| Investment Portfolio | as of July 31, 2020 (Unaudited) |
DWS Short-Term Municipal Bond Fund
| Principal Amount ($) |
Value ($) | ||||||||||
| Municipal Bonds and Notes 96.0% | |||||||||||
| Alabama 1.2% | |||||||||||
| Alabama, Black Belt Energy Gas District Prepay Revenue, Series A, 4.0%, Mandatory Put 12/1/2023 @ 100, 12/1/2048, GTY: Goldman Sachs Group, Inc. | 2,200,000 | 2,420,946 | |||||||||
| Southeast Alabama, State Gas Supply District Revenue Project, Series A, 4.0%, Mandatory Put 6/1/2024 @ 100, 6/1/2049, GTY: Morgan Stanley | 1,200,000 | 1,336,224 | |||||||||
| 3,757,170 | |||||||||||
| Arizona 1.4% | |||||||||||
| Arizona, State Certificates of Participation, Series A, 5.0%, 10/1/2026 | 1,500,000 | 1,884,930 | |||||||||
| Chandler, AZ, State General Obligation, 4.0%, 7/1/2021 | 1,600,000 | 1,656,640 | |||||||||
| Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A, AMT, 1.875%, Mandatory Put 3/31/2023 @ 100, 9/1/2032 | 1,000,000 | 1,013,960 | |||||||||
| 4,555,530 | |||||||||||
| California 16.4% | |||||||||||
| California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series A, MUNIPSA + 1.250%, 1.41% *, Mandatory Put 4/1/2027 @ 100, 4/1/2036 | 3,940,000 | 3,914,942 | |||||||||
| California, Eastern Municipal Water District, Water & Wastewater Revenue, Series B, 70% of 1-month USD-LIBOR + 0.300%, 0.42% *, Mandatory Put 10/1/2021 @ 100, 7/1/2030 | 1,960,000 | 1,940,380 | |||||||||
| California, San Diego Association of Governments, Capital Grant Receipts Revenue, Mid-Coast Corridor Transit Project, Series B, 1.8%, 11/15/2027 | 2,500,000 | 2,572,700 | |||||||||
| California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, MUNIPSA + 0.370%, 0.53% *, Mandatory Put 12/1/2022 @ 100, 12/1/2035 | 4,000,000 | 4,009,720 | |||||||||
| California, State General Obligation: | |||||||||||
| MUNIPSA + 0.430% , 0.59% *, Mandatory Put 12/1/2023 @ 100, 12/1/2029 | 1,250,000 | 1,237,913 | |||||||||
| 5.0%, 4/1/2021 | 4,000,000 | 4,130,600 | |||||||||
| California, State Infrastructure & Economic Development Bank Revenue, 1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055 | 1,100,000 | 1,118,513 | |||||||||
| California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project: | |||||||||||
| Series A, AMT, 5.0%, 12/31/2025 | 1,000,000 | 1,183,390 | |||||||||
| Series A, AMT, 5.0%, 6/30/2026 | 500,000 | 597,680 | |||||||||
| California, State Municipal Finance Authority Revenue, River Springs Charter School, ETM, 144A, 4.0%, 8/15/2020 | 1,000,000 | 1,001,180 | |||||||||
| California, State Municipal Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Series A, AMT, 2.0%, Mandatory Put 12/1/2020 @ 100, 12/1/2044 | 2,000,000 | 2,010,500 | |||||||||
| California, State Municipal Finance Authority, Solid Waste Revenue, Republic Services, Inc., 0.375%, Mandatory Put 10/1/2020 @ 100, 9/1/2021 | 1,000,000 | 1,000,190 | |||||||||
| California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series A-1, 144A, AMT, 0.6%, Mandatory Put 10/15/2020 @ 100, 11/1/2042 | 500,000 | 500,070 | |||||||||
| California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series A, 144A, AMT, 2.05%, Mandatory Put 11/2/2020 @ 100, 8/1/2023 | 1,155,000 | 1,155,000 | |||||||||
| California, State Public Works Board, Lease Revenue, Judicial Council Projects, Series D, 5.0%, 12/1/2020 | 1,000,000 | 1,015,850 | |||||||||
| California, State University Revenue, Series A, 5.0%, 11/1/2021 | 3,000,000 | 3,182,760 | |||||||||
| California, Statewide Communities Development Authority Revenue, Viamonte Senior Living Project, Series B, 3.0%, 7/1/2025 | 1,500,000 | 1,515,480 | |||||||||
| California, Tobacco Securitization Agency, Tobacco Settlement, Series B-1, 1.75%, 6/1/2030 | 500,000 | 525,030 | |||||||||
| California, Transbay Joint Powers Authority, Series B, 2.4%, 10/1/2049 | 1,000,000 | 1,022,260 | |||||||||
| Contra Costa, CA, Transportation Authority, Sales Tax Revenue, Series A, 70% of 1-month USD-LIBOR + 0.250%, 0.37% *, Mandatory Put 9/1/2021 @ 100, 3/1/2034 | 4,165,000 | 4,149,923 | |||||||||
| Glendale, CA, Unified School District: | |||||||||||
| 5.0%, 9/1/2025 | 500,000 | 622,180 | |||||||||
| 5.0%, 9/1/2026 | 500,000 | 642,275 | |||||||||
| Long Beach, CA, Harbor Revenue, Private Activity, Series B, AMT, 4.0%, 5/15/2022 | 5,000,000 | 5,285,900 | |||||||||
| Newport Mesa, CA, Unified School District, Election of 2000: | |||||||||||
| 5.0%, 8/1/2024 | 1,200,000 | 1,436,328 | |||||||||
| 5.0%, 8/1/2025 | 1,300,000 | 1,613,898 | |||||||||
| San Francisco City & County, CA, Multi Family Housing Revenue, Eastern Park Apartments, Series K, 1.3%, Mandatory Put 1/1/2023 @ 100, 7/1/2023 | 1,250,000 | 1,268,862 | |||||||||
| Southern California, State Public Power Authority, Canyon Power Project, Series B, MUNIPSA + 0.250%, 0.41% *, Mandatory Put 5/1/2021 @ 100, 7/1/2040 | 2,500,000 | 2,483,975 | |||||||||
| Stockton, CA, Public Financing Authority, Wastewater Revenue, 1.4%, 6/1/2022 | 1,500,000 | 1,499,985 | |||||||||
| Tobacco Securitization Authority of Southern California, Tobacco Settlement Revenue, San Diego, Tobacco Securitization Corp., Class 2, Series B-1, 2.25%, 6/1/2029 | 290,000 | 314,453 | |||||||||
| 52,951,937 | |||||||||||
| Colorado 2.3% | |||||||||||
| Cherry Creek, CO, School District No. 5, Series C, 5.0%, 12/15/2031 | 2,000,000 | 2,608,860 | |||||||||
| Denver City & County, CO, Airport System Revenue: | |||||||||||
| Series A, AMT, 5.0%, 12/1/2026 | 2,000,000 | 2,478,800 | |||||||||
| Series D, 5.0%, Mandatory Put 11/15/2022 @ 100, 11/15/2031 | 2,000,000 | 2,196,800 | |||||||||
| 7,284,460 | |||||||||||
| Connecticut 2.0% | |||||||||||
| Connecticut, State General Obligation, Series A, 5.0%, 3/15/2029 | 2,000,000 | 2,374,100 | |||||||||
| Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program: | |||||||||||
| Series E-E3, 1.625%, Mandatory Put 11/15/2022 @ 100, 11/15/2059 | 1,000,000 | 1,002,880 | |||||||||
| Series C-1, 4.0%, 11/15/2047 | 1,280,000 | 1,388,032 | |||||||||
| Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 970,000 | 1,052,586 | |||||||||
| Connecticut, State Special Tax Obligation Revenue, Series A, 5.0%, 5/1/2024 | 500,000 | 584,150 | |||||||||
| 6,401,748 | |||||||||||
| District of Columbia 0.5% | |||||||||||
| District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Nannie Helen Owner LLC, 1.45%, Mandatory Put 8/1/2022 @ 100, 2/1/2039 | 1,500,000 | 1,526,025 | |||||||||
| Florida 3.4% | |||||||||||
| Atlantic Beach, FL, Healthcare Facilities Revenue Fleet Landing Project, Series B-2, 3.0%, 11/15/2023 | 1,250,000 | 1,250,313 | |||||||||
| Clay County, FL, Sales Surtax Revenue, 5.0%, 10/1/2022 | 650,000 | 716,495 | |||||||||
| Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023 | 1,250,000 | 1,304,612 | |||||||||
| Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center of Florida, Inc., 5.0%, 11/15/2021 | 1,000,000 | 1,052,550 | |||||||||
| Pasco County, FL, School Board, Certificates of Participations, Series B, MUNIPSA + 0.750%, 0.86% *, Mandatory Put 8/2/2023 @ 100, 8/1/2032 (a) | 925,000 | 925,185 | |||||||||
| Village, FL, Community Development District No. 13, Special Assessment Revenue, 2.625%, 5/1/2024 | 500,000 | 501,475 | |||||||||
| Volusia County, FL, School Board, Certificate of Participations: | |||||||||||
| 5.0%, 8/1/2021 | 2,000,000 | 2,095,460 | |||||||||
| 5.0%, 8/1/2022 | 3,000,000 | 3,277,260 | |||||||||
| 11,123,350 | |||||||||||
| Georgia 4.2% | |||||||||||
| Atlanta, GA, Airport Revenue, Series B, AMT, 5.0%, 1/1/2022 | 1,000,000 | 1,018,830 | |||||||||
| Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | 1,200,000 | 1,307,808 | |||||||||
| Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||||||||||
| Series B, 5.0%, 4/1/2025, LOC: U.S. Bank NA (a) | 900,000 | 1,049,310 | |||||||||
| Series B, 5.0%, 4/1/2026, LOC: U.S. Bank NA (a) | 1,000,000 | 1,195,330 | |||||||||
| Columbia County, GA, Water & Sewerage Revenue: | |||||||||||
| 5.0%, 6/1/2021 | 875,000 | 910,420 | |||||||||
| 5.0%, 6/1/2022 | 600,000 | 653,592 | |||||||||
| Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |||||||||||
| Series A, 4.0%, Mandatory Put 9/1/2023 @ 100, 4/1/2048, LIQ: Royal Bank of Canada | 1,865,000 | 2,042,082 | |||||||||
| Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 750,000 | 826,283 | |||||||||
| Georgia, State General Obligation, Series C, 5.0%, 7/1/2021 | 4,325,000 | 4,518,154 | |||||||||
| 13,521,809 | |||||||||||
| Guam 0.5% | |||||||||||
| Guam, International Airport Authority Revenue, Series A, AMT, 5.0%, 10/1/2022 | 1,500,000 | 1,515,345 | |||||||||
| Illinois 5.0% | |||||||||||
| Granite City, IL, Waste Management, Inc. Project, AMT, 2.45%, Mandatory Put 5/3/2021 @ 100, 5/1/2027, GTY: Waste Management, Inc. | 1,000,000 | 1,015,350 | |||||||||
| Illinois, State Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 1.6%, Mandatory Put 11/2/2020 @ 100, 11/1/2044, GTY: Waste Management Holdings | 2,000,000 | 2,005,960 | |||||||||
| Illinois, State General Obligation: | |||||||||||
| Series D, 5.0%, 11/1/2020 | 4,000,000 | 4,029,200 | |||||||||
| Series A, 5.0%, 10/1/2021 | 1,000,000 | 1,033,570 | |||||||||
| Series B, 5.0%, 10/1/2021 | 1,000,000 | 1,033,570 | |||||||||
| 5.0%, 8/1/2023 | 1,000,000 | 1,080,700 | |||||||||
| 5.375%, 5/1/2023 | 1,000,000 | 1,088,410 | |||||||||
| Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022 | 1,500,000 | 1,582,035 | |||||||||
| Lake County, IL, Forest Preservation District, Series A, 67% of 3-month USD-LIBOR + 0.480%, 0.69% *, 12/15/2020 | 1,335,000 | 1,333,465 | |||||||||
| Will County, IL, Community Unit School District No. 210, Lincoln-Way, ETM, Zero Coupon, 1/1/2022, INS: AGMC | 1,815,000 | 1,803,547 | |||||||||
| 16,005,807 | |||||||||||
| Indiana 1.2% | |||||||||||
| Indiana, State Finance Authority, Economic Development Revenue, Republic Services, Inc., AMT, 0.65%, Mandatory Put 9/1/2020 @ 100, 12/1/2037 | 625,000 | 625,056 | |||||||||
| Indiana, State Finance Authority, Hospital Revenue, Indiana University Health Obligated Group, Series 2015B, 1.65%, Mandatory Put 7/1/2022 @ 100, 12/1/2042 | 1,000,000 | 1,013,990 | |||||||||
| Indianapolis, IN, Local Public Improvement Bond Bank, Fieldhouse Project, Series B, 1.45%, 6/1/2021 | 2,100,000 | 2,100,420 | |||||||||
| 3,739,466 | |||||||||||
| Iowa 0.6% | |||||||||||
| Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Series A-2, 2.875%, 5/15/2049 | 1,500,000 | 1,503,450 | |||||||||
| Iowa, State Finance Authority, Midwestern Disaster Area Revenue, Fertilizer Co. Project, 3.125%, 12/1/2022 | 415,000 | 420,627 | |||||||||
| 1,924,077 | |||||||||||
| Kansas 0.1% | |||||||||||
| Olathe, KS, Industrial Revenue, Multi Modal Diamant Boart, Series A, AMT, 0.31% **, 8/7/2020, LOC: Svenska Handelsbanken | 300,000 | 300,000 | |||||||||
| Kentucky 0.5% | |||||||||||
| Kentucky, State Public Energy Authority, Gas Supply Revenue, Series B, 4.0%, Mandatory Put 1/1/2025 @ 100, 1/1/2049, GTY: BP Corp. North America, Inc. | 1,435,000 | 1,602,723 | |||||||||
| Louisiana 1.3% | |||||||||||
| Louisiana, Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Project, Series B, 0.875% *, Mandatory Put 2/1/2025 @ 100, 2/1/2046 (a) | 3,000,000 | 3,000,600 | |||||||||
| Louisiana, Stadium & Exposition District, Bond Anticipation Notes, 5.0%, 7/3/2023 | 1,000,000 | 1,062,820 | |||||||||
| 4,063,420 | |||||||||||
| Maine 0.1% | |||||||||||
| Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028 | 330,000 | 341,408 | |||||||||
| Maryland 1.7% | |||||||||||
| Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead, Inc., Series B, 2.875%, 7/1/2023 | 1,750,000 | 1,764,840 | |||||||||
| Maryland, State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System Obligated Group, Series B-2, 5.0%, Mandatory Put 7/1/2027 @ 100, 7/1/2045 | 1,000,000 | 1,247,580 | |||||||||
| Montgomery County, MD, Public Improvements Project, Series A, 5.0%, 11/1/2021 | 2,215,000 | 2,349,938 | |||||||||
| 5,362,358 | |||||||||||
| Massachusetts 1.9% | |||||||||||
| Massachusetts, State Development Finance Agency Revenue, Boston College, 5.0%, 10/1/2021 | 1,000,000 | 1,047,720 | |||||||||
| Massachusetts, State General Obligation, Series A, 5.0%, 7/1/2021 | 5,000,000 | 5,222,400 | |||||||||
| 6,270,120 | |||||||||||
| Michigan 3.5% | |||||||||||
| Michigan, State Building Authority Revenue, Series I, 5.0%, 10/15/2021 | 500,000 | 529,055 | |||||||||
| Michigan, State Finance Authority Revenue, Series A-1, 4.0%, 8/20/2020 | 1,500,000 | 1,502,700 | |||||||||
| Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp.: | |||||||||||
| 68% of 1-month USD-LIBOR + 0.400% , 0.513% *, Mandatory Put 10/15/2021 @ 100, 10/15/2030 | 1,860,000 | 1,845,957 | |||||||||
| Series D-2, MUNIPSA + 0.500%, 0.66% *, Mandatory Put 8/9/2021 @ 100, 10/15/2038 | 925,000 | 925,148 | |||||||||
| Michigan, State Housing Development Authority, Series A-1, 1.5%, 10/1/2022 | 550,000 | 550,369 | |||||||||
| Michigan, State Trunk Line, Series A, 5.0%, 11/15/2023 | 1,000,000 | 1,148,110 | |||||||||
| Wayne County, MI, Airport Authority Revenue, Series A, AMT, 4.0%, 12/1/2020, INS: AGMC | 4,600,000 | 4,654,326 | |||||||||
| 11,155,665 | |||||||||||
| Minnesota 1.2% | |||||||||||
| Minnesota, State General Obligation: | |||||||||||
| Series A, 5.0%, 8/1/2021 | 1,800,000 | 1,888,146 | |||||||||
| Series D, 5.0%, 8/1/2021 | 2,060,000 | 2,160,878 | |||||||||
| 4,049,024 | |||||||||||
| Missouri 0.8% | |||||||||||
| Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, Series B, 2.875%, Mandatory Put 2/1/2022 @ 100, 2/1/2034 | 460,000 | 457,774 | |||||||||
| Missouri, State Public Utilities Commission Revenue, Interim Construction Notes, Series 2019, 1.5%, 3/1/2021 | 2,000,000 | 2,001,660 | |||||||||
| 2,459,434 | |||||||||||
| Nevada 0.1% | |||||||||||
| Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024 | 450,000 | 446,549 | |||||||||
| New Jersey 3.5% | |||||||||||
| New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 195,000 | 196,088 | |||||||||
| New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series A, 2.375%, 12/1/2029 | 1,200,000 | 1,195,668 | |||||||||
| New Jersey, State Housing & Mortgage Finance Agency, Multi Family Conduit Revenue, Pilgrim Baptist Village I&II Project, Series E, 1.5%, Mandatory Put 9/1/2021 @ 100, 9/1/2022 | 3,000,000 | 3,030,480 | |||||||||
| New Jersey, State Transportation Trust Fund Authority, Series A, 5.0%, 12/15/2026 | 3,000,000 | 3,556,140 | |||||||||
| New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2024 | 1,000,000 | 1,134,380 | |||||||||
| New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025 | 1,955,000 | 2,341,328 | |||||||||
| 11,454,084 | |||||||||||
| New Hampshire 0.9% | |||||||||||
| New Hampshire, National Finance Authority, Exempt Facilities Revenue, Emerald Renewable Diesel LLC Project, 144A, AMT, 2.0%, Mandatory Put 8/31/2020 @ 100, 6/1/2049 | 3,000,000 | 3,002,100 | |||||||||
| New Mexico 0.6% | |||||||||||
| New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series A-1, 4.0%, 1/1/2049 | 815,000 | 903,142 | |||||||||
| Santa Fe, NM, Retirement Facility Revenue, El Castillo Retirement Project, Series B-1, 2.625%, 5/15/2025 | 1,000,000 | 958,350 | |||||||||
| 1,861,492 | |||||||||||
| New York 7.4% | |||||||||||
| Chautauqua County, NY, Capital Resource Corp., Exempt Facilities Revenue, NRG Energy, Inc. Project, 1.3%, Mandatory Put 4/3/2023 @ 100, 4/1/2042 | 2,000,000 | 1,980,840 | |||||||||
| New York, Metropolitan Transportation Authority, Series F, 5.0%, 11/15/2022 | 5,390,000 | 5,670,388 | |||||||||
| New York, State Dormitory Authority Revenue, Non-Supported Debt, Northwell Healthcare, Inc., Series B-1, 5.0%, Mandatory Put 5/1/2022 @ 100, 5/1/2048 | 2,000,000 | 2,098,700 | |||||||||
| New York, State Dormitory Authority, Personal Income Tax Revenue, Series B, 5.0%, 3/31/2021 | 1,250,000 | 1,290,037 | |||||||||
| New York, State Housing Finance Agency Revenue, Series K, 1.45%, 5/1/2023 | 2,500,000 | 2,527,250 | |||||||||
| New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%, 10/1/2046 | 2,090,000 | 2,234,712 | |||||||||
| New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment, AMT, 5.0%, 1/1/2024 | 2,500,000 | 2,668,800 | |||||||||
| New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Series A-3, 1.125%, Mandatory Put 11/1/2024 @ 100, 5/1/2060 | 1,000,000 | 1,009,320 | |||||||||
| New York, NY, General Obligation, Series A, 5.0%, 8/1/2022 | 1,020,000 | 1,117,053 | |||||||||
| Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM (a) | 315,000 | 382,734 | |||||||||
| Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||||||||||
| Series A, 5.0%, 9/1/2025 | 300,000 | 352,677 | |||||||||
| Series A, 5.0%, 9/1/2027 | 500,000 | 610,520 | |||||||||
| 5.0%, 8/1/2028 | 1,000,000 | 1,171,190 | |||||||||
| Series A, 5.0%, 9/1/2028 | 500,000 | 622,945 | |||||||||
| 23,737,166 | |||||||||||
| North Carolina 0.7% | |||||||||||
| North Carolina, State Housing Finance Agency, Home Ownership Revenue: | |||||||||||
| Series 38-B, 4.0%, 7/1/2047 | 730,000 | 795,481 | |||||||||
| Series 41, 4.0%, 1/1/2050 | 1,450,000 | 1,614,865 | |||||||||
| 2,410,346 | |||||||||||
| North Dakota 0.3% | |||||||||||
| North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047 | 995,000 | 1,080,878 | |||||||||
| Ohio 2.3% | |||||||||||
| Allen Country, OH, Hospital Facilities Revenue: | |||||||||||
| Series A, 5.0%, 12/1/2022 | 600,000 | 659,148 | |||||||||
| Series A, 5.0%, 12/1/2023 | 1,000,000 | 1,138,630 | |||||||||
| Cleveland, OH, Airport System Revenue: | |||||||||||
| Series A, 5.0%, 1/1/2023, INS: AGMC | 1,810,000 | 1,984,701 | |||||||||
| Series A, AMT, 5.0%, 1/1/2025 | 1,000,000 | 1,160,130 | |||||||||
| Ohio, American Municipal Power, Inc., Combined Hydroelectric Project, Series A, 2.25%, Mandatory Put 8/15/2021 @ 100, 2/15/2048 | 1,000,000 | 1,007,020 | |||||||||
| Ohio, Port of Greater Cincinnati Development Authority Revenue, Convention Center Hotel Acquisition And Demolition Project, Series A, 3.0%, 5/1/2023 | 1,500,000 | 1,502,730 | |||||||||
| 7,452,359 | |||||||||||
| Oklahoma 0.8% | |||||||||||
| Oklahoma, State Development Finance Authority, Gilcrease Expressway West Project, AMT, 1.625%, 7/6/2023 | 2,000,000 | 1,996,720 | |||||||||
| Oklahoma, State Municipal Power Authority, SIFMA Index, Series A, MUNIPSA + 0.390%, 0.55% *, 1/1/2023 | 630,000 | 624,916 | |||||||||
| 2,621,636 | |||||||||||
| Oregon 1.5% | |||||||||||
| Clackamas County, OR, Hospital Facility Authority, Rose Villa Project, Series B-2, 2.75%, 11/15/2025 | 1,250,000 | 1,260,988 | |||||||||
| Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 3.5%, 7/1/2036 | 1,550,000 | 1,638,613 | |||||||||
| Oregon, State Housing & Community Services Department, Mortgage Revenue, Single Family Mortgage Program, Series B, AMT, 5.0%, 7/1/2030 | 360,000 | 371,646 | |||||||||
| Washington Multnomah & Yamhill Counties, OR, Hillsboro School District No. 1J, 5.0%, 6/15/2031 | 1,180,000 | 1,514,931 | |||||||||
| 4,786,178 | |||||||||||
| Pennsylvania 3.4% | |||||||||||
| Geisinger PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043 | 1,000,000 | 1,234,170 | |||||||||
| Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026 | 2,000,000 | 2,458,160 | |||||||||
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||||||||||
| Series 119, 3.5%, 10/1/2041 | 1,000,000 | 1,048,670 | |||||||||
| Series 122, 4.0%, 10/1/2046 | 2,850,000 | 3,074,694 | |||||||||
| Pennsylvania, State Turnpike Commission Revenue, Series B, MUNIPSA + 0.500%, 0.66% *, 12/1/2021 | 2,000,000 | 1,994,140 | |||||||||
| Philadelphia, PA, School District, Series 2020, 5.0%, 9/1/2022 | 1,000,000 | 1,091,380 | |||||||||
| 10,901,214 | |||||||||||
| Rhode Island 0.6% | |||||||||||
| Rhode Island, State Housing & Mortgage Finance Corp., Revenue, Multi Family Development Sustainability Bonds, Series 1-A, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2049 | 2,115,000 | 2,118,088 | |||||||||
| South Carolina 0.3% | |||||||||||
| Laurens County, SC, Water & Sewer Commission, Waterworks District, 1.375%, 2/1/2022 | 1,000,000 | 1,008,560 | |||||||||
| South Dakota 0.7% | |||||||||||
| South Dakota, Housing Development Authority, Homeownership Mortgage: | |||||||||||
| Series B, 4.0%, 11/1/2047 | 1,705,000 | 1,854,409 | |||||||||
| Series A, AMT, 4.5%, 5/1/2031 | 285,000 | 297,207 | |||||||||
| 2,151,616 | |||||||||||
| Tennessee 1.7% | |||||||||||
| Memphis, TN, General Obligation, 5.0%, 5/1/2024 | 2,000,000 | 2,357,020 | |||||||||
| Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | 505,000 | 520,493 | |||||||||
| Tennessee, State Energy Acquisition Corp., Gas Revenue, Series A, 4.0%, Mandatory Put 5/1/2023 @ 100, 5/1/2048, GTY: Goldman Sachs Group, Inc. | 2,250,000 | 2,437,582 | |||||||||
| Tennessee, State Housing Development Agency, Homeownership Program: | |||||||||||
| Series 2C, 4.0%, 7/1/2038 | 125,000 | 128,628 | |||||||||
| Series 1A, AMT, 4.5%, 1/1/2038 | 120,000 | 124,108 | |||||||||
| 5,567,831 | |||||||||||
| Texas 12.1% | |||||||||||
| Allen, TX, Independent School District Building, Prerefunded 2/15/2021 @ 100, 5.0%, 2/15/2024 | 315,000 | 323,184 | |||||||||
| Alvin, TX, Independent School District, Series B, 1.25%, Mandatory Put 8/15/2022 @ 100, 2/15/2033 | 2,000,000 | 2,030,920 | |||||||||
| Bexar County, TX, Certificates Obligation, Series B, 5.0%, 6/15/2021 | 4,000,000 | 4,169,200 | |||||||||
| Dallas, TX, Area Rapid Transit, Sales Tax Revenue, Series B, 5.0%, 12/1/2023 (a) | 2,410,000 | 2,780,079 | |||||||||
| Goose Creek, TX, Consolidated Independent School District, Series B, 3.0%, Mandatory Put 10/1/2020 @ 100, 10/1/2049 | 1,000,000 | 1,004,110 | |||||||||
| Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B-1, 5.0%, Mandatory Put 12/1/2022 @ 100, 7/1/2049 | 1,500,000 | 1,632,510 | |||||||||
| Harris County, TX, Flood Control District, Series A, 5.25%, 10/1/2021 | 1,465,000 | 1,551,962 | |||||||||
| Houston, TX, Airport Systems Revenue: | |||||||||||
| Series A, AMT, 5.0%, 7/1/2025 | 500,000 | 593,800 | |||||||||
| Series A, AMT, 5.0%, 7/1/2026 | 1,000,000 | 1,216,260 | |||||||||
| Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and Entertainment Facilities Department, 5.0%, 9/1/2026 | 1,735,000 | 1,909,784 | |||||||||
| Houston, TX, Independent School District: | |||||||||||
| Series A-2, 2.25%, Mandatory Put 6/1/2022 @ 100, 6/1/2039 | 1,000,000 | 1,029,350 | |||||||||
| 4.0%, Mandatory Put 6/1/2023 @ 100, 6/1/2029 | 1,000,000 | 1,098,600 | |||||||||
| Series A-1B, 4.0%, Mandatory Put 6/1/2023 @ 100, 6/1/2039 | 1,105,000 | 1,213,953 | |||||||||
| Houston, TX, Minnetonka Airport Systems Revenue, Beacon Hill, Series C, AMT, 5.0%, 7/1/2026 | 2,500,000 | 3,040,650 | |||||||||
| Houston, TX, Utility System Revenue, Series C, 70% of 1-month USD-LIBOR + 0.360%, 0.477% *, Mandatory Put 8/1/2021 @ 100, 5/15/2034 | 1,575,000 | 1,570,637 | |||||||||
| Katy, TX, Katy Independent School District, Series 2015-C, 67% of 1-month USD-LIBOR + 0.280%, 0.397% *, Mandatory Put 8/16/2021 @ 100, 8/15/2036 | 960,000 | 956,438 | |||||||||
| Richardson, TX, Independent School District, 5.0%, 2/15/2021 | 2,000,000 | 2,051,860 | |||||||||
| Round Rock, TX, Independent School District, 5.0%, 8/1/2021 | 4,275,000 | 4,482,124 | |||||||||
| Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, Prerefunded 8/15/2020 @ 100, 5.25%, 8/15/2021 | 180,000 | 180,281 | |||||||||
| Texas, Cypress Fairbanks Independent School District, School Building, Series A-2, 1.25%, Mandatory Put 8/15/2022 @ 100, 2/15/2036 | 2,000,000 | 2,025,880 | |||||||||
| Texas, Eagle Mountain & Saginaw Independent School District, 5.0%, 8/15/2030 | 1,985,000 | 2,464,854 | |||||||||
| Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 1,040,000 | 1,148,410 | |||||||||
| Texas, Love Field Airport Modernization Corp., General Airport Revenue, AMT, 5.0%, 11/1/2021 | 500,000 | 525,890 | |||||||||
| 39,000,736 | |||||||||||
| Virginia 2.6% | |||||||||||
| Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution, 5.0%, 11/1/2023 | 1,250,000 | 1,395,688 | |||||||||
| Fairfax County, VA, Economic Development Authority Revenue, Wiehle Avenue Metrorail Station Parking Project: | |||||||||||
| 5.0%, 8/1/2021 | 1,650,000 | 1,729,942 | |||||||||
| 5.0%, 8/1/2022 | 1,000,000 | 1,088,020 | |||||||||
| Hampton Roads, VA, Transportation Accountability Commission Revenue, Series A, 5.0%, 7/1/2022 | 2,500,000 | 2,724,925 | |||||||||
| Peninsula, VA, Ports Authority, Coal Terminal Revenue, Dominion Terminal Associates Project, Series 2003, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2033 | 1,410,000 | 1,431,474 | |||||||||
| 8,370,049 | |||||||||||
| Washington 3.0% | |||||||||||
| Seattle, WA, Municipal Light & Power Revenue, Series C-1, MUNIPSA + 0.490%, 0.65% *, Mandatory Put 11/1/2023 @ 100, 11/1/2046 | 2,000,000 | 1,990,820 | |||||||||
| Washington, Energy Northwest Electric Revenue, Columbia Generating Station, Series A, 5.0%, 7/1/2021 | 4,620,000 | 4,823,326 | |||||||||
| Washington, State General Obligation: | |||||||||||
| 5.0%, 6/1/2026 (a) | 500,000 | 614,920 | |||||||||
| 5.0%, 6/1/2027 (a) | 300,000 | 380,022 | |||||||||
| Washington, State Housing Finance Commission, Transforming Age Projects, Series B, 144A, 2.375%, 1/1/2026 | 2,000,000 | 1,863,680 | |||||||||
| 9,672,768 | |||||||||||
| West Virginia 0.7% | |||||||||||
| West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Wheeling Power Co., Mitchell Project, Series A, AMT, 3.0%, Mandatory Put 4/1/2022 @ 100, 6/1/2037 | 2,250,000 | 2,310,323 | |||||||||
| Wisconsin 2.8% | |||||||||||
| Wisconsin, PMA Levy & Aid Anticipation Note Program, Series A, 3.0%, 10/23/2020 | 2,465,000 | 2,480,110 | |||||||||
| Wisconsin, State General Obligation, Series 1, 5.0%, 5/1/2027 (a) | 3,000,000 | 3,774,780 | |||||||||
| Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group, Series C-4, MUNIPSA + 0.650%, 0.81% *, Mandatory Put 7/31/2024 @ 100, 8/15/2054 | 1,000,000 | 996,330 | |||||||||
| Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046 | 1,790,000 | 1,885,318 | |||||||||
| 9,136,538 | |||||||||||
| Other 0.2% | |||||||||||
| Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, "A", Series M-024, AMT, 144A, 2.304%, 5/15/2027, LIQ: Freddie Mac | 575,000 | 619,338 | |||||||||
| Total Municipal Bonds and Notes (Cost $303,444,722) | 309,620,725 | ||||||||||
| Preferred Shares of Closed-End Investment Companies 1.1% | |||||||||||
| California | |||||||||||
| California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 1.0% *, 3/1/2029 (Cost $3,500,000) | 3,500,000 | 3,500,000 | |||||||||
| Shares | Value ($) | ||||||||||
| Open-End Investment Companies 6.7% | |||||||||||
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.04% *** (Cost $21,584,581) | 21,580,048 | 21,584,387 | |||||||||
| % of Net Assets |
Value ($) | ||||||||||
| Total Investment Portfolio (Cost $328,529,303) | 103.8 | 334,705,112 | |||||||||
| Other Assets and Liabilities, Net | (3.8) | (12,218,387) | |||||||||
| Net Assets | 100.0 | 322,486,725 | |||||||||
| 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. | |
| * | Variable or floating rate security. These securities are shown at their current rate as of July 31, 2020. 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. |
| ** | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of July 31, 2020. Date shown reflects the earlier of demand date or stated maturity date. |
| *** | Current yield; not a coupon rate. |
| (a) | When-issued security. |
| 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
| AGMC: Assured Guaranty Municipal Corp. | |
| AMT: Subject to alternative minimum tax. | |
| BAM: Build America Mutual | |
| ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. | |
| GTY: Guaranty Agreement | |
| INS: Insured | |
| LIBOR: London Interbank Offered Rate | |
| LIQ: Liquidity Facility | |
| LOC: Letter of Credit | |
| MUNIPSA: SIFMA Municipal Swap Index Yield | |
| Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. | |
| SIFMA: Securities Industry and Financial Markets Association | |
|
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of July 31, 2020 in valuing the Fund's investments. |
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||
| Municipal Bonds and Notes (b) | $ | — | $ | 309,620,725 | $ | — | $ | 309,620,725 |
| Preferred Shares of Closed-End Investment Companies | — | 3,500,000 | — | 3,500,000 | ||||
| Open-End Investment Companies | 21,584,387 | — | — | 21,584,387 | ||||
| Total | $ | 21,584,387 | $ | 313,120,725 | $ | — | $ | 334,705,112 |
| (b) | See Investment Portfolio for additional detailed categorizations. |