Investment Portfolioas of August 31, 2023 (Unaudited)
DWS Managed Municipal Bond Fund
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.4% | |||
Alabama 0.9% | |||
Alabama, Black Belt Energy Gas District Prepay Revenue, Series A, 5.25% (a), 1/1/2054, GTY: Goldman Sachs Group, Inc. | 10,000,000 | 10,394,156 | |
Alabama, Black Belt Energy Gas District, Gas Project Revenue: | |||
Series B, 5.25% (a), 12/1/2053, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada | 5,765,000 | 6,080,050 | |
Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc. (b) | 3,000,000 | 3,131,168 | |
19,605,374 | |||
Alaska 0.1% | |||
Alaska, Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, “1”, Series A, 4.0%, 6/1/2050 | 2,045,000 | 1,808,359 | |
Arizona 1.2% | |||
Arizona, Salt Verde Financial Corp., Gas Revenue: | |||
5.0%, 12/1/2032, GTY: Citigroup Global Markets | 1,600,000 | 1,663,074 | |
5.0%, 12/1/2037, GTY: Citigroup Global Markets | 8,405,000 | 8,614,386 | |
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 5,490,000 | 4,871,825 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 4,560,000 | 3,997,175 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
Series 2022, 144A, 4.0%, 6/15/2057 | 6,495,000 | 4,623,448 | |
144A, 5.0%, 6/15/2049 | 1,445,000 | 1,282,405 | |
144A, 5.0%, 6/15/2052 | 1,410,000 | 1,236,904 | |
26,289,217 | |||
Arkansas 0.0% | |||
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, 4.17% (c), 9/7/2023, LOC: JPMorgan Chase Bank NA | 300,000 | 300,000 | |
California 6.2% | |||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A, Prerefunded, 5.0%, 6/1/2040 | 11,765,000 | 12,179,059 | |
California, Housing Finance Agency, Municipal Certificates: | |||
“A", 3.25%, 8/20/2036 | 8,423,275 | 7,518,233 | |
“A", Series 2021-1, 3.5%, 11/20/2035 | 5,383,872 | 4,953,479 | |
“A", Series 2021-2, 3.75%, 3/25/2035 | 19,526,769 | 18,767,539 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 2,395,000 | 2,312,391 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 15,315,000 | 18,692,662 | |
California, Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Series A, 4.0%, 9/1/2040 | 6,975,000 | 5,858,376 | |
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements: | |||
3.875%, 9/1/2049 | 1,560,000 | 1,201,464 | |
4.0%, 9/1/2046 | 2,265,000 | 1,839,232 |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2043 | 3,110,000 | 3,111,704 | |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 | 675,000 | 604,187 | |
Series A, 144A, 5.0%, 11/15/2051 | 1,690,000 | 1,475,833 | |
California, State Public Works Board, Lease Revenue: | |||
Series C, 5.0%, 8/1/2032 | 3,600,000 | 4,141,515 | |
Series A, 5.0%, 8/1/2033 | 6,250,000 | 7,186,339 | |
Series C, 5.0%, 8/1/2033 | 3,765,000 | 4,329,050 | |
California, State University Revenue, Series A, 5.0%, 11/1/2038 | 7,410,000 | 7,636,015 | |
Los Angeles, CA, Department of Airports Revenue: | |||
Series B, AMT, 5.0%, 5/15/2030 | 5,715,000 | 6,051,782 | |
Series C, AMT, 5.0%, 5/15/2031 | 3,910,000 | 4,110,732 | |
Series A, AMT, 5.0%, 5/15/2045 | 3,750,000 | 3,895,596 | |
Nuveen California Quality Municipal Income Fund: | |||
Series 7, 144A, AMT, 4.13% (c), 9/7/2023, LIQ: Royal Bank of Canada | 200,000 | 200,000 | |
Series 1-1362, 144A, AMT, 4.15% (c), 9/7/2023, LIQ: Societe Generale | 300,000 | 300,000 | |
Series 6, 144A, AMT, 4.15% (c), 9/7/2023, LIQ: JPMorgan Chase Bank NA | 600,000 | 600,000 | |
Sacramento County, CA, Airport Systems Revenue, Series C, AMT, 5.0%, 7/1/2030 | 13,690,000 | 14,425,137 | |
131,390,325 | |||
Colorado 6.8% | |||
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050 | 1,000,000 | 847,665 | |
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050 | 3,833,000 | 3,435,063 | |
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co. | 30,000,000 | 35,186,928 | |
Colorado, State Health Facilities Authority Revenue, Children's Hospital, Series A, 3.95% (c), 9/1/2023, LOC: TD Bank NA | 2,150,000 | 2,150,000 | |
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, Prerefunded, 5.5%, 1/1/2035 | 16,250,000 | 16,356,824 | |
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-1, 4.0%, 8/1/2044 | 4,000,000 | 3,561,185 | |
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 892,750 | |
Denver City & County, CO, Airport System Revenue: | |||
Series A, AMT, 5.0%, 12/1/2029 | 7,985,000 | 8,428,348 | |
Series A, AMT, 5.0%, 12/1/2032 | 6,350,000 | 6,704,371 | |
Series A, AMT, 5.5%, 11/15/2028 | 15,000,000 | 15,031,452 | |
Series A, AMT, 5.5%, 11/15/2029 | 14,705,000 | 14,734,669 | |
Series A, AMT, 5.5%, 11/15/2030 | 15,080,000 | 15,109,396 | |
Series A, AMT, 5.5%, 11/15/2031 | 5,000,000 | 5,008,846 | |
Series A, AMT, 5.5%, 11/15/2053 | 4,000,000 | 4,260,856 | |
Series D, AMT, 5.75%, 11/15/2045 | 3,280,000 | 3,592,017 | |
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 4,895,000 | 4,916,264 | |
Douglas County, CO, Rampart Range Metropolitan District No. 5: | |||
4.0%, 12/1/2041 | 940,000 | 721,893 | |
4.0%, 12/1/2051 | 3,510,000 | 2,468,381 | |
143,406,908 | |||
Connecticut 0.1% | |||
Connecticut, Steel Point Infrastructure Improvement District Special Obligation Revenue, Steelpointe Harbor Project: | |||
144A, 4.0%, 4/1/2041 | 360,000 | 308,013 | |
144A, 4.0%, 4/1/2051 | 1,900,000 | 1,520,700 | |
1,828,713 |
District of Columbia 1.6% | |||
District of Columbia, General Obligation, Series A, 5.0%, 6/1/2033 | 7,500,000 | 7,679,547 | |
District of Columbia, International School Revenue: | |||
5.0%, 7/1/2039 | 300,000 | 301,634 | |
5.0%, 7/1/2054 | 2,425,000 | 2,350,581 | |
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 4,810,000 | 4,272,090 | |
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050 | 2,155,000 | 1,895,102 | |
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B, 3.0%, 10/1/2050, INS: AGMC | 3,265,000 | 2,406,145 | |
Metropolitan Washington, DC, Airports Authority System Revenue: | |||
Series A, AMT, 5.0%, 10/1/2031 | 5,355,000 | 5,546,748 | |
Series A, AMT, 5.0%, 10/1/2032 | 5,000,000 | 5,176,358 | |
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue: | |||
Series A, 5.0%, 10/1/2029 | 1,455,000 | 1,552,818 | |
Series A, 5.0%, 10/1/2030 | 1,455,000 | 1,547,969 | |
32,728,992 | |||
Florida 7.9% | |||
Broward County, FL, Airport Systems Revenue: | |||
Series A, AMT, 4.0%, 10/1/2044 | 2,140,000 | 1,964,392 | |
Series A, AMT, 4.0%, 10/1/2049 | 3,425,000 | 3,049,341 | |
Broward County, FL, Port Facilities Revenue: | |||
AMT, 5.25%, 9/1/2047 | 1,010,000 | 1,054,310 | |
AMT, 5.5%, 9/1/2052 | 7,455,000 | 7,900,676 | |
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 | 1,560,000 | 1,222,507 | |
Collier County,FL, State Educational Facilities Authority Revenue, Ave Maria University Inc., 5.25%, 6/1/2038 | 4,685,000 | 4,682,210 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
Series A-1, 5.0%, 10/1/2032 | 540,000 | 557,172 | |
Series A-1, 5.0%, 10/1/2033 | 540,000 | 554,865 | |
Series A-1, 5.0%, 10/1/2034 | 545,000 | 556,037 | |
Series A-1, 5.0%, 10/1/2035 | 270,000 | 273,358 | |
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum Properties LLC: | |||
Series A-1, 5.0%, 11/1/2053 | 785,000 | 771,739 | |
Series A-1, 5.0%, 11/1/2058 | 1,255,000 | 1,222,490 | |
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 3,570,000 | 3,155,530 | |
Florida, Capital Trust Agency, Southeastern University Obligated Group Project: | |||
Series A, 144A, 6.25%, 5/1/2048 | 2,500,000 | 2,447,474 | |
Series A, 144A, 6.375%, 5/1/2053 | 1,000,000 | 977,763 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
Series A, 5.0%, 6/15/2047 | 6,600,000 | 6,396,709 | |
Series A, 5.0%, 6/15/2050 | 5,170,000 | 4,962,200 | |
Series A, 5.0%, 6/15/2052 | 1,980,000 | 1,890,509 | |
Series A, 5.0%, 6/15/2056 | 3,210,000 | 3,032,038 | |
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion Project, Series A, 144A, AMT, 7.25% (a), 7/1/2057 | 2,000,000 | 2,041,033 |
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project: | |||
Series A-1, 5.0%, 7/1/2042 | 280,000 | 271,351 | |
Series B, 5.0%, 7/1/2042 | 295,000 | 285,887 | |
Series A-1, 5.0%, 7/1/2051 | 255,000 | 237,762 | |
Series B, 5.0%, 7/1/2051 | 420,000 | 391,608 | |
Series A-1, 5.0%, 2/1/2057 | 370,000 | 338,139 | |
Series B, 5.0%, 7/1/2057 | 440,000 | 401,937 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 1,800,000 | 1,803,649 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375% (a), 1/1/2049 | 3,105,000 | 3,005,292 | |
Series A, 144A, AMT, 6.5% (a), 1/1/2049 | 3,400,000 | 3,272,390 | |
Florida, Higher Educational Facilities Financing Authority Revenue, Rollins College Project, Series A, 4.0%, 12/1/2050 | 15,000,000 | 13,207,827 | |
Florida, Jacksonville Electric Authority, Electric System Revenue, Series B, 4.0%, 10/1/2037 | 1,500,000 | 1,431,550 | |
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056 | 15,000,000 | 10,973,688 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, 4.0%, 10/1/2044 | 1,000,000 | 830,268 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 2,150,000 | 1,976,181 | |
Florida, State Housing Finance Corp., Revenue, Series 1, 3.5%, 7/1/2051 | 2,185,000 | 2,129,848 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
4.25%, 5/1/2043 | 8,320,000 | 7,574,154 | |
4.375%, 5/1/2050 | 6,960,000 | 6,174,908 | |
Florida, Village Community Development District No. 13, Special Assessment Revenue, 3.25%, 5/1/2052 | 2,250,000 | 1,556,193 | |
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053 | 6,665,000 | 6,809,531 | |
Florida, Village Community Development District No. 15, Special Assessment Revenue, 144A, 5.25%, 5/1/2054 | 2,160,000 | 2,170,656 | |
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 2,805,413 | |
Miami-Dade County, FL, Seaport Revenue: | |||
Series B1, AMT, 4.0%, 10/1/2046 | 6,430,000 | 5,871,943 | |
Series A, AMT, 5.25%, 10/1/2052 | 14,725,000 | 15,132,274 | |
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033 | 16,610,000 | 17,474,258 | |
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 13,380,000 | 11,575,268 | |
166,414,328 | |||
Georgia 2.2% | |||
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052 | 3,825,000 | 3,410,368 | |
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 3,155,000 | 3,204,918 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054 | 815,000 | 672,947 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 4,255,000 | 3,475,988 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | |||
Series A, 5.5%, 9/15/2023, GTY: Merrill Lynch & Co. | 5,000,000 | 5,001,272 | |
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co. | 5,000,000 | 5,193,294 | |
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co. | 5,000,000 | 5,252,266 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series B, 5.0% (a), 7/1/2053, GTY: Royal Bank of Canada | 15,670,000 | 16,257,990 | |
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 2,995,000 | 3,022,987 |
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.12% (c), 9/7/2023, LIQ: JPMorgan Chase Bank NA | 400,000 | 400,000 | |
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 2, 3.875% (a), 10/1/2048 | 1,250,000 | 1,238,298 | |
47,130,328 | |||
Illinois 7.7% | |||
Chicago, IL, Board of Education, Series A, 5.0%, 12/1/2034 | 810,000 | 830,560 | |
Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2038 | 2,290,000 | 2,414,490 | |
Chicago, IL, International Airport Authority, Gary Jet Center Project, 4.1% (c), 9/7/2023, LOC: BMO Harris Bank NA | 860,000 | 860,000 | |
Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.5%, 1/1/2055 | 6,395,000 | 6,720,910 | |
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 2,630,000 | 2,528,652 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
Series A, 5.0%, 12/1/2045 | 3,700,000 | 3,817,180 | |
Series A, 5.0%, 12/1/2057 | 5,000,000 | 5,063,496 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien: | |||
Series A, 4.0%, 12/1/2050 | 3,730,000 | 3,317,798 | |
Series A, 5.0%, 12/1/2052 | 15,000,000 | 15,220,635 | |
Chicago, IL, Waterworks Revenue, 5.0%, 11/1/2023, INS: AGMC | 2,990,000 | 2,993,409 | |
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL | 17,305,000 | 8,855,875 | |
Illinois, Regional Transportation Authority, Series B, 5.75%, 6/1/2033, INS: NATL | 7,000,000 | 8,103,483 | |
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group: | |||
Series A, Prerefunded, 5.0%, 1/1/2036 | 2,970,000 | 3,140,347 | |
Series A, Prerefunded, 5.0%, 1/1/2037 | 3,965,000 | 4,192,416 | |
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045* (d) | 9,825,000 | 3,930,000 | |
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 12,000,000 | 12,127,160 | |
Illinois, State General Obligation: | |||
5.0%, 11/1/2034 | 3,500,000 | 3,563,810 | |
5.0%, 1/1/2035 | 7,575,000 | 7,674,940 | |
Series A, 5.0%, 5/1/2040 | 3,000,000 | 3,062,623 | |
Series A, 5.0%, 12/1/2042 | 5,955,000 | 6,045,649 | |
Series A, 5.0%, 5/1/2043 | 2,000,000 | 2,032,397 | |
Series A, 5.25%, 12/1/2030 | 6,500,000 | 6,901,326 | |
Series B, 5.25%, 5/1/2041 | 5,625,000 | 5,946,759 | |
Series B, 5.25%, 5/1/2042 | 6,375,000 | 6,715,866 | |
Series B, 5.25%, 5/1/2043 | 3,000,000 | 3,157,187 | |
Series C, 5.25%, 10/1/2046 | 6,000,000 | 6,289,714 | |
5.5%, 5/1/2039 | 7,665,000 | 8,232,310 | |
5.75%, 5/1/2045 | 4,205,000 | 4,522,823 | |
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044 | 7,075,000 | 7,364,997 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 5,805,000 | 5,888,497 | |
161,515,309 | |||
Indiana 2.0% | |||
Indiana, Finance Authority Revenue, Franciscan Alliance, Inc. Obligated Group, Series I, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC | 2,685,000 | 2,685,000 | |
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 | 20,635,000 | 17,977,268 | |
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031 | 2,595,000 | 2,672,500 |
Indiana, State Finance Authority, CWA Authority, Inc. Project Revenue: | |||
Series A, 5.0%, 10/1/2042 (b) | 1,000,000 | 1,038,952 | |
Series A, 5.0%, 10/1/2043 (b) | 1,000,000 | 1,036,834 | |
Series A, 5.0%, 10/1/2044 (b) | 1,000,000 | 1,033,735 | |
Series A, 5.0%, 10/1/2045 (b) | 1,000,000 | 1,032,681 | |
Indiana, State Housing & Community Development Authority, Single Family Mortgage Revenue, Series C-1, 5.0%, 7/1/2053 | 1,780,000 | 1,822,040 | |
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project: | |||
Series G-1, 5.0%, 1/1/2053 | 9,000,000 | 9,372,117 | |
Series G-1, 5.25%, 1/1/2048 | 4,100,000 | 4,375,791 | |
43,046,918 | |||
Iowa 0.8% | |||
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%, 10/1/2052 | 2,265,000 | 2,295,118 | |
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project, 4.0%, 10/1/2050 | 12,905,000 | 10,633,375 | |
Iowa, Tobacco Settlement Authority Revenue, “2”, Series B1, 4.0%, 6/1/2049 | 3,575,000 | 3,484,966 | |
16,413,459 | |||
Kentucky 0.5% | |||
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group, Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,194,222 | |
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health Project, Series A, 5.0%, 5/15/2052 | 10,275,000 | 10,267,905 | |
11,462,127 | |||
Maryland 0.2% | |||
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050 | 2,165,000 | 2,113,925 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project, Series A, 5.75%, 7/1/2053 | 1,925,000 | 2,081,010 | |
4,194,935 | |||
Massachusetts 0.8% | |||
Massachusetts, State Development Finance Agency Revenue, Springfield College: | |||
Series B, 4.0%, 6/1/2050 | 2,480,000 | 1,924,065 | |
Series A, 4.0%, 6/1/2056 | 1,105,000 | 831,597 | |
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, 5.0%, 7/1/2036 | 1,000,000 | 1,017,694 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.95% (c), 9/1/2023, LOC: Bank of America NA | 250,000 | 250,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Series J-2, 3.85% (c), 9/7/2023 | 500,000 | 500,000 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series J-2-R, 3.9% (c), 9/1/2023, LOC: TD Bank NA | 650,000 | 650,000 | |
Massachusetts, State Housing Finance Agency, Single Family Housing Revenue, Series 222, 3.0%, 6/1/2051 | 12,190,000 | 11,603,021 | |
Massachusetts, State Water Resources Authority, Series A1, 4.08% (c), 9/7/2023, SPA: JPMorgan Chase Bank NA | 50,000 | 50,000 | |
16,826,377 | |||
Michigan 0.9% | |||
Michigan, State Finance Authority Ltd. Obligation Revenue, Albion College: | |||
4.0%, 12/1/2046 | 1,710,000 | 1,371,290 | |
4.0%, 12/1/2051 | 1,745,000 | 1,347,946 |
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series C, 4.0%, 6/1/2049 | 10,740,000 | 9,535,507 | |
Michigan, Strategic Fund, 75 Improvement P3 Project, AMT, 5.0%, 6/30/2048 | 5,800,000 | 5,810,379 | |
18,065,122 | |||
Minnesota 0.3% | |||
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032 | 5,000,000 | 5,215,685 | |
Missouri 0.8% | |||
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series P, 5.0%, 2/1/2046 | 2,460,000 | 2,287,589 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services: | |||
4.0%, 2/1/2042 | 2,640,000 | 2,203,992 | |
Series A, 5.0%, 2/1/2046 | 3,285,000 | 3,054,768 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B, 4.2% (c), 9/1/2023, LOC: U.S. Bank NA | 5,740,000 | 5,740,000 | |
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership Loan Program, Series B, 4.0%, 5/1/2050 | 2,505,000 | 2,473,124 | |
15,759,473 | |||
Nevada 0.2% | |||
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 37,500,000 | 4,620,158 | |
New Jersey 3.7% | |||
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2031 | 1,245,000 | 1,304,367 | |
New Jersey, State Economic Development Authority Revenue: | |||
Series SSS, 5.25%, 6/15/2038 (b) | 1,600,000 | 1,700,088 | |
Series BBB, Prerefunded, 5.5%, 6/15/2030 | 16,440,000 | 17,673,113 | |
New Jersey, State Economic Development Authority Revenue, Private Activity, The Goethals Bridge Replacement Project, Series A, AMT, 5.0%, 1/1/2031, INS: AGMC | 4,000,000 | 4,015,015 | |
New Jersey, State Economic Development Authority, State Government Buildings Project: | |||
Series A, 5.0%, 6/15/2042 | 2,885,000 | 2,961,136 | |
Series A, 5.0%, 6/15/2047 | 3,205,000 | 3,272,055 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 2,080,000 | 1,712,107 | |
Series C, AMT, 5.0%, 12/1/2053 | 2,520,000 | 2,341,964 | |
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing Revenue, Series I, 5.0%, 10/1/2053 | 2,635,000 | 2,698,298 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series CC, 5.5%, 6/15/2050 | 4,500,000 | 4,905,276 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series AA, 4.0%, 6/15/2050 | 5,820,000 | 5,360,059 | |
Series AA, 4.25%, 6/15/2044 | 2,000,000 | 1,964,185 | |
Series A, 5.0%, 12/15/2034 | 9,280,000 | 9,886,364 | |
Series A, 5.0%, 12/15/2036 | 2,385,000 | 2,512,158 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046 | 7,900,000 | 8,159,979 | |
South Jersey, NJ, Transportation Authority System Revenue: | |||
Series A, 4.0%, 11/1/2050 | 2,000,000 | 1,771,928 | |
Series A, 5.0%, 11/1/2045 | 3,000,000 | 3,052,953 | |
Series A, 5.25%, 11/1/2052 | 3,200,000 | 3,303,652 | |
78,594,697 |
New Mexico 0.8% | |||
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund: | |||
Series A, 4.0%, 6/1/2029 | 5,765,000 | 6,006,599 | |
Series A, 4.0%, 6/1/2030 | 5,795,000 | 6,018,617 | |
New Mexico, State Mortgage Finance Authority, Series A, 3.5%, 1/1/2051 | 3,005,000 | 2,926,578 | |
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I”, Series D, 3.75%, 1/1/2050 | 2,705,000 | 2,653,715 | |
17,605,509 | |||
New York 14.4% | |||
New York, Genesee County Funding Corp., Rochester Regional Health Obligation, Series A, 5.25%, 12/1/2052 | 2,000,000 | 2,032,392 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series 2012-G1, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC | 6,550,000 | 6,550,000 | |
Series E 1, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC | 11,025,000 | 11,025,000 | |
Series D, 5.0%, 11/15/2038 | 13,635,000 | 13,633,527 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond, Series B2, 5.0%, 11/15/2034 | 10,940,000 | 11,725,061 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New School: | |||
Series A, 4.0%, 7/1/2047 | 1,000,000 | 879,451 | |
Series A, 4.0%, 7/1/2052 | 1,175,000 | 1,008,406 | |
New York, State Dormitory Authority, Personal Income Tax Revenue: | |||
Series B, 5.0%, 2/15/2035 | 29,990,000 | 30,516,909 | |
Series B, Prerefunded, 5.0%, 2/15/2035 | 10,000 | 10,240 | |
Series A, 5.0%, 2/15/2039 | 3,945,000 | 4,096,409 | |
Series A, Prerefunded, 5.0%, 2/15/2039 | 5,000 | 5,317 | |
New York, State Dormitory Authority, Sales Tax Revenue, Series A, 5.0%, 3/15/2036 | 5,000,000 | 5,306,504 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment: | |||
Series A, AMT, 5.0%, 1/1/2031 | 2,050,000 | 2,112,099 | |
AMT, 5.0%, 10/1/2035 | 3,705,000 | 3,825,815 | |
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. | 1,000,000 | 887,027 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Terminal 4 John F. Kennedy, International Project, AMT, 5.0%, 12/1/2041 | 3,210,000 | 3,298,658 | |
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series C, 5.0%, 3/15/2047 | 8,300,000 | 8,681,239 | |
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels: | |||
Series A, 4.0%, 11/15/2054 | 5,000,000 | 4,629,862 | |
Series A, 5.0%, 11/15/2034 | 1,000,000 | 1,146,893 | |
Series A, 5.0%, 11/15/2035 | 1,250,000 | 1,416,615 | |
Series A, 5.0%, 11/15/2036 | 1,250,000 | 1,399,956 | |
Series A, 5.0%, 11/15/2049 | 5,155,000 | 5,399,733 | |
Series C1A, 5.0%, 5/15/2051 | 4,240,000 | 4,471,208 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 1,195,000 | 1,209,936 | |
New York City, NY, General Obligation, Series E-1, 5.0%, 4/1/2041 | 11,250,000 | 12,166,615 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||
Series DD, 5.0%, 6/15/2036 | 6,000,000 | 6,053,052 | |
Series GG-1, 5.0%, 6/15/2050 | 10,000,000 | 10,454,053 | |
Series AA-1, 5.25%, 6/15/2052 | 7,500,000 | 8,106,894 |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series D1, 5.0%, 2/1/2038 | 7,000,000 | 7,023,954 | |
Series E-1, 5.0%, 11/1/2041 | 23,490,000 | 25,515,280 | |
Series F-1, 5.0%, 2/1/2042 | 14,410,000 | 15,553,383 | |
Series D-1, 5.25%, 11/1/2040 | 5,000,000 | 5,540,601 | |
Series D-1, 5.5%, 11/1/2045 | 15,000,000 | 16,703,142 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S3, 5.0%, 7/15/2031 | 4,000,000 | 4,322,662 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S1, 5.0%, 7/15/2035 | 2,800,000 | 2,979,697 | |
New York, NY, General Obligation: | |||
Series L-4, 4.25% (c), 9/1/2023, LOC: U.S. Bank NA | 150,000 | 150,000 | |
Series B1, 5.0%, 12/1/2031 | 2,000,000 | 2,093,177 | |
Series B-1, 5.25%, 10/1/2047 | 3,000,000 | 3,252,654 | |
Port Authority of New York & New Jersey: | |||
Series 207, AMT, 5.0%, 9/15/2029 | 8,000,000 | 8,388,170 | |
Series 207, AMT, 5.0%, 9/15/2030 | 20,000,000 | 20,966,336 | |
Series 207, AMT, 5.0%, 9/15/2031 | 6,950,000 | 7,284,039 | |
Triborough, NY, Bridge & Tunnel Authority Sales Tax Revenue: | |||
Series A, 5.25%, 5/15/2052 | 8,000,000 | 8,623,594 | |
Series A, 5.25%, 5/15/2057 | 12,000,000 | 12,885,409 | |
303,330,969 | |||
North Carolina 0.8% | |||
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated Group, Series E, 3.98% (c), 9/1/2023, LOC: Royal Bank of Canada | 1,700,000 | 1,700,000 | |
North Carolina, Greater Asheville Regional Airport Authority Revenue: | |||
AMT, 5.25%, 7/1/2043, INS: AGMC | 1,165,000 | 1,235,062 | |
AMT, 5.25%, 7/1/2048, INS: AGMC | 2,250,000 | 2,358,980 | |
North Carolina, State Housing Finance Agency: | |||
Series 47, 3.0%, 7/1/2051 | 7,300,000 | 6,975,065 | |
Series 42, 4.0%, 1/1/2050 | 3,935,000 | 3,885,161 | |
16,154,268 | |||
Ohio 2.6% | |||
Buckeye, OH, Tobacco Settlement Financing Authority: | |||
“1", Series A-2, 4.0%, 6/1/2048 | 9,975,000 | 8,839,340 | |
“2", Series B-2, 5.0%, 6/1/2055 | 6,015,000 | 5,506,588 | |
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 6,035,000 | 6,036,150 | |
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
5.0%, 1/1/2036 | 975,000 | 942,714 | |
5.0%, 1/1/2046 | 2,790,000 | 2,496,298 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 7,380,000 | 7,413,190 | |
Ohio, State Hospital Revenue, Aultman Health Foundation: | |||
144A, 5.0%, 12/1/2038 | 7,750,000 | 6,982,992 | |
144A, 5.0%, 12/1/2048 | 7,500,000 | 6,410,746 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050 | 3,505,000 | 3,501,821 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time Homebuyer Program, 3.75%, 9/1/2050 | 2,955,000 | 2,895,900 | |
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A, 5.0%, 2/15/2039 | 3,890,000 | 4,276,901 | |
55,302,640 |
Oklahoma 0.7% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
Series B, 5.25%, 8/15/2048 | 2,670,000 | 2,470,980 | |
Series A, 5.5%, 8/15/2041 | 3,020,000 | 2,840,099 | |
Series A, 5.5%, 8/15/2044 | 3,205,000 | 2,988,919 | |
Oklahoma, State Turnpike Authority Revenue, Series E, 4.0%, 1/1/2031 | 6,375,000 | 6,479,999 | |
14,779,997 | |||
Pennsylvania 5.9% | |||
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project: | |||
5.0%, 12/1/2043 | 665,000 | 543,196 | |
5.0%, 12/1/2053 | 1,780,000 | 1,352,684 | |
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042 | 2,100,000 | 2,136,836 | |
Pennsylvania, Bucks County Water and Sewer Authority Revenue, Series A, 5.25%, 12/1/2047, INS: AGMC | 2,175,000 | 2,359,878 | |
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 1,115,000 | 1,149,513 | |
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033 | 5,000,000 | 5,092,800 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||
5.0%, 6/1/2027 | 1,290,000 | 1,353,923 | |
5.0%, 6/1/2028 | 1,290,000 | 1,373,215 | |
5.0%, 6/1/2029 | 1,290,000 | 1,373,454 | |
5.0%, 6/1/2030 | 855,000 | 910,061 | |
5.0%, 6/1/2031 | 865,000 | 918,200 | |
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034 | 3,000,000 | 3,117,249 | |
Pennsylvania, State Economic Development Financing Authority, The Penndot Major Bridges, AMT, 5.75%, 6/30/2048 | 10,000,000 | 10,847,348 | |
Pennsylvania, State General Obligation, Series D, 5.0%, 8/15/2032 | 5,000,000 | 5,172,020 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 136, 3.0%, 10/1/2051 | 5,201,695 | 5,021,635 | |
Series 132A, 3.5%, 4/1/2051 | 1,715,000 | 1,686,159 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series B, 4.0%, 12/1/2046 | 5,250,000 | 4,885,978 | |
Series B, 5.0%, 6/1/2033 | 12,000,000 | 12,427,602 | |
Series A-1, 5.0%, 12/1/2040 | 5,000,000 | 5,063,323 | |
Series B1, 5.0%, 6/1/2042 | 6,950,000 | 7,117,211 | |
Series A, 5.0%, 12/1/2044 | 20,335,000 | 20,835,670 | |
Series B, 5.0%, 12/1/2051 | 4,335,000 | 4,536,009 | |
Series B, 5.25%, 12/1/2052 | 4,050,000 | 4,356,262 | |
Southeastern, PA, Transportation Authority Revenue, 5.25%, 6/1/2052 | 20,000,000 | 21,636,170 | |
125,266,396 | |||
South Carolina 2.5% | |||
Lexington County, SC, Health Services District, Lexington Medical Center, 5.0%, 11/1/2041 | 2,500,000 | 2,521,656 | |
South Carolina, Public Service Authority Revenue, Series A, 4.0%, 12/1/2055 | 4,000,000 | 3,472,170 | |
South Carolina, State Public Service Authority Revenue: | |||
Series B, 4.0%, 12/1/2047 | 7,270,000 | 6,566,991 | |
Series A, 4.0%, 12/1/2052 | 8,640,000 | 7,632,954 | |
Series A, 5.0%, 12/1/2033 | 4,400,000 | 4,513,971 | |
Series A, 5.0%, 12/1/2036 | 4,780,000 | 4,859,925 |
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 8,000,000 | 8,045,414 | |
South Carolina, State Transportation Infrastructure Bank Revenue, Series A, 5.0%, 10/1/2038 | 15,130,000 | 15,788,273 | |
53,401,354 | |||
Tennessee 1.2% | |||
Metropolitan Nashville, TN, Airport Authority Revenue: | |||
Series B, AMT, 4.0%, 7/1/2049 | 4,000,000 | 3,530,717 | |
Series B, AMT, 4.0%, 7/1/2054 | 10,045,000 | 8,714,219 | |
Series B, AMT, 5.5%, 7/1/2052 | 3,250,000 | 3,450,824 | |
Tennessee, State Energy Acquisition Corporation Revenue: | |||
Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs Group, Inc. | 5,050,000 | 5,224,813 | |
Series A-1, 5.0% (a), 5/1/2053, GTY: Goldman Sachs Group, Inc. | 5,000,000 | 5,097,268 | |
26,017,841 | |||
Texas 11.8% | |||
Aubrey, TX, Independent School District, 4.0%, 2/15/2052 | 6,025,000 | 5,577,725 | |
Central Texas, Regional Mobility Authority Revenue, Senior Lien: | |||
Series A, Prerefunded, 5.0%, 1/1/2040 | 4,730,000 | 4,858,079 | |
Series E, 5.0%, 1/1/2045 | 1,500,000 | 1,548,645 | |
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048 | 11,465,000 | 11,467,627 | |
Houston, TX, Airport System Revenue, Series A, AMT, 5.25%, 7/1/2053, INS: AGMC | 5,000,000 | 5,233,907 | |
Houston, TX, Hotel Occupancy Tax & Special Revenue, Convention & Entertainment Facilities Department: | |||
5.0%, 9/1/2029 | 1,000,000 | 1,070,801 | |
5.0%, 9/1/2030 | 1,000,000 | 1,069,626 | |
5.0%, 9/1/2031 | 850,000 | 909,804 | |
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033 | 2,475,000 | 2,757,810 | |
Humble, TX, Independent School District, 5.0%, 2/15/2047 | 9,750,000 | 10,432,400 | |
Lower Colorado River, TX, Transmission Contract Authority Revenue, LCRA Transmission Services Corp., Project: | |||
5.0%, 5/15/2045 | 1,500,000 | 1,551,213 | |
5.0%, 5/15/2050 | 2,500,000 | 2,572,479 | |
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057 | 15,000,000 | 12,622,038 | |
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark University Project: | |||
Series A, 5.0%, 10/1/2041 | 435,000 | 362,541 | |
Series A, 5.0%, 10/1/2051 | 1,580,000 | 1,217,618 | |
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word Project: | |||
Series A, 4.0%, 4/1/2046 | 1,525,000 | 1,258,225 | |
Series A, 4.0%, 4/1/2051 | 5,500,000 | 4,378,366 | |
Series A, 4.0%, 4/1/2054 | 785,000 | 614,498 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048 | 20,000,000 | 20,480,570 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Scott & White Healthcare, Series D, 5.5%, 11/15/2047 | 8,550,000 | 9,179,410 | |
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series C, 4.0%, 10/1/2049 | 5,000,000 | 4,525,431 | |
Texas, Industrial Development Corp. Revenue, Energy Transfer LP, 4.05% (a), 11/1/2050 | 5,100,000 | 5,014,450 | |
Texas, Lamar Consolidated Independent School District: | |||
5.0%, 2/15/2041 | 10,930,000 | 11,819,739 | |
5.0%, 2/15/2042 | 13,180,000 | 14,186,514 | |
5.0%, 2/15/2043 | 11,340,000 | 12,182,486 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 4,250,000 | 3,595,772 |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Project, 4.0%, 11/1/2049 | 2,890,000 | 2,252,243 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053* (d) | 4,605,000 | 4,812,225 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant Express, AMT, 5.5%, 12/31/2058 | 6,250,000 | 6,623,088 | |
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 | 1,145,000 | 1,084,100 | |
Series A, 4.0%, 12/31/2038 | 1,145,000 | 1,082,658 | |
Series A, 4.0%, 6/30/2039 | 875,000 | 822,985 | |
Series A, 4.0%, 6/30/2040 | 1,830,000 | 1,694,667 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058 | 13,500,000 | 13,526,056 | |
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. | 2,750,000 | 2,798,786 | |
Texas, State College Student Loan, Series A, AMT, 5.5%, 8/1/2028 | 5,620,000 | 5,903,759 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 11,020,000 | 11,412,063 | |
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 | 14,410,000 | 14,493,876 | |
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund: | |||
Series B, 4.0%, 10/15/2033 | 20,000,000 | 20,454,926 | |
Series B, 4.0%, 10/15/2036 | 5,000,000 | 5,027,799 | |
Texas, Transmission Contract Authority Revenue, LCRA Transmission Services Corp., Project: | |||
Series A, 5.0%, 5/15/2040 | 1,000,000 | 1,070,443 | |
Series A, 5.0%, 5/15/2041 | 4,450,000 | 4,751,478 | |
248,298,926 | |||
Utah 1.9% | |||
Salt Lake City, UT, Airport Revenue: | |||
Series A, AMT, 4.0%, 7/1/2051 | 10,200,000 | 9,002,927 | |
Series A, AMT, 5.0%, 7/1/2032 | 5,000,000 | 5,268,926 | |
Series A, AMT, 5.0%, 7/1/2042 | 13,440,000 | 13,644,471 | |
Series A, AMT, 5.0%, 7/1/2043 | 3,850,000 | 3,926,454 | |
Series A, AMT, 5.0%, 7/1/2048 | 2,310,000 | 2,343,439 | |
Series A, AMT, 5.25%, 7/1/2048 | 3,455,000 | 3,636,283 | |
Utah, State Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue, 5.5%, 6/1/2040 | 1,400,000 | 1,547,965 | |
39,370,465 | |||
Virginia 2.6% | |||
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare: | |||
Series A, 5.0%, 10/1/2042 | 895,000 | 908,014 | |
Series A, 5.0%, 10/1/2047 | 3,035,000 | 3,046,485 | |
Series A, 5.0%, 10/1/2052 | 3,900,000 | 3,877,606 | |
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation, 144A, 5.0%, 9/1/2045 | 3,700,000 | 3,403,697 | |
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048 | 4,010,000 | 3,469,462 | |
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project, AMT, 4.0%, 1/1/2039 | 4,275,000 | 3,902,402 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project: | |||
AMT, 5.0%, 12/31/2049 | 3,145,000 | 3,150,190 | |
AMT, 5.0%, 12/31/2052 | 8,640,000 | 8,613,009 |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031 | 7,575,000 | 7,731,258 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education, Series A, 4.0%, 9/1/2031 | 4,710,000 | 4,798,714 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Regent University Project, 4.0%, 6/1/2046 | 2,420,000 | 2,017,329 | |
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031 | 5,120,000 | 5,495,835 | |
Virginia, State Public Building Authority, Public Facility Revenue, Series B, AMT, 4.0%, 8/1/2039 | 4,700,000 | 4,504,775 | |
54,918,776 | |||
Washington 3.5% | |||
King County, WA, School District No. 412 Shoreline, 5.0%, 12/1/2031 | 4,345,000 | 4,762,140 | |
Port of Seattle, WA, Revenue Bonds: | |||
Series A, AMT, 5.0%, 5/1/2031 | 9,200,000 | 9,585,798 | |
Series B, AMT, 5.0%, 8/1/2047 | 2,000,000 | 2,057,177 | |
Series B, AMT, 5.5%, 8/1/2047 | 1,500,000 | 1,602,816 | |
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030 | 13,000,000 | 13,450,854 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2043 | 2,495,000 | 1,862,703 | |
Series B, 3.0%, 7/1/2048 | 9,170,000 | 6,375,050 | |
Series B, 3.0%, 7/1/2058 | 4,630,000 | 2,971,804 | |
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation Group, Series A2, 5.0%, 8/1/2044 | 17,700,000 | 18,079,561 | |
Washington, State Higher Educational Facilities Authority, Gonzaga University Project, Series A, 3.0%, 4/1/2049 | 5,000,000 | 3,545,833 | |
Washington, State Higher Educational Facilities Authority, Seattle University Project, 4.0%, 5/1/2050 | 4,350,000 | 3,807,022 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055 | 9,010,000 | 6,420,293 | |
74,521,051 | |||
West Virginia 1.8% | |||
West Virginia, Marshall University Revenue, Improvement & Refunding Bonds, Series A, 4.0%, 5/1/2050, INS: AGMC | 9,150,000 | 8,063,166 | |
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, AMT, 4.125% (a), 7/1/2045 | 3,900,000 | 3,846,362 | |
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group: | |||
Series A, 5.0%, 6/1/2042 | 10,085,000 | 10,247,501 | |
Series A, 5.0%, 6/1/2047 | 10,035,000 | 10,132,562 | |
West Virginia, State Parkways Authority, Senior Lien, Trunpike Toll Revenue, 4.0%, 6/1/2051 | 6,765,000 | 6,224,446 | |
38,514,037 | |||
Wisconsin 2.5% | |||
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 | 10,000,000 | 8,501,374 | |
Wisconsin, Public Finance Authority, Green Bond, Fargo Moorhead, AMT, 4.0%, 3/31/2056 | 7,995,000 | 6,216,257 | |
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: | |||
144A, 4.0%, 4/1/2042 | 485,000 | 394,637 | |
144A, Prerefunded, 4.0%, 4/1/2042 | 10,000 | 10,779 | |
144A, 4.0%, 4/1/2052 | 820,000 | 609,670 | |
144A, Prerefunded, 4.0%, 4/1/2052 | 25,000 | 26,948 |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 1,235,000 | 1,040,648 | |
144A, 5.75%, 5/1/2054 | 3,950,000 | 3,167,737 | |
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel: | |||
Series A, 5.0%, 2/1/2062 | 8,750,000 | 8,131,402 | |
Series B, 144A, 6.0%, 2/1/2062 | 3,000,000 | 2,964,108 | |
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.: | |||
144A, 5.0%, 10/1/2043 | 1,560,000 | 1,379,294 | |
144A, 5.0%, 10/1/2048 | 11,840,000 | 10,123,728 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC | 3,850,000 | 3,850,000 | |
Wisconsin, University Hospitals & Clinics Authority, Series B, 4.2% (c), 9/1/2023, LOC: U.S. Bank NA | 5,700,000 | 5,700,000 | |
52,116,582 | |||
Guam 0.1% | |||
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 | 1,090,000 | 1,084,931 | |
Puerto Rico 0.4% | |||
Puerto Rico, General Obligation: | |||
Series A1, 4.0%, 7/1/2037 | 1,690,325 | 1,520,793 | |
Series A1, 4.0%, 7/1/2041 | 2,613,626 | 2,260,151 | |
Series A1, 4.0%, 7/1/2046 | 1,097,810 | 913,900 | |
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2046 | 10,000,000 | 2,785,282 | |
7,480,126 | |||
Total Municipal Investments (Cost $2,138,805,281) | 2,074,780,672 | ||
Underlying Municipal Bonds of Inverse Floaters (e) 0.5% | |||
New York | |||
New York, State Thruway Authority, Personal Income Tax Revenue, Series A, 5.0%, 3/15/2048 (f) (Cost $11,099,093) | 10,000,000 | 10,572,855 | |
Trust: New York, NY, State Thruway Authority, Personal Income Tax Revenue, Series 2022-XM1029, 144A, 6.26%, 3/15/2030, Leverage Factor at purchase date: 4 to 1 | |||
Corporate Bonds 0.5% | |||
Consumer Discretionary | |||
Grand Canyon University, 5.125%, 10/1/2028 (Cost $10,835,000) | 10,835,000 | 9,765,585 |
Shares | Value ($) | ||
Closed-End Investment Companies 0.4% | |||
Nuveen Quality Municipal Income Fund (Cost $10,046,847) | 744,000 | 8,087,280 | |
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 4.18% (g) (Cost $26,921) | 26,921 | 26,921 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,170,813,142) | 99.8 | 2,103,233,313 | |
Floating Rate Notes (e) | 0.4 | 7,500,000 | |
Other Assets and Liabilities, Net | (0.2 ) | (2,327,727 ) | |
Net Assets | 100.0 | 2,108,405,586 |
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 or floating rate security. These securities are shown at their current rate as of August 31, 2023. 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. |
(b) | When-issued security. |
(c) | 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, 2023. Date shown reflects the earlier of demand date or stated maturity date. |
(d) | Defaulted security or security for which income has been deemed uncollectible. |
(e) | 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. |
(f) | 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. |
(g) | 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. |
GTY: Guaranty Agreement |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
NATL: National Public Finance Guarantee Corp. |
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. |
SPA: Standby Bond Purchase Agreement |
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, 2023 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $2,085,353,527 | $— | $2,085,353,527 |
Corporate Bonds | — | 9,765,585 | — | 9,765,585 |
Closed-End Investment Companies | 8,087,280 | — | — | 8,087,280 |
Open-End Investment Companies | 26,921 | — | — | 26,921 |
Total | $8,114,201 | $2,095,119,112 | $— | $2,103,233,313 |
(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
DMMBF-PH1
R-080548-2 (1/25)