Investment Portfolio | as of February 28, 2022 (Unaudited) |
DWS Intermediate Tax-Free Fund
Principal Amount ($) | Value ($) | ||
Municipal Investments 104.2% | |||
Alabama 1.1% | |||
Alabama, Black Belt Energy Gas District Gas Project Revenue, Series B-1, 4.0%, 4/1/2053 (a) | 9,615,000 | 10,447,406 | |
Arizona 2.8% | |||
Arizona, Industrial Development Authority, Authority Hospital Revenue Bond, Phoenix Childrens Hospital: | |||
Series A, 5.0%, 2/1/2030 | 600,000 | 737,777 | |
Series A, 5.0%, 2/1/2031 | 1,200,000 | 1,499,258 | |
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue: | |||
Series A, 5.0%, 1/1/2028 | 1,160,000 | 1,389,120 | |
Series A, 5.0%, 1/1/2029 | 1,605,000 | 1,966,344 | |
Arizona, State Health Facilities Authority Revenue, Banner Health: | |||
Series C, 0.06% (b), 3/1/2022, LOC: Bank of America NA | 600,000 | 600,000 | |
Series B, MUNIPSA + 0.25%, 0.45% (c), Mandatory Put 11/4/2026 @ 100, 1/1/2046 | 2,690,000 | 2,690,969 | |
Arizona, State Industrial Development Authority Revenue, “A”, Series 2019-2, 3.625%, 5/20/2033 | 4,798,255 | 5,128,034 | |
Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project, 144A, 4.375%, 7/1/2039 | 1,500,000 | 1,569,948 | |
Chandler, AZ, Industrial Development Authority, AMT, 5.0%, Mandatory Put 6/3/2024 @ 100, 6/1/2049 | 7,235,000 | 7,784,035 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legency Traditional School Project, Series B, 144A, 5.0%, 7/1/2039 | 1,000,000 | 1,142,000 | |
Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A-2, AMT, 2.2%, Mandatory Put 6/3/2024 @ 100, 3/1/2028 | 1,750,000 | 1,756,879 | |
26,264,364 | |||
California 12.2% | |||
California, Bay Area Water Supply & Conservation Agency, Capital Cost Recovery Preparation: | |||
Series A, 5.0%, 10/1/2029 (a) | 1,250,000 | 1,461,664 | |
Series A, 5.0%, 10/1/2030 (a) | 1,285,000 | 1,526,448 | |
California, Bay Area Toll Authority, Toll Bridge Revenue: | |||
Series D, MUNIPSA + 0.30%, 0.5% (c), Mandatory Put 4/1/2027 @ 100, 4/1/2056 | 3,000,000 | 3,001,542 | |
Series C, MUNIPSA + 0.45%, 0.65% (c), Mandatory Put 4/1/2026 @ 100, 4/1/2056 | 1,000,000 | 1,007,282 | |
California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
Series M-049, 3.05%, 4/15/2034 | 2,450,000 | 2,577,146 | |
Series M-050, 144A, AMT, 3.05%, 6/15/2037 | 7,015,000 | 7,372,761 | |
Series M-050, "A", 3.35%, 11/25/2033, GTY: Freddie Mac | 592,594 | 644,695 | |
California, Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, Prerefunded 6/1/2028 @ 100, 5.0%, 6/1/2032 | 5,000,000 | 6,001,623 | |
California, Infrastructure & Economic Development Bank, California Academy of Science, Series A, MUNIPSA + 0.35%, 0.55% (c), Mandatory Put 8/1/2024 @ 100, 8/1/2047 | 1,430,000 | 1,431,531 | |
California, Metropolitan Water District of Southern California, Series E, MUNIPSA + 0.14%, 0.34% (c), Mandatory Put 5/21/2024 @100, 7/1/2037 | 2,120,000 | 2,118,807 |
California, Municipal Finance Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project, Series A, AMT, 0.3%, Mandatory Put 4/1/2022 @ 100, 7/1/2041 | 5,250,000 | 5,247,273 | |
California, Municiple District Water & Waste Water Revenue, Series B, MUNIPSA + 0.1%, 0.3% (c), Mandatory Put 7/1/2024 @ 100, 7/1/2046 | 3,910,000 | 3,910,902 | |
California, Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project, Series A-1, 144A, AMT, 0.25% (c), Mandatory Put 4/18/2022 @ 100, 11/1/2042 | 3,075,000 | 3,072,253 | |
California, Public Finance Authority Revenue, Enso VIillage Project, Series A, 144A, 5.0%, 11/15/2036 | 1,000,000 | 1,124,458 | |
California, State General Obligation, Various Purposes: | |||
Series C-3, 0.15% (b), 3/7/2022, LOC: U.S. Bank NA | 100,000 | 100,000 | |
5.0%, 9/1/2031 | 2,800,000 | 3,595,932 | |
5.0%, 4/1/2036 | 7,000,000 | 8,512,609 | |
California, State Housing Finance Agency, Multi-Family Green Tax-Exempt Mortgage Backed Bonds, Noble Towers Apartment, Series N, 2.35%, 12/1/2035 | 9,669,744 | 9,523,793 | |
California, State Pollution Control Finance Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A, AMT, 2.5%, Mandatory Put 5/1/2024 @ 100, 11/1/2038 | 5,500,000 | 5,584,803 | |
California, State Public Works Board Lease Revenue, A Various Captial Projects: | |||
Series C, 5.0%, 8/1/2029 (a) | 2,400,000 | 2,840,371 | |
Series A, 5.0%, 8/1/2031 (a) | 3,500,000 | 4,424,919 | |
California, University Revenues, Limited Project: | |||
Series S, 5.0%, 5/15/2031 | 2,000,000 | 2,555,975 | |
Series S, 5.0%, 5/15/2032 | 2,000,000 | 2,600,877 | |
Los Angeles County, CA, Los Angeles County Public Works Financing Authority, Lease Revenue, Series G, 5.0%, 12/1/2031 (a) | 1,500,000 | 1,880,447 | |
Mount Diablo, CA, Mount Diablo Unified School District, General Obligation: | |||
Series B, 4.0%, 8/1/2028 (a) | 2,000,000 | 2,257,574 | |
Series B, 4.0%, 8/1/2029 (a) | 2,000,000 | 2,286,427 | |
Riverside, CA, Water Revenue, Series A, MUNIPSA + 0.13%, 0.33% (c), Mandatory Put 1/18/2023 @ 100, 10/1/2035 | 3,000,000 | 2,990,719 | |
San Diego County, CA, Regional Airport Authority, Subordinate Airport Revenue, Series B, 5.0%, 7/1/2037 | 1,800,000 | 2,194,303 | |
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series A, AMT, 5.0%, 5/1/2035 | 7,000,000 | 8,215,931 | |
Santa Barbara County, CA, Solid Waste System Revenue, Certificates of Participation: | |||
Series B, AMT, 5.0%, 12/1/2034 | 5,000,000 | 5,926,723 | |
Series B, AMT, 5.0%, 12/1/2035 | 5,000,000 | 5,932,498 | |
Turlock, CA, Irrigation District Revenue, 5.0%, 1/1/2033 | 2,620,000 | 3,225,967 | |
115,148,253 | |||
Colorado 2.4% | |||
Colorado, General Obligation, Vauxmont Metropolitan District, 3.25%, 12/15/2050, INS: AGMC | 1,918,000 | 2,020,673 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Valley View Hospital Association Project, 2.8%, Mandatory Put 5/15/2023 @ 100, 5/15/2042 | 2,765,000 | 2,799,220 | |
Colorado, State Housing & Finance Authority, Series H, 4.25%, 11/1/2049 | 1,925,000 | 2,059,045 | |
Denver City & County, CO, Airport Revenue System: | |||
Series B, 5.0%, 11/15/2022 | 1,500,000 | 1,543,325 | |
Series A, AMT, 5.0%, 12/1/2034 | 10,000,000 | 11,688,601 | |
Denver, CO, Convention Center Hotel Authority Revenue: | |||
5.0%, 12/1/2027 | 500,000 | 564,997 | |
5.0%, 12/1/2033 | 500,000 | 558,707 | |
5.0%, 12/1/2034 | 1,000,000 | 1,116,216 | |
�� | 22,350,784 | ||
Connecticut 2.6% | |||
Connecticut, State General Obligation, Series B, 3.0%, 6/1/2037 | 1,075,000 | 1,102,321 |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 2,300,000 | 2,405,971 | |
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose: | |||
Series A, 5.0%, 1/1/2027 | 8,000,000 | 9,309,269 | |
Series A, 5.0%, 10/1/2027 | 8,000,000 | 8,479,238 | |
Seies C, 5.0%, 1/1/2030 | 1,000,000 | 1,237,645 | |
Seies C, 5.0%, 1/1/2031 | 1,000,000 | 1,260,601 | |
Seies C, 5.0%, 1/1/2032 | 835,000 | 1,071,242 | |
24,866,287 | |||
Delaware 0.3% | |||
Delaware, Delaware River & Bay Authority Revenue, 5.0%, 1/1/2031 (a) | 2,000,000 | 2,423,959 | |
Florida 4.6% | |||
Escambia County, FL, Housing Finance Authority Single Family Mortgage Revenue, County Program, Series A, 4.75%, 4/1/2050 | 2,965,000 | 3,177,846 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Series A-1, 5.0%, 10/1/2029 | 1,650,000 | 1,935,702 | |
Florida, Capital Trust Agency, Educational Growth Fund, Charter Educational Foundation Project, Seies A-1, 144A, 3.375%, 7/1/2031 | 2,100,000 | 2,165,148 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
144A, 5.0%, 11/15/2030 | 1,000,000 | 995,048 | |
Series A, 5.0%, 6/15/2035 | 1,000,000 | 1,122,917 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375%, Mandatory Put 1/1/2026 @ 100, 1/1/2049 | 2,000,000 | 2,021,119 | |
Series A, 144A, AMT, 6.5%, Mandatory Put 1/1/2029 @ 100, 1/1/2049 | 1,685,000 | 1,700,793 | |
Florida, Florida Development Finance Corp., Brightline Florida Passenger Rail Expansion Project, AMT, 0.3%, Mandatory Put 7/1/2022 @ 100, 12/1/2056 | 1,655,000 | 1,652,968 | |
Florida, Reedy Creek Improvement District, Series A, 4.0%, 6/1/2032 | 1,500,000 | 1,663,165 | |
Florida, State Department of Transportation, Florida Right-of-Way Acquisition & Bridge Construction, Series A, 4.0%, 7/1/2034 | 5,000,000 | 5,675,112 | |
Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032 | 2,145,000 | 2,377,225 | |
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2029 | 680,000 | 742,033 | |
Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027 | 4,360,000 | 4,721,078 | |
Miami-dade County, FL, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management Inc., Project: | |||
0.32%, Mandatory Put 11/1/2022 @ 100, 9/1/2027 | 1,925,000 | 1,918,514 | |
AMT, 0.4%, Mandatory Put 11/1/2022 @ 100, 11/1/2041 | 3,075,000 | 3,072,160 | |
Miami-Dade County, FL, School Board, Certificates of Participation, Series D, 5.0%, 2/1/2029 | 7,000,000 | 7,861,390 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 3.0%, 5/1/2029 | 980,000 | 1,008,897 | |
43,811,115 | |||
Georgia 6.5% | |||
Atlanta, GA, Water & Wastewater Revenue: | |||
Series B, 5.0%, 11/1/2022 | 3,000,000 | 3,085,065 | |
Series B, 5.25%, 11/1/2027, INS: AGMC | 10,000,000 | 11,706,143 | |
Burke County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co., Plant Vogtle Project, 2.25%, Mandatory Put 5/25/2023 @ 100, 10/1/2032 | 1,000,000 | 1,012,381 | |
Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | 8,800,000 | 9,216,473 |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||
Series B, 4.0%, 4/1/2032 | 200,000 | 224,364 | |
Series B, 4.0%, 4/1/2033 | 200,000 | 224,140 | |
Series B, 4.0%, 4/1/2034 | 250,000 | 279,918 | |
Series B, 4.0%, 4/1/2035 | 225,000 | 251,653 | |
Series B, 4.0%, 4/1/2036 | 250,000 | 279,364 | |
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2029 | 10,300,000 | 10,339,562 | |
Georgia, George L Smith II World Congress Center Authority, Convention Center Hotel Second Tier Revenue, Series B, 144A, 5.0%, 1/1/2036 | 1,250,000 | 1,306,265 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 1,705,000 | 1,867,102 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |||
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 8,250,000 | 8,610,839 | |
Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, 8/1/2049, GTY: TD Bank NA | 5,000,000 | 5,340,927 | |
Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd. | 1,135,000 | 1,440,460 | |
Series A, 5.0%, 5/15/2036, GTY: Macquarie Group Ltd. | 2,000,000 | 2,565,648 | |
Georgia, Municipal Electric Authority, Combined Cycle Project, Series A, 5.0%, 11/1/2022 | 1,000,000 | 1,027,134 | |
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 1st, 2.25%, 7/1/2025 | 2,295,000 | 2,334,432 | |
61,111,870 | |||
Hawaii 0.8% | |||
Hawaii, State General Obligation, Series FK, 4.0%, 5/1/2032 | 4,400,000 | 4,902,817 | |
Honolulu County, HI, General Obligation, Series A, 5.0%, 11/1/2029 (a) | 2,000,000 | 2,404,063 | |
7,306,880 | |||
Illinois 6.0% | |||
Chicago, IL, Board of Education, Series B, 4.0%, 12/1/2038 | 5,000,000 | 5,318,527 | |
Chicago, IL, O'Hare International Airport Revenue, Series D, 5.0%, 1/1/2023 | 6,540,000 | 6,755,770 | |
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2036 | 2,500,000 | 2,897,095 | |
Chicago, IL, Waterworks Revenue: | |||
Series 2017-2, 5.0%, 11/1/2023 | 650,000 | 690,923 | |
Series 2017-2, 5.0%, 11/1/2024 | 1,000,000 | 1,092,456 | |
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL | 5,000,000 | 5,495,584 | |
Illinois, State Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A, AMT, 0.4%, Mandatory Put 11/1/2022 @ 100, 11/1/2044, GTY: Waste Management Holdings | 3,845,000 | 3,821,920 | |
Illinois, State Finance Authority Revenue: | |||
Series A, 5.0%, 10/1/2031 | 1,000,000 | 1,264,100 | |
Series A, 5.0%, 10/1/2032 | 1,000,000 | 1,278,875 | |
Illinois, State General Obligation: | |||
5.0%, 8/1/2023 | 7,150,000 | 7,525,858 | |
5.0%, 11/1/2024 | 5,325,000 | 5,803,849 | |
5.5%, 5/1/2024 | 500,000 | 543,254 | |
5.5%, 5/1/2025 | 1,500,000 | 1,674,992 | |
Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028 | 6,500,000 | 7,247,374 | |
Illinois, State Toll Highway Authority Revenue, Series A, 5.0%, 1/1/2028 | 1,250,000 | 1,289,863 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029 | 3,500,000 | 3,838,094 | |
56,538,534 | |||
Indiana 1.5% | |||
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA + 0.3%, 0.5% (c), Mandatory Put 3/1/2027 @ 100, 3/1/2039 | 2,450,000 | 2,450,957 |
Indiana, Rockport Pollution Control Revenue, Michigan Power Co. Project, Series A, 3.05%, 6/1/2025 | 3,700,000 | 3,846,534 | |
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2033 | 2,000,000 | 2,235,757 | |
Indiana, State Finance Authority, Economic Development Revenue, Republic Sevices, Inc., Project, Series A, AMT, 0.22% (c), Mandatory Put 3/1/2022 @ 100, 5/1/2034 | 1,465,000 | 1,465,000 | |
Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022 | 2,705,000 | 2,800,862 | |
Indiana, Wastewater Utility Revenue, CWA Authority Project, Series A, 5.0%, 10/1/2027 | 1,565,000 | 1,603,243 | |
14,402,353 | |||
Iowa 0.5% | |||
Iowa, State Higher Education Loan Authority, Loras College, 0.08% (b), 3/1/2022, LOC: Bank of America NA | 225,000 | 225,000 | |
Iowa, State Higher Education Loan Authority, Private College Facility, Loras College Project, 0.08% (b), 3/1/2022, LOC: Bank of America NA | 1,700,000 | 1,700,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.08% (b), 3/1/2022, LOC: Bank of America NA | 300,000 | 300,000 | |
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,520,654 | |
4,745,654 | |||
Kentucky 0.7% | |||
Kentucky , Kentucky Turnpike Authority, Economic Development Road Revenue, Revitalization Project, Series A, 5.0%, 7/1/2032 (a) | 3,375,000 | 4,160,973 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.06% (b), 3/1/2022, LOC: PNC Bank NA | 2,500,000 | 2,500,000 | |
6,660,973 | |||
Louisiana 0.2% | |||
New Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System, Series A, 5.0%, 10/1/2035, INS: AGMC | 1,250,000 | 1,499,232 | |
Maine 0.3% | |||
Maine, State Turnpike Authority: | |||
5.0%, 7/1/2029 (a) | 1,245,000 | 1,516,151 | |
5.0%, 7/1/2030 (a) | 945,000 | 1,172,434 | |
2,688,585 | |||
Maryland 1.7% | |||
Maryland, State Economic Development Corp. Special Obligation Bonds, Port Covington Project, 4.0%, 9/1/2040 | 250,000 | 264,586 | |
Maryland, State General Obligation: | |||
Series D, 4.0%, 8/1/2029 (a) | 1,250,000 | 1,450,265 | |
Series A, 5.0%, 8/1/2032 | 10,000,000 | 12,867,971 | |
Maryland, State of Maryland Department of Transportation, Series 2022B , 5.0%, 12/1/2029 (a) | 1,000,000 | 1,184,367 | |
15,767,189 | |||
Massachusetts 2.5% | |||
City of Lynn, MA, General Obligation, 1.25%, 9/1/2022 | 3,169,000 | 3,173,502 | |
Massachusetts, State Development Finance Agency Revenue, Boston University: | |||
Series U-6C, 0.05% (b), 3/1/2022, LOC: TD Bank NA | 850,000 | 850,000 | |
Series U-6E, 0.06% (b), 3/1/2022, LOC: TD Bank NA | 1,550,000 | 1,550,000 | |
Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group: | |||
Series J-2, 5.0%, 7/1/2033 | 1,000,000 | 1,187,720 | |
Series J-2, 5.0%, 7/1/2034 | 2,000,000 | 2,373,613 |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 0.06% (b), 3/1/2022, LOC: Bank of America NA | 800,000 | 800,000 | |
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 1,345,000 | 1,363,930 | |
Massachusetts, State Educational Financing Authority, Educational Loan Revenue Bonds, Issue M, Series B, AMT, 2.0%, 7/1/2037 | 545,000 | 518,860 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Baystate Medical Center, Series K, 0.07% (b), 3/1/2022, LOC: TD Bank NA | 700,000 | 700,000 | |
Massachusetts, State Port Authority: | |||
Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 5,956,751 | |
Series A, AMT, 5.0%, 7/1/2036 | 4,000,000 | 4,758,280 | |
23,232,656 | |||
Michigan 3.0% | |||
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2031 | 10,700,000 | 12,252,802 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Graphic International LLC, Coated Recycled Board Machine Project, AMT, 4.0%, Mandatory Put 10/1/2026 @ 100, 10/1/2061 | 265,000 | 284,954 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project: | |||
Series I-75, AMT, 5.0%, 6/30/2032 | 1,320,000 | 1,510,806 | |
Series I-75, AMT, 5.0%, 12/31/2032 | 700,000 | 800,845 | |
Series I-75, AMT, 5.0%, 12/31/2033 | 1,600,000 | 1,829,094 | |
Michigan, Trunk Line Revenue, Rebuilding Michigan Program: | |||
Series A, 4.0%, 11/15/2036 | 2,500,000 | 2,943,073 | |
Series A, 4.0%, 11/15/2037 | 7,000,000 | 8,230,708 | |
27,852,282 | |||
Minnesota 0.3% | |||
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,835,000 | 2,755,148 | |
Mississippi 1.1% | |||
Mississippi, State Gaming Tax Revenue: | |||
Series E, 5.0%, 10/15/2028 | 4,755,000 | 5,333,316 | |
Series A, 5.0%, 10/15/2036 | 4,000,000 | 4,764,660 | |
10,097,976 | |||
Missouri 2.1% | |||
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, Series 2021-1, 1.53%, 1/25/2061 | 7,038,234 | 6,772,965 | |
Missouri, Plaza At Noah's Ark Community Improvement District, 3.0%, 5/1/2030 | 725,000 | 724,773 | |
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-1, 0.06% (b), 3/1/2022, LOC: Barclays Bank PLC | 6,950,000 | 6,950,000 | |
Missouri, State Public Utilities Commission Revenue, 0.5%, 3/1/2022 | 5,600,000 | 5,600,000 | |
20,047,738 | |||
Montana 0.4% | |||
Montana, Montana Facility Finance Authority, Billings Clinic Obligated Group: | |||
Series A, 5.0%, 8/15/2029 (a) | 1,200,000 | 1,426,733 | |
Series A, 5.0%, 8/15/2030 (a) | 1,275,000 | 1,540,126 | |
Series A, 5.0%, 8/15/2031 (a) | 1,000,000 | 1,224,737 | |
4,191,596 |
Nebraska 0.9% | |||
Nebraska, Public Power District Revenue: | |||
Series A, 5.0%, 1/1/2035 | 1,410,000 | 1,762,982 | |
Series A, 5.0%, 1/1/2037 | 2,750,000 | 3,427,949 | |
Series A, 5.0%, 1/1/2038 | 3,000,000 | 3,732,388 | |
8,923,319 | |||
Nevada 0.5% | |||
Clark County, NV, General Obligation, 4.0%, 12/1/2035 | 3,000,000 | 3,397,524 | |
Sparks, NV, Tourism Improvement District #1 Revenue, Sales Tax, Series A, 144A, 2.75%, 6/15/2028 | 1,500,000 | 1,510,243 | |
4,907,767 | |||
New Jersey 2.3% | |||
New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
Series A, 4.0%, 6/1/2030 | 1,035,000 | 1,189,617 | |
Series A, 4.0%, 6/1/2031 | 1,035,000 | 1,197,404 | |
Series A, 4.0%, 6/1/2032 | 495,000 | 576,378 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,505,000 | 1,446,509 | |
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 915,000 | 919,604 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 830,000 | 810,215 | |
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,535,171 | |
Series B, AMT, 3.5%, 12/1/2039 | 2,000,000 | 2,052,467 | |
New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2029 | 970,000 | 1,100,589 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series A, 5.0%, 6/15/2033 (a) | 2,500,000 | 3,024,920 | |
Series A, 5.0%, 6/15/2034 (a) | 1,700,000 | 2,051,496 | |
5.0%, 6/15/2036 | 2,000,000 | 2,366,882 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2029 | 3,000,000 | 3,480,040 | |
21,751,292 | |||
New Mexico 0.3% | |||
New Mexico, State Mortgage Finance Authority, Series C, 4.0%, 1/1/2050 | 2,975,000 | 3,158,645 | |
New York 15.3% | |||
Broome County, NY, Local Development Corp., Revenue, United Health Services Hospitals, Inc., Project: | |||
3.0%, 4/1/2035, INS: AGMC | 1,820,000 | 1,851,463 | |
3.0%, 4/1/2036, INS: AGMC | 1,750,000 | 1,777,345 | |
New York, Housing Development Corp., Multi-Family Housing Revenue, Series H, 0.12%, Mandatory Put 3/15/2022 @100, 11/1/2051 | 1,035,000 | 1,034,977 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series E-1, 0.1% (b), 3/1/2022, LOC: Barclays Bank PLC | 1,140,000 | 1,140,000 | |
Series G-1, 0.1% (b), 3/1/2022, LOC: Barclays Bank PLC | 1,100,000 | 1,100,000 | |
Series B, 5.0%, 11/15/2028 | 3,170,000 | 3,746,874 | |
Series C-1, 5.0%, 11/15/2028 | 1,200,000 | 1,406,136 | |
Series A-2, 5.0%, Mandatory Put 5/15/2030 @ 100, 11/15/2045 | 5,335,000 | 6,392,884 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 8,390,000 | 8,390,000 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Series A, 5.0%, 5/1/2028 | 8,820,000 | 9,734,783 | |
New York, State Liberty Development Corp. Revenue, A World Trade Center Project, Series A, 1.9%, 11/15/2031 | 800,000 | 742,656 |
New York, State Liberty Development Corporation, Second Priority Liberty Revenue, “1”, 2.45%, 9/15/2069 | 5,000,000 | 5,054,504 | |
New York, State Thruway Authority, Series J, 5.0%, 1/1/2028 | 10,000,000 | 10,664,079 | |
New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.0%, 1/1/2026 | 3,970,000 | 4,417,562 | |
New York, State Urban Development Corp., Personal Income Tax Revenue, Series C, 5.0%, 3/15/2036 | 5,000,000 | 6,179,704 | |
New York, Triborough Bridge & Tunnel Authority, Series 4-C, 0.11% (b), 3/1/2022, LOC: U.S. Bank NA | 100,000 | 100,000 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2022 | 1,000,000 | 1,009,611 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||
Series EE-2, 0.11% (b), 3/1/2022, LIQ: State Street B&T Co. | 3,205,000 | 3,205,000 | |
Series FF-2, 4.0%, 6/15/2036 | 3,000,000 | 3,366,787 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series A, 4.0%, 11/1/2034 | 2,500,000 | 2,860,923 | |
Series B1, 5.0%, 11/1/2027 | 750,000 | 809,366 | |
Series B1, 5.0%, 11/1/2028 | 1,175,000 | 1,267,221 | |
Series E-1, 5.0%, 2/1/2029 | 2,830,000 | 2,839,905 | |
Series B1, 5.0%, 11/1/2029 | 935,000 | 1,007,758 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue: | |||
Series S-2, 5.0%, 7/15/2028 | 6,750,000 | 7,540,529 | |
Series S-3, 5.0%, 7/15/2035 | 5,000,000 | 5,974,204 | |
New York, NY, General Obligation: | |||
Series G-6, 0.07% (b), 3/1/2022, LOC: Mizuho Bank Ltd. | 13,270,000 | 13,270,000 | |
Series A-3, 0.08% (b), 3/1/2022, LOC: Mizuho Bank Ltd. | 200,000 | 200,000 | |
Series E-5, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 1,000,000 | 1,000,000 | |
Series B-3, 0.37% (b), 3/1/2022 | 4,520,000 | 4,520,000 | |
Series 3, 0.37% (b), 3/7/2022 | 2,040,000 | 2,040,000 | |
Series C, 4.0%, 8/1/2037 | 1,000,000 | 1,129,566 | |
Series F, 5.0%, 8/1/2024 | 9,000,000 | 9,031,721 | |
Series D-1, 5.0%, 8/1/2029 | 8,620,000 | 9,085,873 | |
Triborough, NY, Bridge & Tunnel Authority Revenues, Series A, 5.0%, 11/15/2028 | 4,975,000 | 5,202,767 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2030 | 1,345,000 | 1,648,591 | |
Series A, 5.0%, 9/1/2031 | 2,020,000 | 2,471,980 | |
Series A, 5.0%, 9/1/2032 | 1,250,000 | 1,527,206 | |
144,741,975 | |||
North Carolina 0.4% | |||
North Carolina, State Turnpike Authority, Monroe Expressway System: | |||
5.0%, 7/1/2035 | 820,000 | 1,042,592 | |
5.0%, 7/1/2036 | 1,000,000 | 1,269,110 | |
5.0%, 7/1/2037 | 1,000,000 | 1,267,071 | |
5.0%, 7/1/2038 | 500,000 | 632,258 | |
4,211,031 | |||
North Dakota 0.3% | |||
North Dakota, State Housing Finance Agency, Home Mortgage Program, Series B, MUNIPSA + 0.2%, 0.4% (c), Mandatory Put 7/1/2024 @100, 1/1/2043 | 3,075,000 | 3,089,827 | |
Ohio 1.9% | |||
City of Akron, OH, City of Akron, Income Tax Revenue: | |||
4.0%, 12/1/2029 (a) | 1,500,000 | 1,722,898 | |
4.0%, 12/1/2030 (a) | 1,210,000 | 1,396,801 | |
4.0%, 12/1/2031 (a) | 1,105,000 | 1,272,411 |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Summa Health System, 4.0%, 11/15/2035 | 1,665,000 | 1,852,656 | |
Ohio, Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Series B, 5.0%, 1/1/2029 | 1,715,000 | 2,081,263 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2028 | 5,000,000 | 5,313,654 | |
Ohio, State Turnpike Commission, Infrastructure Projects: | |||
5.0%, 2/15/2029 (a) | 1,155,000 | 1,359,159 | |
5.0%, 2/15/2030 (a) | 1,155,000 | 1,384,296 | |
Series A-1, 5.25%, 2/15/2029 | 1,310,000 | 1,364,122 | |
17,747,260 | |||
Oregon 0.4% | |||
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 4.5%, 1/1/2049 | 3,510,000 | 3,710,558 | |
Pennsylvania 6.9% | |||
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2034 | 5,000,000 | 5,881,605 | |
Montgomery County, PA, Higher Education & Health Authority, State Presbyterian Homes, Inc. Project: | |||
5.0%, 12/1/2027 | 2,735,000 | 3,026,952 | |
5.0%, 12/1/2032 | 2,745,000 | 3,004,468 | |
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project, Series A, 5.0%, 12/1/2033 | 8,435,000 | 9,312,566 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue: | |||
Series A, AMT, 2.45%, 6/1/2041 | 4,710,000 | 4,558,866 | |
Series A, AMT, 2.625%, 6/1/2042 | 680,000 | 662,744 | |
Pennsylvania, State Certificates of Participation: | |||
Series A, 5.0%, 7/1/2029 | 300,000 | 354,343 | |
Series A, 5.0%, 7/1/2031 | 850,000 | 1,001,102 | |
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, Series A, 5.0%, 2/1/2028 | 3,000,000 | 3,253,666 | |
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 2.15%, Mandatory Put 7/1/2024 @ 100, 7/1/2041, GTY: Waste Management, Inc. | 1,250,000 | 1,253,666 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, AMT, 3.5%, 10/1/2041 | 1,275,000 | 1,307,196 | |
Series 122, AMT, 4.0%, 10/1/2046 | 3,615,000 | 3,763,262 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series C, 5.0%, 12/1/2028 | 2,950,000 | 3,247,199 | |
Series B, 5.0%, 6/1/2029 | 5,000,000 | 5,654,829 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2026 | 2,120,000 | 2,281,661 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2027 | 2,820,000 | 3,035,040 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2028 | 1,000,000 | 1,076,255 | |
Philadelphia, PA, Authority for Industrial Development Charter School Revenue Bond, 144A, 5.0%, 6/15/2040 | 900,000 | 995,863 | |
Philadelphia, PA, School District: | |||
Series F, 5.0%, 9/1/2030 | 8,970,000 | 10,234,727 | |
Series F, Prerefunded 9/1/2026 @ 100, 5.0%, 9/1/2030 | 30,000 | 34,680 | |
Pittsburgh, PA, Water & Sewer System Revenue, First Lien, Series C, MUNIPSA + 0.65%, 0.85% (c), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 1,000,000 | 1,006,111 | |
64,946,801 |
South Carolina 0.3% | |||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2025 | 2,755,000 | 2,764,960 | |
South Carolina, State Housing Finance & Development Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050 | 315,000 | 337,432 | |
3,102,392 | |||
Tennessee 1.0% | |||
Greeneville, TN, Health & Educational Facilities Board, Hospital Revenue, Ballad Health Obligation Group, Series A, 5.0%, 7/1/2035 | 2,500,000 | 2,938,486 | |
Memphis & Shelby County, TN, New Memphis Arena Public Building Authority, City of Memphis Project: | |||
Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2029 | 1,100,000 | 1,072,659 | |
Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2030 | 750,000 | 740,686 | |
Shelby County, TN, State General Obligation, Series B, 4.0%, 4/1/2034 | 3,330,000 | 3,771,354 | |
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, AMT, 3.0%, 7/1/2038 | 565,000 | 572,126 | |
9,095,311 | |||
Texas 8.9% | |||
Bowie County, TX, Industrial Development Corp., Revenue, Texarkana Newspapers Inc., Project, 0.09% (b), 3/1/2022, LOC: JPMorgan Chase NA | 450,000 | 450,000 | |
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series E, 4.0%, 1/1/2037 | 1,500,000 | 1,668,386 | |
El Paso, TX, Independent School District, 4.0%, 8/15/2035 | 5,000,000 | 5,653,156 | |
Houston, TX, Airport Systems Revenue, Series B, Prerefunded 7/1/2022 @ 100, 5.0%, 7/1/2027 | 9,600,000 | 9,740,101 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention And Entertainment Facilities Department: | |||
5.0%, 9/1/2027 | 1,590,000 | 1,865,443 | |
5.0%, 9/1/2028 | 1,350,000 | 1,612,540 | |
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033 | 1,525,000 | 1,912,387 | |
Lower Colorado, TX, Lower Colorado River Authority, 5.0%, 5/15/2032, INS: AGMC | 2,685,000 | 3,364,448 | |
Northside, TX, Independent School District: | |||
1.6%, Mandatory Put 8/1/2024 @ 100, 8/1/2049 | 2,960,000 | 2,981,474 | |
2.75%, Mandatory Put 8/1/2023 @ 100, 8/1/2048 | 1,540,000 | 1,576,525 | |
San Antonio, TX, Water Systems Revenue, Junior Lien, Series E, 5.0%, 5/15/2027 | 1,900,000 | 1,988,391 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 1,780,000 | 1,780,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.09% (b), 3/1/2022, LOC: TD Bank NA | 665,000 | 665,000 | |
Texas, Aldine Independent School District, 4.0%, 2/15/2032 | 3,000,000 | 3,310,752 | |
Texas, Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Waste Treatment Facility Revenue, Jefferson Enterprise Energy LLC Project, Series B, AMT, 0.45%, Mandatory Put 6/30/2022 @ 100, 12/1/2045 | 2,665,000 | 2,662,294 | |
Texas, Deer Park Independent School District, 0.16%, Mandatory Put 10/3/2022 @ 100, 10/1/2042 | 2,325,000 | 2,316,508 | |
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 6,460,000 | 6,691,697 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2040 | 6,000,000 | 6,362,390 | |
Texas, State Department of Housing & Community Affairs, 2.17%, 5/1/2038 | 5,940,175 | 5,697,565 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 6,900,000 | 7,764,853 | |
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 12/31/2035 | 500,000 | 557,027 | |
Series A, 4.0%, 12/31/2036 | 2,000,000 | 2,222,125 |
Texas, State Water Development Board, Series A, 4.0%, 10/15/2032 | 5,000,000 | 5,606,053 | |
Texas, State Water Development Board, State Water Implementation Fund, Series A, 4.0%, 10/15/2034 | 4,900,000 | 5,485,565 | |
83,934,680 | |||
Utah 0.6% | |||
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 5,793,243 | |
Virginia 4.1% | |||
Hampton Roads, VA, Transportation Accountability Commission Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 7/1/2036 | 2,070,000 | 2,385,049 | |
Series A, 4.0%, 7/1/2038 | 4,370,000 | 5,021,750 | |
Virginia, Small Business Financing Authority: | |||
AMT, 4.0%, 1/1/2030 (a) | 1,500,000 | 1,629,450 | |
AMT, 4.0%, 7/1/2030 (a) | 1,000,000 | 1,089,345 | |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series B, 4.0%, 2/1/2029 | 18,755,000 | 20,505,179 | |
Virginia, State Public School Authority, School Financing, Series B, 4.0%, 8/1/2029 | 7,060,000 | 7,816,382 | |
38,447,155 | |||
Washington 4.2% | |||
King County, WA, Junior Lien Sewer Revenue, Series A, MUNIPSA + 0.23%, 0.43% (c), Mandatory Put 1/1/2027 @ 100, 1/1/2040 | 3,845,000 | 3,846,438 | |
Washington, Central Puget Sound Regional Transit Authority Sales & Use Taxes Revenue, Motor Vehicle Excise Tax Improvement, Green Bond, Series 2A, MUNIPSA + 0.2%, 0.4% (c), Mandatory Put 11/1/2026 @ 100, 11/1/2045 | 5,385,000 | 5,436,134 | |
Washington, Economic Development Finance Authority, Mura Cascade ELP LLC Project, 144A, AMT, 0.33%, Mandatory Put 12/8/2022 @ 100, 12/1/2041 | 6,365,000 | 6,338,639 | |
Washington, Seattle Municipal Light & Power Revenue, Series B, MUNIPSA + 0.25%, 0.45% (c), Mandatory Put 11/1/2026 @ 100, 5/1/2045 | 895,000 | 895,506 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2036 | 5,185,000 | 5,180,882 | |
4.0%, 7/1/2031 | 3,000,000 | 3,261,692 | |
Washington, State General Obligation: | |||
Series R-2021A, 5.0%, 6/1/2030 | 1,000,000 | 1,256,083 | |
Series R-2021A, 5.0%, 6/1/2031 | 750,000 | 940,214 | |
Series R-2021A, 5.0%, 6/1/2032 | 1,000,000 | 1,249,506 | |
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, 5.0%, 8/15/2029 | 2,300,000 | 2,638,457 | |
Washington, State Housing Finance Commission, Horizon House Project: | |||
144A, 5.0%, 1/1/2028 | 750,000 | 847,644 | |
144A, 5.0%, 1/1/2029 | 840,000 | 946,357 | |
144A, 5.0%, 1/1/2031 | 1,030,000 | 1,152,681 | |
144A, 5.0%, 1/1/2033 | 1,050,000 | 1,171,352 | |
Washington, University of Washington Revenue: | |||
Series C, 5.0%, 4/1/2030 | 2,000,000 | 2,492,074 | |
Series C, 5.0%, 4/1/2031 | 1,750,000 | 2,178,788 | |
39,832,447 | |||
West Virginia 0.4% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045 | 1,250,000 | 1,288,877 | |
West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group, Series A, 5.0%, 6/1/2032 | 2,400,000 | 2,754,728 | |
4,043,605 |
Wisconsin 0.2% | |||
Wisconsin, Whitewater Community Development Authority, Housing Preservation, 0.2% (b), 3/7/2022, LOC: BMO Harris Bank NA | 1,900,000 | 1,900,000 | |
Puerto Rico 0.2% | |||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2031 | 3,000,000 | 2,342,920 | |
Other 1.5% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A”, Series M-024, AMT, 2.304%, 5/15/2027 | 1,685,000 | 1,672,727 | |
“A”, Series M-051, 144A, 2.65%, 6/15/2035 | 7,795,000 | 7,952,199 | |
Freddie Mac, Multi-Family: | |||
“A-CA”, Series 2020-ML08, 1.896%, 11/25/2037, GTY: Freddie Mac | 2,779,781 | 2,626,579 | |
“Class A”, 3.4%, 1/25/2036, GTY: Freddie Mac | 1,432,824 | 1,571,893 | |
13,823,398 | |||
Total Municipal Investments (Cost $958,809,322) | 983,714,460 | ||
Government & Agency Obligations 0.9% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $8,583,816) | 8,800,000 | 8,129,344 |
Shares | Value ($) | ||
Mutual Funds 0.7% | |||
Nuveen Amt Free Muni Credit (Cost $7,000,000) | 7,000,000 | 7,000,000 | |
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $78,738) | 78,734 | 78,734 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $974,471,876) | 105.8 | 998,922,538 | |
Other Assets and Liabilities, Net | (5.8) | (54,365,558) | |
Net Assets | 100.0 | 944,556,980 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
(a) | When-issued security. |
(b) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of February 28, 2022. Date shown reflects the earlier of demand date or stated maturity date. |
(c) | Variable or floating rate security. These securities are shown at their current rate as of February 28, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(d) | Current yield; not a coupon rate. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
AGMC: Assured Guaranty Municipal Corp. |
AMT: Subject to alternative minimum tax. |
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 |
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 28, 2022 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $983,714,460 | $— | $983,714,460 |
Government & Agency Obligations | — | 8,129,344 | — | 8,129,344 |
Mutual Funds | — | 7,000,000 | — | 7,000,000 |
Open-End Investment Companies | 78,734 | — | — | 78,734 |
Total | $78,734 | $998,843,804 | $— | $998,922,538 |
(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
DITFF-PH3
R-080548-1 (1/23)