, Series A* | 8.0 | % | 7/1/2035 | 5,000,000 | 3,169,922 | 3,056,250 | ||||||||||||||
31,961,257 | 16,734,614 |
* | Non-income producing security. |
** | Variable or floating rate security. These securities are shown at their current rate as of August 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. |
*** | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of August 31, 2020. Date shown reflects the earlier of demand date or stated maturity date. |
**** | Current yield; not a coupon rate. |
(a) | When-issued or delayed delivery securities included. |
(b) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
(c) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
AGMC: Assured Guaranty Municipal Corp. | |
AMBAC: Ambac Financial Group, Inc. | |
AMT: Subject to alternative minimum tax. | |
GTY: Guaranty Agreement | |
INS: Insured | |
LOC: Letter of Credit | |
PIK: Denotes that all or a portion of the income paid in-kind in the form of additional principal. | |
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. | |
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used as of August 31, 2020 in valuing the Fund's investments. |
Assets | Level 1 | Level 2 | Level 3 | Total | ||||
Municipal Investments (d) | $ | — | $ | 1,033,483,207 | $ | — | $ | 1,033,483,207 |
Open-End Investment Companies | 52,872,011 | — | — | 52,872,011 | ||||
Total | $ | 52,872,011 | $ | 1,033,483,207 | $ | — | $ | 1,086,355,218 |
(d) | See Investment Portfolio for additional detailed categorizations. |