Investment Portfolio | as of July 31, 2021 (Unaudited) |
DWS Short-Term Municipal Bond Fund
Principal Amount ($) | Value ($) | ||
Municipal Bonds and Notes 100.0% | |||
Alabama 1.2% | |||
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 | 2,377,190 | |
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 | 1,314,888 | |
3,692,078 | |||
Alaska 0.2% | |||
Alaska, Northern Tobacco Securitization Corp. Tobacco settlement Revenue, “2” , Series B-1, 0.5%, 6/1/2031 | 500,000 | 507,726 | |
Arizona 1.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital: | |||
Series A, 5.0%, 2/1/2027 | 200,000 | 247,840 | |
Series A, 5.0%, 2/1/2028 | 200,000 | 254,586 | |
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue: | |||
Series A, 5.0%, 1/1/2028 (a) | 465,000 | 591,741 | |
Series A, 5.0%, 1/1/2029 (a) | 645,000 | 839,099 | |
Arizona, State Certificates of Participation, Series A, 5.0%, 10/1/2026 | 1,500,000 | 1,848,214 | |
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 | 1,024,268 | |
4,805,748 | |||
California 21.8% | |||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area: | |||
Series B-1, MUNIPSA + 1.1%, 1.12% (b), Mandatory Put 4/1/2024 @ 100, 4/1/2045 | 1,900,000 | 1,930,217 | |
Series A, MUNIPSA + 1.25%, 1.27% (b), Mandatory Put 4/1/2027 @ 100, 4/1/2036 | 3,940,000 | 4,088,352 | |
California, California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project, Series A, AMT, 144A, 0.18%, 8/1/2023 (a) | 765,000 | 765,000 | |
California, Infrastructure & Economic Development Bank Revenue, Brightline West Passenger Rail Project, Series A, AMT, 144A, 0.2%, Mandatory Put 2/1/2022 @ 100, 1/1/2050 | 2,145,000 | 2,145,494 | |
California, Metropolitan Water District Revenue, Series E, MUNIPSA + 0.14%, 0.16% (b), Mandatory Put 5/21/2024 @100, 7/1/2037 | 880,000 | 880,207 | |
California, Municipal Finance Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project, Series B, AMT, 0.3%, Mandatory Put 1/18/2022 @ 100, 7/1/2051 | 810,000 | 810,283 | |
California, Public Finance Authority Revenue, Enso Village Project, Series B-3, 144A, 2.125%, 11/15/2027 | 1,500,000 | 1,522,531 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group: | |||
Series B, 0.01% (c), 8/2/2021, LOC: Barclays Bank PLC | 8,100,000 | 8,100,000 | |
Series C, 0.01% (c), 8/2/2021, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
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 | 2,646,350 | |
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, MUNIPSA + 0.37%, 0.39% (b), Mandatory Put 12/1/2022 @ 100, 12/1/2035 | 4,000,000 | 4,008,172 |
California, State General Obligation: | |||
Series A-1, 0.01% (c), 8/2/2021, LOC: Barclays Bank PLC | 585,000 | 585,000 | |
Series E-REMK, MUNIPSA + 0.43%, 0.45% (b), Mandatory Put 12/1/2023 @ 100, 12/1/2029 | 1,250,000 | 1,253,266 | |
5.0%, 9/1/2030 (a) | 1,500,000 | 2,041,809 | |
California, State Health Facilities Financing Authority Revenue, Adventist Health System, Series B, 0.02% (c), 8/2/2021, LOC: U.S. Bank NA | 3,150,000 | 3,150,000 | |
California, State Infrastructure & Economic Development Bank Revenue, 1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055 | 1,100,000 | 1,153,858 | |
California, State Infrastructure & Economic Development Bank Revenue, California Academy of Science, Series A, MUNIPSA + 0.35%, 0.37% (b), Mandatory Put 8/1/2024 @ 100, 8/1/2047 | 570,000 | 570,121 | |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project: | |||
Series A, AMT, 5.0%, 12/31/2025 | 1,000,000 | 1,191,059 | |
Series A, AMT, 5.0%, 6/30/2026 | 500,000 | 603,881 | |
California, State Public Works Board, Lease Revenue Refunding Bonds, Various Capital Project: | |||
Series A, 5.0%, 2/1/2029 (a) | 1,500,000 | 1,956,903 | |
Series A, 5.0%, 8/1/2029 (a) | 1,905,000 | 2,438,138 | |
California, State University Revenue, Series A, 5.0%, 11/1/2021 | 3,000,000 | 3,036,493 | |
California, Statewide Communities Development Authority Revenue, Viamonte Senior Living Project, Series B, 3.0%, 7/1/2025 | 1,500,000 | 1,502,975 | |
California, Tobacco Securitization Agency, Tobacco Settlement, Series B-1, 1.75%, 6/1/2030 | 75,000 | 75,776 | |
California, Transbay Joint Powers Authority, Series B, 2.4%, 10/1/2049 | 910,000 | 951,766 | |
California, University of California Revenue: | |||
Series S, 5.0%, 5/15/2028 (a) | 2,000,000 | 2,509,887 | |
Series S, 5.0%, 5/15/2029 (a) | 1,000,000 | 1,285,343 | |
California, Water & Waste Water Revenue, Series B, MUNIPSA + 0.10%, 0.12% (b), 7/1/2046 | 1,630,000 | 1,630,405 | |
Glendale, CA, Unified School District: | |||
5.0%, 9/1/2025 | 500,000 | 596,335 | |
5.0%, 9/1/2026 | 500,000 | 616,175 | |
Irvine, CA, Improvement Bond, Assessment District 03-19, Series A, 0.02% (c), 8/2/2021, LOC: U.S. Bank NA | 600,000 | 600,000 | |
Long Beach, CA, Harbor Revenue, Private Activity, Series B, AMT, 4.0%, 5/15/2022 | 5,000,000 | 5,151,679 | |
Port Oakland, CA, Intermediate Lien Revenue Bonds: | |||
Series H, AMT, 5.0%, 5/1/2028 | 500,000 | 633,332 | |
Series H, AMT, 5.0%, 11/1/2029 | 250,000 | 326,596 | |
San Francisco City & County, CA, General Obligation: | |||
Series R2, 5.0%, 6/15/2027 (a) | 2,065,000 | 2,605,150 | |
Series R2, 5.0%, 6/15/2028 (a) | 1,935,000 | 2,513,718 | |
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 | 1,264,155 | |
Stockton, CA, Public Financing Authority, Wastewater Revenue, 1.4%, 6/1/2022 | 1,500,000 | 1,502,588 | |
Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue, Sacramento County Tobacco Securitization Corp., Series B-1, 0.45%, 6/1/2030 | 80,000 | 82,484 | |
68,925,498 | |||
Colorado 2.2% | |||
Cherry Creek, CO, School District No. 5, Series C, 5.0%, 12/15/2031 | 2,000,000 | 2,525,149 | |
Denver City & County, CO, Airport System Revenue: | |||
Series A, AMT, 5.0%, 12/1/2026 | 2,000,000 | 2,461,521 | |
Series D, 5.0%, Mandatory Put 11/15/2022 @ 100, 11/15/2031 | 2,000,000 | 2,122,393 | |
7,109,063 |
Connecticut 2.1% | |||
Connecticut, Special Tax Obligation Revenue, Transport Infrastructure Purposes, Series C, 5.0%, 1/1/2029 (a) | 1,000,000 | 1,291,664 | |
Connecticut, State General Obligation, Series A, 5.0%, 3/15/2029 | 2,000,000 | 2,328,180 | |
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program: | |||
Series E-E3, 1.625%, Mandatory Put 11/15/2022 @ 100, 11/15/2059 | 660,000 | 660,679 | |
Series C-1, 4.0%, 11/15/2047 | 870,000 | 941,142 | |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 665,000 | 719,915 | |
Connecticut, State Special Tax Obligation Revenue, Series A, 5.0%, 5/1/2024 | 500,000 | 566,701 | |
6,508,281 | |||
Florida 3.4% | |||
Atlantic Beach, FL, Healthcare Facilities Revenue Fleet Landing Project, Series B-2, 3.0%, 11/15/2023 | 1,250,000 | 1,252,204 | |
Clay County, FL, Sales Surtax Revenue, 5.0%, 10/1/2022 | 650,000 | 686,402 | |
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project Loan Program, Series A-1, 5.0%, 10/1/2026 | 500,000 | 598,403 | |
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 | 1,038,135 | |
Florida, Florida Development Finance Corp., The Mayflower Retirement Community Project, Series B, 144A, 1.75%, 6/1/2026 (a) | 1,020,000 | 1,021,888 | |
Hillsborough County, FL, Industrial Development Authority Health System Revenue, Baycare Health System Issue, Series D, 0.02% (c), 8/2/2021, LOC: TD Bank NA | 500,000 | 500,000 | |
Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023 | 1,250,000 | 1,252,214 | |
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center of Florida, Inc., 5.0%, 11/15/2021 | 1,000,000 | 1,013,200 | |
Pasco County, FL, School Board, Certificates of Participations, Series B, MUNIPSA + 0.75%, 0.77% (b), Mandatory Put 8/2/2023 @ 100, 8/1/2032 | 920,000 | 920,008 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 2.625%, 5/1/2024 | 380,000 | 390,294 | |
Volusia County, FL, School Board, Certificate of Participations, 5.0%, 8/1/2021 | 2,000,000 | 2,000,000 | |
10,672,748 | |||
Georgia 2.3% | |||
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 | 1,306,078 | |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||
Series B, 5.0%, 4/1/2025 | 900,000 | 1,051,194 | |
Series B, 5.0%, 4/1/2026 | 1,000,000 | 1,207,012 | |
Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier Revenue, Series A, 2.375%, 1/1/2031 | 750,000 | 805,610 | |
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 | 1,999,110 | |
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 750,000 | 809,566 | |
7,178,570 | |||
Hawaii 0.2% | |||
Honolulu County, HI, General Obligation, Series A, 5.0%, 11/1/2029 (a) | 500,000 | 626,984 | |
Illinois 3.1% | |||
Illinois, Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2028 | 1,000,000 | 1,298,053 |
Illinois, State General Obligation: | |||
Series A, 5.0%, 10/1/2021 | 1,000,000 | 1,007,890 | |
Series B, 5.0%, 10/1/2021 | 1,000,000 | 1,007,890 | |
5.0%, 8/1/2023 | 1,000,000 | 1,092,969 | |
Series A, 5.0%, 3/1/2028 | 750,000 | 939,282 | |
5.375%, 5/1/2023 | 1,000,000 | 1,088,412 | |
Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022 | 1,500,000 | 1,558,702 | |
Will County, IL, Community Unit School District No. 210, Lincoln-Way, ETM, Zero Coupon, 1/1/2022, INS: AGMC | 1,815,000 | 1,812,616 | |
9,805,814 | |||
Indiana 0.3% | |||
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 | 1,006,369 | |
Iowa 3.6% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.03% (c), 8/2/2021, LOC: U.S. Bank NA | 3,675,000 | 3,675,000 | |
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Series A-2, 2.875%, 5/15/2049 | 1,415,000 | 1,429,074 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, Fertilizer Co. Project, 3.125%, 12/1/2022 | 250,000 | 255,351 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.03% (c), 8/2/2021, LOC: Bank of America NA | 5,700,000 | 5,700,000 | |
Iowa, Tobacco Settlement Authority Settlement Revenue, Series B, 0.375%, 6/1/2030 | 285,000 | 285,165 | |
11,344,590 | |||
Kansas 0.2% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.03% (c), 8/2/2021, LOC: U.S. Bank NA | 780,000 | 780,000 | |
Kentucky 1.8% | |||
Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes, “A1A” , Series 2021-1, 1.65%, 3/25/2051 | 983,384 | 988,829 | |
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 | 1,596,010 | |
Louisville & Jefferson County, KY, Metropolitan Government Control Revenue, Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027 | 3,000,000 | 3,055,076 | |
5,639,915 | |||
Louisiana 0.3% | |||
Louisiana, Stadium & Exposition District, Bond Anticipation Notes, 5.0%, 7/3/2023 | 1,000,000 | 1,064,786 | |
Maine 0.0% | |||
Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028 | 90,000 | 90,980 | |
Maryland 1.1% | |||
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 | 1,219,460 | |
Montgomery County, MD, Public Improvements Project, Series A, 5.0%, 11/1/2021 | 2,215,000 | 2,241,889 | |
3,461,349 | |||
Massachusetts 0.9% | |||
Massachusetts, Educational Financing Authority Education Loan Revenue: | |||
Series B, AMT, 2.0%, 7/1/2037 | 170,000 | 172,298 | |
Series B, AMT, 2.625%, 7/1/2036 | 1,400,000 | 1,464,986 |
Massachusetts, State Development Finance Agency Revenue, Boston College, 5.0%, 10/1/2021 | 1,000,000 | 1,007,673 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Northeastern University Issue, Series T, 5.0%, 10/1/2025 | 245,000 | 258,809 | |
2,903,766 | |||
Michigan 1.6% | |||
Michigan, State Finance Authority Revenue, “A1A” , Series A, 1.3%, 7/25/2061 | 2,000,000 | 2,008,077 | |
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., Series D-2, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038 | 1,250,000 | 1,270,356 | |
Michigan, State Finance Authority, Hospital Revenue Bond, Trinity Health Credit Group, MUNIPSA + 0.48%, 0.5% (b), Mandatory Put 2/1/2022 @ 100, 3/1/2051 | 1,335,000 | 1,335,264 | |
Michigan, State Housing Development Authority, Series A-1, 1.5%, 10/1/2022 | 550,000 | 551,475 | |
5,165,172 | |||
Minnesota 2.8% | |||
Minnesota, State General Obligation: | |||
Series A, 5.0%, 8/1/2021 | 1,800,000 | 1,800,000 | |
Series D, 5.0%, 8/1/2021 | 2,060,000 | 2,060,000 | |
Minnesota, State Housing Finance Agency, Residential Holding Finance, Series H, MUNIPSA + 0.55%, 0.57% (b), Mandatory Put 12/12/2023 @ 100, 7/1/2041 | 5,000,000 | 5,028,452 | |
8,888,452 | |||
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 | 1,000,333 | |
Missouri 1.7% | |||
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, Series 2021-1, 1.53%, 1/25/2061 | 2,216,177 | 2,231,275 | |
Missouri, Plaza At Noah's Ark Community Improvement District: | |||
3.0%, 5/1/2023 | 150,000 | 153,361 | |
3.0%, 5/1/2024 | 200,000 | 206,124 | |
3.0%, 5/1/2025 | 225,000 | 233,239 | |
Missouri, State Development Finance Board Infrastructure Facilities Revenue, St. Louis Convention Center Hotel Garage Project, Series C, 0.03% (c), 8/2/2021, LOC: U.S. Bank NA | 1,630,000 | 1,630,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B, 0.02% (c), 8/2/2021, LOC: U.S. Bank NA | 815,000 | 815,000 | |
5,268,999 | |||
Nebraska 0.4% | |||
Nebraska, Public Power District General Revenue: | |||
Series A, 5.0%, 1/1/2025 (a) | 550,000 | 626,611 | |
Series A, 5.0%, 1/1/2027 (a) | 475,000 | 574,807 | |
1,201,418 | |||
Nevada 0.3% | |||
Nevada, State Department of Business & Industry Solid Waster Disposal Revenue, Republic Services, Inc., Project, AMT, 144A, 0.25%, Mandatory Put 12/1/2021 @ 100, 12/1/2026 | 500,000 | 500,175 | |
Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024 | 345,000 | 351,752 | |
851,927 |
New Jersey 5.5% | |||
Burlington County, NJ, General Improvement Water Sewer Utility Revenue, Series A, 1.5%, 5/25/2022 | 4,803,000 | 4,855,552 | |
New Jersey, General Obligation, 1.5%, 5/20/2022 | 3,000,000 | 3,032,749 | |
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 195,000 | 198,926 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series A, 2.375%, 12/1/2029 | 535,000 | 563,000 | |
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 | 3,003,119 | |
New Jersey, State Transportation Trust Fund Authority, Series A, 5.0%, 12/15/2026 | 2,000,000 | 2,447,067 | |
New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2024 | 1,000,000 | 1,132,873 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025 | 1,955,000 | 2,296,283 | |
17,529,569 | |||
New Mexico 0.6% | |||
New Mexico, Mortgage Finance Authority, Single Family Mortgage, “I” , Series A-1, 4.0%, 1/1/2049 | 680,000 | 752,682 | |
Santa Fe, NM, Retirement Facility Revenue, El Castillo Retirement Project, Series B-1, 2.625%, 5/15/2025 | 1,000,000 | 1,004,546 | |
1,757,228 | |||
New York 15.3% | |||
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 | 2,024,971 | |
New York, Metropolitan Transportation Authority, Series F, 5.0%, 11/15/2022 | 5,390,000 | 5,719,254 | |
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.03% (c), 8/2/2021, LOC: U.S. Bank NA | 1,900,000 | 1,900,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.02% (c), 8/2/2021, LOC: TD Bank NA | 6,300,000 | 6,300,000 | |
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 | 2,023,277 | |
New York, State Environmental Facilities Corp., Solid Waste Disposal Revenue, Waste Management, Inc., AMT, 0.2%, 5/1/2030 (a) | 335,000 | 335,000 | |
New York, State Housing Finance Agency Revenue, Series K, 1.45%, 5/1/2023 | 2,500,000 | 2,513,364 | |
New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%, 10/1/2046 | 1,580,000 | 1,682,286 | |
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 | 2,775,662 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.02% (c), 8/2/2021, LOC: Bank of America NA | 2,215,000 | 2,215,000 | |
Series B-4C, 0.03% (c), 8/2/2021, LOC: U.S. Bank NA | 1,120,000 | 1,120,000 | |
New York & New Jersey, Port Authority: | |||
Series 226, AMT, 5.0%, 10/15/2027 | 750,000 | 942,199 | |
Series 226, AMT, 5.0%, 10/15/2028 | 660,000 | 848,963 | |
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 | 1,006,031 | |
New York, NY, General Obligation: | |||
Series D-4, 0.02% (c), 8/2/2021, LOC: TD Bank NA | 200,000 | 200,000 | |
Series I-4, 0.02% (c), 8/2/2021, LOC: TD Bank NA | 7,300,000 | 7,300,000 | |
Series A-3, 0.03% (c), 8/2/2021, LOC: Mizuho Bank Ltd. | 100,000 | 100,000 | |
Series G-6, 0.03% (c), 8/2/2021, LOC: Mizuho Bank Ltd. | 300,000 | 300,000 | |
Series 2-REM, 0.12% (c), 8/2/2021 | 240,000 | 240,000 | |
Series 3-REM, 0.12% (c), 8/10/2021 | 635,000 | 635,000 | |
Series B-3, 0.13% (c), 8/2/2021 | 2,420,000 | 2,420,000 | |
Series I-A, 5.0%, 4/1/2029 | 2,000,000 | 2,628,529 |
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM | 315,000 | 379,567 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2025 | 300,000 | 354,182 | |
Series A, 5.0%, 9/1/2027 | 500,000 | 622,788 | |
5.0%, 8/1/2028 | 1,000,000 | 1,182,961 | |
Series A, 5.0%, 9/1/2028 | 500,000 | 636,628 | |
48,405,662 | |||
North Carolina 1.0% | |||
North Carolina, Charlotte-mecklenburg Hospital Health care Authorirty revenue, Series C, 5.0%, Mandatory Put 12/1/2028 @ 100, 1/15/2050 | 1,000,000 | 1,302,422 | |
North Carolina, State Housing Finance Agency, Home Ownership Revenue: | |||
Series 38-B, 4.0%, 7/1/2047 | 515,000 | 559,909 | |
Series 41, 4.0%, 1/1/2050 | 1,240,000 | 1,371,403 | |
3,233,734 | |||
North Dakota 0.3% | |||
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047 | 785,000 | 849,825 | |
Ohio 2.2% | |||
Allen Country, OH, Hospital Facilities Revenue: | |||
Series C, 0.02% (c), 8/2/2021, LOC: Bank of Montreal | 700,000 | 700,000 | |
Series A, 5.0%, 12/1/2022 | 600,000 | 638,564 | |
Series A, 5.0%, 12/1/2023 | 1,000,000 | 1,111,224 | |
Cleveland, OH, Airport System Revenue: | |||
Series A, 5.0%, 1/1/2023, INS: AGMC | 1,810,000 | 1,934,933 | |
Series A, AMT, 5.0%, 1/1/2025 | 1,000,000 | 1,156,794 | |
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 | 1,502,830 | |
7,044,345 | |||
Oklahoma 0.8% | |||
Oklahoma, State Development Finance Authority, Gilcrease Expressway West Project, Series A, 1.625%, 7/6/2023 | 2,000,000 | 2,021,795 | |
Oklahoma, State Municipal Power Authority, SIFMA Index, Series A, MUNIPSA + 0.39%, 0.41% (b), 1/1/2023 | 430,000 | 430,022 | |
2,451,817 | |||
Oregon 1.2% | |||
Clackamas County, OR, Hospital Facility Authority, Senior Living Revenue, Rose Villa Project, Series B-2, 2.75%, 11/15/2025 | 1,250,000 | 1,256,302 | |
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 3.5%, 7/1/2036 | 1,140,000 | 1,200,627 | |
Washington Multnomah & Yamhill Counties, OR, Hillsboro School District No. 1J, 5.0%, 6/15/2031 | 1,180,000 | 1,473,926 | |
3,930,855 | |||
Pennsylvania 2.8% | |||
Geisinger, PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043 | 1,000,000 | 1,218,872 | |
Lancaster County, PA, Hospital Authority Revenue, Masonic Homes Project, Series D, 0.03% (c), 8/2/2021, LOC: JPMorgan Chase Bank NA | 50,000 | 50,000 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026 | 2,000,000 | 2,421,416 | |
Pennsylvania, Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 0.2%, 8/1/2045, GTY: Waste Management, Inc. (a) | 735,000 | 735,000 |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, 3.5%, 10/1/2041 | 640,000 | 668,345 | |
Series 122, 4.0%, 10/1/2046 | 2,215,000 | 2,379,150 | |
Philadelphia, PA, School District, Series 2020, 5.0%, 9/1/2022 | 1,000,000 | 1,051,778 | |
Pittsburgh, PA, Water & Sewer Authority Systems Revenue, Series C, MUNIPSA + 0.65%, 0.67% (b), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 500,000 | 504,462 | |
9,029,023 | |||
Rhode Island 0.3% | |||
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 | 980,000 | 980,614 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.02% (c), 8/2/2021, LOC: U.S. Bank NA | 400,000 | 400,000 | |
South Dakota 0.5% | |||
South Dakota, Housing Development Authority, Homeownership Mortgage: | |||
Series B, 4.0%, 11/1/2047 | 1,360,000 | 1,471,942 | |
Series A, AMT, 4.5%, 5/1/2031 | 140,000 | 143,972 | |
1,615,914 | |||
Tennessee 1.1% | |||
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | 285,000 | 292,145 | |
Tennessee, New Memphis Arena Public Building Authority, Local Government Public Improvement Bond, Zero Coupon, 4/1/2027 | 325,000 | 324,916 | |
Tennessee, Solid Waste Disposal Refunding Revenue, Waste Management, Inc., Project, AMT, 0.2%, 7/2/2035, GTY: Waste Management, Inc. (a) | 500,000 | 500,000 | |
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 | 2,386,224 | |
Tennessee, State Housing Development Agency, Homeownership Program: | |||
Series 2C, AMT, 4.0%, 7/1/2038 | 25,000 | 25,359 | |
Series 1A, AMT, 4.5%, 1/1/2038 | 35,000 | 35,553 | |
3,564,197 | |||
Texas 9.1% | |||
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 | 395,000 | 402,124 | |
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 | 1,591,746 | |
Harris County, TX, Flood Control District, Series A, 5.25%, 10/1/2021 | 1,465,000 | 1,477,290 | |
Houston, TX, Airport Systems Revenue: | |||
Series A, AMT, 5.0%, 7/1/2025 | 500,000 | 588,723 | |
Series A, AMT, 5.0%, 7/1/2026 | 1,000,000 | 1,215,437 | |
Series C, AMT, 5.0%, 7/1/2026 | 2,500,000 | 3,038,591 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and Entertainment Facilities Department, 5.0%, 9/1/2026 | 1,735,000 | 2,107,881 | |
Houston, TX, Independent School District: | |||
Series A-2, 2.25%, Mandatory Put 6/1/2022 @ 100, 6/1/2039 | 1,000,000 | 1,016,826 | |
4.0%, Mandatory Put 6/1/2023 @ 100, 6/1/2029 | 1,000,000 | 1,069,101 | |
Round Rock, TX, Independent School District, 5.0%, 8/1/2021 | 4,275,000 | 4,275,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.03% (c), 8/2/2021, LOC: TD Bank NA | 450,000 | 450,000 |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.03% (c), 8/2/2021, LOC: TD Bank NA | 1,100,000 | 1,100,000 | |
Texas, Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Waste Treatment Facility Revenue, Jefferson Enterprise Energy LLC Project, Series B, AMT, 0.45%, Mandatory Put 6/30/2022 @ 100, 12/1/2045 | 1,335,000 | 1,338,148 | |
Texas, Bowie County Industrial Development Corp. Revenue, 0.03% (c), 8/2/2021, LOC: JPMorgan Chase Bank NA | 2,400,000 | 2,400,000 | |
Texas, Clifton Higher Education Finance Corp. Revenue, Taxable Variable Rate, Idea Public Schools, Series T, 144A, 0.75%, Mandatory Put 2/15/2022 @ 100, 8/15/2050 | 4,000,000 | 4,007,947 | |
Texas, Economic Development Corp., Solid Waste Disposal Revenue, Republic Services, Inc., Project, AMT, 0.2%, 1/1/2026 (a) | 335,000 | 335,000 | |
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 1,040,000 | 1,112,913 | |
Texas, Love Field Airport Modernization Corp., General Airport Revenue, AMT, 5.0%, 11/1/2021 | 500,000 | 505,882 | |
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2029 | 500,000 | 655,686 | |
28,688,295 | |||
Virginia 1.4% | |||
Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution, 5.0%, 11/1/2023 | 1,250,000 | 1,381,866 | |
Fairfax County, VA, Economic Development Authority Revenue, Wiehle Avenue Metrorail Station Parking Project, 5.0%, 8/1/2021 | 1,650,000 | 1,650,000 | |
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 | 1,433,645 | |
4,465,511 | |||
Washington 1.7% | |||
Seattle, WA, Municipal Light & Power Revenue: | |||
Series B, MUNIPSA + 0.25%, 0.27% (b), Mandatory Put 11/1/2026 @ 100, 5/1/2045 (a) | 355,000 | 355,165 | |
Series C-1, MUNIPSA + 0.49%, 0.51% (b), Mandatory Put 11/1/2023 @ 100, 11/1/2046 | 2,000,000 | 2,006,542 | |
Washington, State General Obligation: | |||
5.0%, 6/1/2026 | 500,000 | 610,696 | |
5.0%, 6/1/2027 | 300,000 | 377,874 | |
Washington, State Housing Finance Commission, Transforming Age Projects, Series B, 144A, 2.375%, 1/1/2026 | 2,000,000 | 2,002,016 | |
5,352,293 | |||
West Virginia 0.8% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045 | 250,000 | 267,088 | |
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 | 2,292,464 | |
2,559,552 | |||
Wisconsin 1.3% | |||
Wisconsin, Public Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Project, Series A-3, AMT, 0.2%, 9/1/2027, GTY: Waste Management Holdings (a) | 335,000 | 335,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group, Series C-4, MUNIPSA + 0.65%, 0.67% (b), Mandatory Put 7/31/2024 @ 100, 8/15/2054 | 1,000,000 | 1,008,458 |
Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046 | 1,320,000 | 1,388,088 | |
Wisconsin, Waukesha Note Anticipation Notes, Series A, 2.0%, 7/1/2022 | 1,500,000 | 1,521,981 | |
4,253,527 | |||
Guam 0.5% | |||
Guam, International Airport Authority Revenue, Series A, AMT, 5.0%, 10/1/2022 | 1,500,000 | 1,578,584 | |
Other 0.2% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A”, Series M024, AMT, 2.304%, 5/15/2027 | 575,000 | 599,835 | |
Total Municipal Bonds and Notes (Cost $309,937,174) | 316,790,946 | ||
Preferred Shares of Closed-End Investment Companies 1.1% | |||
California | |||
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.56%, 3/1/2029 (Cost $3,500,000) | 3,500,000 | 3,500,000 |
Shares | Value ($) | ||
Open-End Investment Companies 5.3% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $16,784,391) | 16,780,830 | 16,784,186 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $330,221,565) | 106.4 | 337,075,132 | |
Other Assets and Liabilities, Net | (6.4) | (20,385,105) | |
Net Assets | 100.0 | 316,690,027 |
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 July 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(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 July 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 |
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 July 31, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds and Notes (a) | $— | $316,790,946 | $— | $316,790,946 |
Preferred Shares of Closed-End Investment Companies | — | 3,500,000 | — | 3,500,000 |
Open-End Investment Companies | 16,784,186 | — | — | 16,784,186 |
Total | $16,784,186 | $320,290,946 | $— | $337,075,132 |
(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 closed-end 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-PH3
R-080548-1 (1/23)