NPORT-EX 2 NPORT_72BC_4148838297.htm
Investment Portfolio as of February 28, 2021 (Unaudited)
DWS Strategic High Yield Tax-Free Fund
    Principal
Amount ($) 		Value ($)
Municipal Bonds and Notes 96.6%  
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     5,049,400
Arizona 3.5%  
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       937,599
Series C, 144A, 5.5%, 1/1/2054     2,700,000     2,064,933
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049     2,760,000     2,989,880
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects:                            
Series G, 144A, 5.0%, 7/1/2047     1,000,000     1,112,060
Series D, 144A, 5.0%, 7/1/2051     1,035,000     1,148,467
Series G, 144A, 5.0%, 7/1/2051       550,000       610,297
Series A, 144A, 5.25%, 7/1/2047   1,000,000 1,107,960
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052   1,000,000 1,167,390
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049   1,490,000 1,673,121
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045   6,500,000 6,939,920
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 1,422,352
Series A, 144A, 5.25%, 7/1/2048   1,750,000 1,802,867
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC:      
Series A, 5.0%, 7/1/2037   2,000,000 2,265,600
Series A, 5.0%, 7/1/2042   2,000,000 2,237,600
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:      
144A, 5.0%, 6/15/2047   655,000 666,142
144A, 5.0%, 6/15/2049   1,030,000 1,080,686
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project, 5.0% , 6/15/2052   2,285,000 2,344,737
Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.:      
Series A, 6.25%, 12/1/2042   1,535,000 1,562,001
Series A, 6.25%, 12/1/2046   1,400,000 1,423,576
      34,557,188
Arkansas 0.4%  
Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, 144A, 4.75%, 9/1/2049   4,000,000 4,384,120
California 7.1%  
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049     4,800,000     5,436,528
California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055    15,000,000     2,868,150
California, CSCDA Community Improvement Authority, Jefferson Anaheim Social Bonds, Series A-2, 144A, 3.125%, 8/1/2056     3,335,000     3,068,200
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:                            
Series A-1, 5.0%, 6/1/2047     1,125,000     1,163,790
Series A-2, 5.0%, 6/1/2047     5,075,000     5,249,986
California, Irvine Ranch Water District Revenue, Series A, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA       100,000       100,000
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042     1,145,000     1,306,720
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets     8,750,000    13,467,300
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     2,689,228
4.0%, 9/1/2046     4,895,000     5,113,317
California, State General Obligation:                            
Series A-2, 0.01% (a), 3/1/2021, LOC: Bank of Montreal   230,000 230,000
Series B-2, 0.01% (a), 3/1/2021, LOC: Citibank NA   200,000 200,000
California, State Health Facilities Financing Authority Revenue, Adventist Health System, Series B, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA   300,000 300,000
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 2,436,527
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047   2,135,000 2,411,611
California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046   2,000,000 2,267,760
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056   5,515,000 6,173,491
California, Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue, Series B-2, Zero Coupon, 6/1/2060   16,675,000 3,920,793
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co.   620,000 700,166
Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030, GTY: Carnival Corp.   1,700,000 1,681,521
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048   2,850,000 3,106,813
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041   3,250,000 3,386,532
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050   3,555,000 3,938,798
Southern California, Public Power Authority, Magnolia Power Project, Series A-20, 0.01% (a), 3/1/2021, LOC: U.S. Bank NA   300,000 300,000
      71,517,231
Colorado 3.2%  
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050   1,000,000 1,050,350
Colorado, Broadway Park North Metropolitan District No. 2:      
144A, 5.0%, 12/1/2040   1,100,000 1,193,940
144A, 5.0%, 12/1/2049   1,275,000 1,374,552
Colorado, Broadway Station Metropolitan District No. 3, Step-up Coupon, 0% to 12/1/2027, 7.5% to 12/1/2049   2,000,000 1,318,780
Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056   2,275,000 2,544,133
Colorado, North Range Metropolitan District No. 3, 5.25%, 12/1/2050   1,667,000 1,799,793
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.     6,365,000     7,943,202
Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041     1,615,000     1,659,299
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049     2,000,000     2,209,660
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2043     1,630,000     1,865,991
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049     1,000,000     1,059,070
Denver, CO, Convention Center Hotel Authority Revenue:                            
5.0%, 12/1/2033       500,000       573,630
5.0%, 12/1/2034     1,000,000     1,143,760
5.0%, 12/1/2040     2,060,000     2,324,422
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048     1,170,000     1,381,630
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 5.25% , 12/1/2039     2,365,000     2,532,282
      31,974,494
Connecticut 0.3%  
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031 PIK* (b)    19,814,420     1,287,937
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040   870,000 1,003,780
Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University, Series K, 4.0%, 7/1/2045   1,030,000 1,148,533
      3,440,250
District of Columbia 1.8%  
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050   4,870,000 5,549,949
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 3,401,565
District of Columbia, Rocketship Obligated Group, Series A, 144A, 5.0%, 6/1/2061   1,500,000 1,665,570
District of Columbia, Two Rivers Public Charter School, Inc.:      
5.0%, 6/1/2050   1,825,000 2,090,172
5.0%, 6/1/2055   1,530,000 1,739,687
District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049   3,375,000 3,874,129
      18,321,072
Florida 6.7%  
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (b)   2,310,000 1,787,362
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:      
Series A-1, 5.0%, 10/1/2032   230,000 274,390
Series A-1, 5.0%, 10/1/2033   230,000 273,321
Series A-1, 5.0%, 10/1/2034   230,000 272,470
Series A-1, 5.0%, 10/1/2035   115,000 135,810
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects Loan Program, Series A-2, 4.0%, 10/1/2024   3,700,000 3,691,897
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048   1,840,000 2,011,801
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054* (b)   2,845,000 2,364,906
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects:      
Series A, 5.0%, 6/15/2050   1,105,000 1,240,517
Series A, 5.0%, 6/15/2055   960,000 1,071,514
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049     1,750,000     1,698,725
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project:                            
Series A, 144A, AMT, 6.375% (c), 1/1/2049     1,740,000     1,692,028
Series A, 144A, AMT, 6.5% (c), 1/1/2049     1,905,000     1,827,847
Florida, Higher Educational Facilities Financing Authority Revenue, Ringling College Project:                            
5.0%, 3/1/2029       980,000     1,131,998
5.0%, 3/1/2032     1,110,000     1,265,012
5.0%, 3/1/2034     1,195,000     1,354,222
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044     8,555,000     9,673,310
Florida, State Development Finance Corp., Learning Gate Community School Project:                            
Series A, 5.0%, 2/15/2038       500,000       552,495
Series A, 5.0%, 2/15/2048     1,150,000     1,262,424
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044     1,395,000     1,492,190
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, 4.0%, 10/1/2049     1,905,000     2,027,358
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038   1,750,000 1,985,252
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035   1,030,000 1,176,157
Florida, Village Community Development District No. 09, Special Assessment Revenue, 5.5%, 5/1/2042   1,240,000 1,281,056
Florida, Village Community Development District No. 12, Special Assessment Revenue:      
144A, 4.25%, 5/1/2043   2,425,000 2,663,305
144A, 4.375%, 5/1/2050   2,035,000 2,234,756
Florida, Village Community Development District No. 9, Special Assessment Revenue, 7.0%, 5/1/2041   1,375,000 1,390,194
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project, 5.0%, 11/15/2026   3,500,000 3,721,305
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053   3,250,000 3,661,385
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project:      
Series A, 144A, 5.0%, 1/15/2049   825,000 894,143
Series A, 144A, 5.0%, 1/15/2054   850,000 918,077
Osceola County, FL, Transportation Revenue:      
Series A-2, Zero Coupon, 10/1/2049   3,400,000 1,260,788
Series A-2, Zero Coupon, 10/1/2051   4,775,000 1,630,471
Series A-2, Zero Coupon, 10/1/2054   4,570,000 1,387,041
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:      
Series A, 5.25%, 11/15/2039   445,000 434,605
Series A, 5.5%, 11/15/2049   3,635,000 3,522,569
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050   1,210,000 1,317,266
      66,579,967
Georgia 2.0%  
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, Prerefunded, 6.375%, 5/15/2043   4,000,000 4,526,440
Atlanta, GA, Development Authority Revenue Bonds:      
Series A-1, 5.0%, 7/1/2032   1,650,000 1,860,919
Series A-1, 5.0%, 7/1/2033   2,595,000 2,919,868
Series A-1, 5.0%, 7/1/2034   2,320,000 2,605,360
Atlanta, GA, Tax Allocation, Beltline Project:                            
Series B, 5.0%, 1/1/2029     3,450,000     4,142,277
Series B, 5.0%, 1/1/2030     1,715,000     2,045,635
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, 5.5%, 8/15/2054     1,820,000     2,084,646
      20,185,145
Illinois 8.0%  
Chicago, IL, Board of Education:                            
Series B, 4.0%, 12/1/2035     2,500,000     2,582,800
Series A, 5.0%, 12/1/2033       740,000       879,016
Series A, 5.0%, 12/1/2041     3,930,000     4,012,962
Series H, 5.0%, 12/1/2046     1,690,000     1,924,893
Series A, 5.5%, 12/1/2039     2,900,000     2,973,805
Series E, 6.038%, 12/1/2029     1,500,000     1,762,395
Chicago, IL, General Obligation:                            
Series A, 5.0%, 1/1/2036   1,000,000 1,069,110
Series A, 5.0%, 1/1/2044   4,000,000 4,540,560
Series B, 5.432%, 1/1/2042   3,885,000 4,267,867
Series A, 5.5%, 1/1/2049   2,425,000 2,818,650
Series A, 6.0%, 1/1/2038   2,180,000 2,584,543
Series B, 6.314%, 1/1/2044   2,500,000 3,017,575
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048   1,185,000 1,373,782
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:      
Series A, 4.0%, 12/1/2050   1,400,000 1,545,936
Series A, 4.0%, 12/1/2055   1,390,000 1,532,753
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:      
Series A, Zero Coupon, 12/15/2052, INS: AGMC   7,000,000 2,563,540
Series B, 5.0%, 6/15/2042   1,500,000 1,815,330
Series A, 5.0%, 6/15/2050   1,365,000 1,622,002
Series B, 5.0%, 6/15/2052   4,435,000 4,594,350
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045   7,935,000 5,554,500
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, Prerefunded, 5.0%, 5/15/2041   4,265,000 4,511,858
Illinois, State General Obligation:      
Series A, 5.0%, 10/1/2033   4,970,000 5,766,442
Series B, 5.0%, 10/1/2033   3,150,000 3,654,788
5.0%, 11/1/2034   1,500,000 1,680,405
5.0%, 1/1/2035   300,000 330,888
Series A, 5.0%, 5/1/2035   2,295,000 2,633,421
5.0%, 5/1/2039   2,600,000 2,782,468
Series A, 5.0%, 12/1/2042   3,610,000 4,042,695
5.75%, 5/1/2045   1,470,000 1,797,531
      80,236,865
Indiana 1.4%  
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project:      
Series A, 144A, 5.875%, 7/1/2038   1,340,000 1,478,489
Series A, 144A, 6.125%, 7/1/2048   3,660,000 4,033,613
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043   2,290,000 2,460,513
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051   5,000,000 5,830,650
      13,803,265
Iowa 0.9%  
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.02% (a), 3/1/2021, LOC: U.S. Bank NA       600,000       600,000
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project:                            
4.0%, 10/1/2045     2,135,000     2,347,753
4.0%, 10/1/2050     3,075,000     3,354,640
Iowa, State Higher Education Loan Authority, Loras College, 0.02% (a), 3/1/2021, 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     2,452,500
      9,054,893
Kansas 0.2%  
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040     1,520,000     1,562,530
Kentucky 1.4%  
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033     2,560,000     2,875,136
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053     7,195,000     7,924,933
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:                            
Series A, 5.0%, 6/1/2045   1,275,000 1,367,272
Series A, 5.25%, 6/1/2041   1,915,000 2,122,547
      14,289,888
Louisiana 0.2%  
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048   710,000 810,976
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047   10,000 12,102
Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC   1,000,000 1,120,210
      1,943,288
Maine 0.9%  
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, Prerefunded, 6.75%, 7/1/2036   9,000,000 9,194,670
Maryland 1.7%  
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project:      
5.0%, 7/1/2050   310,000 364,814
5.0%, 7/1/2056   540,000 632,583
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 6.125%, 1/1/2036   3,250,000 3,406,910
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046   11,080,000 12,970,913
      17,375,220
Massachusetts 0.4%  
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047   1,250,000 1,416,350
Massachusetts, State Development Finance Agency Revenue, Boston University Issue, Series U-6E, 0.02% (a), 3/1/2021, LOC: TD Bank NA   100,000 100,000
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 0.01% (a), 3/1/2021, LOC: Bank of America NA       200,000       200,000
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035     2,000,000     2,037,020
      3,753,370
Michigan 1.6%  
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041     3,750,000     3,879,225
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project:                            
4.0%, 9/1/2045     1,775,000     1,935,247
4.0%, 9/1/2050     1,660,000     1,801,631
Michigan, Finance Authority Revenue, Tobacco Settlement Asset Backed Senior Capital Appreciation Bonds, Series B-2, Zero Coupon, 6/1/2065    40,000,000     4,941,600
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department:                            
Series C-3, 5.0%, 7/1/2033, INS: AGMC     1,820,000     2,073,381
Series C, 5.0%, 7/1/2035       910,000     1,063,535
      15,694,619
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 1,173,000
Series A, 5.0%, 2/15/2053   2,815,000 3,283,613
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050   1,610,000 1,777,843
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038   2,940,000 2,891,137
      9,125,593
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 5,857,995
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035   1,000,000 1,032,090
      6,890,085
Missouri 1.7%  
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project:      
Series B, 144A, 5.0%, 2/1/2040   1,300,000 1,380,223
Series B, 144A, 5.0%, 2/1/2050   3,605,000 3,805,150
Series A, 144A, 6.25%, 4/15/2049   3,750,000 3,396,412
Lee's Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project:      
Series A, 5.0%, 8/15/2046   2,500,000 2,648,450
Series A, 5.0%, 8/15/2051   1,000,000 1,056,030
Series A, 5.25%, 8/15/2039   1,710,000 1,807,641
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046   665,000 735,251
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047   2,275,000 2,167,142
      16,996,299
Nevada 0.4%  
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue:                            
5.0%, 7/1/2040     1,000,000     1,138,520
5.0%, 7/1/2045     1,000,000     1,121,650
5.0%, 7/1/2051     1,000,000     1,120,950
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058     4,500,000       697,005
      4,078,125
New Hampshire 0.2%  
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village:                            
Series A, 144A, 6.125%, 7/1/2037* (b)       900,000       675,000
Series A, 144A, 6.25%, 7/1/2042* (b)     1,090,000       817,500
      1,492,500
New Jersey 4.3%  
New Jersey, Economic Development Authority, Self Designated Social Bonds:                            
Series QQQ, 4.0%, 6/15/2046   190,000 206,720
Series QQQ, 4.0%, 6/15/2050   190,000 205,939
New Jersey, Healthcare Facilities Financing Authority Revenue, Virtua Health, Series C, 0.02% (a), 3/1/2021, LOC: JPMorgan Chase Bank NA   225,000 225,000
New Jersey, State Covid-19 General Obligation Emergency Bonds:      
Series A, 4.0%, 6/1/2030   860,000 1,023,856
Series A, 4.0%, 6/1/2031   860,000 1,032,163
Series A, 4.0%, 6/1/2032   415,000 502,648
New Jersey, State Economic Development Authority Revenue:      
5.0%, 6/15/2028   450,000 468,333
Series BBB, 5.5%, 6/15/2030   8,975,000 10,761,294
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 3,631,732
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040   1,625,000 1,608,490
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033   880,000 1,021,143
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030   2,500,000 2,794,475
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038   4,000,000 4,601,640
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC   1,820,000 2,040,420
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:      
Series B, AMT, 3.25%, 12/1/2039   1,500,000 1,522,500
Series B, AMT, 3.5%, 12/1/2039   1,800,000 1,851,462
New Jersey, State Transportation Trust Fund Authority:      
Series AA, 4.0%, 6/15/2045   865,000 942,366
Series AA, 4.0%, 6/15/2050   960,000 1,040,535
New Jersey, State Turnpike Authority Revenue, Series A, 4.0%, 1/1/2051   7,000,000 8,023,820
      43,504,536
New Mexico 0.4%  
New Mexico, State Mortgage Finance Authority, “I” , Series D, 3.25%, 7/1/2044   3,485,000 3,632,206
New York 6.7%  
Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College Project, Series A, 4.0%, 11/1/2050   2,500,000 2,678,825
Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A, 5.0%, 7/1/2051   380,000 441,438
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community Project, 5.0%, 1/1/2050     3,750,000     4,077,150
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC       455,000       496,419
New York, Metropolitan Transportation Authority Revenue:                            
Series D, 5.0%, 11/15/2033     1,500,000     1,795,980
Series C-1, 5.0%, 11/15/2050     1,320,000     1,554,181
Series A-1, 5.0%, 11/15/2051     8,150,000     9,268,506
Series C-1, 5.25%, 11/15/2055     3,960,000     4,756,356
New York, Metropolitan Transportation Authority Revenue, Green Bond:                            
Series D-2, 4.0%, 11/15/2048     3,500,000     3,828,195
Series D-3, 4.0%, 11/15/2049     1,000,000     1,093,300
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045     1,000,000     1,102,700
New York, State Housing Finance Agency Revenue, 160 Madison Avenue LLC, Series B, 0.04% (a), 3/1/2021, LOC: Landesbank Hessen-Thuringen       200,000       200,000
New York, State Liberty Development Corp. Revenue, World Trade Center, “1-3” , 144A, 5.0%, 11/15/2044     2,000,000     2,175,700
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project:                            
AMT, 5.25%, 8/1/2031   2,800,000 3,364,032
AMT, 5.375%, 8/1/2036   900,000 1,069,272
New York, Transportation Development Corp., Special Facilities Revenue, Laguardia Airport Terminal C & D Redevelopment Project, AMT, 4.375%, 10/1/2045   1,500,000 1,719,000
New York, TSASC, Inc.:      
Series A, 5.0%, 6/1/2041   595,000 686,844
Series B, 5.0%, 6/1/2048   8,800,000 9,473,112
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue:      
Series E-1, 2.8%, 11/1/2034   5,000,000 5,236,400
Series E-1, 3.0%, 11/1/2039   3,000,000 3,130,350
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060   150,000,000 6,783,000
New York, NY, General Obligation, Series I-4, 0.03% (a), 3/1/2021, LOC: TD Bank NA   300,000 300,000
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028* (b)   2,125,000 1,593,750
      66,824,510
North Carolina 0.2%  
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050   2,035,000 2,260,661
North Dakota 0.2%  
Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032   2,000,000 2,031,700
Ohio 4.3%  
Buckeye, OH, Tobacco Settlement Financing Authority:      
Class 2, Series B-3, Zero Coupon, 6/1/2057   20,000,000 2,998,800
“2”, Series B-2, 5.0%, 6/1/2055   4,625,000 5,207,704
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047   2,480,000 2,591,724
Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053   7,140,000 7,592,176
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:      
5.0%, 1/1/2051   1,270,000 1,365,618
Series A, 5.0%, 1/1/2052   1,000,000 1,086,690
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046   10,345,000 11,951,993
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       802,198
AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.     3,115,000     3,464,316
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048     6,000,000     6,252,000
Ohio, State Hospital Revenue, University Hospital Health System, Series A, 0.02% (a), 3/1/2021, LOC: PNC Bank NA       150,000       150,000
      43,463,219
Oklahoma 0.8%  
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:                            
Series B, 5.5%, 8/15/2052     1,635,000     1,932,227
Series B, 5.5%, 8/15/2057     4,235,000     4,993,869
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045     1,175,000     1,284,428
      8,210,524
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       207,408
Pennsylvania 3.8%  
Bucks County, PA, Industrial Development Authority, Hospital Revenue, Grant View Hospital Project:      
4.0%, 7/1/2046 (d)   800,000 842,416
4.0%, 7/1/2051 (d)   1,000,000 1,053,160
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048   499,000 512,119
Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049   2,235,000 2,488,494
Lancaster County, PA, Hospital Authority, Brethren Village Project:      
5.125%, 7/1/2037   900,000 973,332
5.25%, 7/1/2041   900,000 970,668
Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc.   985,000 990,221
Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply LLC, Series A-RE, 6.4%, 12/1/2038   5,000,000 4,409,800
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041   5,150,000 4,778,737
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, 5.0%, 12/31/2034   8,005,000 9,359,846
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051   1,705,000 1,848,714
Pennsylvania, State Turnpike Commission Revenue:      
Series A, 4.0%, 12/1/2043   3,800,000 4,373,230
Series A, 4.0%, 12/1/2044   660,000 756,406
Series A, 4.0%, 12/1/2045   220,000 251,475
Series A, 4.0%, 12/1/2046   440,000 495,317
Series A, 4.0%, 12/1/2050   3,500,000 3,927,000
Series A-1, 5.0%, 12/1/2041   20,000 23,236
      38,054,171
South Carolina 2.9%  
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039   3,703,000 3,707,036
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047   2,290,000 2,609,592
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055    10,360,000    12,130,939
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043     8,890,000    10,214,521
      28,662,088
Tennessee 1.1%  
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054     1,500,000     1,661,040
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036       900,000     1,015,569
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055     8,000,000     8,102,480
      10,779,089
Texas 8.5%  
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:                            
Zero Coupon, 1/1/2030     5,000,000     4,132,100
Zero Coupon, 1/1/2032     3,500,000     2,709,420
Clifton, TX, Higher Education Finance Corp., Education Revenue:                            
Series A, 5.75%, 8/15/2038     2,810,000     3,221,890
Series D, 6.125%, 8/15/2048   4,485,000 5,159,903
Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, AMT, 5.0%, 7/15/2027   3,000,000 3,495,720
Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038   2,000,000 2,055,300
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC   7,000,000 8,542,520
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048   1,440,000 1,482,638
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 8,003,440
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 1,710,718
Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.03% (a), 3/1/2021, LOC: TD Bank NA   630,000 630,000
Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038   2,830,000 3,097,888
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040   7,445,000 7,558,015
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050   3,550,000 3,743,759
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project:      
5.0%, 10/1/2039   1,820,000 1,895,639
Series A, 5.25%, 10/1/2055   8,000,000 8,329,680
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053   6,605,000 5,829,771
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue, Infrastructure Group LLC, I-635 Managed Lanes Project:      
Series A, 4.0%, 6/30/2038   380,000 434,515
Series A, 4.0%, 12/31/2038   380,000 433,804
Series A, 4.0%, 6/30/2039   290,000 331,163
Series A, 4.0%, 12/31/2039   335,000 381,143
Series A, 4.0%, 6/30/2040   275,000 312,411
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.     7,615,000     8,942,294
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     2,522,808
      84,956,539
Utah 1.2%  
Utah, Infrastructure Agency Telecommunication Revenue:                            
4.0%, 10/15/2041       600,000       674,148
Series 2019, 4.0%, 10/15/2042     2,350,000     2,615,879
Utah, State Charter School Finance Authority, St. George Campus Project, Series A, 144A, 5.0%, 6/15/2052     1,130,000     1,209,687
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048     6,490,000     7,007,448
      11,507,162
Virginia 2.3%  
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge:                            
5.0%, 1/1/2037     1,000,000     1,037,270
5.0%, 1/1/2046     1,530,000     1,563,247
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living:      
Series 2020, 5.0%, 9/1/2050   1,740,000 1,690,358
Series A, 5.375%, 9/1/2054   1,500,000 1,509,660
Virginia, Marquis Community Development Authority Revenue:      
Series C, Zero Coupon, 9/1/2041   7,906,000 421,073
144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045   1,640,000 836,400
Series B, 5.625%, 9/1/2041   5,332,000 2,741,448
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation:      
144A, 5.0%, 9/1/2037   1,400,000 1,507,688
144A, 5.0%, 9/1/2045   4,100,000 4,405,245
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052   5,250,000 6,060,075
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, 6.0%, 1/1/2037   1,640,000 1,738,613
      23,511,077
Washington 3.9%  
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital:      
5.0%, 12/1/2037   1,025,000 1,063,960
5.0%, 12/1/2046   2,000,000 2,042,820
Washington, Port of Seattle Revenue, AMT, 5.0%, 4/1/2044   2,000,000 2,378,580
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030   2,000,000 2,140,500
Washington, State Convention Center Public Facilities District:      
5.0%, 7/1/2043   3,835,000 4,450,364
5.0%, 7/1/2048   5,000,000 5,764,100
5.0%, 7/1/2058   2,500,000 2,866,150
Washington, State Higher Education Facilities Authority, Seattle University Project:      
4.0%, 5/1/2045   3,950,000 4,415,350
4.0%, 5/1/2050   1,020,000 1,135,433
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project:      
Series A, 144A, 5.0%, 1/1/2051   2,500,000 2,584,900
Series A, 144A, 7.375%, 1/1/2044   6,000,000 6,430,080
Washington, State Housing Finance Commission, The Hearthstone Project:                            
Series A, 144A, 5.0%, 7/1/2038       775,000       806,775
Series A, 144A, 5.0%, 7/1/2048     1,735,000     1,776,571
Series A, 144A, 5.0%, 7/1/2053     1,125,000     1,148,445
      39,004,028
West Virginia 0.1%  
West Virginia, State Economic Development Authority, Arch Resources Project, Series A, AMT, 4.125% (c), 7/1/2045 (d)     1,215,000     1,218,997
Wisconsin 3.3%  
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:                            
Series A-1, 5.0%, 7/1/2043     4,000,000     4,357,360
Series B, 5.0%, 7/1/2048       910,000       934,333
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042     3,500,000     3,632,790
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.:                            
5.0%, 7/1/2047     2,000,000     2,125,080
5.0%, 7/1/2052   910,000 965,437
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049   520,000 555,766
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049   5,000,000 5,424,800
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:      
144A, 5.5%, 5/1/2039   635,000 639,515
144A, 5.75%, 5/1/2054   5,620,000 5,641,300
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047   4,545,000 4,846,743
Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project:      
5.0%, 6/1/2037   1,970,000 2,117,021
5.0%, 6/1/2041   1,910,000 2,035,200
      33,275,345
Guam 0.6%  
Guam, Government Waterworks Authority, Water & Wastewater System Revenue:      
5.0%, 7/1/2040   1,040,000 1,197,550
Series A, 5.0%, 1/1/2050   655,000 789,268
Guam, International Airport Authority Revenue:      
Series C, AMT, 6.25%, 10/1/2034   500,000 535,830
Series C, AMT, 6.375%, 10/1/2043   1,610,000 1,719,480
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048   800,000 930,928
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034   1,200,000 1,249,836
      6,422,892
Puerto Rico 5.9%  
Puerto Rico, Aqueduct & Sewer Authority Revenue, Series A, 5.25%, 7/1/2029   1,000,000 1,052,710
Puerto Rico, Commonwealth Aqueduct and Sewer Authority:      
Series A, 144A, 5.0%, 7/1/2035   5,000,000 5,879,850
Series A, 144A, 5.0%, 7/1/2047   10,000,000 11,597,700
Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041* (b)   1,955,000 1,527,344
Puerto Rico, Electric Power Authority Revenue:      
Series TT, 5.0%, 7/1/2025* (b)   920,000 830,300
Series XX, 5.25%, 7/1/2040* (b)   4,000,000 3,620,000
Series WW, 5.5%, 7/1/2038* (b)   2,900,000 2,631,750
Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040   9,080,717 7,764,013
Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035* (b)     2,500,000     1,946,875
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:                            
Series A-1, Zero Coupon, 7/1/2046    20,000,000     6,148,800
Series A-1, Zero Coupon, 7/1/2051    17,906,000     3,942,364
Series A-1, 4.75%, 7/1/2053     6,800,000     7,421,724
Series A-1, 5.0%, 7/1/2058     4,000,000     4,430,160
      58,793,590
Total Municipal Bonds and Notes (Cost $909,422,542) 967,819,819
Underlying Municipal Bonds of Inverse Floaters (e) 6.3%  
Florida 2.2%  
Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (f)    10,000,000    11,052,500
Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.99%, 9/1/2027, Leverage Factor at purchase date: 4 to 1                            
Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (f)    10,000,000    11,462,475
Trust: Transit Sales Surtax Revenue, Series XM0901, 144A, 14.26%, 7/1/2028, Leverage Factor at purchase date: 4 to 1      
      22,514,975
Michigan 1.2%  
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (f)   10,000,000 11,832,200
Trust: State Building Authority Revenue, Series XM0123, 144A, 13.528%, 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 (f)   10,000,000 11,192,625
Trust: State Thruway Authority General Revenue, Series XM0880, 144A, 13.48%, 1/1/2028, Leverage Factor at purchase date: 4 to 1      
Washington 1.8%  
Washington, State General Obligation, Series A-1, 5.0%, 8/1/2037 (f)   15,000,000 17,586,600
Trust: State General Obligation, Series XM0127, 144A, 17.9%, 8/1/2023, Leverage Factor at purchase date: 4 to 1      
Total Underlying Municipal Bonds of Inverse Floaters (Cost $60,989,341) 63,126,400
Other Municipal Related 0.0%  
Illinois  
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055 * (Cost $7,707)   900,000 27,000
Government & Agency Obligations 0.5%  
U.S. Treasury Obligations  
U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $4,894,899)   5,000,000 4,740,625
    Shares Value ($)
Open-End Investment Companies 0.1%  
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (g) (Cost $942,676)       941,885       941,979
    
    % of Net
Assets 		Value ($)
Total Investment Portfolio (Cost $976,257,165) 103.5 1,036,655,823
Floating Rate Notes (e) (4.0) (40,420,000)
Other Assets and Liabilities, Net 0.5 5,050,677
Net Assets 100.0 1,001,286,500
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
* Non-income producing security.
(a) Variable 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 February 28, 2021. Date shown reflects the earlier of demand date or stated maturity date.
(b) Defaulted security or security for which income has been deemed uncollectible.
(c) Variable or floating rate security. These securities are shown at their current rate as of February 28, 2021. 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.
(d) When-issued security.
(e) Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.
(f) Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.
(g) Current yield; not a coupon rate.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AGMC: Assured Guaranty Municipal Corp.
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 is 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 February 28, 2021 in valuing the Fund’s investments.
Assets Level 1 Level 2 Level 3 Total
Municipal Investments (a) $— $1,030,973,219 $— $1,030,973,219
Government & Agency Obligations — 4,740,625 — 4,740,625
Open-End Investment Companies 941,979 — — 941,979
Total $941,979 $1,035,713,844 $— $1,036,655,823
(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
DSHYTFF-PH3
R-080548-1 (1/23)