Investment Portfolioas of August 31, 2022 (Unaudited)
DWS Strategic High Yield Tax-Free Fund
Principal Amount ($) | Value ($) | ||
Municipal Investments 96.3% | |||
Alabama 0.8% | |||
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 | 5,088,457 | |
Arizona 3.5% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 1.03% (a), 9/1/2022, LOC: JPMorgan Chase Bank NA | 200,000 | 200,000 | |
Arizona, State Health Facilities Authority Revenue, Banner Health, Series B, MUNIPSA + 0.25%, 1.92% (b), 1/1/2046 | 2,300,000 | 2,276,283 | |
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 2,760,000 | 2,684,315 | |
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects: | |||
Series G, 144A, 5.0%, 7/1/2047 | 1,000,000 | 1,005,042 | |
Series D, 144A, 5.0%, 7/1/2051 | 1,035,000 | 1,038,010 | |
Series G, 144A, 5.0%, 7/1/2051 | 550,000 | 551,600 | |
Series A, 144A, 5.25%, 7/1/2047 | 1,000,000 | 1,016,206 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052 | 1,000,000 | 1,077,698 | |
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 6,500,000 | 5,774,876 | |
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC: | |||
Series A, 5.0%, 7/1/2037 | 2,000,000 | 2,035,263 | |
Series A, 5.0%, 7/1/2042 | 2,000,000 | 2,016,966 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
Series 2022, 144A, 4.0%, 6/15/2051 | 1,830,000 | 1,446,561 | |
Series 2022, 144A, 4.0%, 6/15/2057 | 230,000 | 175,316 | |
144A, 5.0%, 6/15/2049 | 1,030,000 | 993,110 | |
144A, 5.0%, 6/15/2052 | 710,000 | 680,388 | |
22,971,634 | |||
California 4.5% | |||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||
Series B-2, Zero Coupon, 6/1/2066 | 4,530,000 | 535,726 | |
Series B-1, 3.85%, 6/1/2050 | 3,000,000 | 2,723,246 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 1,145,000 | 1,218,298 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 8,750,000 | 10,711,740 | |
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 2.17% (a), 9/1/2022 | 1,600,000 | 1,600,000 | |
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 | 2,120,077 | |
4.0%, 9/1/2046 | 3,825,000 | 3,312,722 | |
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047 | 2,135,000 | 2,171,320 |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 | 270,000 | 250,333 | |
Series A, 144A, 5.0%, 11/15/2051 | 135,000 | 123,227 | |
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co. | 620,000 | 634,555 | |
Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, GTY: Carnival Corp. | 1,580,000 | 1,479,643 | |
Riverside County, CA, General Obligation, Series 2021 B-2, 3.0%, 6/1/2048 | 3,105,000 | 2,290,213 | |
29,171,100 | |||
Colorado 4.4% | |||
Colorado, Aurora Highlands Community Authority Board, Special Tax Revenue, Series A, 5.75%, 12/1/2051 | 5,000,000 | 4,672,599 | |
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050 | 1,000,000 | 887,011 | |
Colorado, Broadway Park North Metropolitan District No. 2: | |||
144A, 5.0%, 12/1/2040 | 1,100,000 | 1,092,075 | |
144A, 5.0%, 12/1/2049 | 1,275,000 | 1,235,422 | |
Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049 | 2,000,000 | 1,271,901 | |
Colorado, General Obligation, Series A, 144A, 5.0%, 12/1/2051 | 1,150,000 | 1,043,532 | |
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050 | 2,167,000 | 2,080,586 | |
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | 6,365,000 | 7,013,714 | |
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 948,647 | |
Denver, CO, Convention Center Hotel Authority Revenue: | |||
5.0%, 12/1/2033 | 500,000 | 514,610 | |
5.0%, 12/1/2034 | 1,000,000 | 1,026,518 | |
5.0%, 12/1/2040 | 2,060,000 | 2,091,250 | |
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | 1,170,000 | 1,196,176 | |
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 1,800,000 | 1,845,938 | |
Douglas County, CO, Rampart Range Metropolitan District No. 5, Series 2021, 4.0%, 12/1/2051 | 2,150,000 | 1,696,529 | |
28,616,508 | |||
Connecticut 0.3% | |||
Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University: | |||
Series L, 5.0%, 7/1/2041 | 550,000 | 589,942 | |
Series L, 5.0%, 7/1/2042 | 530,000 | 566,815 | |
Connecticut, Steel Point Infrastructure Improvement District Special Obligation Revenue, Steelpointe Harbor Project: | |||
144A, 4.0%, 4/1/2041 | 190,000 | 170,579 | |
144A, 4.0%, 4/1/2051 | 505,000 | 429,286 | |
1,756,622 | |||
District of Columbia 1.0% | |||
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 3,370,000 | 3,376,156 | |
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2055 | 3,065,000 | 3,029,106 | |
6,405,262 | |||
Florida 9.9% | |||
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town & Country Utilities Project, Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC | 750,000 | 560,256 |
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (c) | 2,310,000 | 1,478,400 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
Series A-1, 5.0%, 10/1/2032 | 230,000 | 237,710 | |
Series A-1, 5.0%, 10/1/2033 | 230,000 | 237,238 | |
Series A-1, 5.0%, 10/1/2034 | 230,000 | 236,444 | |
Series A-1, 5.0%, 10/1/2035 | 115,000 | 118,071 | |
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects Loan Program, Series A-2, 4.0%, 10/1/2024 | 2,975,000 | 2,872,633 | |
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | 1,840,000 | 1,791,040 | |
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 1,190,000 | 1,123,338 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects, Series A, 5.0%, 6/15/2055 | 2,065,000 | 2,089,083 | |
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion Project, Series A, 144A, AMT, 7.25% (b), 7/1/2057 | 1,000,000 | 979,642 | |
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project: | |||
Series A-1, 5.0%, 7/1/2042 | 75,000 | 75,329 | |
Series B, 5.0%, 7/1/2042 (d) | 80,000 | 75,113 | |
Series A-1, 5.0%, 7/1/2051 | 70,000 | 69,331 | |
Series B, 5.0%, 7/1/2051 (d) | 115,000 | 104,853 | |
Series A-1, 5.0%, 2/1/2057 | 100,000 | 96,602 | |
Series B, 5.0%, 7/1/2057 (d) | 120,000 | 106,319 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 4,250,000 | 4,054,226 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375% (b), 1/1/2049 | 1,740,000 | 1,643,035 | |
Series A, 144A, AMT, 6.5% (b), 1/1/2049 | 1,905,000 | 1,730,027 | |
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 2,000,000 | 1,865,969 | |
Florida, State Development Finance Corp., Learning Gate Community School Project: | |||
Series A, 5.0%, 2/15/2038 | 500,000 | 506,611 | |
Series A, 5.0%, 2/15/2048 | 1,150,000 | 1,156,902 | |
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project: | |||
Series A, 144A, 5.0%, 11/15/2056 | 1,000,000 | 759,960 | |
Series A, 144A, 5.25%, 11/15/2056 | 9,000,000 | 7,136,222 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology: | |||
Series A, 4.0%, 10/1/2044 | 1,395,000 | 1,208,670 | |
4.0%, 10/1/2049 | 1,905,000 | 1,603,389 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 1,750,000 | 1,726,967 | |
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035 | 1,030,000 | 1,058,965 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
144A, 4.25%, 5/1/2043 | 2,330,000 | 2,334,190 | |
144A, 4.375%, 5/1/2050 | 1,950,000 | 1,954,325 | |
Florida, Village Community Development District No. 13, Special Assessment Revenue, Series 2021, 3.25%, 5/1/2052 | 1,705,000 | 1,246,661 | |
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053 | 2,665,000 | 2,778,053 | |
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2052 | 6,500,000 | 5,953,728 | |
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 3,219,500 |
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project: | |||
Series A, 144A, 5.0%, 1/15/2049 | 825,000 | 796,822 | |
Series A, 144A, 5.0%, 1/15/2054 | 850,000 | 812,407 | |
Miami-Dade County, FL, Seaport Revenue, Series B-1, AMT, 4.0%, 10/1/2046 | 2,570,000 | 2,335,030 | |
Osceola County, FL, Transportation Revenue: | |||
Series A-2, Zero Coupon, 10/1/2049 | 3,400,000 | 876,566 | |
Series A-2, Zero Coupon, 10/1/2051 | 4,775,000 | 1,105,691 | |
Series A-2, Zero Coupon, 10/1/2054 | 4,570,000 | 906,325 | |
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project: | |||
Series A, 5.25%, 11/15/2039 | 445,000 | 399,321 | |
Series A, 5.5%, 11/15/2049 | 3,635,000 | 3,224,067 | |
64,645,031 | |||
Georgia 2.4% | |||
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, Prerefunded, 6.375%, 5/15/2043 | 4,000,000 | 4,110,030 | |
Atlanta, GA, Tax Allocation, Beltline Project: | |||
Series B, 5.0%, 1/1/2029 | 3,450,000 | 3,746,491 | |
Series B, 5.0%, 1/1/2030 | 1,715,000 | 1,857,628 | |
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, Prerefunded, 5.5%, 8/15/2054 | 1,820,000 | 1,952,646 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054 | 1,420,000 | 1,219,742 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 3,365,000 | 2,877,957 | |
15,764,494 | |||
Illinois 7.2% | |||
Chicago, IL, Board of Education: | |||
Series B, 4.0%, 12/1/2035 | 2,500,000 | 2,404,773 | |
Series A, 4.0%, 12/1/2047 | 1,000,000 | 879,239 | |
Series A, 5.0%, 12/1/2033 | 740,000 | 772,141 | |
Series H, 5.0%, 12/1/2046 | 1,690,000 | 1,727,690 | |
Series E, 6.038%, 12/1/2029 | 1,500,000 | 1,488,536 | |
Chicago, IL, General Obligation: | |||
Series B, 4.0%, 1/1/2036 | 950,000 | 896,888 | |
Series A, 5.5%, 1/1/2049 | 2,425,000 | 2,555,773 | |
Series A, 6.0%, 1/1/2038 | 2,180,000 | 2,345,068 | |
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 1,185,000 | 1,202,098 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien: | |||
Series A, 4.0%, 12/1/2049 | 5,000,000 | 4,556,068 | |
Series A, 4.0%, 12/1/2050 | 1,400,000 | 1,273,373 | |
Illinois, Housing Development Authority Revenue: | |||
Series B, 3.0%, 4/1/2051 | 3,820,000 | 3,729,678 | |
Series 2022-E, 5.25%, 10/1/2052 (d) | 4,000,000 | 4,271,432 | |
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project, Series A, Zero Coupon, 12/15/2052, INS: AGMC | 7,000,000 | 1,633,388 | |
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045* (c) | 7,935,000 | 5,237,100 | |
Illinois, State General Obligation: | |||
5.0%, 11/1/2034 | 1,500,000 | 1,555,010 | |
5.0%, 1/1/2035 | 300,000 | 308,415 | |
Series A, 5.0%, 5/1/2035 | 2,295,000 | 2,398,337 | |
Series A, 5.0%, 12/1/2042 | 3,610,000 | 3,714,524 | |
Series A, 5.0%, 3/1/2046 | 535,000 | 555,619 | |
Series A, 5.5%, 3/1/2042 | 800,000 | 878,788 |
Series A, 5.5%, 3/1/2047 | 735,000 | 799,585 | |
5.75%, 5/1/2045 | 1,470,000 | 1,606,818 | |
46,790,341 | |||
Indiana 1.6% | |||
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project: | |||
Series A, 144A, 5.875%, 7/1/2038 | 1,340,000 | 1,372,032 | |
Series A, 144A, 6.125%, 7/1/2048 | 3,660,000 | 3,742,265 | |
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043 | 2,290,000 | 2,407,655 | |
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 3,000,000 | 3,058,803 | |
10,580,755 | |||
Iowa 1.9% | |||
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project, 4.0%, 10/1/2045 | 5,210,000 | 4,713,923 | |
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Loras College, 1.1% (a), 9/1/2022, LOC: Bank of America NA | 200,000 | 200,000 | |
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 455,000 | 433,005 | |
Iowa, Tobacco Settlement Authority Revenue: | |||
Series B-2, Zero Coupon, 6/1/2065 | 37,430,000 | 4,590,108 | |
“1", Series A-2, 4.0%, 6/1/2049 | 1,000,000 | 922,626 | |
Series B-1, 4.0%, 6/1/2049 | 1,800,000 | 1,706,341 | |
12,566,003 | |||
Kansas 0.2% | |||
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | 1,375,000 | 1,293,868 | |
Kentucky 0.9% | |||
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033 | 2,560,000 | 2,737,931 | |
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,286,222 | |
Series A, 5.25%, 6/1/2041 | 1,915,000 | 1,962,111 | |
5,986,264 | |||
Louisiana 0.1% | |||
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 710,000 | 722,867 | |
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047 | 10,000 | 10,826 | |
733,693 | |||
Maryland 0.9% | |||
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project: | |||
5.0%, 7/1/2050 | 645,000 | 651,483 | |
5.0%, 7/1/2056 | 1,100,000 | 1,104,168 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Greater Baltimore Medical Center, Series A, 3.0%, 7/1/2046 | 5,040,000 | 3,794,740 | |
5,550,391 |
Massachusetts 1.1% | |||
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047 | 1,250,000 | 1,274,217 | |
Massachusetts, Development Finance Agency Revenue, Boston University, Series U- 6E-R, 0.98% (a), 9/1/2022, LOC: TD Bank NA | 1,300,000 | 1,300,000 | |
Massachusetts, Development Finance Agency Revenue, The College of The Holy Cross, Series A, 1.05% (a), 9/1/2022, LOC: Bank of America NA | 1,175,000 | 1,175,000 | |
Massachusetts, State Development Finance Agency Revenue, Springfield College: | |||
Series B, 4.0%, 6/1/2050 | 1,585,000 | 1,404,152 | |
Series A, 4.0%, 6/1/2056 | 450,000 | 386,545 | |
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 300,000 | 300,269 | |
Massachusetts, State Educational Financing Authority, Educational Loan Revenue Bonds, Issue M, Series B, AMT, 2.0%, 7/1/2037 | 1,150,000 | 1,016,550 | |
6,856,733 | |||
Michigan 1.1% | |||
Kentwood, MI, Economic Development Corp., Holland Home Obligated Group, Series 2022, 4.0%, 11/15/2043 | 1,830,000 | 1,539,384 | |
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project: | |||
4.0%, 9/1/2045 | 1,775,000 | 1,614,697 | |
4.0%, 9/1/2050 | 1,660,000 | 1,481,003 | |
Michigan, Finance Authority Revenue, Tobacco Settlement Asset Backed Senior Capital Appreciation Bonds, Series B-2, Zero Coupon, 6/1/2065 | 7,130,000 | 730,939 | |
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department, Series C, 5.0%, 7/1/2035 | 910,000 | 958,614 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Graphic International LLC, Coated Recycled Board Machine Project, AMT, 4.0% (b), 10/1/2061 | 890,000 | 880,079 | |
7,204,716 | |||
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 | 1,025,238 | |
Series A, 5.0%, 2/15/2053 | 2,815,000 | 2,888,728 | |
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,365,000 | 2,002,321 | |
5,916,287 | |||
Missouri 1.4% | |||
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project, Series A, 144A, 6.25%, 4/15/2049 | 3,750,000 | 3,145,590 | |
Missouri, Development Finance Board, St. Louis Convention Center Hotel Garage Project, Series C, 1.1% (a), 9/1/2022, LOC: U.S. Bank NA | 1,450,000 | 1,450,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services: | |||
4.0%, 2/1/2042 | 1,450,000 | 1,294,377 | |
Series A, 5.0%, 2/1/2046 | 665,000 | 671,615 | |
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-1, 1.1% (a), 9/1/2022, LOC: Barclays Bank PLC | 335,000 | 335,000 | |
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | 2,275,000 | 1,870,993 | |
8,767,575 |
Nevada 0.8% | |||
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue: | |||
5.0%, 7/1/2040 | 1,000,000 | 1,018,032 | |
5.0%, 7/1/2045 | 1,000,000 | 1,006,451 | |
5.0%, 7/1/2051 | 1,000,000 | 1,000,385 | |
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 18,000,000 | 2,410,785 | |
5,435,653 | |||
New Hampshire 0.1% | |||
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |||
Series A, 144A, 6.125%, 7/1/2037* (c) | 900,000 | 360,000 | |
Series A, 144A, 6.25%, 7/1/2042* (c) | 1,090,000 | 436,000 | |
796,000 | |||
New Jersey 3.6% | |||
Atlantic County, NJ, Improvement Authority Lease Revenue, Atlantic City Campus Phase II Project, Series A, 4.0%, 7/1/2047, INS: AGMC | 465,000 | 438,216 | |
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2032 | 415,000 | 443,343 | |
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | 3,795,000 | 3,209,247 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,625,000 | 1,319,722 | |
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | 2,500,000 | 2,571,209 | |
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038 | 4,000,000 | 4,176,204 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC | 1,820,000 | 1,862,201 | |
New Jersey, State Health Care Facilities Financing Authority Revenue, Virtua Health, Inc., Series B, 0.85% (a), 9/1/2022, LOC: JPMorgan Chase Bank NA | 1,350,000 | 1,350,000 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 1,035,000 | 930,536 | |
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,357,263 | |
Series B, AMT, 3.5%, 12/1/2039 | 1,800,000 | 1,781,424 | |
New Jersey, Transportation Trust Fund Authority: | |||
4.0%, 6/15/2040 | 2,025,000 | 1,939,966 | |
Series AA, 5.0%, 6/15/2050 | 2,000,000 | 2,071,476 | |
23,450,807 | |||
New Mexico 0.3% | |||
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044 | 2,540,000 | 2,182,121 | |
New York 6.5% | |||
Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College Project: | |||
Series A, 4.0%, 11/1/2040 | 1,200,000 | 1,157,691 | |
Series A, 4.0%, 11/1/2050 | 2,500,000 | 2,300,156 | |
Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A, 5.0%, 7/1/2051 | 380,000 | 382,421 | |
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050 | 3,750,000 | 3,199,929 | |
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | 455,000 | 466,365 |
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2021G-1, 1.08% (a), 9/1/2022, LOC: Barclays Bank PLC | 350,000 | 350,000 | |
Series E-1, 1.08% (a), 9/1/2022, LOC: Barclays Bank PLC | 2,600,000 | 2,600,000 | |
Series D, 5.0%, 11/15/2033 | 1,500,000 | 1,575,223 | |
Series C-1, 5.0%, 11/15/2050 | 1,320,000 | 1,348,651 | |
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D-2, 4.0%, 11/15/2048 | 3,500,000 | 3,116,047 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045 | 1,000,000 | 996,005 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New School: | |||
Series A, 4.0%, 7/1/2047 | 500,000 | 438,052 | |
Series A, 4.0%, 7/1/2052 | 590,000 | 508,312 | |
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project: | |||
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc. | 500,000 | 466,600 | |
AMT, 4.0%, 12/1/2042 | 1,200,000 | 1,080,468 | |
AMT, 5.375%, 8/1/2036 | 900,000 | 969,915 | |
New York, State Transportation Development Corp., Special Facilities Revenue, LaGuardia Airport C & D Redevelopment, AMT, 4.375%, 10/1/2045 | 5,500,000 | 5,103,485 | |
New York, Triborough Bridge & Tunnel Authority Revenue, Series B-1, 1.15% (a), 9/1/2022, LOC: U.S. Bank NA | 100,000 | 100,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges And Tunnels, Series 4-C, 1.15% (a), 9/1/2022, LOC: U.S. Bank NA | 1,370,000 | 1,370,000 | |
New York, TSASC, Inc.: | |||
Series A, 5.0%, 6/1/2041 | 595,000 | 617,032 | |
Series B, 5.0%, 6/1/2048 | 2,800,000 | 2,716,936 | |
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue: | |||
Series E-1, 2.8%, 11/1/2034 | 5,000,000 | 4,384,253 | |
Series E-1, 3.0%, 11/1/2039 | 3,000,000 | 2,521,509 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series EE-2, 1.15% (a), 9/1/2022, LIQ: State Street B&T Co. | 200,000 | 200,000 | |
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060 | 35,000,000 | 1,820,438 | |
New York, NY, General Obligation: | |||
Series I-4, 1.03% (a), 9/1/2022, LOC: TD Bank NA | 100,000 | 100,000 | |
Series 2, 1.69% (a), 9/1/2022 | 300,000 | 300,000 | |
Series B-3, 1.69% (a), 9/1/2022 | 320,000 | 320,000 | |
Series 3, 1.7% (a), 9/1/2022 | 100,000 | 100,000 | |
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028 (c) | 2,125,000 | 1,653,675 | |
42,263,163 | |||
North Carolina 0.6% | |||
Charlotte-Mecklenberg, NC, Hospital Authority, Health Care System Revenue, 1.05% (a), 9/1/2022, LOC: Royal Bank of Canada | 2,650,000 | 2,650,000 | |
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 1,530,000 | 1,545,182 | |
4,195,182 | |||
Ohio 4.3% | |||
Buckeye, OH, Tobacco Settlement Financing Authority, “2”, Series B-2, 5.0%, 6/1/2055 | 3,195,000 | 3,043,168 | |
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047 | 2,480,000 | 2,382,804 | |
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
5.0%, 1/1/2051 | 1,270,000 | 1,216,146 | |
Series A, 5.0%, 1/1/2052 | 1,000,000 | 955,527 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 8,930,000 | 9,152,036 |
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |||
144A, AMT, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | 725,000 | 725,659 | |
144A, AMT, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | 3,115,000 | 3,122,188 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 6,000,000 | 5,138,555 | |
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A, 5.0%, 2/15/2039 (d) | 2,025,000 | 2,281,566 | |
28,017,649 | |||
Oklahoma 0.9% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project, Series B, 5.5%, 8/15/2052 | 5,865,000 | 5,565,834 | |
Pennsylvania 2.0% | |||
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048 | 436,000 | 435,076 | |
Lancaster County, PA, Hospital Authority, Brethren Village Project: | |||
5.125%, 7/1/2037 | 900,000 | 891,182 | |
5.25%, 7/1/2041 | 900,000 | 895,672 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041 | 4,395,000 | 4,004,249 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | 1,360,000 | 1,356,432 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series A, 4.0%, 12/1/2044 | 660,000 | 627,860 | |
Series A, 4.0%, 12/1/2046 | 440,000 | 409,760 | |
Series A, 4.0%, 12/1/2050 | 3,500,000 | 3,204,570 | |
Series A-1, 5.0%, 12/1/2041 | 20,000 | 20,667 | |
Philadelphia, PA, Authority For Industrial Development, Charter School Revenue, Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%, 6/1/2056 | 1,240,000 | 965,327 | |
12,810,795 | |||
South Carolina 0.7% | |||
South Carolina, State Public Service Authority Revenue, Series A, 4.0%, 12/1/2052 | 5,000,000 | 4,528,174 | |
South Dakota 0.3% | |||
Lincon County, SD, Economic Development Revenue, Augustana College Association Project: | |||
Series A, 4.0%, 8/1/2051 | 900,000 | 747,206 | |
Series A, 4.0%, 8/1/2056 | 625,000 | 503,239 | |
Series A, 4.0%, 8/1/2061 | 810,000 | 633,599 | |
1,884,044 | |||
Tennessee 1.0% | |||
Metropolitan Nashville, TN, Airport Authority Revenue: | |||
Series B, AMT, 4.0%, 7/1/2049 | 1,000,000 | 916,290 | |
Series B, AMT, 4.0%, 7/1/2054 | 500,000 | 451,389 | |
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | 900,000 | 928,145 | |
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 4,000,000 | 3,316,037 | |
Tennessee, New Memphis Arena Public Building Authority, City of Memphis Project, Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2031 | 750,000 | 686,149 | |
6,298,010 |
Texas 9.3% | |||
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation: | |||
Zero Coupon, 1/1/2030 | 5,000,000 | 3,748,249 | |
Zero Coupon, 1/1/2032 | 3,500,000 | 2,376,856 | |
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048 | 4,485,000 | 4,654,162 | |
Greater Texas, Cultural Education Facilities Finance Corp. Lease Revenue, Epicenter Multipurpose Facilities Project: | |||
Series A, 4.0%, 3/1/2046 | 2,505,000 | 2,275,873 | |
Series A, 4.0%, 3/1/2050 | 2,165,000 | 1,933,986 | |
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC | 7,000,000 | 7,293,479 | |
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057 | 6,000,000 | 5,141,453 | |
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark University Project: | |||
Series A, 5.0%, 10/1/2041 | 350,000 | 324,395 | |
Series A, 5.0%, 10/1/2051 | 520,000 | 459,864 | |
Temple, TX, Tax Increment, Reinvestment Zone No. 1: | |||
Series A, 4.0%, 8/1/2039, INS: BAM | 170,000 | 172,343 | |
Series A, 4.0%, 8/1/2041, INS: BAM | 235,000 | 236,620 | |
Series A, 5.0%, 8/1/2038 | 2,830,000 | 2,888,922 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 3,550,000 | 3,440,793 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project: | |||
5.0%, 10/1/2039 | 1,820,000 | 1,695,149 | |
Series A, 5.25%, 10/1/2055 | 8,000,000 | 7,151,536 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053* (c) | 6,605,000 | 5,944,500 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue, Infrastructure Group LLC, I-635 Managed Lanes Project: | |||
Series A, 4.0%, 6/30/2038 | 380,000 | 358,568 | |
Series A, 4.0%, 12/31/2038 | 380,000 | 357,685 | |
Series A, 4.0%, 6/30/2039 | 290,000 | 275,772 | |
Series A, 4.0%, 12/31/2039 | 335,000 | 317,069 | |
Series A, 4.0%, 6/30/2040 | 275,000 | 260,813 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 6,620,000 | 7,034,565 | |
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 | 2,282,393 | |
60,625,045 | |||
Utah 1.6% | |||
Utah, Infrastructure Agency Telecommunication Revenue: | |||
4.0%, 10/15/2041 | 600,000 | 513,105 | |
Series 2019, 4.0%, 10/15/2042 | 2,350,000 | 1,987,011 | |
Utah, State Charter School Finance Authority, St. George Campus Project, Series A, 144A, 5.0%, 6/15/2052 | 1,130,000 | 1,074,549 | |
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | 6,490,000 | 6,564,416 | |
10,139,081 | |||
Vermont 0.0% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, Landmark College Project, Series A, 1.09% (a), 9/1/2022, LOC: TD Bank NA | 120,000 | 120,000 |
Virginia 3.6% | |||
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge: | |||
5.0%, 1/1/2037 | 1,000,000 | 935,718 | |
5.0%, 1/1/2046 | 1,530,000 | 1,351,303 | |
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |||
Series 2020, 5.0%, 9/1/2050 | 1,740,000 | 1,218,480 | |
Series A, 5.375%, 9/1/2054 | 1,500,000 | 1,094,298 | |
Virginia, Marquis Community Development Authority Revenue: | |||
Series C, Zero Coupon, 9/1/2041 | 7,906,000 | 396,988 | |
Series B, 2.823%, 9/1/2041 (e) | 5,332,000 | 2,462,081 | |
144A, 3.75%, 9/1/2045 (e) | 1,640,000 | 758,328 | |
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |||
144A, 5.0%, 9/1/2037 | 1,400,000 | 1,362,703 | |
144A, 5.0%, 9/1/2045 | 4,100,000 | 3,907,250 | |
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048 | 1,205,000 | 1,052,853 | |
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project: | |||
AMT, 4.0%, 1/1/2039 | 500,000 | 471,512 | |
AMT, 4.0%, 1/1/2040 | 1,000,000 | 936,685 | |
Virginia, Small Business Financing Authority, I-495 Hot Lanes Project: | |||
AMT, 5.0%, 12/31/2052 | 1,500,000 | 1,549,650 | |
AMT, 5.0%, 12/31/2057 | 500,000 | 513,236 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052 | 5,250,000 | 5,344,183 | |
23,355,268 | |||
Washington 3.1% | |||
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital: | |||
5.0%, 12/1/2037 | 1,025,000 | 928,320 | |
5.0%, 12/1/2046 | 2,000,000 | 1,584,785 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2043 | 4,710,000 | 3,520,618 | |
Series B, 3.0%, 7/1/2048 | 4,120,000 | 2,874,800 | |
Series B, 3.0%, 7/1/2058 | 2,080,000 | 1,353,662 | |
Washington, State Higher Educational Facilities Authority, Seattle University Project, 4.0%, 5/1/2050 | 1,020,000 | 920,135 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044 | 6,000,000 | 6,186,889 | |
Washington, State Housing Finance Commission, The Hearthstone Project: | |||
Series A, 144A, 5.0%, 7/1/2038 | 775,000 | 675,619 | |
Series A, 144A, 5.0%, 7/1/2048 | 1,735,000 | 1,400,150 | |
Series A, 144A, 5.0%, 7/1/2053 | 1,125,000 | 887,782 | |
20,332,760 | |||
Wisconsin 5.2% | |||
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |||
Series A-1, 5.0%, 7/1/2043 | 4,150,000 | 4,219,090 | |
Series B, 5.0%, 7/1/2048 | 1,910,000 | 1,523,379 | |
Series B, 5.0%, 7/1/2053 | 2,125,000 | 1,645,034 | |
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 | 6,000,000 | 4,864,127 |
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |||
5.0%, 7/1/2047 | 2,000,000 | 2,001,848 | |
5.0%, 7/1/2052 | 910,000 | 910,044 | |
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049 | 520,000 | 500,653 | |
Wisconsin, Public Finance Authority, Green Bond, Fargo Moorhead, AMT, 4.0%, 3/31/2056 | 3,205,000 | 2,540,510 | |
Wisconsin, Public Finance Authority, Hospital Revenue, Carson Valley Medical Center, Series A, 4.0%, 12/1/2051 | 1,290,000 | 1,065,295 | |
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: | |||
144A, 4.0%, 4/1/2042 | 255,000 | 219,896 | |
144A, 4.0%, 4/1/2052 | 455,000 | 366,553 | |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 635,000 | 584,832 | |
144A, 5.75%, 5/1/2054 | 3,570,000 | 3,225,261 | |
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel: | |||
Series A, 5.0%, 2/1/2062 | 2,750,000 | 2,824,030 | |
Series B, 144A, 6.0%, 2/1/2062 | 7,000,000 | 7,149,310 | |
33,639,862 | |||
Guam 0.7% | |||
Guam, Antonio B. Won Pat International Airport Authority: | |||
Series C, AMT, 6.25%, 10/1/2034 | 300,000 | 308,398 | |
Series C, AMT, Prerefunded, 6.25%, 10/1/2034 | 200,000 | 207,802 | |
Guam, Government Waterworks Authority, Water & Wastewater System Revenue: | |||
5.0%, 7/1/2040 | 1,040,000 | 1,083,321 | |
Series A, 5.0%, 1/1/2050 | 655,000 | 681,928 | |
Guam, International Airport Authority Revenue: | |||
Series C, AMT, 6.375%, 10/1/2043 | 775,000 | 797,086 | |
Series C, AMT, Prerefunded, 6.375%, 10/1/2043 | 835,000 | 868,678 | |
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | 800,000 | 839,379 | |
4,786,592 | |||
Puerto Rico 6.2% | |||
Puerto Rico, Commonwealth Aqueduct and Sewer Authority: | |||
Series A, 144A, 5.0%, 7/1/2035 | 5,000,000 | 5,091,753 | |
Series A, 144A, 5.0%, 7/1/2047 | 5,000,000 | 5,015,725 | |
Puerto Rico, GDB Debt Recovery Authority, PIK, 7.5%, 8/20/2040 | 6,287,707 | 5,627,498 | |
Puerto Rico, General Obligation: | |||
Series A, Zero Coupon, 7/1/2024 | 85,592 | 79,108 | |
Series A, Zero Coupon, 7/1/2033 | 329,431 | 187,478 | |
Series 2022, Zero Coupon, 11/1/2043 | 1,273,870 | 657,635 | |
Series A1, 4.0%, 7/1/2033 | 255,987 | 239,864 | |
Series A1, 4.0%, 7/1/2035 | 230,098 | 211,564 | |
Series A1, 4.0%, 7/1/2037 | 197,485 | 176,965 | |
Series A1, 4.0%, 7/1/2041 | 1,098,773 | 959,573 | |
Series A1, 4.0%, 7/1/2046 | 1,309,675 | 1,112,193 | |
Series A1, 5.25%, 7/1/2023 | 142,945 | 145,109 | |
Series A1, 5.375%, 7/1/2025 | 285,097 | 294,240 | |
Series A1, 5.625%, 7/1/2027 | 282,516 | 299,807 | |
Series A1, 5.625%, 7/1/2029 | 277,932 | 299,341 | |
Series A1, 5.75%, 7/1/2031 | 269,953 | 296,157 |
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||
Series A-1, Zero Coupon, 7/1/2046 | 18,255,000 | 5,228,110 | |
Series A-1, 4.75%, 7/1/2053 | 6,800,000 | 6,502,856 | |
Series A-1, 5.0%, 7/1/2058 | 5,000,000 | 4,850,534 | |
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Revenue, Series A, Zero Coupon, 5/15/2057 | 50,000,000 | 3,084,895 | |
40,360,405 | |||
Other 1.4% | |||
Freddie Mac Multi-Family ML Certificates, “A-CA”, Series 2021-ML10, 2.046%, 6/25/2038 | 3,395,547 | 2,769,365 | |
Nuveen AMT-Free Municipal Credit Income Fund, Series C, 2.17% (a), 9/1/2022 | 6,600,000 | 6,600,000 | |
9,369,365 | |||
Total Municipal Investments (Cost $668,593,447) | 626,821,544 | ||
Underlying Municipal Bonds of Inverse Floaters (f) 4.1% | |||
Michigan 1.6% | |||
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (g) | 10,000,000 | 10,594,772 | |
Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 10.343%, 10/15/2023, Leverage Factor at purchase date: 3 to 1 | |||
Washington 2.5% | |||
Washington, State General Obligation, Series A-1, 5.0%, 8/1/2037 (g) | 15,000,000 | 15,888,008 | |
Trust: State General Obligation, Series XM0127, 144A, 13.01%, 8/1/2023, Leverage Factor at purchase date: 4 to 1 | |||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $26,644,016) | 26,482,780 | ||
Corporate Bonds 0.3% | |||
Consumer Discretionary | |||
Grand Canyon University, 5.125%, 10/1/2028 (Cost $2,165,000) | 2,165,000 | 2,006,334 | |
Government & Agency Obligations 0.2% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Bills, 2.564% (h), 4/20/2023 (i) (Cost $985,574) | 1,000,000 | 980,445 |
Shares | Value ($) | ||
Closed-End Investment Companies 0.3% | |||
Nuveen Quality Municipal Income Fund (Cost $2,515,604) | 172,000 | 2,115,600 | |
Open-End Investment Companies 1.8% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 1.21% (j) (Cost $11,656,824) | 11,655,084 | 11,656,249 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $712,560,465) | 103.0 | 670,062,952 | |
Floating Rate Notes (f) | (2.8) | (17,920,000) | |
Other Assets and Liabilities, Net | (0.2) | (1,368,444) | |
Net Assets | 100.0 | 650,774,508 |
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.
* | Non-income producing security. |
(a) | Variable rate demand notes and variable rate demand preferred shares 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 through a put or tender feature, and are shown at their current rates as of August 31, 2022. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | Variable or floating rate security. These securities are shown at their current rate as of August 31, 2022. 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) | Defaulted security or security for which income has been deemed uncollectible. |
(d) | When-issued security. |
(e) | Security currently paying partial interest. The rate shown represents 50% of the original coupon rate. |
(f) | 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. |
(g) | 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. |
(h) | Annualized yield at time of purchase; not a coupon rate. |
(i) | At August 31, 2022, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. |
(j) | 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. |
AMBAC: Ambac Financial Group, Inc. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
PIK: Denotes that all or a portion of the income is 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. |
SIFMA: Securities Industry and Financial Markets Association |
At August 31, 2022, open futures contracts sold were as follows:
Futures | Currency | Expiration Date | Contracts | Notional Amount ($) | Notional Value ($) | Unrealized Appreciation ($) |
10 Year U.S. Treasury Note | USD | 12/20/2022 | 465 | 54,418,336 | 54,361,406 | 56,930 |
Currency Abbreviation(s)
USD | United States Dollar |
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, 2022 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $653,304,324 | $— | $653,304,324 |
Corporate Bonds | — | 2,006,334 | — | 2,006,334 |
Government & Agency Obligations | — | 980,445 | — | 980,445 |
Closed-End Investment Companies | 2,115,600 | — | — | 2,115,600 |
Open-End Investment Companies | 11,656,249 | — | — | 11,656,249 |
Derivatives (b) | ||||
Futures Contracts | 56,930 | — | — | 56,930 |
Total | $13,828,779 | $656,291,103 | $— | $670,119,882 |
(a) | See Investment Portfolio for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of August 31, 2022 categorized by the primary underlying risk exposure.
Primary Underlying Risk Disclosure | Futures Contracts |
Interest Rate Contracts | $ 56,930 |
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
DSHYTFF-PH1
R-080548-1 (1/23)