NPORT-EX 2 NPORT_3486556687747750.htm

Investment Portfolio

as of August 31, 2020 (Unaudited)

DWS Strategic High Yield Tax-Free Fund

			Principal Amount ($)				Value ($)
Municipal Bonds and Notes 93.2%
Alabama 0.5%
Jefferson County, AL, Sewer Revenue, Series C, Step-up Coupon, 0% to 10/1/2023, 6.9% to 10/1/2050, INS: AGMC				5,000,000			4,889,750
Arizona 3.3%
Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project:
	Series C, 144A, 5.0%, 1/1/2049			1,300,000			1,034,800
	Series C, 144A, 5.5%, 1/1/2054			2,700,000			2,285,577
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049				2,760,000			2,928,471
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects:
	Series G, 144A, 5.0%, 7/1/2047			1,000,000			1,062,270
	Series D, 144A, 5.0%, 7/1/2051			1,035,000			1,096,903
	Series G, 144A, 5.0%, 7/1/2051			550,000			582,896
	Series A, 144A, 5.25%, 7/1/2047			1,000,000			1,067,060
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043				8,000,000			10,137,280
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052				1,000,000			1,128,240
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049				1,490,000			1,588,429
Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project:
	Series A, 144A, 5.0%, 7/1/2038			1,380,000			1,415,894
	Series A, 144A, 5.25%, 7/1/2048			1,750,000			1,794,730
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC:
	Series A, 5.0%, 7/1/2037			2,000,000			2,147,120
	Series A, 5.0%, 7/1/2042			2,000,000			2,119,360
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
	144A, 5.0%, 6/15/2049			410,000			412,743
	144A, 5.0%, 6/15/2052			710,000			713,848
Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.:
	Series A, 6.25%, 12/1/2042			1,535,000			1,558,516
	Series A, 6.25%, 12/1/2046			1,400,000			1,419,922
							34,494,059
Arkansas 0.4%
Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, AMT, 4.75%, 9/1/2049 (a)				4,000,000			4,072,800
California 5.9%
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049				4,800,000			5,409,792
California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055				15,000,000			2,685,300
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:
	Series A-1, 5.0%, 6/1/2047			1,125,000			1,156,748
	Series A-2, 5.0%, 6/1/2047			5,075,000			5,218,216
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets				8,750,000			13,615,962
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042				1,145,000			1,256,500
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements:
	3.875%, 9/1/2049			2,630,000			2,648,752
	4.0%, 9/1/2046			4,895,000			5,018,256
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047				2,075,000			2,374,506
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047				2,135,000			2,352,706
California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046				2,000,000			2,228,940
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056				5,515,000			5,938,717
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co.				620,000			707,693
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048				2,850,000			3,104,847
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041				3,250,000			3,421,568
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050				3,555,000			3,923,049
							61,061,552
Colorado 3.9%
Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049				2,000,000			1,127,980
Colorado, E-470 Public Highway Authority Revenue, Series C, 5.375%, 9/1/2026				2,000,000			2,000,000
Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056				2,275,000			2,450,607
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.				6,365,000			8,188,127
Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041				2,000,000			2,003,940
Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041				1,615,000			1,664,952
Colorado, State Health Facilities Authority Revenue, Covenant Retirement Communities, Series A, 5.0%, 12/1/2033				4,835,000			5,037,006
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049				4,000,000			4,409,760
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
	Series A, 5.0%, 12/1/2043			1,630,000			1,791,321
	Series A, 5.0%, 12/1/2048			2,610,000			2,855,966
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049				1,000,000			1,009,400
Denver, CO, Convention Center Hotel Authority Revenue:
	5.0%, 12/1/2033			500,000			537,915
	5.0%, 12/1/2034			1,000,000			1,073,410
	5.0%, 12/1/2040			2,060,000			2,189,842
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048				1,170,000			1,324,686
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039				2,365,000			2,430,676
							40,095,588
Connecticut 0.2%
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031* PIK				19,713,389			1,281,370
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040				870,000			963,882
							2,245,252
District of Columbia 0.7%
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049				3,090,000			3,395,446
District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049				3,375,000			3,938,524
							7,333,970
Florida 7.4%
Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049				4,165,000			4,691,331
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044*				2,310,000			1,732,500
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048				1,840,000			1,927,400
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054*				5,755,000			4,028,500
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project:
	Series A, 144A, AMT, 6.375% **, 1/1/2049			1,740,000			1,517,645
	Series A, 144A, AMT, 6.5% **, 1/1/2049			2,260,000			1,958,787
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036				890,000			1,024,354
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044				8,555,000			9,384,322
Florida, State Development Finance Corp., Learning Gate Community School Project:
	Series A, 5.0%, 2/15/2038			500,000			547,960
	Series A, 5.0%, 2/15/2048			1,150,000			1,252,879
Florida, State Higher Educational Facilities Financial Authority Revenue:
	Series A, 4.0%, 10/1/2044			1,395,000			1,392,824
	4.0%, 10/1/2049			1,905,000			1,882,331
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038				1,750,000			1,710,870
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035				1,030,000			1,169,400
Florida, Village Community Development District No. 12, Special Assessment Revenue:
	144A, 4.25%, 5/1/2043			2,485,000			2,659,248
	144A, 4.375%, 5/1/2050			2,085,000			2,231,221
Florida, Village Community Development District No. 9, Special Assessment Revenue:
	5.5%, 5/1/2042			1,265,000			1,316,739
	7.0%, 5/1/2041			1,425,000			1,477,996
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2044				5,000,000			5,609,300
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project:
	Series A, AMT, 4.0%, 10/1/2049			5,000,000			5,575,050
	AMT, 5.0%, 11/15/2026			1,500,000			1,544,490
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053				3,250,000			3,168,978
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project:
	Series A, 144A, 5.0%, 1/15/2049			825,000			856,688
	Series A, 144A, 5.0%, 1/15/2054			850,000			879,495
Lake County, FL, Senior Living Revenue, Village Veranda at Lady Lake Project, Series A-1, 144A, 7.125%, 1/1/2052				2,700,000			2,409,912
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032				1,750,000			1,812,195
Osceola County, FL, Transportation Revenue:
	Series A-2, Zero Coupon, 10/1/2049			3,400,000			1,214,582
	Series A-2, Zero Coupon, 10/1/2051			4,775,000			1,572,121
	Series A-2, Zero Coupon, 10/1/2054			4,570,000			1,337,182
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc., Series B, 4.0%, 5/15/2053				3,000,000			2,924,970
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:
	Series A, 5.25%, 11/15/2039			445,000			412,951
	Series A, 5.5%, 11/15/2049			3,635,000			3,315,956
	Series A, 5.75%, 11/15/2054			1,365,000			1,259,963
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050				1,210,000			1,357,584
							77,157,724
Georgia 2.3%
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, 6.375%, 5/15/2043				4,000,000			4,406,880
Atlanta, GA, Development Authority Revenue Bonds:
	Series A-1, 5.0%, 7/1/2032			1,650,000			1,840,889
	Series A-1, 5.0%, 7/1/2033			2,595,000			2,879,594
	Series A-1, 5.0%, 7/1/2034			2,320,000			2,558,682
Atlanta, GA, Tax Allocation, Beltline Project:
	Series B, 5.0%, 1/1/2029			3,450,000			4,141,414
	Series B, 5.0%, 1/1/2030			1,715,000			2,049,099
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project:
	Series A, 5.25%, 8/15/2049			500,000			580,235
	Series A, 5.5%, 8/15/2054			1,820,000			2,125,596
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.				2,440,000			2,885,202
							23,467,591
Guam 0.6%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue:
	5.0%, 7/1/2040			1,040,000			1,207,461
	Series A, 5.0%, 1/1/2050			655,000			797,305
Guam, International Airport Authority Revenue:
	Series A, 5.0%, 10/1/2020			225,000			225,166
	Series C, AMT, 6.25%, 10/1/2034			500,000			517,420
	Series C, AMT, 6.375%, 10/1/2043			1,610,000			1,660,683
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048				800,000			915,192
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034				1,200,000			1,263,588
							6,586,815
Illinois 8.8%
Chicago, IL, Board of Education:
	Series B, 4.0%, 12/1/2035			2,500,000			2,521,700
	Series A, 5.0%, 12/1/2033			740,000			839,730
	Series A, 5.0%, 12/1/2041			3,930,000			3,979,714
	Series H, 5.0%, 12/1/2046			1,690,000			1,838,483
	Series A, 5.5%, 12/1/2039			2,900,000			2,964,438
Chicago, IL, General Obligation:
	Series B, 6.314%, 1/1/2044			2,500,000			2,680,050
	Series A, 5.0%, 1/1/2036			1,000,000			1,057,630
	Series A, 5.0%, 1/1/2044			4,000,000			4,383,200
	Series B, 5.432%, 1/1/2042			3,885,000			3,850,579
	Series A, 5.5%, 1/1/2049			2,425,000			2,752,084
	Series A, 6.0%, 1/1/2038			2,180,000			2,516,374
Chicago, IL, O'Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039				1,595,000			1,618,558
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048				1,185,000			1,340,579
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
	Series A, 4.0%, 12/1/2050 (a)			1,400,000			1,541,610
	Series A, 4.0%, 12/1/2055 (a)			1,390,000			1,523,774
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:
	Series A, Zero Coupon, 12/15/2052, INS: AGMC			7,000,000			2,227,750
	Series A, 5.0%, 6/15/2050			1,365,000			1,538,614
	Series B, 5.0%, 6/15/2052			4,435,000			4,561,264
Illinois, Southwestern Development Authority Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 0.14% ***, 9/7/2020, LOC: JPMorgan Chase Bank NA				50,000			50,000
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045				5,435,000			4,809,921
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041				5,265,000			5,543,940
Illinois, State Finance Authority, Health Services Facilities Lease Revenue, University of Health Services Facility Project, 4.0%, 10/1/2050				1,500,000			1,647,285
Illinois, State General Obligation:
	5.0%, 2/1/2028			3,135,000			3,546,218
	5.0%, 2/1/2029			3,745,000			4,212,638
	Series A, 5.0%, 10/1/2033			4,970,000			5,588,616
	Series B, 5.0%, 10/1/2033			3,150,000			3,542,080
	5.0%, 11/1/2034			1,500,000			1,642,920
	5.0%, 1/1/2035			300,000			324,894
	Series A, 5.0%, 5/1/2035			5,000,000			5,568,150
	Series A, 5.0%, 12/1/2038			2,890,000			3,169,290
	5.0%, 5/1/2039			2,600,000			2,733,354
	Series A, 5.0%, 12/1/2042			3,610,000			3,923,384
	5.75%, 5/1/2045			1,470,000			1,727,074
							91,765,895
Indiana 1.5%
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project:
	Series A, 144A, 5.875%, 7/1/2038			1,340,000			1,443,877
	Series A, 144A, 6.125%, 7/1/2048			3,660,000			3,942,223
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043				2,290,000			2,455,956
Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039				2,335,000			2,203,656
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051				5,000,000			5,697,350
							15,743,062
Iowa 0.8%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc.:
	Series A, 5.0%, 5/15/2041			1,600,000			1,693,312
	Series A, 5.0%, 5/15/2047			350,000			368,032
	Series A, 5.0%, 5/15/2048			4,085,000			4,325,321
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039				2,500,000			2,476,025
							8,862,690
Kansas 0.1%
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040				1,535,000			1,522,996
Kentucky 1.3%
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033				2,560,000			2,737,459
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053				7,195,000			7,729,588
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
	Series A, 5.0%, 6/1/2045			1,275,000			1,394,200
	Series A, 5.25%, 6/1/2041			1,915,000			2,148,247
							14,009,494
Louisiana 0.2%
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048				710,000			809,599
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047				10,000			12,507
Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC				1,000,000			1,147,630
							1,969,736
Maine 0.9%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036				9,000,000			9,236,520
Maryland 1.8%
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare:
	Series A, 5.5%, 1/1/2046			11,080,000			12,323,841
	Series A, 6.125%, 1/1/2036			3,250,000			3,393,682
Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center, 6.25%, 7/1/2031				2,500,000			2,587,600
							18,305,123
Massachusetts 0.3%
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047				1,250,000			1,307,400
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035				2,000,000			1,998,920
							3,306,320
Michigan 2.5%
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village:
	7.0%, 11/15/2038			3,500,000			2,678,095
	7.125%, 11/15/2043			1,500,000			1,148,160
	144A, 7.5%, 11/15/2044			1,480,000			1,132,008
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039				2,100,000			2,294,481
Detroit, MI, Water Supply Systems Revenue, Series A, Prerefunded, 5.75%, 7/1/2037				7,590,000			7,942,024
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041				3,750,000			3,852,825
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project:
	4.0%, 9/1/2045			1,775,000			1,939,187
	4.0%, 9/1/2050			1,660,000			1,803,424
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department:
	Series C-3, 5.0%, 7/1/2033, INS: AGMC			1,820,000			2,075,983
	Series C, 5.0%, 7/1/2035			910,000			1,067,612
							25,933,799
Minnesota 0.9%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
	Series A, 5.0%, 2/15/2048			1,000,000			1,151,810
	Series A, 5.0%, 2/15/2053			2,815,000			3,234,069
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050				1,625,000			1,812,850
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038				2,940,000			2,925,124
							9,123,853
Mississippi 0.7%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022				5,500,000			6,003,525
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035				1,000,000			1,047,810
							7,051,335
Missouri 1.9%
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project:
	Series B, 144A, 5.0%, 2/1/2040			1,300,000			1,363,167
	Series B, 144A, 5.0%, 2/1/2050			1,780,000			1,854,885
	Series A, 144A, 6.25%, 4/15/2049			3,750,000			3,632,662
Lee's Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project:
	Series A, 5.0%, 8/15/2042			2,500,000			2,570,950
	Series A, 5.0%, 8/15/2046			2,500,000			2,543,675
	Series A, 5.0%, 8/15/2051			1,000,000			1,014,880
	Series A, 5.25%, 8/15/2039			1,710,000			1,757,795
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046				665,000			711,756
Missouri, State Health & Educational Facilities Authority, Lutheran Senior Services, 6.0%, 2/1/2041				2,250,000			2,282,512
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047				2,275,000			2,020,860
							19,753,142
Nebraska 0.2%
Douglas County, NE, Hospital Authority No. 3, Health Facilities Revenue, State Methodist Health System, 5.0%, 11/1/2045				1,850,000			2,091,554
Nevada 0.2%
Carson City, NV, Hospital Revenue, Carson Tahoe Regional Medical Centre, Series A, 5.0%, 9/1/2047				1,000,000			1,140,310
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058				4,500,000			614,070
							1,754,380
New Hampshire 0.6%
New Hampshire, State Health & Educational Facilities Authority Revenue, Elliot Hospital Obligation Group, 5.0%, 10/1/2038				3,835,000			4,437,747
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village:
	Series A, 144A, 6.125%, 7/1/2037			900,000			762,327
	Series A, 144A, 6.25%, 7/1/2042			1,090,000			899,392
							6,099,466
New Jersey 2.8%
New Jersey, State Economic Development Authority Revenue:
	5.0%, 6/15/2028			450,000			461,695
	Series BBB, 5.5%, 6/15/2030			8,975,000			10,695,059
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039				3,645,000			3,506,089
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040				1,625,000			1,552,379
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033				880,000			996,336
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030				2,500,000			2,596,050
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038				4,000,000			4,467,720
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC				1,820,000			2,034,669
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
	Series B, AMT, 3.25%, 12/1/2039			1,500,000			1,484,925
	Series B, AMT, 3.5%, 12/1/2039			1,800,000			1,817,568
							29,612,490
New Mexico 0.3%
New Mexico, State Mortgage Finance Authority, "I", Series D, 3.25%, 7/1/2044				2,740,000			2,926,539
New York 7.2%
Hudson, NY, Yards Infrastructure Corp. Revenue, Fiscal 2012:
	Series A, 5.25%, 2/15/2047			4,780,000			4,876,126
	Series A, Prerefunded, 5.25%, 2/15/2047			220,000			225,056
	Series A, 5.75%, 2/15/2047			2,665,000			2,726,828
	Series A, Prerefunded, 5.75%, 2/15/2047			125,000			128,155
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050				3,750,000			3,860,437
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC				455,000			498,325
New York, Metropolitan Transportation Authority Revenue:
	Series B-2A, 5.0%, 5/15/2021			4,500,000			4,577,085
	Series D-1, 5.0%, 9/1/2022			5,000,000			5,221,800
	Series D, 5.0%, 11/15/2033			1,500,000			1,668,885
	Series C-1, 5.0%, 11/15/2050			1,320,000			1,458,164
	Series C-1, 5.25%, 11/15/2055			3,960,000			4,457,614
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045				1,000,000			1,099,240
New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 144A, 5.0%, 11/15/2044				3,000,000			3,183,930
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project:
	AMT, 5.25%, 8/1/2031			2,800,000			2,901,136
	AMT, 5.375%, 8/1/2036			900,000			933,624
New York, TSASC, Inc.:
	Series A, 5.0%, 6/1/2041			595,000			671,434
	Series B, 5.0%, 6/1/2048			8,800,000			9,078,872
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042				5,795,000			5,865,873
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue:
	Series E-1, 2.8%, 11/1/2034			5,000,000			5,264,950
	Series E-1, 3.0%, 11/1/2039			3,000,000			3,142,140
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060				150,000,000			5,101,500
New York, NY, General Obligation, Series A-1, 4.0%, 8/1/2038				5,000,000			5,814,650
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028				2,125,000			1,833,025
							74,588,849
North Carolina 0.2%
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050				2,100,000			2,355,045
North Dakota 0.2%
Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032				2,000,000			2,055,480
Ohio 4.1%
Buckeye, OH, Tobacco Settlement Financing Authority:
	Series B-3, Class 2, Zero Coupon, 6/1/2057			20,000,000			2,906,400
	Series B-2, Class 2, 5.0%, 6/1/2055			3,625,000			3,987,500
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047				2,480,000			2,546,811
Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053				7,140,000			7,412,462
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
	5.0%, 1/1/2051			1,270,000			1,309,434
	Series A, 5.0%, 1/1/2052			1,000,000			1,035,570
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046				10,345,000			12,118,237
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project:
	AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.			725,000			771,168
	AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.			3,115,000			3,307,382
Ohio, State Higher Educational Facility Commission Revenue, Summa Health System Obligated Group, 5.75%, 11/15/2040				1,105,000			1,109,133
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048				6,000,000			6,341,880
							42,845,977
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
	Series B, 5.5%, 8/15/2052			1,635,000			1,919,768
	Series B, 5.5%, 8/15/2057			4,235,000			4,962,658
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045				1,175,000			1,236,746
							8,119,172
Oregon 0.0%
Clackamas County, OR, Hospital Facilities Authority Revenue, Mary's Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038				195,000			205,300
Pennsylvania 3.7%
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048				500,000			503,245
Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049				2,235,000			2,484,560
Lancaster County, PA, Hospital Authority, Brethren Village Project:
	5.125%, 7/1/2037			900,000			939,159
	5.25%, 7/1/2041			900,000			937,107
Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc.				985,000			987,581
Pennsylvania, Economic Development Financing Authority, Sewer Sludge Disposal Revenue, Philadelphia Biosolids Facility, 6.25%, 1/1/2032				1,420,000			1,446,483
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041				5,260,000			4,872,601
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, AMT, 5.0%, 12/31/2034				8,005,000			9,164,124
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051				1,705,000			1,866,532
Pennsylvania, State Turnpike Commission Revenue:
	Series A, 5.0%, 12/1/2039			5,000,000			6,176,750
	Series A-1, 5.0%, 12/1/2041			20,000			22,797
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035				7,085,000			7,121,063
Philadelphia, PA, Gas Works Revenue, Series 9, 5.25%, 8/1/2040				1,835,000			1,842,193
							38,364,195
Puerto Rico 4.3%
Puerto Rico, Aqueduct & Sewer Authority Revenue:
	Series A, 5.25%, 7/1/2029			1,000,000			1,038,750
	Series A, 5.25%, 7/1/2042			6,500,000			6,686,875
Puerto Rico, Commonwealth Aqueduct & Sewer Authority Revenue, Series A, 5.0%, 7/1/2033				1,720,000			1,769,450
Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041*				1,955,000			1,224,319
Puerto Rico, Electric Power Authority Revenue:
	Series TT, 5.0%, 7/1/2025 *			920,000			634,800
	Series XX, 5.25%, 7/1/2040 *			4,000,000			2,765,000
	Series WW, 5.5%, 7/1/2038 *			2,900,000			2,011,875
Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040				9,079,542			6,230,836
Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035*				5,000,000			3,056,250
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
	Series A-1, Zero Coupon, 7/1/2046			20,000,000			5,737,400
	Series A-1, 4.75%, 7/1/2053			6,800,000			7,147,072
	Series A-1, 5.0%, 7/1/2058			6,183,000			6,601,589
							44,904,216
South Carolina 2.9%
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031				1,000,000			1,054,570
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039				3,919,000			3,921,626
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047				2,290,000			2,652,805
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055				10,360,000			12,028,789
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043				8,890,000			10,463,974
							30,121,764
Tennessee 1.0%
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054				1,500,000			1,648,485
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036				900,000			944,892
Tennessee, Energy Acquisition Corp., Gas Revenue, Series C, 5.0%, 2/1/2027, GTY: Goldman Sachs Group, Inc.				6,435,000			7,913,184
							10,506,561
Texas 8.1%
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:
	Zero Coupon, 1/1/2030			5,000,000			4,051,700
	Zero Coupon, 1/1/2032			3,500,000			2,601,025
Clifton, TX, Higher Education Finance Corp., Education Revenue:
	Series A, 5.75%, 8/15/2038			2,810,000			3,163,161
	Series D, 6.125%, 8/15/2048			4,485,000			5,070,427
Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.0%, 7/15/2027				3,000,000			3,121,410
Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038				2,000,000			2,035,800
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC				11,000,000			13,047,650
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048				1,440,000			1,465,315
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC				8,000,000			8,002,000
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044				1,575,000			1,641,528
Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038				2,830,000			3,104,991
Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035				2,715,000			2,736,693
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040				7,445,000			7,477,609
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050				3,550,000			3,631,117
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Legacy Midtown Park, Inc. Project, Series A, 5.5%, 7/1/2054				2,250,000			2,140,672
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project, 5.0%, 10/1/2039				1,820,000			1,841,640
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053				6,605,000			6,226,666
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.				8,520,000			10,084,528
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043				2,220,000			2,532,243
Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health, 7.0%, 11/1/2030				80,000			80,560
							84,056,735
Utah 0.9%
Utah, Infrastructure Agency Telecommunication Revenue, Series 2019, 4.0%, 10/15/2042				2,350,000			2,429,289
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048				6,490,000			7,057,940
							9,487,229
Virginia 2.5%
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge:
	5.0%, 1/1/2037			1,000,000			1,066,930
	5.0%, 1/1/2046			1,530,000			1,612,987
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living:
	Series 2020, 5.0%, 9/1/2050			1,740,000			1,705,548
	Series A, 5.375%, 9/1/2054			1,500,000			1,531,635
Virginia, Marquis Community Development Authority Revenue:
	Series C, Zero Coupon, 9/1/2041			7,906,000			370,475
	144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045			1,640,000			946,821
	Series B, 5.625%, 9/1/2041			5,332,000			2,927,215
Virginia, Mosaic District Community Development Authority Revenue, Series A, 6.875%, 3/1/2036				2,000,000			2,031,000
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation:
	144A, 5.0%, 9/1/2037			1,400,000			1,461,348
	144A, 5.0%, 9/1/2045			4,100,000			4,269,207
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052				5,250,000			5,917,537
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037				1,640,000			1,757,900
							25,598,603
Washington 3.6%
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital:
	5.0%, 12/1/2037			1,025,000			1,072,570
	5.0%, 12/1/2046			2,000,000			2,059,680
Washington, Port of Seattle Revenue:
	Series A, AMT, 5.0%, 5/1/2033			4,000,000			4,756,400
	AMT, 5.0%, 4/1/2044			4,000,000			4,761,840
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030				2,000,000			2,056,200
Washington, State Convention Center Public Facilities District:
	5.0%, 7/1/2043			3,835,000			4,213,438
	5.0%, 7/1/2048			5,000,000			5,495,800
Washington, State Higher Education Facilities Authority, Seattle University Project:
	4.0%, 5/1/2045			1,850,000			2,044,472
	4.0%, 5/1/2050			1,020,000			1,119,613
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044				6,000,000			6,424,020
Washington, State Housing Finance Commission, The Hearthstone Project:
	Series A, 144A, 5.0%, 7/1/2038			775,000			791,050
	Series A, 144A, 5.0%, 7/1/2048			1,735,000			1,740,448
	Series A, 144A, 5.0%, 7/1/2053			1,125,000			1,124,922
							37,660,453
Wisconsin 2.7%
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
	Series A-1, 5.0%, 7/1/2043			4,000,000			4,228,920
	Series B, 5.0%, 7/1/2048			910,000			883,319
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042				3,500,000			3,618,335
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.:
	5.0%, 7/1/2047			2,000,000			2,127,400
	5.0%, 7/1/2052			910,000			966,593
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049				520,000			529,895
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049				5,000,000			5,490,150
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
	144A, 5.5%, 5/1/2039			135,000			132,366
	144A, 5.75%, 5/1/2054			3,620,000			3,504,667
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047				4,545,000			4,783,022
Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project:
	5.0%, 6/1/2037			1,110,000			1,140,769
	5.0%, 6/1/2041			955,000			970,872
							28,376,308
Total Municipal Bonds and Notes (Cost $928,107,221)					969,719,382
Underlying Municipal Bonds of Inverse Floaters (b) 6.1%
Florida 2.1%
Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (c)				10,000,000			11,614,125
	Trust: Miami-Dade County, FL, Transit Sales Surtax Revenue, Series XM0901, 144A, 14.02%, 7/1/2028, Leverage Factor at purchase date: 4 to 1 (a)
Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (c)				10,000,000			10,766,775
	Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.54%, 9/1/2027, Leverage Factor at purchase date: 4 to 1
							22,380,900
Michigan 1.2%
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (c)				10,000,000			12,016,182
	Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 13.287%, 10/15/2023, Leverage Factor at purchase date: 3 to 1
New York 1.1%
New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (c)				10,000,000			11,385,050
	Trust: New York, State Thruway Authority General Revenue, Series XM0880, 144A, 13.57%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
Washington 1.7%
Washington, State General Obligation, Series A-1, 144A, 5.0%, 8/1/2037 (c)				15,000,000			17,972,250
	Trust: State General Obligation, Series XM0127, 144A, 17.75%, 8/1/2023, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $61,281,904)					63,754,382
Other Municipal Related 0.0%
Illinois
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055 *				900,000			9,000
Texas
Tarrant County, TX Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Mirador Project Escrow:
	Series A, 11/15/2048 *			1,000,000			100
	Series A, 11/15/2055 *			3,430,000			343
							443
Total Other Municipal Related (Cost $7,707)							9,443
Open-End Investment Companies 5.1%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% **** (Cost $52,872,694)				52,861,439			52,872,011
			% of Net Assets				Value ($)
Total Investment Portfolio (Cost $1,042,269,526)		104.4				1,086,355,218
Floating Rate Notes (b)		(3.9)				(40,420,000)
Other Assets and Liabilities, Net		(0.5)				(5,005,817)
Net Assets		100.0				1,040,929,401

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.

The following table represents bonds that are in default:

Security	Coupon			Maturity Date		Principal Amount ($)		Cost ($)		Value ($)
Connecticut, Mashantucket Western Pequot Tribe Bond*		6.05	%		7/1/2031		19,713,389		12,394,576		1,281,370
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A*		8.125	%		5/15/2044		2,310,000		2,279,782		1,732,500
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A*		5.875	%		7/1/2054		5,755,000		6,411,229		4,028,500
Puerto Rico, Commonwealth of Public Improvement, Series A*		5.0	%		7/1/2041		1,955,000		1,412,688		1,224,319
Puerto Rico, Electric Power Authority Revenue, Series TT*		5.0	%		7/1/2025		920,000		767,144		634,800
Puerto Rico, Electric Power Authority Revenue, Series XX*		5.25	%		7/1/2040		4,000,000		3,166,337		2,765,000
Puerto Rico, Electric Power Authority Revenue, Series WW*		5.5	%		7/1/2038		2,900,000		2,359,579		2,011,875
Puerto Rico, General Obligation, Series A*		8.0	%		7/1/2035		5,000,000		3,169,922		3,056,250
									31,961,257		16,734,614

*	Non-income producing security.
**	Variable or floating rate security. These securities are shown at their current rate as of August 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 August 31, 2020. Date shown reflects the earlier of demand date or stated maturity date.
****	Current yield; not a coupon rate.
(a)	When-issued or delayed delivery securities included.
(b)	Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.
(c)	Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AGMC: Assured Guaranty Municipal Corp.
AMBAC: Ambac Financial Group, Inc.
AMT: Subject to alternative minimum tax.
GTY: Guaranty Agreement
INS: Insured
LOC: Letter of Credit
PIK: Denotes that all or a portion of the income paid in-kind in the form of additional principal.
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
*Fair Value Measurements* Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used as of August 31, 2020 in valuing the Fund's investments.

Assets		Level 1		Level 2		Level 3		Total
Municipal Investments ^(d)	$	—	$	1,033,483,207	$	—	$	1,033,483,207
Open-End Investment Companies		52,872,011		—		—		52,872,011
Total	$	52,872,011	$	1,033,483,207	$	—	$	1,086,355,218

(d)	See Investment Portfolio for additional detailed categorizations.