Investment Portfolio | as of January 31, 2021 (Unaudited) |
DWS Short-Term Municipal Bond Fund
Principal Amount ($) | Value ($) | ||
Municipal Bonds and Notes 102.4% | |||
Alabama 1.7% | |||
Alabama, Black Belt Energy Gas District Prepay Revenue, Series A, 4.0%, Mandatory Put 12/1/2023 @ 100, 12/1/2048, GTY: Goldman Sachs Group, Inc. | 2,200,000 | 2,410,166 | |
Alabama, State Public School and College Authority, Capital Improvement and Refunding Bonds, Series A, 5.0%, 11/1/2029 | 1,000,000 | 1,369,490 | |
Southeast Alabama, State Gas Supply District Revenue Project, Series A, 4.0%, Mandatory Put 6/1/2024 @ 100, 6/1/2049, GTY: Morgan Stanley | 1,200,000 | 1,334,160 | |
5,113,816 | |||
Arizona 2.3% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital: | |||
Series A, 5.0%, 2/1/2027 | 200,000 | 252,130 | |
Series A, 5.0%, 2/1/2028 | 200,000 | 258,416 | |
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue: | |||
Series A, 5.0%, 1/1/2028 (a) | 465,000 | 592,098 | |
Series A, 5.0%, 1/1/2029 (a) | 645,000 | 842,009 | |
Arizona, State Certificates of Participation, Series A, 5.0%, 10/1/2026 | 1,500,000 | 1,883,790 | |
Chandler, AZ, State General Obligation, 4.0%, 7/1/2021 | 1,600,000 | 1,625,952 | |
Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A, AMT, 1.875%, Mandatory Put 3/31/2023 @ 100, 9/1/2032 | 1,000,000 | 1,030,180 | |
Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management, Inc., AMT, 2.8%, Mandatory Put 6/1/2021 @ 100, 6/1/2027 | 500,000 | 504,345 | |
6,988,920 | |||
California 16.0% | |||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area: | |||
Series B-1, MUNIPSA + 1.1%, 1.14% (b), Mandatory Put 4/1/2024 @ 100, 4/1/2045 | 1,900,000 | 1,930,970 | |
Series A, MUNIPSA + 1.25%, 1.29% (b), Mandatory Put 4/1/2027 @ 100, 4/1/2036 | 3,940,000 | 4,030,502 | |
California, Eastern Municipal Water District, Water & Wastewater Revenue, Series B, 70% of 1-month USD-LIBOR + 0.3%, 0.401% (b), Mandatory Put 10/1/2021 @ 100, 7/1/2030 | 1,960,000 | 1,960,118 | |
California, Infrastructure & Economic Development Bank Revenue, Brightline West Passenger Rail Project, Series A, AMT, 144A, 0.45%, Mandatory Put 7/1/2021 @ 100, 1/1/2050 | 1,000,000 | 1,000,290 | |
California, Public Power Authority, Magnolia Power Project, Series A-3, 0.01% (c), 2/1/2021, LOC: U.S. Bank NA | 1,050,000 | 1,050,000 | |
California, San Diego Association of Governments, Capital Grant Receipts Revenue, Mid-Coast Corridor Transit Project, Series B, 1.8%, 11/15/2027 | 2,500,000 | 2,610,575 | |
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, MUNIPSA + 0.37%, 0.41% (b), Mandatory Put 12/1/2022 @ 100, 12/1/2035 | 4,000,000 | 4,010,600 | |
California, State General Obligation: | |||
MUNIPSA + 0.43%, 0.47% (b), Mandatory Put 12/1/2023 @ 100, 12/1/2029 | 1,250,000 | 1,250,425 | |
5.0%, 4/1/2021 | 4,000,000 | 4,032,320 |
California, State Infrastructure & Economic Development Bank Revenue, 1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055 | 1,100,000 | 1,136,586 | |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project: | |||
Series A, AMT, 5.0%, 12/31/2025 | 1,000,000 | 1,206,170 | |
Series A, AMT, 5.0%, 6/30/2026 | 500,000 | 610,580 | |
California, State Public Works Board, Lease Revenue Refunding Bonds, Various Capital Project, Series A, 5.0%, 2/1/2029 (a) | 1,500,000 | 1,924,365 | |
California, State University Revenue, Series A, 5.0%, 11/1/2021 | 3,000,000 | 3,111,150 | |
California, Statewide Communities Development Authority Revenue, Viamonte Senior Living Project, Series B, 3.0%, 7/1/2025 | 1,500,000 | 1,503,135 | |
California, Tobacco Securitization Agency, Tobacco Settlement, Series B-1, 1.75%, 6/1/2030 | 500,000 | 503,140 | |
California, Transbay Joint Powers Authority, Series B, 2.4%, 10/1/2049 | 910,000 | 945,708 | |
Contra Costa, CA, Transportation Authority, Sales Tax Revenue, Series A, 70% of 1-month USD-LIBOR + 0.25%, 0.351% (b), Mandatory Put 9/1/2021 @ 100, 3/1/2034 | 5,165,000 | 5,165,000 | |
Glendale, CA, Unified School District: | |||
5.0%, 9/1/2025 | 500,000 | 609,845 | |
5.0%, 9/1/2026 | 500,000 | 630,475 | |
Long Beach, CA, Harbor Revenue, Private Activity, Series B, AMT, 4.0%, 5/15/2022 | 5,000,000 | 5,234,650 | |
Port Oakland, CA, Intermediate Lien Revenue Bonds: | |||
Series H, AMT, 5.0%, 5/1/2028 (a) | 500,000 | 640,740 | |
Series H, AMT, 5.0%, 11/1/2029 (a) | 250,000 | 328,947 | |
San Francisco City & County, CA, Multi Family Housing Revenue, Eastern Park Apartments, Series K, 1.3%, Mandatory Put 1/1/2023 @ 100, 7/1/2023 | 1,250,000 | 1,264,325 | |
Stockton, CA, Public Financing Authority, Wastewater Revenue, 1.4%, 6/1/2022 | 1,500,000 | 1,505,145 | |
Tobacco Securitization Authority of Southern California, Tobacco Settlement Revenue, San Diego, Tobacco Securitization Corp., Class 2, Series B-1, 2.25%, 6/1/2029 | 290,000 | 292,581 | |
48,488,342 | |||
Colorado 3.1% | |||
Cherry Creek, CO, School District No. 5, Series C, 5.0%, 12/15/2031 | 2,000,000 | 2,567,580 | |
Denver City & County, CO, Airport System Revenue: | |||
Series A, AMT, 5.0%, 12/1/2026 | 2,000,000 | 2,479,760 | |
Series D, 5.0%, Mandatory Put 11/15/2022 @ 100, 11/15/2031 | 2,000,000 | 2,168,060 | |
Fort Collins, CO, Economic Development Revenue, Oakridge Project, Series A, AMT, 0.08% (c), 2/4/2021, LOC: U.S. Bank NA | 2,245,000 | 2,245,000 | |
9,460,400 | |||
Connecticut 2.0% | |||
Connecticut, State General Obligation, Series A, 5.0%, 3/15/2029 | 2,000,000 | 2,361,300 | |
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program: | |||
Series E-E3, 1.625%, Mandatory Put 11/15/2022 @ 100, 11/15/2059 | 1,000,000 | 1,000,920 | |
Series C-1, 4.0%, 11/15/2047 | 1,135,000 | 1,234,744 | |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 860,000 | 936,213 | |
Connecticut, State Special Tax Obligation Revenue, Series A, 5.0%, 5/1/2024 | 500,000 | 575,540 | |
6,108,717 | |||
Florida 3.1% | |||
Atlantic Beach, FL, Healthcare Facilities Revenue Fleet Landing Project, Series B-2, 3.0%, 11/15/2023 | 1,250,000 | 1,250,662 | |
Clay County, FL, Sales Surtax Revenue, 5.0%, 10/1/2022 | 650,000 | 701,461 | |
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project Loan Program, Series A-1, 5.0%, 10/1/2026 | 500,000 | 574,730 |
Florida, Development Finance Corp. Transportation Facility Revenue, Virgin Trains U.S.A. Passanger Rail Project, Series A, AMT, 144A, 6.375%, Mandatory Put 1/1/2026 @ 100, 1/1/2049 | 1,000,000 | 977,140 | |
Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023 | 1,250,000 | 1,282,050 | |
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center of Florida, Inc., 5.0%, 11/15/2021 | 1,000,000 | 1,033,000 | |
Pasco County, FL, School Board, Certificates of Participations, Series B, MUNIPSA + 0.75%, 0.79% (b), Mandatory Put 8/2/2023 @ 100, 8/1/2032 | 925,000 | 927,349 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 2.625%, 5/1/2024 | 500,000 | 510,285 | |
Volusia County, FL, School Board, Certificate of Participations, 5.0%, 8/1/2021 | 2,000,000 | 2,048,100 | |
9,304,777 | |||
Georgia 3.9% | |||
Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | 1,200,000 | 1,318,848 | |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||
Series B, 5.0%, 4/1/2025 | 900,000 | 1,068,354 | |
Series B, 5.0%, 4/1/2026 | 1,000,000 | 1,226,570 | |
Columbia County, GA, Water & Sewerage Revenue, 5.0%, 6/1/2021 | 875,000 | 889,228 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |||
Series A, 4.0%, Mandatory Put 9/1/2023 @ 100, 4/1/2048, LIQ: Royal Bank of Canada | 1,865,000 | 2,034,603 | |
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 750,000 | 824,235 | |
Georgia, State General Obligation, Series C, 5.0%, 7/1/2021 | 4,325,000 | 4,413,230 | |
11,775,068 | |||
Illinois 2.9% | |||
Granite City, IL, Waste Management, Inc. Project, AMT, 2.45%, Mandatory Put 5/3/2021 @ 100, 5/1/2027, GTY: Waste Management, Inc. | 1,000,000 | 1,005,760 | |
Illinois, State General Obligation: | |||
Series A, 5.0%, 10/1/2021 | 1,000,000 | 1,029,030 | |
Series B, 5.0%, 10/1/2021 | 1,000,000 | 1,029,030 | |
5.0%, 8/1/2023 | 1,000,000 | 1,100,740 | |
5.375%, 5/1/2023 | 1,000,000 | 1,099,890 | |
Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022 | 1,500,000 | 1,578,435 | |
Will County, IL, Community Unit School District No. 210, Lincoln-Way, ETM, Zero Coupon, 1/1/2022, INS: AGMC | 1,815,000 | 1,808,883 | |
8,651,768 | |||
Indiana 1.0% | |||
Indiana, State Finance Authority, Hospital Revenue, Indiana University Health Obligated Group, Series 2015B, Prerefunded 1/1/2022 @ 100, 1.65%, 12/1/2042 | 1,000,000 | 1,013,230 | |
Indianapolis, IN, Local Public Improvement Bond Bank, Fieldhouse Project, Series B, 1.45%, 6/1/2021 | 2,100,000 | 2,100,189 | |
3,113,419 | |||
Iowa 1.5% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project , 0.01% (c), 2/1/2021, LOC: U.S. Bank NA | 1,700,000 | 1,700,000 | |
Iowa, Higher Education Loan Authority, Loras College, 0.01% (c), 2/1/2021, LOC: Bank of America NA | 900,000 | 900,000 |
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Series A-2, 2.875%, 5/15/2049 | 1,500,000 | 1,525,950 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, Fertilizer Co. Project, 3.125%, 12/1/2022 | 330,000 | 340,204 | |
4,466,154 | |||
Kentucky 0.5% | |||
Kentucky, State Public Energy Authority, Gas Supply Revenue, Series B, 4.0%, Mandatory Put 1/1/2025 @ 100, 1/1/2049, GTY: BP Corp. North America, Inc. | 1,435,000 | 1,615,695 | |
Louisiana 1.4% | |||
Louisiana, Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Project, Series B, 0.875%, Mandatory Put 2/1/2025 @ 100, 2/1/2046 | 3,000,000 | 3,007,080 | |
Louisiana, Stadium & Exposition District, Bond Anticipation Notes, 5.0%, 7/3/2023 | 1,000,000 | 1,085,850 | |
4,092,930 | |||
Maine 0.1% | |||
Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028 | 205,000 | 210,621 | |
Maryland 1.8% | |||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead, Inc., Series B, 2.875%, 7/1/2023 | 1,750,000 | 1,819,948 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System Obligated Group, Series B-2, 5.0%, Mandatory Put 7/1/2027 @ 100, 7/1/2045 | 1,000,000 | 1,243,250 | |
Montgomery County, MD, Public Improvements Project, Series A, 5.0%, 11/1/2021 | 2,215,000 | 2,296,556 | |
5,359,754 | |||
Massachusetts 2.7% | |||
Massachusetts, Educational Financing Authority Education Loan Revenue, Series B, AMT, 2.625%, 7/1/2036 | 1,400,000 | 1,450,918 | |
Massachusetts, State Development Finance Agency Revenue, Boston College, 5.0%, 10/1/2021 | 1,000,000 | 1,029,240 | |
Massachusetts, State General Obligation, Series A, 5.0%, 7/1/2021 | 5,000,000 | 5,102,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series K-1, 0.01% (c), 2/1/2021, LOC: TD Bank NA | 550,000 | 550,000 | |
8,132,158 | |||
Michigan 1.5% | |||
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp.: | |||
68% of 1-month USD-LIBOR + 0.4%, 0.483% (b), Mandatory Put 10/15/2021 @ 100, 10/15/2030 | 1,785,000 | 1,781,823 | |
Series D-2, MUNIPSA + 0.5%, 0.54% (b), Mandatory Put 8/9/2021 @ 100, 10/15/2038 | 925,000 | 925,305 | |
Michigan, State Finance Authority, Hospital Revenue Bond, Trinity Health Credit Group, MUNIPSA + 0.48%, 0.52% (b), Mandatory Put 2/1/2022 @ 100, 3/1/2051 | 1,335,000 | 1,336,589 | |
Michigan, State Housing Development Authority, Series A-1, 1.5%, 10/1/2022 | 550,000 | 550,467 | |
4,594,184 | |||
Minnesota 3.0% | |||
Minnesota, State General Obligation: | |||
Series D, 5.0%, 8/1/2021 | 2,060,000 | 2,110,800 | |
Series A, 5.0%, 8/1/2021 | 1,800,000 | 1,844,388 | |
Minnesota, State Housing Finance Agency, Residential Holding Finance, Series H, MUNIPSA + 0.55%, 0.59% (b), Mandatory Put 12/12/2023 @ 100, 7/1/2041 | 5,000,000 | 5,011,150 | |
8,966,338 |
Mississippi 0.3% | |||
Mississippi, Business Finance Corp., Solid Waste Disposal Revenue, Waste Management, Inc. Project, 0.55%, Mandatory Put 9/1/2021 @ 100, 3/1/2029 | 1,000,000 | 1,002,090 | |
Missouri 0.7% | |||
Missouri, State Development Finance Board Infrastructure Facilities Revenue, St. Louis Convention Center Hotel Garage Project, Series C, 0.01% (c), 2/1/2021, LOC: U.S. Bank NA | 1,630,000 | 1,630,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, Series B, 2.875%, Mandatory Put 2/1/2022 @ 100, 2/1/2034 | 460,000 | 460,000 | |
2,090,000 | |||
Nevada 1.1% | |||
Nevada, State Department of Business & Industry Revenue, Brightline West Passenger Rail Project, Series A, AMT, 144A, 0.5%, Mandatory Put 7/1/2021 @ 100, 1/1/2050 | 3,000,000 | 3,001,500 | |
Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024 | 450,000 | 454,333 | |
3,455,833 | |||
New Jersey 3.4% | |||
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 195,000 | 197,630 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series A, 2.375%, 12/1/2029 | 1,200,000 | 1,263,444 | |
New Jersey, State Housing & Mortgage Finance Agency, Multi Family Conduit Revenue, Pilgrim Baptist Village I&II Project, Series E, 1.5%, Mandatory Put 9/1/2021 @ 100, 9/1/2022 | 3,000,000 | 3,020,520 | |
New Jersey, State Transportation Trust Fund Authority, Series A, 5.0%, 12/15/2026 | 2,000,000 | 2,470,960 | |
New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2024 | 1,000,000 | 1,140,290 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025 | 1,955,000 | 2,344,925 | |
10,437,769 | |||
New Mexico 0.6% | |||
New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series A-1, 4.0%, 1/1/2049 | 750,000 | 835,440 | |
Santa Fe, NM, Retirement Facility Revenue, El Castillo Retirement Project, Series B-1, 2.625%, 5/15/2025 | 1,000,000 | 1,002,110 | |
1,837,550 | |||
New York 15.9% | |||
Chautauqua County, NY, Capital Resource Corp., Exempt Facilities Revenue, NRG Energy, Inc. Project, 1.3%, Mandatory Put 4/3/2023 @ 100, 4/1/2042 | 2,000,000 | 2,028,920 | |
New York, Metropolitan Transportation Authority, Series F, 5.0%, 11/15/2022 | 5,390,000 | 5,774,415 | |
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.01% (c), 2/1/2021, LOC: U.S. Bank NA | 900,000 | 900,000 | |
New York, State Dormitory Authority Revenue, Non-Supported Debt, Northwell Healthcare, Inc., Series B-1, 5.0%, Mandatory Put 5/1/2022 @ 100, 5/1/2048 | 2,000,000 | 2,070,400 | |
New York, State Dormitory Authority, Personal Income Tax Revenue, Series B, 5.0%, 3/31/2021 | 1,250,000 | 1,260,250 | |
New York, State Housing Finance Agency Revenue, Series K, 1.45%, 5/1/2023 | 2,500,000 | 2,525,450 | |
New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%, 10/1/2046 | 1,760,000 | 1,884,450 | |
New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment, AMT, 5.0%, 1/1/2024 | 2,500,000 | 2,774,250 |
New York, Triborough Bridge & Tunnel Authority Revenue, Series B-4C, 0.01% (c), 2/1/2021, LOC: U.S. Bank NA | 620,000 | 620,000 | |
New York & New Jersey, Port Authority: | |||
Series 226, AMT, 5.0%, 10/15/2027 (a) | 750,000 | 935,497 | |
Series 226, AMT, 5.0%, 10/15/2028 (a) | 660,000 | 840,952 | |
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Series A, 1.125%, Mandatory Put 11/1/2024 @ 100, 5/1/2060 | 1,000,000 | 1,009,560 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured Subordinate Bonds, Series B-1, 5.0%, 8/1/2029 | 2,500,000 | 3,382,850 | |
New York City, NY, Trust for Cultural Resources Revenue, Amer Museum Natural History, Series B-1, MUNIPSA + 0.2%, 0.24% (b), Mandatory Put 4/20/2021 @ 100, 4/1/2044 | 3,000,000 | 2,999,340 | |
New York, NY, General Obligation: | |||
Series I-4, 0.01% (c), 2/1/2021, LOC: TD Bank NA | 10,200,000 | 10,200,000 | |
Series D-4, 0.01% (c), 2/1/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Series A-1, 5.0%, 8/1/2028 | 2,000,000 | 2,617,940 | |
Series I-A, 5.0%, 4/1/2029 | 2,000,000 | 2,652,760 | |
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM | 315,000 | 384,417 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2025 | 300,000 | 354,750 | |
Series A, 5.0%, 9/1/2027 | 500,000 | 622,835 | |
5.0%, 8/1/2028 | 1,000,000 | 1,190,540 | |
Series A, 5.0%, 9/1/2028 | 500,000 | 636,360 | |
48,165,936 | |||
North Carolina 1.6% | |||
North Carolina, State Housing Finance Agency, Home Ownership Revenue: | |||
Series 38-B, 4.0%, 7/1/2047 | 580,000 | 634,282 | |
Series 41, 4.0%, 1/1/2050 | 1,355,000 | 1,512,261 | |
North Carolina, State Turnpike Authority, Monroe Expressway Systems: | |||
5.0%, 7/1/2028 (a) | 1,000,000 | 1,306,550 | |
5.0%, 7/1/2029 (a) | 1,000,000 | 1,336,860 | |
4,789,953 | |||
North Dakota 0.3% | |||
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047 | 885,000 | 964,075 | |
Ohio 2.4% | |||
Allen Country, OH, Hospital Facilities Revenue: | |||
Series A, 5.0%, 12/1/2022 | 600,000 | 651,324 | |
Series A, 5.0%, 12/1/2023 | 1,000,000 | 1,131,550 | |
Cleveland, OH, Airport System Revenue: | |||
Series A, 5.0%, 1/1/2023, INS: AGMC | 1,810,000 | 1,959,506 | |
Series A, AMT, 5.0%, 1/1/2025 | 1,000,000 | 1,154,750 | |
Ohio, American Municipal Power, Inc., Combined Hydroelectric Project, Series A, 2.25%, Mandatory Put 8/15/2021 @ 100, 2/15/2048 | 1,000,000 | 1,001,380 | |
Ohio, Port of Greater Cincinnati Development Authority Revenue, Convention Center Hotel Acquisition And Demolition Project, Series A, 3.0%, 5/1/2023 | 1,500,000 | 1,500,990 | |
7,399,500 | |||
Oklahoma 0.8% | |||
Oklahoma, State Development Finance Authority, Gilcrease Expressway West Project, AMT, 1.625%, 7/6/2023 | 2,000,000 | 2,005,200 | |
Oklahoma, State Municipal Power Authority, SIFMA Index, Series A, MUNIPSA + 0.39%, 0.43% (b), 1/1/2023 | 430,000 | 430,030 | |
2,435,230 |
Oregon 1.4% | |||
Clackamas County, OR, Hospital Facility Authority, Senior Living Revenue, Rose Villa Project, Series B-2, 2.75%, 11/15/2025 | 1,250,000 | 1,262,837 | |
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 3.5%, 7/1/2036 | 1,340,000 | 1,418,792 | |
Oregon, State Housing & Community Services Department, Mortgage Revenue, Single Family Mortgage Program, Series B, AMT, 5.0%, 7/1/2030 | 90,000 | 92,284 | |
Washington Multnomah & Yamhill Counties, OR, Hillsboro School District No. 1J, 5.0%, 6/15/2031 | 1,180,000 | 1,489,597 | |
4,263,510 | |||
Pennsylvania 4.1% | |||
Geisinger, PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043 | 1,000,000 | 1,246,120 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.03% (c), 2/1/2021, LOC: JPMorgan Chase Bank NA | 950,000 | 950,000 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026 | 2,000,000 | 2,465,220 | |
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal, Republic Services, Inc, Series B, 0.18%, Mandatory Put 4/1/2021 @ 100, 12/1/2030 | 500,000 | 500,050 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, 3.5%, 10/1/2041 | 780,000 | 818,789 | |
Series 122, 4.0%, 10/1/2046 | 2,525,000 | 2,729,374 | |
Pennsylvania, State Turnpike Commission Revenue, Series B, MUNIPSA + 0.5%, 0.54% (b), 12/1/2021 | 2,000,000 | 2,000,340 | |
Philadelphia, PA, School District, Series 2020, 5.0%, 9/1/2022 | 1,000,000 | 1,072,570 | |
Pittsburgh, PA, Water & Sewer Authority Systems Revenue, Series C, MUNIPSA + 0.65%, 0.69% (b), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 500,000 | 501,290 | |
12,283,753 | |||
Rhode Island 0.5% | |||
Rhode Island, State Housing & Mortgage Finance Corp., Revenue, Multi Family Development Sustainability Bonds, Series 1-A, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2049 | 1,605,000 | 1,605,931 | |
South Carolina 0.3% | |||
Laurens County, SC, Water & Sewer Commission, Waterworks District, Prerefunded 7/1/2021 @ 100, 1.375%, 2/1/2022 | 1,000,000 | 1,004,570 | |
South Dakota 0.6% | |||
South Dakota, Housing Development Authority, Homeownership Mortgage: | |||
Series B, 4.0%, 11/1/2047 | 1,535,000 | 1,672,858 | |
Series A, AMT, 4.5%, 5/1/2031 | 210,000 | 217,573 | |
1,890,431 | |||
Tennessee 1.3% | |||
Memphis-Shelby County, TN, Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2021 | 1,000,000 | 1,018,660 | |
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | 390,000 | 401,883 | |
Tennessee, State Energy Acquisition Corp., Gas Revenue, Series A, 4.0%, Mandatory Put 5/1/2023 @ 100, 5/1/2048, GTY: Goldman Sachs Group, Inc. | 2,250,000 | 2,421,383 | |
Tennessee, State Housing Development Agency, Homeownership Program: | |||
Series 2C, 4.0%, 7/1/2038 | 70,000 | 71,695 | |
Series 1A, AMT, 4.5%, 1/1/2038 | 75,000 | 77,141 | |
3,990,762 |
Texas 10.2% | |||
Allen, TX, Independent School District Building, Prerefunded 2/15/2021 @ 100, 5.0%, 2/15/2024 | 315,000 | 315,564 | |
Bexar County, TX, Certificates Obligation, Series B, 5.0%, 6/15/2021 | 4,000,000 | 4,072,680 | |
Fort Bend, TX, Independent School District Variable Rate, Unlimited Tax Building and Refunding Bonds, Series B, 0.875%, Mandatory Put 8/1/2025 @ 100, 8/1/2050 | 500,000 | 506,780 | |
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B-1, 5.0%, Mandatory Put 12/1/2022 @ 100, 7/1/2049 | 1,500,000 | 1,621,215 | |
Harris County, TX, Flood Control District, Series A, 5.25%, 10/1/2021 | 1,465,000 | 1,515,352 | |
Houston, TX, Airport Systems Revenue: | |||
Series A, AMT, 5.0%, 7/1/2025 | 500,000 | 595,285 | |
Series C, AMT, 5.0%, 7/1/2026 | 2,500,000 | 3,068,050 | |
Series A, AMT, 5.0%, 7/1/2026 | 1,000,000 | 1,227,220 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and Entertainment Facilities Department, 5.0%, 9/1/2026 | 1,735,000 | 2,047,335 | |
Houston, TX, Independent School District: | |||
Series A-2, 2.25%, Mandatory Put 6/1/2022 @ 100, 6/1/2039 | 1,000,000 | 1,026,550 | |
4.0%, Mandatory Put 6/1/2023 @ 100, 6/1/2029 | 1,000,000 | 1,085,730 | |
Houston, TX, Utility System Revenue, Series C, 70% of 1-month USD-LIBOR + 0.36%, 0.446% (b), Mandatory Put 8/1/2021 @ 100, 5/15/2034 | 1,575,000 | 1,575,079 | |
Katy, TX, Katy Independent School District, Series 2015C, 67% of 1-month USD-LIBOR + 0.28%, 0.365% (b), Mandatory Put 8/16/2021 @ 100, 8/15/2036 | 960,000 | 960,009 | |
Mission, TX, Economic Development Corp., Solid Waste Disposal Revenue, Republic Services, Inc., AMT, 0.3%, Mandatory Put 2/1/2021 @ 100, 1/1/2026 | 2,000,000 | 2,000,000 | |
Richardson, TX, Independent School District, 5.0%, 2/15/2021 | 2,000,000 | 2,003,560 | |
Round Rock, TX, Independent School District, 5.0%, 8/1/2021 | 4,275,000 | 4,379,737 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.01% (c), 2/1/2021, LOC: TD Bank NA | 630,000 | 630,000 | |
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 1,040,000 | 1,128,109 | |
Texas, Love Field Airport Modernization Corp., General Airport Revenue, AMT, 5.0%, 11/1/2021 | 500,000 | 516,065 | |
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2029 (a) | 500,000 | 657,240 | |
30,931,560 | |||
Virginia 1.5% | |||
Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution, 5.0%, 11/1/2023 | 1,250,000 | 1,397,988 | |
Fairfax County, VA, Economic Development Authority Revenue, Wiehle Avenue Metrorail Station Parking Project, 5.0%, 8/1/2021 | 1,650,000 | 1,689,088 | |
Peninsula, VA, Ports Authority, Coal Terminal Revenue, Dominion Terminal Associates Project, Series 2003, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2033 | 1,410,000 | 1,434,915 | |
4,521,991 | |||
Washington 3.2% | |||
Seattle, WA, Municipal Light & Power Revenue, Series C-1, MUNIPSA + 0.49%, 0.53% (b), Mandatory Put 11/1/2023 @ 100, 11/1/2046 | 2,000,000 | 2,006,440 | |
Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 5.0%, 7/1/2021 | 4,620,000 | 4,713,047 | |
Washington, State General Obligation: | |||
5.0%, 6/1/2026 (a) | 500,000 | 621,185 | |
5.0%, 6/1/2027 (a) | 300,000 | 384,393 | |
Washington, State Housing Finance Commission, Transforming Age Projects, Series B, 144A, 2.375%, 1/1/2026 | 2,000,000 | 1,985,740 | |
9,710,805 |
West Virginia 0.8% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Wheeling Power Co., Mitchell Project, Series A, AMT, 3.0%, Mandatory Put 4/1/2022 @ 100, 6/1/2037 | 2,250,000 | 2,320,447 | |
Wisconsin 2.2% | |||
Wisconsin, State General Obligation: | |||
Series 1, 5.0%, 5/1/2027 (a) | 1,500,000 | 1,928,460 | |
Series 2, 5.0%, 5/1/2029 (a) | 1,440,000 | 1,948,781 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group, Series C-4, MUNIPSA + 0.65%, 0.69% (b), Mandatory Put 7/31/2024 @ 100, 8/15/2054 | 1,000,000 | 1,004,760 | |
Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046 | 1,545,000 | 1,626,638 | |
6,508,639 | |||
Guam 0.5% | |||
Guam, International Airport Authority Revenue, Series A, AMT, 5.0%, 10/1/2022 | 1,500,000 | 1,565,145 | |
Other 0.2% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, "A", Series M024, AMT, 2.304%, 5/15/2027 | 575,000 | 605,027 | |
Total Municipal Bonds and Notes (Cost $302,709,593) | 310,223,568 | ||
Preferred Shares of Closed-End Investment Companies 1.2% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.56% (b), 3/1/2029 (Cost $3,500,000) | 3,500,000 | 3,500,000 |
Shares | Value ($) | ||
Open-End Investment Companies 0.1% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $423,931) | 423,645 | 423,730 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $306,633,524) | 103.7 | 314,147,298 | |
Other Assets and Liabilities, Net | (3.7) | (11,208,899) | |
Net Assets | 100.0 | 302,938,399 |
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.
(a) | When-issued security. |
(b) | Variable or floating rate security. These securities are shown at their current rate as of January 31, 2021. 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. |
(c) | 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 January 31, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(d) | Current yield; not a coupon rate. |
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. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. |
GTY: Guaranty Agreement |
INS: Insured |
LIBOR: London Interbank Offered Rate |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
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. |
SIFMA: Securities Industry and Financial Markets Association |
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 January 31, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds and Notes (a) | $— | $310,223,568 | $— | $310,223,568 |
Preferred Shares of Closed-End Investment Companies | — | 3,500,000 | — | 3,500,000 |
Open-End Investment Companies | 423,730 | — | — | 423,730 |
Total | $423,730 | $313,723,568 | $— | $314,147,298 |
(a) | See Investment Portfolio for additional detailed categorizations. |
OBTAIN AN OPEN-END FUND PROSPECTUS
To obtain a summary prospectus, if available, or prospectus, download one from fundsus.dws.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest.
CLOSED-END FUNDS
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closedend funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
DSTMBF-PH1
R-080548-1 (1/23)