Investment Portfolioas of February 29, 2024 (Unaudited)
DWS Managed Municipal Bond Fund
Principal Amount ($) | Value ($) | ||
Municipal Investments 98.1% | |||
Alabama 0.6% | |||
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc. | 3,000,000 | 3,195,788 | |
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053 | 4,170,000 | 4,560,899 | |
Southeast Alabama, Energy Authority Commodity Supply Revenue Project 4, Series A, 4.0% (a), 11/1/2051, GTY: Goldman Sachs Group, Inc. | 5,000,000 | 4,989,627 | |
12,746,314 | |||
Alaska 0.1% | |||
Alaska, Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, “1”, Series A, 4.0%, 6/1/2050 | 2,045,000 | 1,900,223 | |
Arizona 1.4% | |||
Arizona, Salt Verde Financial Corp., Gas Revenue: | |||
5.0%, 12/1/2032, GTY: Citigroup, Inc. | 1,600,000 | 1,711,744 | |
5.0%, 12/1/2037, GTY: Citigroup, Inc. | 8,405,000 | 9,228,759 | |
Arizona, State Health Facilities Authority Revenue, Banner Health Obligated Group: | |||
Series B, MUNIPSA + 0.25%, 3.55% (a), 1/1/2046 | 1,220,000 | 1,202,203 | |
Series B, Prerefunded, MUNIPSA + 0.25%, 3.55% (a), 1/1/2046 | 230,000 | 229,276 | |
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 5,490,000 | 4,922,618 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 4,560,000 | 4,388,614 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
Series 2022, 144A, 4.0%, 6/15/2057 | 6,495,000 | 4,869,885 | |
144A, 5.0%, 6/15/2049 | 1,445,000 | 1,356,211 | |
144A, 5.0%, 6/15/2052 | 1,410,000 | 1,311,240 | |
29,220,550 | |||
California 7.2% | |||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, Series A, Prerefunded, 5.0%, 6/1/2040 | 11,765,000 | 12,079,788 | |
California, Housing Finance Agency, Municipal Certificates: | |||
“A", Series A, 3.25%, 8/20/2036 | 8,354,283 | 7,664,887 | |
“A", Series 2021-1, 3.5%, 11/20/2035 | 5,339,731 | 5,045,784 | |
“A", Series 2021-2, 3.75%, 3/25/2035 | 10,431,877 | 10,233,364 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 2,395,000 | 2,397,805 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 15,315,000 | 19,438,691 | |
California, Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Series A, 4.0%, 9/1/2040 | 6,975,000 | 6,511,176 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group: | |||
Series B, 3.7% (b), 3/1/2024, LOC: Barclays Bank PLC | 2,950,000 | 2,950,000 | |
Series C, 3.7% (b), 3/1/2024, LOC: Barclays Bank PLC | 11,385,000 | 11,385,000 |
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 | 1,289,326 | |
4.0%, 9/1/2046 | 2,265,000 | 1,975,085 | |
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC, “II”, 144A, 7.0%, 1/1/2039 | 4,365,000 | 4,592,317 | |
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 | 3,110,247 | |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 | 675,000 | 589,579 | |
Series A, 144A, 5.0%, 11/15/2051 | 1,690,000 | 1,436,822 | |
California, State Public Works Board, Lease Revenue: | |||
Series C, 5.0%, 8/1/2032 | 3,600,000 | 4,223,728 | |
Series A, 5.0%, 8/1/2033 | 6,250,000 | 7,323,929 | |
Series C, 5.0%, 8/1/2033 | 3,765,000 | 4,411,935 | |
California, State University Revenue, Series A, 5.0%, 11/1/2038 | 7,410,000 | 7,642,223 | |
California, University of California Revenue, Series Z-2, 5.39% (b), 3/7/2024 | 6,700,000 | 6,700,000 | |
Los Angeles, CA, Department of Airports Revenue: | |||
Series B, AMT, 5.0%, 5/15/2030 | 5,715,000 | 6,103,878 | |
Series C, AMT, 5.0%, 5/15/2031 | 3,910,000 | 4,127,017 | |
Nuveen California Quality Municipal Income Fund: | |||
Series 7, 144A, AMT, 3.37% (b), 3/7/2024, LIQ: Royal Bank of Canada | 1,500,000 | 1,500,000 | |
Series 1-1362, 144A, AMT, 3.39% (b), 3/7/2024, LIQ: Societe Generale | 400,000 | 400,000 | |
Sacramento County, CA, Airport System Revenue, Series C, AMT, 5.0%, 7/1/2030 | 13,690,000 | 14,573,574 | |
147,706,155 | |||
Colorado 4.0% | |||
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050 | 3,833,000 | 3,808,807 | |
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co. | 30,000,000 | 37,101,033 | |
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-1, 4.0%, 8/1/2044 | 4,000,000 | 3,860,493 | |
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 962,146 | |
Denver City & County, CO, Airport System Revenue: | |||
Series A, AMT, 5.0%, 12/1/2029 | 7,985,000 | 8,562,979 | |
Series A, AMT, 5.0%, 12/1/2031 | 5,250,000 | 5,594,806 | |
Series B, AMT, 5.5%, 11/15/2040 | 1,835,000 | 2,103,782 | |
Series B, AMT, 5.5%, 11/15/2042 | 1,665,000 | 1,891,032 | |
Series B, AMT, 5.5%, 11/15/2043 | 1,665,000 | 1,881,721 | |
Series A, AMT, 5.5%, 11/15/2053 | 4,000,000 | 4,376,822 | |
Series D, AMT, 5.75%, 11/15/2045 | 3,280,000 | 3,714,526 | |
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 4,755,000 | 4,821,467 | |
Douglas County, CO, Rampart Range Metropolitan District No. 5: | |||
4.0%, 12/1/2041 | 940,000 | 758,705 | |
4.0%, 12/1/2051 | 3,510,000 | 2,621,990 | |
82,060,309 | |||
District of Columbia 1.4% | |||
District of Columbia, General Obligation, Series A, 5.0%, 6/1/2033 | 7,500,000 | 7,683,101 | |
District of Columbia, International School Revenue, 5.0%, 7/1/2054 | 2,425,000 | 2,432,149 | |
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 4,810,000 | 4,522,070 | |
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050 | 2,155,000 | 1,992,919 | |
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B, 3.0%, 10/1/2050, INS: AGMC | 3,265,000 | 2,500,396 | |
Metropolitan Washington, DC, Airports Authority System Revenue, Series A, AMT, 5.0%, 10/1/2031 | 5,355,000 | 5,549,346 |
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue: | |||
Series A, 5.0%, 10/1/2029 | 1,455,000 | 1,557,431 | |
Series A, 5.0%, 10/1/2030 | 1,455,000 | 1,556,201 | |
27,793,613 | |||
Florida 8.1% | |||
Broward County, FL, Airport System Revenue: | |||
Series A, AMT, 4.0%, 10/1/2044 | 2,140,000 | 2,059,429 | |
Series A, AMT, 4.0%, 10/1/2049 | 3,425,000 | 3,216,478 | |
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 | 1,260,113 | |
Collier County,FL, State Educational Facilities Authority Revenue, Ave Maria University Inc., 5.25%, 6/1/2038 | 4,685,000 | 4,836,746 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
Series A-1, 5.0%, 10/1/2032 | 540,000 | 562,959 | |
Series A-1, 5.0%, 10/1/2033 | 540,000 | 561,397 | |
Series A-1, 5.0%, 10/1/2034 | 545,000 | 564,225 | |
Series A-1, 5.0%, 10/1/2035 | 270,000 | 278,041 | |
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum Properties LLC: | |||
Series A-1, 5.0%, 11/1/2053 | 785,000 | 790,024 | |
Series A-1, 5.0%, 11/1/2058 | 1,255,000 | 1,257,312 | |
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 3,570,000 | 3,251,382 | |
Florida, Capital Trust Agency, Southeastern University Obligated Group Project: | |||
Series A, 144A, 6.25%, 5/1/2048 | 2,500,000 | 2,532,760 | |
Series A, 144A, 6.375%, 5/1/2053 | 1,000,000 | 1,016,172 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
Series A, 5.0%, 6/15/2047 | 6,600,000 | 6,637,175 | |
Series A, 5.0%, 6/15/2050 | 5,170,000 | 5,184,049 | |
Series A, 5.0%, 6/15/2052 | 1,980,000 | 1,982,805 | |
Series A, 5.0%, 6/15/2056 | 3,210,000 | 3,191,988 | |
Florida, Development Finance Corp., Brightline Holdings LLC, Series A, 144A, AMT, 8.0% (a), 7/1/2057 | 2,000,000 | 2,100,429 | |
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project: | |||
Series A-1, 5.0%, 7/1/2042 | 280,000 | 287,821 | |
Series B, 5.0%, 7/1/2042 | 295,000 | 303,240 | |
Series A-1, 5.0%, 7/1/2051 | 255,000 | 256,371 | |
Series B, 5.0%, 7/1/2051 | 420,000 | 422,258 | |
Series A-1, 5.0%, 2/1/2057 | 370,000 | 369,688 | |
Series B, 5.0%, 7/1/2057 | 440,000 | 439,623 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 1,800,000 | 1,844,971 | |
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 | 3,101,747 | |
Series A, 144A, AMT, 6.5% (a), 1/1/2049 | 3,400,000 | 3,395,505 | |
Florida, Higher Educational Facilities Financing Authority Revenue, Rollins College Project, Series A, 4.0%, 12/1/2050 | 15,000,000 | 14,256,590 | |
Florida, Jacksonville Electric Authority, Electric System Revenue, Series B, 4.0%, 10/1/2037 | 1,500,000 | 1,512,380 | |
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 | 11,323,008 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, 4.0%, 10/1/2044 | 1,000,000 | 882,145 |
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 2,150,000 | 2,042,959 | |
Florida, State Housing Finance Corp. Revenue, Series 1, 3.5%, 7/1/2051 | 1,950,000 | 1,919,752 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
4.25%, 5/1/2043 | 8,255,000 | 7,766,858 | |
4.375%, 5/1/2050 | 6,905,000 | 6,369,490 | |
Florida, Village Community Development District No. 13, Special Assessment Revenue, 3.25%, 5/1/2052 | 2,235,000 | 1,679,320 | |
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053 | 6,595,000 | 6,839,585 | |
Florida, Village Community Development District No. 15, Special Assessment Revenue, 144A, 5.25%, 5/1/2054 | 2,160,000 | 2,220,131 | |
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 2,932,005 | |
Miami-Dade County, FL, Seaport Revenue: | |||
Series B1, AMT, 4.0%, 10/1/2046 | 6,430,000 | 6,118,047 | |
Series A, AMT, 5.0%, 10/1/2047 | 14,235,000 | 14,932,230 | |
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2, 3.25% (b), 3/7/2024, LOC: TD Bank NA | 300,000 | 300,000 | |
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033 | 16,610,000 | 17,258,772 | |
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group: | |||
Series C, 7.5%, 5/15/2053 | 685,000 | 740,169 | |
Series C, 7.625%, 5/15/2058 | 905,000 | 977,294 | |
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 13,380,000 | 12,676,302 | |
164,451,745 | |||
Georgia 2.6% | |||
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052 | 3,825,000 | 3,607,703 | |
Columbia County, GA, Hospital Authority Revenue, WellStar Health System Obligated Group: | |||
Series A, 5.125%, 4/1/2048 | 1,875,000 | 2,031,542 | |
Series A, 5.75%, 4/1/2053 | 2,000,000 | 2,269,526 | |
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 3,155,000 | 3,238,273 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054 | 815,000 | 725,754 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 4,255,000 | 3,838,368 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | |||
Series A, 4.0% (a), 7/1/2052, GTY: Royal Bank of Canada | 10,920,000 | 10,958,775 | |
Series C, 5.0% (a), 9/1/2053, GTY: Royal Bank of Canada | 5,765,000 | 6,138,013 | |
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co. | 5,000,000 | 5,247,493 | |
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co. | 5,000,000 | 5,314,939 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series B, 5.0% (a), 7/1/2053, GTY: Royal Bank of Canada | 4,750,000 | 5,041,075 | |
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 2,995,000 | 3,025,102 | |
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 | 1,253,261 | |
52,689,824 | |||
Illinois 6.9% | |||
Chicago, IL, Board of Education, Series A, 5.0%, 12/1/2034 | 810,000 | 830,094 | |
Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2038 | 2,290,000 | 2,400,436 | |
Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.5%, 1/1/2053, INS: AGMC | 6,395,000 | 6,873,630 |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
Series A, 5.0%, 12/1/2045 | 3,700,000 | 3,853,486 | |
Series A, 5.0%, 12/1/2057 | 5,000,000 | 5,136,928 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien: | |||
Series A, 4.0%, 12/1/2050 | 3,730,000 | 3,441,070 | |
Series A, 5.0%, 12/1/2052 | 15,000,000 | 15,456,110 | |
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.2% (b), 3/7/2024, LOC: Barclays Bank PLC | 1,500,000 | 1,500,000 | |
Illinois, Housing Development Authority Revenue, Series N, 6.25%, 4/1/2054 | 7,000,000 | 7,805,050 | |
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL | 17,305,000 | 9,552,912 | |
Illinois, Regional Transportation Authority, Series B, 5.75%, 6/1/2033, INS: NATL | 7,000,000 | 8,220,391 | |
Illinois, State Development Finance Authority, American College Surgeons, 3.4% (b), 3/7/2024, LOC: Northern Trust Company | 346,000 | 346,000 | |
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group: | |||
Series A, Prerefunded, 5.0%, 1/1/2036 | 2,970,000 | 3,152,999 | |
Series A, Prerefunded, 5.0%, 1/1/2037 | 3,965,000 | 4,209,306 | |
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045* (c) | 9,825,000 | 2,652,750 | |
Illinois, State General Obligation: | |||
5.0%, 11/1/2034 | 3,500,000 | 3,619,462 | |
5.0%, 1/1/2035 | 6,875,000 | 7,034,547 | |
Series A, 5.0%, 5/1/2040 | 3,000,000 | 3,118,427 | |
Series A, 5.0%, 12/1/2042 | 5,955,000 | 6,110,434 | |
Series A, 5.0%, 5/1/2043 | 2,000,000 | 2,066,359 | |
Series A, 5.25%, 12/1/2030 | 6,500,000 | 6,979,166 | |
Series B, 5.25%, 5/1/2041 | 5,625,000 | 6,204,482 | |
Series B, 5.25%, 5/1/2042 | 6,375,000 | 6,999,172 | |
Series B, 5.25%, 5/1/2043 | 3,000,000 | 3,282,252 | |
Series C, 5.25%, 10/1/2046 | 6,000,000 | 6,502,453 | |
5.5%, 5/1/2039 | 7,665,000 | 8,473,928 | |
5.75%, 5/1/2045 | 4,205,000 | 4,617,643 | |
140,439,487 | |||
Indiana 2.4% | |||
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 | 20,635,000 | 20,226,706 | |
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031 | 2,595,000 | 2,665,356 | |
Indiana, State Finance Authority, CWA Authority, Inc. Project Revenue: | |||
Series A, 5.0%, 10/1/2042 (d) | 1,000,000 | 1,091,092 | |
Series A, 5.0%, 10/1/2043 (d) | 1,000,000 | 1,085,410 | |
Series A, 5.0%, 10/1/2044 (d) | 1,000,000 | 1,081,848 | |
Series A, 5.0%, 10/1/2045 (d) | 1,000,000 | 1,076,730 | |
Indiana, State Housing & Community Development Authority, Single Family Mortgage Revenue, Series C-1, 5.0%, 7/1/2053 | 1,735,000 | 1,790,751 | |
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project: | |||
Series G-1, 5.0%, 1/1/2053 | 9,000,000 | 9,689,870 | |
Series G-1, 5.25%, 1/1/2048 | 4,100,000 | 4,520,916 | |
Series E, 6.0%, 3/1/2053 | 3,570,000 | 3,843,377 | |
Series E, 6.125%, 3/1/2057 | 1,780,000 | 1,921,607 | |
48,993,663 | |||
Iowa 1.4% | |||
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%, 10/1/2052 | 2,265,000 | 2,359,607 | |
Iowa, PEFA, Inc., Gas Project Revenue, 5.0% (a), 9/1/2049, GTY: Goldman Sachs Group, Inc. | 10,000,000 | 10,213,767 |
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group, Series B, 7.5%, 5/15/2053 | 910,000 | 983,290 | |
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project, 4.0%, 10/1/2050 | 12,905,000 | 11,475,734 | |
Iowa, Tobacco Settlement Authority Revenue, “2”, Series B1, 4.0%, 6/1/2049 | 3,575,000 | 3,610,737 | |
28,643,135 | |||
Kentucky 0.5% | |||
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health Project, Series A, 5.0%, 5/15/2052 | 10,275,000 | 10,712,443 | |
Louisiana 0.1% | |||
Louisiana, State Gasoline & Fuels Tax Revenue: | |||
Series A-1, 3.65% (b), 3/1/2024, LOC: Toronto-Dominion Bank | 500,000 | 500,000 | |
Series A-2, 3.65% (b), 3/1/2024, LOC: Toronto-Dominion Bank | 1,050,000 | 1,050,000 | |
1,550,000 | |||
Maryland 0.5% | |||
Maryland, State Community Development Administration, Series B, 5.35% (b), 3/7/2024, SPA: TD Bank NA | 2,270,000 | 2,270,000 | |
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050 | 2,000,000 | 1,969,719 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project, Series A, 5.75%, 7/1/2053 | 1,925,000 | 2,106,473 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, UPMC Obligated Group, Series B, 4.0%, 4/15/2045 | 3,510,000 | 3,397,400 | |
9,743,592 | |||
Massachusetts 0.1% | |||
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series A-2, 3.25% (b), 3/7/2024, LOC: TD Bank NA | 650,000 | 650,000 | |
Massachusetts, State Development Finance Agency Revenue, Springfield College, Series A, 4.0%, 6/1/2056 | 1,105,000 | 903,857 | |
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, 5.0%, 7/1/2036 | 1,000,000 | 1,028,643 | |
2,582,500 | |||
Michigan 0.9% | |||
Michigan, State Finance Authority Ltd. Obligation Revenue, Albion College: | |||
4.0%, 12/1/2046 | 1,580,000 | 1,200,209 | |
4.0%, 12/1/2051 | 1,650,000 | 1,192,649 | |
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series A, 4.0%, 6/1/2049 | 10,740,000 | 9,843,077 | |
Michigan, Strategic Fund, 75 Improvement P3 Project, AMT, 5.0%, 6/30/2048 | 5,800,000 | 5,897,831 | |
18,133,766 | |||
Minnesota 0.3% | |||
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032 | 5,000,000 | 5,264,735 | |
Missouri 1.4% | |||
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046 | 2,460,000 | 2,361,822 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services: | |||
4.0%, 2/1/2042 | 2,640,000 | 2,281,956 | |
Series A, 5.0%, 2/1/2046 | 3,285,000 | 3,153,896 | |
Missouri, State Health & Educational Facilities Authority Revenue, Mercy Health, Series C, 4.0%, 11/15/2049 | 7,000,000 | 6,572,682 |
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-1, 3.65% (b), 3/1/2024, LOC: Barclays Bank PLC | 760,000 | 760,000 | |
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership Loan Program: | |||
Series B, 4.0%, 5/1/2050 | 2,215,000 | 2,206,494 | |
Series C, 6.0%, 5/1/2053 | 10,275,000 | 11,331,906 | |
28,668,756 | |||
Nevada 0.2% | |||
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 37,500,000 | 4,993,054 | |
New Jersey 3.8% | |||
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2031 | 1,245,000 | 1,353,413 | |
New Jersey, State Economic Development Authority Revenue: | |||
Series SSS, 5.25%, 6/15/2038 (d) | 1,600,000 | 1,867,817 | |
Series BBB, Prerefunded, 5.5%, 6/15/2030 | 16,440,000 | 17,649,172 | |
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 | 4,002,340 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series C, AMT, 5.0%, 12/1/2053 | 2,520,000 | 2,449,465 | |
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing Revenue, Series I, 5.0%, 10/1/2053 | 2,580,000 | 2,669,770 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series CC, 5.5%, 6/15/2050 | 4,500,000 | 4,990,757 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series AA, 4.0%, 6/15/2050 | 5,820,000 | 5,596,861 | |
Series A, 5.0%, 12/15/2034 | 9,280,000 | 10,060,206 | |
Series A, 5.0%, 12/15/2036 | 2,385,000 | 2,566,262 | |
Series BB, 5.25%, 6/15/2050 | 6,855,000 | 7,515,296 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046 | 7,900,000 | 8,191,846 | |
South Jersey, NJ, Transportation Authority System Revenue: | |||
Series A, 4.0%, 11/1/2050 | 2,000,000 | 1,843,544 | |
Series A, 5.0%, 11/1/2045 | 3,000,000 | 3,126,379 | |
Series A, 5.25%, 11/1/2052 | 3,200,000 | 3,403,333 | |
77,286,461 | |||
New Mexico 1.2% | |||
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund: | |||
Series A, 4.0%, 6/1/2029 | 5,765,000 | 6,060,753 | |
Series A, 4.0%, 6/1/2030 | 5,795,000 | 6,060,580 | |
New Mexico, State Mortgage Finance Authority: | |||
Series A, 3.5%, 1/1/2051 | 2,760,000 | 2,716,274 | |
“I", Series D, 6.5%, 9/1/2054 | 6,375,000 | 7,091,269 | |
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I”, Series D, 3.75%, 1/1/2050 | 2,490,000 | 2,462,564 | |
24,391,440 | |||
New York 13.9% | |||
New York, Genesee County Funding Corp., Rochester Regional Health Obligation, Series A, 5.25%, 12/1/2052 | 2,000,000 | 2,094,002 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series G-1, 3.51% (b), 3/7/2024, LOC: TD Bank NA | 995,000 | 995,000 | |
Series 2012-G1, 3.78% (b), 3/1/2024, LOC: Barclays Bank PLC | 100,000 | 100,000 | |
Series E 1, 3.78% (b), 3/1/2024, LOC: Barclays Bank PLC | 8,475,000 | 8,475,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond, Series B2, 5.0%, 11/15/2034 | 10,940,000 | 11,728,487 |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New School: | |||
Series A, 4.0%, 7/1/2047 | 1,000,000 | 951,589 | |
Series A, 4.0%, 7/1/2052 | 1,175,000 | 1,075,241 | |
New York, State Dormitory Authority, Personal Income Tax Revenue: | |||
Series B, 5.0%, 2/15/2035 | 14,990,000 | 15,219,528 | |
Series B, Prerefunded, 5.0%, 2/15/2035 | 10,000 | 10,189 | |
Series A, 5.0%, 2/15/2039 | 3,945,000 | 4,122,461 | |
Series A, Prerefunded, 5.0%, 2/15/2039 | 5,000 | 5,335 | |
New York, State Dormitory Authority, Sales Tax Revenue, Series A, 5.0%, 3/15/2036 | 5,000,000 | 5,376,347 | |
New York, State Liberty Development Corp. Revenue, Series A, 3.0%, 11/15/2051 | 3,500,000 | 2,606,600 | |
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 | 2,119,496 | |
AMT, 5.0%, 10/1/2035 | 3,705,000 | 3,910,161 | |
AMT, 5.625%, 4/1/2040 | 5,160,000 | 5,606,541 | |
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 | 931,563 | |
AMT, 5.375%, 6/30/2060 | 12,495,000 | 13,118,202 | |
AMT, 6.0%, 6/30/2054 | 1,400,000 | 1,542,057 | |
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 | 3,368,233 | |
New York, Triborough Bridge & Tunnel Authority Revenue, Series B, 3.65% (b), 3/1/2024, LOC: TD Bank NA | 2,845,000 | 2,845,000 | |
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels: | |||
Series C, 3.0%, 11/15/2046 | 5,000,000 | 4,101,682 | |
Series A, 4.0%, 11/15/2054 | 5,000,000 | 4,717,060 | |
Series A, 5.0%, 11/15/2034 | 1,000,000 | 1,202,369 | |
Series A, 5.0%, 11/15/2035 | 1,250,000 | 1,489,182 | |
Series A, 5.0%, 11/15/2036 | 1,250,000 | 1,470,610 | |
Series A, 5.0%, 11/15/2049 | 5,155,000 | 5,527,322 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 1,195,000 | 1,214,549 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||
Series DD, 5.0%, 6/15/2036 | 6,000,000 | 6,021,697 | |
Series GG-1, 5.0%, 6/15/2050 | 10,000,000 | 10,683,442 | |
Series AA-1, 5.25%, 6/15/2052 | 7,500,000 | 8,322,670 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series E-1, 5.0%, 11/1/2041 | 23,490,000 | 26,610,945 | |
Series F-1, 5.0%, 2/1/2042 | 9,410,000 | 10,549,673 | |
Series F-1, 5.0%, 2/1/2044 | 5,000,000 | 5,562,806 | |
Series D-1, 5.25%, 11/1/2040 | 5,000,000 | 5,782,358 | |
Series D-1, 5.5%, 11/1/2045 | 15,000,000 | 17,216,755 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S3, 5.0%, 7/15/2031 | 4,000,000 | 4,386,930 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S1, 5.0%, 7/15/2035 | 2,800,000 | 2,971,044 | |
New York, NY, General Obligation: | |||
Series G-6, 3.5% (b), 3/1/2024, LOC: Mizuho Bank Ltd. | 1,600,000 | 1,600,000 | |
Series B1, 5.0%, 12/1/2031 | 2,000,000 | 2,105,659 | |
Series E1, 5.0%, 4/1/2040 | 11,250,000 | 12,749,584 | |
Series B-1, 5.25%, 10/1/2047 | 3,000,000 | 3,318,042 | |
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Series EE-2, 3.45% (b), 3/1/2024, LIQ: State Street B&T Co. | 2,300,000 | 2,300,000 | |
Port Authority of New York & New Jersey: | |||
Series 207, AMT, 5.0%, 9/15/2031 | 6,950,000 | 7,375,435 | |
Series 207, AMT, 5.0%, 9/15/2032 | 13,500,000 | 14,314,066 | |
Series 242, AMT, 5.0%, 12/1/2032 | 12,000,000 | 13,525,194 |
Triborough, NY, Bridge & Tunnel Authority Sales Tax Revenue: | |||
Series A, 5.25%, 5/15/2052 | 8,000,000 | 8,789,544 | |
Series A, 5.25%, 5/15/2057 | 12,000,000 | 13,096,706 | |
283,206,356 | |||
North Carolina 0.7% | |||
North Carolina, Greater Asheville Regional Airport Authority Revenue: | |||
AMT, 5.25%, 7/1/2043, INS: AGMC | 1,165,000 | 1,279,626 | |
AMT, 5.25%, 7/1/2048, INS: AGMC | 2,250,000 | 2,431,565 | |
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%, 6/1/2043 | 2,895,000 | 2,959,826 | |
North Carolina, State Housing Finance Agency: | |||
Series 42, 4.0%, 1/1/2050 | 3,475,000 | 3,456,171 | |
Series 52-A, 6.25%, 1/1/2055 | 3,000,000 | 3,287,485 | |
13,414,673 | |||
North Dakota 0.3% | |||
City of Grand Forks, ND, Altru Health System Obligated Group Revenue, Series A, 5.0%, 12/1/2053, INS: AGMC | 1,315,000 | 1,382,722 | |
North Dakota, State Housing Finance Agency, Mortagage Finance Program, Series E, 5.38% (b), 3/7/2024, SPA: Royal Bank of Canada | 5,000,000 | 5,000,000 | |
6,382,722 | |||
Ohio 2.9% | |||
Buckeye, OH, Tobacco Settlement Financing Authority: | |||
“1", Series A-2, 4.0%, 6/1/2048 | 9,975,000 | 9,284,779 | |
“2", Series B-2, 5.0%, 6/1/2055 | 6,000,000 | 5,726,147 | |
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 6,035,000 | 6,109,232 | |
Columbus, OH, Regional Airport Authority, Capital Funding Revenue, Oasbo Expanded Asset, 3.35% (b), 3/7/2024, LOC: U.S. Bank NA | 445,000 | 445,000 | |
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
5.0%, 1/1/2036 | 975,000 | 977,121 | |
5.0%, 1/1/2046 | 2,790,000 | 2,627,273 | |
Series A, 5.75%, 1/1/2053 | 2,860,000 | 2,947,509 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 7,380,000 | 7,522,402 | |
Ohio, State Hospital Revenue, Aultman Health Foundation: | |||
144A, 5.0%, 12/1/2038 | 7,750,000 | 7,402,634 | |
144A, 5.0%, 12/1/2048 | 7,500,000 | 6,736,877 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050 | 3,130,000 | 3,145,429 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time Homebuyer Program, 3.75%, 9/1/2050 | 2,760,000 | 2,730,800 | |
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A, 5.0%, 2/15/2039 | 3,890,000 | 4,418,248 | |
60,073,451 | |||
Oklahoma 0.9% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
Series B, 5.25%, 8/15/2048 | 2,670,000 | 2,698,930 | |
Series A, 5.5%, 8/15/2041 | 3,020,000 | 3,004,443 | |
Series A, 5.5%, 8/15/2044 | 3,205,000 | 3,152,067 |
Oklahoma, State Turnpike Authority Revenue: | |||
Series E, 4.0%, 1/1/2031 | 6,375,000 | 6,553,909 | |
5.5%, 1/1/2053 | 3,000,000 | 3,344,193 | |
18,753,542 | |||
Pennsylvania 5.5% | |||
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project: | |||
5.0%, 12/1/2043 | 665,000 | 570,726 | |
5.0%, 12/1/2053 | 1,780,000 | 1,426,411 | |
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042 | 2,100,000 | 2,154,801 | |
Pennsylvania, Bucks County Water and Sewer Authority Revenue, Series A, 5.25%, 12/1/2047, INS: AGMC | 2,175,000 | 2,405,266 | |
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 1,115,000 | 1,164,348 | |
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033 | 5,000,000 | 5,086,635 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||
5.0%, 6/1/2027 | 1,290,000 | 1,361,015 | |
5.0%, 6/1/2028 | 1,290,000 | 1,384,435 | |
5.0%, 6/1/2029 | 1,290,000 | 1,386,777 | |
5.0%, 6/1/2030 | 855,000 | 919,711 | |
5.0%, 6/1/2031 | 865,000 | 930,201 | |
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034 | 3,000,000 | 3,143,384 | |
Pennsylvania, State Economic Development Financing Authority, The Penndot Major Bridges, AMT, 5.75%, 6/30/2048 | 10,000,000 | 11,163,772 | |
Pennsylvania, State General Obligation, Series D, 5.0%, 8/15/2032 | 5,000,000 | 5,108,773 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 136, 3.0%, 10/1/2051 | 4,922,421 | 4,800,743 | |
Series 132A, 3.5%, 4/1/2051 | 1,640,000 | 1,621,398 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series B, 5.0%, 6/1/2033 | 12,000,000 | 12,430,058 | |
Series A-1, 5.0%, 12/1/2040 | 5,000,000 | 5,067,590 | |
Series B-1, 5.0%, 6/1/2042 | 6,950,000 | 7,212,960 | |
Series A, 5.0%, 12/1/2044 | 15,335,000 | 16,295,046 | |
Series B, 5.25%, 12/1/2052 | 4,050,000 | 4,473,924 | |
Southeastern, PA, Transportation Authority Revenue, 5.25%, 6/1/2052 | 20,000,000 | 21,995,046 | |
112,103,020 | |||
South Carolina 2.3% | |||
Lexington County, SC, Health Services District, Lexington Medical Center, 5.0%, 11/1/2041 | 2,500,000 | 2,551,085 | |
South Carolina, Public Service Authority Revenue, Series A, 4.0%, 12/1/2055 | 4,000,000 | 3,615,380 | |
South Carolina, State Public Service Authority Revenue: | |||
Series B, 4.0%, 12/1/2047 | 7,270,000 | 6,957,655 | |
Series A, 4.0%, 12/1/2052 | 8,640,000 | 8,002,382 | |
Series A, 5.0%, 12/1/2033 | 4,400,000 | 4,542,514 | |
Series A, 5.0%, 12/1/2036 | 4,780,000 | 4,911,813 | |
South Carolina, State Transportation Infrastructure Bank Revenue, Series A, 5.0%, 10/1/2038 | 15,130,000 | 15,949,392 | |
46,530,221 | |||
Tennessee 1.1% | |||
Metropolitan Nashville, TN, Airport Authority Revenue: | |||
Series B, AMT, 4.0%, 7/1/2049 | 4,000,000 | 3,734,502 | |
Series B, AMT, 4.0%, 7/1/2054 | 10,045,000 | 9,133,074 | |
Series B, AMT, 5.5%, 7/1/2052 | 3,250,000 | 3,543,999 |
Sevier County, TN, Public Building Authority, Local Government Public Improvement Bonds, Series B-1, 3.32% (b), 3/7/2024, LOC: Bank of America NA | 1,020,000 | 1,020,000 | |
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs Group, Inc. | 5,050,000 | 5,345,870 | |
22,777,445 | |||
Texas 12.2% | |||
Aubrey, TX, Independent School District, 4.0%, 2/15/2052 | 6,025,000 | 5,886,547 | |
Central Texas, Regional Mobility Authority Revenue, Senior Lien: | |||
Series A, Prerefunded, 5.0%, 1/1/2040 | 4,730,000 | 4,847,969 | |
Series E, 5.0%, 1/1/2045 | 1,500,000 | 1,577,529 | |
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048 | 11,465,000 | 11,738,273 | |
Dallas, TX, Kay Bailey Hutchison Convention Center Project, Senior Lien, Special Tax, 144A, 6.0% (a), 8/15/2053 | 9,050,000 | 9,174,114 | |
Houston, TX, Hotel Occupancy Tax & Special Revenue, Convention & Entertainment Facilities Department: | |||
5.0%, 9/1/2029 | 1,000,000 | 1,082,278 | |
5.0%, 9/1/2030 | 1,000,000 | 1,081,989 | |
5.0%, 9/1/2031 | 850,000 | 919,018 | |
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033 | 2,475,000 | 2,818,336 | |
Lower Colorado River, TX, Transmission Contract Authority Revenue, LCRA Transmission Services Corp. Project: | |||
5.0%, 5/15/2045 | 1,500,000 | 1,591,013 | |
5.0%, 5/15/2050 | 2,500,000 | 2,629,128 | |
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057 | 15,000,000 | 13,164,474 | |
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word Project: | |||
Series A, 4.0%, 4/1/2046 | 1,525,000 | 1,315,184 | |
Series A, 4.0%, 4/1/2051 | 5,500,000 | 4,561,011 | |
Series A, 4.0%, 4/1/2054 | 785,000 | 640,980 | |
San Antonio, TX, Education Facilities Corp., Higher Education Revenue, Hallmark University Project: | |||
Series A, 5.0%, 10/1/2041 | 890,000 | 757,938 | |
Series A, 5.0%, 10/1/2051 | 1,580,000 | 1,255,773 | |
San Antonio, TX, Independent School District Revenue, 5.0%, 8/15/2047 | 10,000,000 | 10,885,718 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048 | 20,000,000 | 20,641,638 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Scott & White Healthcare, Series D, 5.5%, 11/15/2047 | 8,550,000 | 9,410,014 | |
Texas, Industrial Development Corp. Revenue, Energy Transfer LP, 4.05% (a), 11/1/2050 | 5,100,000 | 5,174,246 | |
Texas, Lamar Consolidated Independent School District: | |||
5.0%, 2/15/2041 | 10,930,000 | 12,203,693 | |
5.0%, 2/15/2042 | 13,180,000 | 14,645,424 | |
5.0%, 2/15/2043 | 11,340,000 | 12,533,126 | |
Texas, New Hope Cultural Education Facilities Finance Corp. Revenue, Bridgemoor Plano Project: | |||
Series A-2, Zero Coupon, 12/31/2030 | 817,291 | 457,262 | |
Series A-1, 7.25%, 12/31/2030 | 4,605,000 | 4,582,376 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 4,250,000 | 3,944,349 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Project, 4.0%, 11/1/2049 | 2,890,000 | 2,527,617 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant Express, AMT, 5.5%, 12/31/2058 | 6,250,000 | 6,879,744 |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments 3 LLC: | |||
AMT, 5.5%, 6/30/2041 | 2,000,000 | 2,158,435 | |
AMT, 5.5%, 6/30/2042 | 1,700,000 | 1,833,258 | |
AMT, 5.5%, 6/30/2043 | 2,290,000 | 2,466,656 | |
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. | 2,750,000 | 2,798,127 | |
Texas, State College Student Loan, Series A, AMT, 5.5%, 8/1/2028 | 5,620,000 | 5,888,652 | |
Texas, State Department of Housing & Community Affairs, Series C, 6.0%, 3/1/2054 | 8,000,000 | 8,847,843 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 8,615,000 | 8,946,705 | |
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 | 14,410,000 | 14,487,209 | |
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund: | |||
Series B, 4.0%, 10/15/2033 | 20,000,000 | 20,884,376 | |
Series B, 4.0%, 10/15/2036 | 5,000,000 | 5,166,531 | |
Texas, Transmission Contract Authority Revenue, LCRA Transmission Services Corp. Project: | |||
Series A, 5.0%, 5/15/2040 | 1,000,000 | 1,122,636 | |
Series A, 5.0%, 5/15/2041 | 4,450,000 | 4,970,923 | |
248,498,112 | |||
Utah 2.0% | |||
Salt Lake City, UT, Airport Revenue: | |||
Series A, AMT, 4.0%, 7/1/2051 | 10,200,000 | 9,478,628 | |
Series A, AMT, 5.0%, 7/1/2032 | 5,000,000 | 5,300,558 | |
Series A, AMT, 5.0%, 7/1/2042 | 13,440,000 | 13,677,137 | |
Series A, AMT, 5.0%, 7/1/2043 | 3,850,000 | 3,972,570 | |
Series A, AMT, 5.0%, 7/1/2048 | 2,310,000 | 2,368,053 | |
Utah, State Housing Corp. Revenue, Series A, 6.5%, 1/1/2054 | 3,160,000 | 3,504,697 | |
Utah, State Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue, 5.5%, 6/1/2040 | 1,400,000 | 1,604,441 | |
39,906,084 | |||
Virginia 2.6% | |||
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare: | |||
Series A, 5.0%, 10/1/2042 | 895,000 | 941,373 | |
Series A, 5.0%, 10/1/2047 | 3,035,000 | 3,137,522 | |
Series A, 5.0%, 10/1/2052 | 3,900,000 | 3,981,606 | |
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation, 144A, 5.0%, 9/1/2045 | 3,700,000 | 3,532,307 | |
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048 | 4,010,000 | 3,732,647 | |
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project, AMT, 4.0%, 1/1/2039 | 4,275,000 | 4,166,049 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project: | |||
AMT, 5.0%, 12/31/2049 | 3,145,000 | 3,174,464 | |
AMT, 5.0%, 12/31/2052 | 8,640,000 | 8,702,447 | |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031 | 7,575,000 | 7,681,717 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education, Series A, 4.0%, 9/1/2031 | 4,710,000 | 4,766,043 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Regent University Project, 4.0%, 6/1/2046 | 2,420,000 | 2,157,029 |
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031 | 5,120,000 | 5,527,215 | |
Virginia Beach, VA, State Beach Development Authority Residential Care Facility, Westminster-Canterbury on Chesapeake Bay Obligated Group, Series B-3, 5.375%, 9/1/2029 | 1,070,000 | 1,104,815 | |
52,605,234 | |||
Washington 3.9% | |||
King County, WA, School District No. 412 Shoreline, 5.0%, 12/1/2031 | 4,345,000 | 4,802,780 | |
Port of Seattle, WA, Revenue Bonds: | |||
Series C, AMT, 5.0%, 8/1/2032 | 9,200,000 | 10,150,240 | |
Series B, AMT, 5.5%, 8/1/2047 | 1,500,000 | 1,652,662 | |
Skagit County, WA, Public Hospital District No. 1 Revenue, 5.5%, 12/1/2054 | 1,575,000 | 1,673,107 | |
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030 | 13,000,000 | 13,483,094 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2048 | 9,170,000 | 6,919,122 | |
Series B, 3.0%, 7/1/2058 | 4,630,000 | 3,155,065 | |
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation Group, Series A2, 5.0%, 8/1/2044 | 17,700,000 | 18,471,173 | |
Washington, State Higher Educational Facilities Authority, Gonzaga University Project, Series A, 3.0%, 4/1/2049 | 5,000,000 | 3,625,856 | |
Washington, State Higher Educational Facilities Authority, Seattle University Project, 4.0%, 5/1/2050 | 4,350,000 | 3,948,527 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055 | 9,010,000 | 7,310,697 | |
Washington, State Housing Finance Commission, Panorama Project, 3.3% (b), 3/7/2024, LOC: Wells Fargo Bank NA | 4,050,000 | 4,050,000 | |
79,242,323 | |||
West Virginia 1.9% | |||
West Virginia, Marshall University Revenue, Improvement & Refunding Bonds, Series A, 4.0%, 5/1/2050, INS: AGMC | 9,150,000 | 8,334,522 | |
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, AMT, 4.125% (a), 7/1/2045 | 3,900,000 | 3,885,150 | |
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group: | |||
Series A, 5.0%, 6/1/2042 | 10,085,000 | 10,429,189 | |
Series A, 5.0%, 6/1/2047 | 10,035,000 | 10,318,637 | |
West Virginia, State Parkways Authority, Senior Lien, Trunpike Toll Revenue, 4.0%, 6/1/2051 | 6,765,000 | 6,498,914 | |
39,466,412 | |||
Wisconsin 2.3% | |||
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 | 10,000,000 | 8,797,295 | |
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, AMT, 4.0%, 9/30/2051 | 8,000,000 | 6,632,974 | |
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: | |||
144A, 4.0%, 4/1/2042 | 485,000 | 425,607 | |
144A, Prerefunded, 4.0%, 4/1/2042 | 10,000 | 11,016 | |
144A, 4.0%, 4/1/2052 | 820,000 | 672,385 | |
144A, Prerefunded, 4.0%, 4/1/2052 | 25,000 | 27,539 | |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 1,235,000 | 1,062,462 | |
144A, 5.75%, 5/1/2054 | 3,950,000 | 3,244,174 |
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel: | |||
Series A, 5.0%, 2/1/2062 | 8,750,000 | 8,712,886 | |
Series B, 144A, 6.0%, 2/1/2062 | 3,000,000 | 3,078,561 | |
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.: | |||
144A, 5.0%, 10/1/2043 | 1,560,000 | 1,468,928 | |
144A, 5.0%, 10/1/2048 | 11,840,000 | 10,736,301 | |
Wisconsin, State General Obligation, Series 1, 5.0%, 5/1/2035 (d) | 1,250,000 | 1,464,705 | |
46,334,833 | |||
Guam 0.1% | |||
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 | 1,090,000 | 1,124,679 | |
Puerto Rico 0.4% | |||
Puerto Rico, General Obligation: | |||
Series A1, 4.0%, 7/1/2037 | 1,690,325 | 1,614,397 | |
Series A1, 4.0%, 7/1/2041 | 2,613,626 | 2,427,624 | |
Series A1, 4.0%, 7/1/2046 | 1,097,810 | 992,205 | |
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2046 | 10,000,000 | 3,255,664 | |
8,289,890 | |||
Total Municipal Investments (Cost $1,981,545,193) | 1,998,680,762 | ||
Corporate Bonds 0.5% | |||
Consumer Discretionary | |||
Grand Canyon University, 5.125%, 10/1/2028 (Cost $10,835,000) | 10,835,000 | 9,746,624 |
Shares | Value ($) | ||
Closed-End Investment Companies 0.7% | |||
Nuveen Quality Municipal Income Fund (Cost $15,107,323) | 1,244,000 | 14,032,320 | |
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 3.01% (e) (Cost $41,663) | 41,659 | 41,663 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $2,007,529,179) | 99.3 | 2,022,501,369 | |
Other Assets and Liabilities, Net | 0.7 | 14,926,994 | |
Net Assets | 100.0 | 2,037,428,363 |
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 February 29, 2024. 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) | 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 February 29, 2024. Date shown reflects the earlier of demand date or stated maturity date. |
(c) | Defaulted security or security for which income has been deemed uncollectible. |
(d) | When-issued security. |
(e) | 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 |
MUNIPSA: SIFMA Municipal Swap Index Yield |
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. |
SIFMA: Securities Industry and Financial Markets Association |
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 February 29, 2024 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $1,998,680,762 | $— | $1,998,680,762 |
Corporate Bonds | — | 9,746,624 | — | 9,746,624 |
Closed-End Investment Companies | 14,032,320 | — | — | 14,032,320 |
Open-End Investment Companies | 41,663 | — | — | 41,663 |
Total | $14,073,983 | $2,008,427,386 | $— | $2,022,501,369 |
(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-PH3
R-080548-2 (1/25)