0001752724-23-065412.txt : 20230324 0001752724-23-065412.hdr.sgml : 20230324 20230324121346 ACCESSION NUMBER: 0001752724-23-065412 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230324 DATE AS OF CHANGE: 20230324 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE DWS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000203142 IRS NUMBER: 046396607 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02671 FILM NUMBER: 23758826 BUSINESS ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 BUSINESS PHONE: 212-454-4500 MAIL ADDRESS: STREET 1: 875 THIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10022-6225 FORMER COMPANY: FORMER CONFORMED NAME: DEUTSCHE MUNICIPAL TRUST DATE OF NAME CHANGE: 20140811 FORMER COMPANY: FORMER CONFORMED NAME: DWS MUNICIPAL TRUST DATE OF NAME CHANGE: 20060207 FORMER COMPANY: FORMER CONFORMED NAME: 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PA USD 1159622.81000000 0.633410328157 Long DBT MUN US N 2 2028-02-01 Fixed 5.00000000 N N N N N N New York City Housing Development Corp 549300SQWVHKBRF8D702 NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE 64972ENB1 1000000.00000000 PA USD 961757.60000000 0.525332195753 Long DBT MUN US N 2 2060-05-01 Variable 1.12500000 N N N N N N Eastern Municipal Water District 549300ZCFVRFDIRWK089 ESTRN CA MUNI WTR DIST WTR & WSTWTR REVENUE 27627TCG5 1630000.00000000 PA USD 1619306.55000000 0.884499239216 Long DBT MUN US N 2 2046-07-01 Floating 1.76000000 N N N N N N City of Sparks NV N/A SPARKS NV TOURISM IMPT DIST #1 REVENUE 846562AC0 155000.00000000 PA USD 151263.57000000 0.082623338111 Long DBT MUN US N 2 2024-06-15 Fixed 2.50000000 N N N N N N Geisinger Authority N/A GEISINGER PA AUTH HLTH SYS REVENUE 368497JX2 1000000.00000000 PA USD 1070688.40000000 0.584832486003 Long DBT MUN US N 2 2043-04-01 Variable 5.00000000 N N N N N N Arizona Industrial Development Authority N/A ARIZONA INDL DEV AUTH 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Fixed 5.00000000 N N N N N N County of Boone KY N/A BOONE CNTY KY POLL CONTROL REVENUE 098792AQ7 750000.00000000 PA USD 756710.33000000 0.413331071372 Long DBT MUN US N 2 2027-08-01 Fixed 3.70000000 N N N N N N New York Transportation Development Corp N/A NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE 650116FC5 1500000.00000000 PA USD 1622735.70000000 0.886372312950 Long DBT MUN US N 2 2028-12-01 Fixed 5.00000000 N N N N N N City of Manhattan KS N/A MANHATTAN KS HLTH CARE FAC REVENUE 563017EG3 375000.00000000 PA USD 338097.64000000 0.184676030218 Long DBT MUN US N 2 2028-06-01 Fixed 2.87500000 N N N N N N Massachusetts Educational Financing Authority 5493007K5OP7V6CL0Y88 MASSACHUSETTS ST EDUCTNL FING AUTH 57563RSJ9 170000.00000000 PA USD 146092.48000000 0.079798780172 Long DBT MUN US N 2 2037-07-01 Fixed 2.00000000 N N N N N N Plaza at Noah's Ark Community Improvement District N/A PLAZA AT NOAHS ARK CMNTY IMPT DIST MO TAX INCR & IMPT 72813LAJ8 200000.00000000 PA USD 196724.58000000 0.107455096346 Long DBT MUN US N 2 2024-05-01 Fixed 3.00000000 N N N N N N FHLMC Multifamily VRD Certificates N/A FEDERAL HOME LOAN MTGE CORP VA MF VARIABLE RATE CTFS 31350AAU2 115000.00000000 PA USD 107953.36000000 0.058966391997 Long DBT MUN US N 2 2027-05-15 Fixed 2.30400000 N N N N N N Maryland Health & Higher Educational Facilities Authority N/A MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE 57421CAU8 1000000.00000000 PA USD 1079994.50000000 0.589915673229 Long DBT MUN US N 2 2045-07-01 Variable 5.00000000 N N N N N N North Texas Tollway Authority PQGZGRE0F2WPMYQQ1B78 N TX TOLLWAY AUTH REVENUE 66285WK39 3000000.00000000 PA USD 3149984.10000000 1.720587457632 Long DBT MUN US N 2 2025-01-01 Fixed 5.00000000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE 34061YAC4 1000000.00000000 PA USD 924086.30000000 0.504755340685 Long DBT MUN US N 2 2049-01-01 Variable 6.37500000 N N N N N N BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares 549300RWBJ885673DL84 BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares 09248U841 27.60000000 NS USD 27.61000000 0.000015081161 Long STIV RF US N 1 N N N State of Connecticut 5493007GRO6CU0IKP741 CONNECTICUT ST 20772JA51 2000000.00000000 PA USD 2111795.80000000 1.153507208675 Long DBT MUN US N 2 2029-03-15 Fixed 5.00000000 N N N N N N Pennsylvania Housing Finance Agency 549300JZVUPNWP77SP29 PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE 7087964R5 1590000.00000000 PA USD 1599806.01000000 0.873847634802 Long DBT MUN US N 2 2046-10-01 Fixed 4.00000000 N N N N N N Indiana Finance Authority 549300PS0PAS7NDSSI20 INDIANA ST FIN AUTH REVENUE 45506EDH3 705000.00000000 PA USD 687752.95000000 0.375665102474 Long DBT MUN US N 2 2039-03-01 Floating 1.96000000 N N N N N N Main Street Natural Gas Inc 549300NY5M0QVZ6X4U26 MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 56035DAK8 1865000.00000000 PA USD 1872534.04000000 1.022817411432 Long DBT MUN US N 2 2048-04-01 Variable 4.00000000 N N N N N N Connecticut Housing Finance Authority 5493003DXX0NRJKSH186 CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM 20775CTX2 555000.00000000 PA USD 559339.49000000 0.305522974243 Long DBT MUN US N 2 2047-11-15 Fixed 4.00000000 N N N N N N Wisconsin Housing & Economic Development Authority Home Ownership Revenue 549300AT0SEG8YQT2K79 WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE 97689QDD5 710000.00000000 PA USD 706235.86000000 0.385760856014 Long DBT MUN US N 2 2046-03-01 Fixed 3.50000000 N N N N N N Lee County Industrial Development Authority/FL N/A LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE 52349EEN6 1000000.00000000 PA USD 967021.40000000 0.528207393841 Long DBT MUN US N 2 2026-10-01 Fixed 3.25000000 N N N N N N Charlotte-Mecklenburg Hospital Authority/The 549300XOH4JU704GMZ32 CHARLOTTE-MECKLENBURG NC HOSPAUTH HLTH CARE SYS REVENUE 160853VA2 520000.00000000 PA USD 520000.00000000 0.284034918769 Long DBT MUN US N 2 2042-01-15 Variable 1.27000000 N N N N N N County of Franklin OH 549300VCBUC1RZE7KL42 FRANKLIN CNTY OH REVENUE 353202FK5 1000000.00000000 PA USD 999921.40000000 0.546178064663 Long DBT MUN US N 2 2046-12-01 Variable 3.30000000 N N N N N N Metropolitan Transportation Authority 5493000TKYODLXADQD60 MET TRANSPRTN AUTH NY DEDICATED TAX FUND 59259N8Q9 100000.00000000 PA USD 100000.00000000 0.054622099763 Long DBT MUN US N 2 2031-11-01 Variable 1.15000000 N N N N N N Southeast Energy Authority A Cooperative District 25490090A3RLJHITY273 SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE 84136FBB2 1365000.00000000 PA USD 1431123.19000000 0.781709536578 Long DBT MUN US N 2 2053-05-01 Variable 5.00000000 N N N N N N Port Authority of New York & New Jersey 54930006MR4KZ4W74Z83 PORT AUTH OF NEW YORK & NEW JERSEY NY 73358XBZ4 660000.00000000 PA USD 732066.72000000 0.399870214132 Long DBT MUN US N 2 2028-10-15 Fixed 5.00000000 N N N N N N California Infrastructure & Economic Development Bank 549300C1OG9RDIM8ET06 CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE 13034AD23 1100000.00000000 PA USD 1040859.49000000 0.568539309024 Long DBT MUN US N 2 2055-08-01 Variable 1.75000000 N N N N N N North Dakota Housing Finance Agency 549300DVQAGW0B16JX70 NORTH DAKOTA ST HSG FIN AGY 658909MA1 505000.00000000 PA USD 508836.79000000 0.277937339066 Long DBT MUN US N 2 2047-07-01 Fixed 4.00000000 N N N N N N Metropolitan Water District of Southern California 5493003GD0S0P56RLT45 MET WTR DIST OF STHRN CA WTRWKS REVENUE 59266TNV9 880000.00000000 PA USD 874871.62000000 0.477873249077 Long DBT MUN US N 2 2037-07-01 Floating 1.80000000 N N N N N N San Diego Association of Governments N/A SAN DIEGO ASSN OF GOVTS CA CAPITAL GRANT RECEIPTS REVENUE 797258AE0 1500000.00000000 PA USD 1438820.25000000 0.785913832370 Long DBT MUN US N 2 2027-11-15 Fixed 1.80000000 N N N N N N Wisconsin Housing & Economic Development Authority Housing Revenue N/A WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE 9769043D2 2000000.00000000 PA USD 2021950.20000000 1.104431655410 Long DBT MUN US N 2 2053-11-01 Variable 4.00000000 N N N N N N City of Houston TX Airport System Revenue N/A HOUSTON TX ARPT SYS REVENUE 442349CB0 2500000.00000000 PA USD 2665653.75000000 1.456036050671 Long DBT MUN US N 2 2026-07-01 Fixed 5.00000000 N N N N N N State of Connecticut 5493007GRO6CU0IKP741 CONNECTICUT ST 20772KSB6 1000000.00000000 PA USD 1074452.40000000 0.586888461838 Long DBT MUN US N 2 2025-11-15 Fixed 5.00000000 N N N N N N Tempe Industrial Development Authority N/A TEMPE AZ INDL DEV AUTH REVENUE 87972MBW1 2000000.00000000 PA USD 1746201.80000000 0.953812089266 Long DBT MUN US N 2 2026-12-01 Fixed 1.12500000 N N N N N N Florida Development Finance Corp 549300HC854CNBLMWC48 FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE 34061WBQ6 1020000.00000000 PA USD 925264.64000000 0.505398974736 Long DBT MUN US N 2 2026-06-01 Fixed 1.75000000 N N N N N N Pennsylvania Economic Development Financing Authority N/A PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV 708692BM9 1000000.00000000 PA USD 1000272.30000000 0.546369733611 Long DBT MUN US N 2 2049-04-01 Variable 3.45000000 N N N N N N Pennsylvania Housing Finance Agency 549300JZVUPNWP77SP29 PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE 7087962J5 360000.00000000 PA USD 359493.12000000 0.196362690648 Long DBT MUN US N 2 2041-10-01 Fixed 3.50000000 N N N N N N South Dakota Housing Development Authority 549300G853EK61667C18 SOUTH DAKOTA ST HSG DEV AUTH 83756CQM0 855000.00000000 PA USD 861452.60000000 0.470543498586 Long DBT MUN US N 2 2047-11-01 Fixed 4.00000000 N N N N N N Northern Tobacco Securitization Corp N/A NTHRN AK TOBACCO SECURITIZATION CORP TOBACCO SETTLEMENT REVE 66585VBZ7 80000.00000000 PA USD 79506.20000000 0.043427955882 Long DBT MUN US N 2 2031-06-01 Fixed 0.50000000 N N N N N N Duval County Public Schools 254900RS6MO5WEO2WC42 DUVAL CNTY FL SCH BRD COPS 267169GY0 500000.00000000 PA USD 530005.85000000 0.289500324138 Long DBT MUN US N 2 2025-07-01 Fixed 5.00000000 N N N N N N State of Nevada Department of Business & Industry N/A DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY 25459JAF8 300000.00000000 PA USD 300261.57000000 0.164009174316 Long DBT MUN US N 2 2026-12-01 Variable 3.75000000 N N N N N N Ohio Higher Educational Facility Commission 5493007MQT6NGNN6BR81 OHIO ST HGR EDUCTNL FAC COMMISSION 67756DF76 995000.00000000 PA USD 1083743.55000000 0.591963483060 Long DBT MUN US N 2 2027-02-01 Fixed 5.00000000 N N N N N N Grand Parkway Transportation Corp N/A GRAND PARKWAY TRANSPRTN CORP T 38612PAA2 1040000.00000000 PA USD 1040000.00000000 0.568069837539 Long DBT MUN US N 2 2023-02-01 Fixed 5.00000000 N N N N N N Ohio Turnpike & Infrastructure Commission N/A OHIO ST TURNPIKE COMMISSION 67760HNL1 2500000.00000000 PA USD 2567247.75000000 1.402284627178 Long DBT MUN US N 2 2024-02-15 Fixed 5.00000000 N N N N N N Mission Economic Development Corp N/A MISSION TX ECON DEV CORP SOL WST DISP REVENUE 605155BR0 650000.00000000 PA USD 650065.26000000 0.355079294844 Long DBT MUN US N 2 2046-05-01 Variable 3.50000000 N N N N N N City of New York NY 549300ABYZD2SFD5JB29 NEW YORK NY 64966FA87 100000.00000000 PA USD 100000.00000000 0.054622099763 Long DBT MUN US N 2 2036-04-01 Variable 1.15000000 N N N N N N City of New York NY 549300ABYZD2SFD5JB29 NEW YORK NY 64966QWL0 740000.00000000 PA USD 740000.00000000 0.404203538249 Long DBT MUN US N 2 2042-04-01 Variable 1.75000000 N N N N N N Massachusetts Educational Financing Authority 5493007K5OP7V6CL0Y88 MASSACHUSETTS ST EDUCTNL FING AUTH 57563RRP6 80000.00000000 PA USD 76363.62000000 0.041711412699 Long DBT MUN US N 2 2036-07-01 Fixed 2.62500000 N N N N N N Amherst Industrial Development Agency N/A AMHERST NY INDL DEV AGY MF HSG REVENUE 031370AA7 2000000.00000000 PA USD 2032936.80000000 1.110432767022 Long DBT MUN US N 2 2026-04-01 Variable 3.90000000 N N N N N N City & County of Denver CO Airport System Revenue N/A DENVER CITY & CNTY CO ARPT REVENUE 249182KZ8 2000000.00000000 PA USD 2148341.20000000 1.173469073521 Long DBT MUN US N 2 2026-12-01 Fixed 5.00000000 N N N N N N George L Smith II Congress Center Authority N/A GEO L SMITH II GA CONGRESS CTR AUTH 37255MAA3 750000.00000000 PA USD 671634.90000000 0.366861085123 Long DBT MUN US N 2 2031-01-01 Fixed 2.37500000 N N N N N N State of Illinois 54930048FV8RWPR02D67 ILLINOIS ST 452152ML2 1000000.00000000 PA USD 1010951.70000000 0.552203046133 Long DBT MUN US N 2 2023-08-01 Fixed 5.00000000 N N N N N N Troy Capital Resource Corp N/A TROY NY CAPITAL RESOURCE CORP REVENUE 897579BA5 1000000.00000000 PA USD 1057626.70000000 0.577697911198 Long DBT MUN US N 2 2028-08-01 Fixed 5.00000000 N N N N N N Connecticut State Health & Educational Facilities Authority 549300ZOQJ5U8YBS5Q35 CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE 20775DUX8 1500000.00000000 PA USD 1498367.70000000 0.818439899916 Long DBT MUN US N 2 2048-07-01 Variable 2.80000000 N N N N N N Charlotte-Mecklenburg Hospital Authority/The 549300XOH4JU704GMZ32 CHARLOTTE-MECKLENBURG NC HOSP AUTH HLTH CARE SYS REVENUE 160853VE4 1000000.00000000 PA USD 1134336.00000000 0.619598141572 Long DBT MUN US N 2 2050-01-15 Variable 5.00000000 N N N N N N State of Oregon Housing & Community Services Department 549300N3PYWYJ0Z8N757 OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE 686087SU2 595000.00000000 PA USD 594417.85000000 0.324683511038 Long DBT MUN US N 2 2036-07-01 Fixed 3.50000000 N N N N N N Wisconsin Health & Educational Facilities Authority 549300ISNGXS0VHGVD41 WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE 97712JGW7 1000000.00000000 PA USD 1077631.90000000 0.588625171500 Long DBT MUN US N 2 2054-08-15 Floating 5.00000000 N N N N N N Tobacco Settlement Financing Corp N/A TOBACCO SETTLEMENT FING CORP NJ 888808HA3 1955000.00000000 PA USD 2029061.46000000 1.108315974941 Long DBT MUN US N 2 2025-06-01 Fixed 5.00000000 N N N N N N Town of Oyster Bay NY N/A OYSTER BAY NY 692160RT3 315000.00000000 PA USD 340649.95000000 0.186070155532 Long DBT MUN US N 2 2027-11-01 Fixed 4.00000000 N N N N N N Commonwealth Financing Authority N/A CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV 20282EAG1 2000000.00000000 PA USD 2148395.80000000 1.173498897188 Long DBT MUN US N 2 2026-06-01 Fixed 5.00000000 N N N N N N Black Belt Energy Gas District 549300I8V0Z68JQCB679 BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE 09182NCB4 665000.00000000 PA USD 677392.34000000 0.370005919744 Long DBT MUN US N 2 2052-07-01 Variable 4.00000000 N N N N N N State of Illinois 54930048FV8RWPR02D67 ILLINOIS ST 4521526F3 1000000.00000000 PA USD 1006337.10000000 0.549682454717 Long DBT MUN US N 2 2023-05-01 Fixed 5.37500000 N N N N N N Port of Oakland N/A PORT OF OAKLAND CA 735000TH4 250000.00000000 PA USD 281552.18000000 0.153789712645 Long DBT MUN US N 2 2029-11-01 Fixed 5.00000000 N N N N N N New Hope Cultural Education Facilities Finance Corp N/A NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE 64542UGL2 2000000.00000000 PA USD 2000351.60000000 1.092634046570 Long DBT MUN US N 2 2026-10-01 Fixed 4.25000000 N N N N N N Virginia Small Business Financing Authority N/A VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE 928104NF1 1000000.00000000 PA USD 1023400.40000000 0.559002787466 Long DBT MUN US N 2 2029-07-01 Fixed 4.00000000 N N N N N N State of Illinois 54930048FV8RWPR02D67 ILLINOIS ST 452153AG4 750000.00000000 PA USD 811024.28000000 0.442998491326 Long DBT MUN US N 2 2028-03-01 Fixed 5.00000000 N N N N N N Black Belt Energy Gas District 549300I8V0Z68JQCB679 BLACK BELT ENERGY GAS DIST AL GAS PREPAY REVENUE 09182RAF8 2200000.00000000 PA USD 2206370.32000000 1.205165797340 Long DBT MUN US N 2 2048-12-01 Variable 4.00000000 N N N N N N BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares 549300RWBJ885673DL84 BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares 09248U841 17522.69000000 NS USD 17526.20000000 0.009573178448 Long STIV RF US N 1 N N N Plaza at Noah's Ark Community Improvement District N/A PLAZA AT NOAHS ARK CMNTY IMPT DIST MO TAX INCR & IMPT 72813LAK5 225000.00000000 PA USD 218367.11000000 0.119276700674 Long DBT MUN US N 2 2025-05-01 Fixed 3.00000000 N N N N N N Spring Branch Independent School District N/A SPRING BRANCH TX INDEP SCH DIST 849476UX2 1500000.00000000 PA USD 1579327.80000000 0.862662006506 Long DBT MUN US N 2 2025-02-01 Fixed 5.00000000 N N N N N N Houston Independent School District N/A HOUSTON TX INDEP SCH DIST 442403PP0 1000000.00000000 PA USD 1004537.70000000 0.548699584654 Long DBT MUN US N 2 2029-06-01 Variable 4.00000000 N N N N N N City of Seattle WA Municipal Light & Power Revenue N/A SEATTLE WA MUNI LIGHT & PWR REVENUE 812643SE5 2000000.00000000 PA USD 2000536.20000000 1.092734878966 Long DBT MUN US N 2 2046-11-01 Floating 2.15000000 N N N N N N 2023-03-01 DEUTSCHE DWS MUNICIPAL TRUST Diane Kenneally Diane Kenneally Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_KE9I_50542259_0123.htm EDGAR HTML
Investment Portfolioas of January 31, 2023 (Unaudited)
DWS Short-Term Municipal Bond Fund  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 99.7%
 
Alabama 4.6%
 
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
  2,206,370
Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, 7/1/2052, GTY: Royal Bank of
Canada, LIQ: Royal Bank of Canada
 
  665,000
    677,393
Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100, 4/1/2053, GTY: Goldman Sachs
Group, Inc.
 
2,885,000
  2,886,173
Southeast Alabama, Energy Authority Commodity Supply Revenue Project 4,
Series B-1, 5.0%, Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs &
Co.
 
1,365,000
  1,431,123
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
  1,202,830
 
 
 
8,403,889
Alaska 0.0%
 
Alaska, Northern Tobacco Securitization Corp. Tobacco Settlement Revenue, “2”,
Series B-1, 0.5%, 6/1/2031
 
   80,000
     79,506
Arizona 2.4%
 
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children
Hospital:
 
 
 
Series A, 5.0%, 2/1/2027
 
200,000
220,313
Series A, 5.0%, 2/1/2028
 
1,300,000
1,463,989
Arizona, Tempe Industrial Development Authority, Tempe Life Care Village Inc.,
Series C-2, 1.125%, 12/1/2026
 
2,000,000
1,746,202
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
997,968
 
 
 
4,428,472
California 14.7%
 
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
 
 
 
Series B-1, MUNIPSA + 1.1%, 2.76% (a), Mandatory Put 4/1/2024 @ 100, 4/1/2045
 
1,900,000
1,910,347
Series A, MUNIPSA + 1.25%, 2.91% (a), Mandatory Put 4/1/2027 @ 100, 4/1/2036
 
3,940,000
3,973,347
California, Community Choice Financing Authority Clean Energy Project Revenue,
Series A-1, 4.0%, Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Morgan Stanley
 
2,000,000
2,031,745
California, Eastern Municipal Water District, Series B, MUNIPSA + 0.1%, 1.76% (a),
Mandatory Put 7/1/2024 @ 100, 7/1/2046
 
1,630,000
1,619,307
California, Metropolitan Water District Revenue, Series E, MUNIPSA + 0.14%, 1.8%
(a), Mandatory Put 5/21/2024 @100, 7/1/2037
 
880,000
874,872
California, Municipal Finance Authority, Waste Disposal Revenue, Series A, AMT,
4.125%, Mandatory Put 10/1/2025 @ 100, 10/1/2041, GTY: Waste Management
Holdings
 
320,000
322,586
California, Nuveen AMT-Free Municipal Credit Income Fund, Series C, 2.11% (b),
2/1/2023
 
1,000,000
1,000,000
California, Public Finance Authority Revenue, Enso Village Project, Series B-3, 144A,
2.125%, 11/15/2027
 
1,500,000
1,422,525
California, San Diego Association of Governments, Capital Grant Receipts Revenue,
Mid-Coast Corridor Transit Project, Series B, 1.8%, 11/15/2027
 
1,500,000
1,438,820
California, State Infrastructure & Economic Development Bank Revenue:
 
         
           
1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055
 
1,100,000
  1,040,859
Series A, MUNIPSA + 0.35%, 2.01% (a), Mandatory Put 8/1/2024 @ 100, 8/1/2047
 
  570,000
    562,644
Series A, AMT, 3.65%, Mandatory Put 1/31/2024 @ 100, 1/1/2050
 
2,000,000
  1,999,968
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, APM Project:
 
         
           
Series A, AMT, 5.0%, 12/31/2025
 
1,000,000
  1,050,746
Series A, AMT, 5.0%, 6/30/2026
 
  500,000
    528,109
California, Transbay Joint Powers Authority, Series B, 2.4%, 10/1/2049
 
  110,000
    104,086
Los Angeles County, CA, Community College District, General Obligation, Series C-1,
5.0%, 8/1/2024
 
2,000,000
  2,083,904
Los Angeles County, CA, Department of Water & Power System, Series E, 5.0%,
7/1/2025
 
1,000,000
  1,068,027
Port Oakland, CA, Intermediate Lien Revenue Bonds:
 
         
           
Series H, AMT, 5.0%, 5/1/2028
 
  500,000
    551,150
Series H, AMT, 5.0%, 11/1/2029
 
  250,000
    281,552
San Diego Country, CA, Unified School District, General Obligation, Series O-2, 5.0%,
7/1/2024
 
3,000,000
  3,120,743
 
 
 
26,985,337
Colorado 1.5%
 
Denver City & County, CO, Airport System Revenue:
 
 
 
Series C, 5.0%, 11/15/2025
 
500,000
537,507
Series A, AMT, 5.0%, 12/1/2026
 
2,000,000
2,148,341
 
 
 
2,685,848
Connecticut 4.8%
 
Connecticut, State General Obligation:
 
 
 
Series E, 5.0%, 11/15/2025
 
1,000,000
1,074,452
Series A, 5.0%, 3/15/2029
 
2,000,000
2,111,796
Connecticut, State Health & Educational Facilities Authority, Series A, 2.8%, Mandatory
Put 2/10/2026 @ 100, 7/1/2048
 
1,500,000
1,498,368
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program:
 
 
 
Series A-4, MUNIPSA + 0.3%, 1.96% (a), Mandatory Put 11/15/2024 @ 100,
11/15/2050
 
2,500,000
2,480,515
Series C-1, 4.0%, 11/15/2047
 
555,000
559,340
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%,
11/15/2047
 
450,000
453,576
Connecticut, State Special Tax Obligation Revenue, Series B, 5.0%, 7/1/2025
 
500,000
532,673
 
 
 
8,710,720
Florida 3.8%
 
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project
Loan Program, Series A-1, 5.0%, 10/1/2026
 
500,000
515,137
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion
Project, Series A, 144A, AMT, 7.25%, Mandatory Put 10/3/2023 @ 100, 7/1/2057
 
500,000
499,229
Florida, Development Finance Corp., The Mayflower Retirement Community Project,
Series B, 144A, 1.75%, 6/1/2026
 
1,020,000
925,265
Florida, Development Finance Corp., Transportation Facility Revenue, Virgin Trains
U.S.A. Passenger Rail Project, Series A, 144A, AMT, 6.375%, Mandatory Put
1/1/2026 @ 100, 1/1/2049
 
1,000,000
924,086
Florida, Duval County Public Schools, Series A, 5.0%, 7/1/2025, INS: AGMC
 
500,000
530,006
Hillsborough County, FL, Solid Waste & Resource Recovery Revenue, Series A, AMT,
5.0%, 9/1/2025
 
2,250,000
2,362,962
Lee County, FL, Industrial Development Authority, Health Care Facilities Revenue,
Cypress Cove At Healthpark Florida, Inc., Series B2, 3.25%, 10/1/2026
 
1,000,000
    967,021
Village, FL, Community Development District No. 13, Special Assessment Revenue,
2.625%, 5/1/2024
 
  245,000
    240,349
 
 
 
6,964,055
Georgia 3.6%
 
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
  1,199,878
Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier
Revenue, Series A, 2.375%, 1/1/2031
 
  750,000
    671,635
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue:
 
         
           
Series A, 4.0%, Mandatory Put 9/1/2023 @ 100, 4/1/2048, GTY: Royal Bank of
Canada, LIQ: Royal Bank of Canada
 
1,865,000
  1,872,534
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, GTY: Royal Bank of
Canada, LIQ: Royal Bank of Canada
 
  750,000
    754,313
Series B, 5.0%, Mandatory Put 6/1/2029 @ 100,12/1/2052, GTY: Citi Group, Inc.
 
2,000,000
  2,114,934
 
 
 
6,613,294
Illinois 2.5%
 
Chicago, O'Hare International Airport Revenue, Series C, AMT, 5.0%, 1/1/2025
 
  850,000
    880,191
Illinois, State General Obligation:
 
         
           
5.0%, 8/1/2023
 
1,000,000
1,010,952
Series B, 5.0%, 3/1/2025
 
770,000
801,293
Series A, 5.0%, 3/1/2028
 
750,000
811,024
5.375%, 5/1/2023
 
1,000,000
1,006,337
 
 
 
4,509,797
Indiana 0.4%
 
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA +
0.3%, 1.96% (a), Mandatory Put 3/1/2027 @ 100, 3/1/2039
 
705,000
687,753
Kansas 0.2%
 
Manhattan, KS, Health Care Facilities Revenue Bonds, Meadowlark Hills Retirement,
Series B-1, 2.875%, 6/1/2028
 
375,000
338,098
Kentucky 3.0%
 
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., Project,
Series A, 3.7%, 8/1/2027
 
750,000
756,710
Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes,
“A1A”, Series 2021-1, 1.65%, 3/25/2051
 
729,833
680,695
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
1,435,137
Louisville & Jefferson County, KY, Metropolitan Government Control Revenue,
Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027
 
3,000,000
2,722,064
 
 
 
5,594,606
Louisiana 2.1%
 
Lake Charles, LA, Harbor & Terminal District Revenue, Big Lake Fuels LLC Project,
AMT, 1.0%, Mandatory Put 12/1/2024 @ 100, 12/1/2051
 
3,000,000
2,833,498
Louisiana, Stadium & Exposition District, Bond Anticipation Notes, 5.0%, 7/3/2023
 
1,000,000
1,001,422
 
 
 
3,834,920
Maryland 0.6%
 
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
1,079,994
Massachusetts 0.1%
 
Massachusetts, Educational Financing Authority Education Loan Revenue:
 
         
           
Series B, AMT, 2.0%, 7/1/2037
 
  170,000
    146,092
Series B, AMT, 2.625%, 7/1/2036
 
   80,000
     76,364
 
 
 
222,456
Michigan 2.7%
 
Michigan, State Finance Authority Revenue:
 
         
           
“A1A", Series A, 1.3%, 7/25/2061
 
1,109,300
  1,035,444
Series A-1, 5.0%, 7/20/2023
 
  750,000
    758,352
Michigan, State Finance Authority Revenue, Beaumont-Spectrum, MUNIPSA + 0.75%,
2.41% (a), Mandatory Put 4/15/2027 @ 100, 4/15/2047
 
1,750,000
  1,721,553
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp.,
Series D-2, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038
 
1,250,000
  1,139,396
Michigan, State University Revenue, Series 2000-A, 1.7% (b), 2/1/2023, SPA: Northern
Trust Co.
 
  300,000
    300,000
 
 
 
4,954,745
Minnesota 0.8%
 
Minnesota, Municipal Gas Agency Commodity Supply Revenue, Series A, 4.0%,
Mandatory Put 12/1/2027 @ 100,12/1/2052, GTY: Royal Bank of Canada, LIQ: Royal
Bank of Canada
 
1,500,000
1,529,585
Mississippi 0.3%
 
Lowndes County, MS, Solid Waste Disposal And Pollution Control Refunding Revenue
Bonds, International Company Project, 2.65%, Mandatory Put 4/1/2027 @ 100,
4/1/2037, GTY: International Paper Co.
 
500,000
472,491
Missouri 1.1%
 
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back
Notes, “AIA”, Series 2021-1, 1.53%, 1/25/2061
 
1,597,466
1,419,913
Missouri, Plaza At Noah's Ark Community Improvement District:
 
 
 
3.0%, 5/1/2023
 
150,000
149,581
3.0%, 5/1/2024
 
200,000
196,724
3.0%, 5/1/2025
 
225,000
218,367
 
 
 
1,984,585
Nevada 0.2%
 
Nevada, State Department of Business and Industry, Republic Services, Inc. Project,
Series 2001, 144A, AMT, 3.75%, Mandatory Put 6/1/2023 @ 100, 12/1/2026
 
300,000
300,261
Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A,
144A, 2.5%, 6/15/2024
 
155,000
151,264
 
 
 
451,525
New Jersey 3.4%
 
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue,
Series A, 3.125%, 7/1/2029
 
195,000
195,143
New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement
Notes, Series A, 5.0%, 6/15/2024
 
1,000,000
1,030,983
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025
 
1,955,000
2,029,062
Newark City, NJ, General Obligation, Series C, 3.75%, 2/17/2023
 
3,000,000
3,000,730
 
 
 
6,255,918
New Mexico 0.3%
 
New Mexico, Mortgage Finance Authority, Single Family Mortgage, “I”, Series A-1,
4.0%, 1/1/2049
 
500,000
505,620
New York 12.6%
 
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
  1,990,715
New York, Amherst Industrial Development Agency, Multi Family Housing Revenue,
3.9%, Mandatory Put 4/1/2025 @ 100, 4/1/2026
 
2,000,000
  2,032,937
New York, Long Island Power Authority, Series C, MUNIPSA + 0.45%, 2.11% (a),
Mandatory Put 9/1/2025 @ 100, 9/1/2038
 
1,000,000
    980,544
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1,
1.15% (b), 2/1/2023, LOC: TD Bank NA
 
  100,000
    100,000
New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%,
10/1/2046
 
  930,000
    934,499
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
  2,524,680
New York, State Transportation Development Corp., Special Facility Revenue, Terminal
4 John F. Kennedy International Airport Project, AMT, 5.0%, 12/1/2028
 
1,500,000
  1,622,736
New York, Triborough Bridge & Tunnel Authority Revenue:
 
         
           
Series A, 5.0%, 8/15/2024
 
3,000,000
  3,111,634
Series A, 5.0%, 11/15/2024
 
1,250,000
  1,309,275
Series A, 5.0%, 11/15/2025 (c)
 
1,250,000
  1,339,905
New York & New Jersey, Port Authority:
 
         
           
Series 226, AMT, 5.0%, 10/15/2027
 
  750,000
    818,883
Series 226, AMT, 5.0%, 10/15/2028
 
660,000
732,067
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue,
Series A, 1.125%, Mandatory Put 11/1/2024 @ 100, 5/1/2060
 
1,000,000
961,758
New York, NY, General Obligation:
 
 
 
Series D-4, 1.15% (b), 2/1/2023, LOC: TD Bank NA
 
700,000
700,000
Series I-4, 1.15% (b), 2/1/2023, LOC: TD Bank NA
 
100,000
100,000
Series 3, 1.75% (b), 2/1/2023
 
740,000
740,000
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue,
Series EE-2, 1.2% (b), 2/1/2023, LIQ: State Street B&T Co.
 
200,000
200,000
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM
 
315,000
340,650
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute:
 
 
 
Series A, 5.0%, 9/1/2025
 
300,000
315,214
Series A, 5.0%, 9/1/2027
 
500,000
545,453
5.0%, 8/1/2028
 
1,000,000
1,057,627
Series A, 5.0%, 9/1/2028
 
500,000
553,279
 
 
 
23,011,856
North Carolina 1.1%
 
North Carolina, Charlotte-Mecklenburg Hospital Health Care Authorirty Revenue:
 
 
 
Series E, 1.27% (b), 2/1/2023, LOC: Royal Bank of Canada
 
520,000
520,000
Series C, 5.0%, Mandatory Put 12/1/2028 @ 100, 1/15/2050
 
1,000,000
1,134,336
North Carolina, State Housing Finance Agency, Home Ownership Revenue, Series 38-B,
4.0%, 7/1/2047
 
360,000
362,822
 
 
 
2,017,158
North Dakota 0.8%
 
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance
Program:
 
 
 
Series B, MUNIPSA + 0.2%, 1.86% (a), Mandatory Put 7/1/2024 @100, 1/1/2043
 
925,000
925,000
Series A, 4.0%, 7/1/2047
 
505,000
508,837
 
 
 
1,433,837
Ohio 5.1%
 
Allen Country, OH, Hospital Facilities Revenue, Series A, 5.0%, 12/1/2023
 
1,000,000
1,019,096
Cleveland, OH, Airport System Revenue, Series A, AMT, 5.0%, 1/1/2025
 
1,000,000
1,034,387
Franklin Country, OH, Trinity Health Corp. Obligated Group, Series OH, 3.3%,
Mandatory Put 5/1/2023 @100, 12/1/2046
 
1,000,000
    999,921
Ohio, Higher Educational Facilities Commission, University of Dayton:
 
         
           
Series B, 5.0%, 2/1/2027
 
  995,000
  1,083,744
Series B, 5.0%, 2/1/2028
 
1,045,000
  1,159,623
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
  1,497,761
Ohio, State Turnpike Commission, Infrastructure Projects, Series A, 5.0%, 2/15/2024
 
2,500,000
  2,567,248
 
 
 
9,361,780
Oregon 0.3%
 
Oregon, State Housing & Community Services Department, Mortgage Revenue,
Series A, 3.5%, 7/1/2036
 
  595,000
    594,418
Pennsylvania 5.8%
 
Geisinger, PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put
2/15/2027 @ 100, 4/1/2043
 
1,000,000
  1,070,688
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds, 5.0%, 6/1/2026
 
2,000,000
  2,148,396
Pennsylvania, Economic Development Financing Authority, Solid Waste Disposal
Revenue:
 
         
           
Series B-1, AMT, 3.45%, Mandatory Put 4/17/2023 @ 100, 4/1/2049
 
1,000,000
  1,000,272
AMT, 4.0%, Mandatory Put 2/1/2023 @ 100, 8/1/2045, GTY: Waste Management,
Inc.
 
3,000,000
3,000,058
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue:
 
 
 
Series 119, AMT, 3.5%, 10/1/2041
 
360,000
359,493
Series 122, AMT, 4.0%, 10/1/2046
 
1,590,000
1,599,806
Pittsburgh & Allegheny Counties, PA, Sports & Exhibition Authority Revenue, Series B,
5.0%, 2/1/2029, INS: AGMC
 
875,000
984,216
Pittsburgh, PA, Water & Sewer Authority Systems Revenue, Series C, MUNIPSA +
0.65%, 2.31% (a), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC
 
500,000
499,645
 
 
 
10,662,574
South Dakota 0.5%
 
South Dakota, Housing Development Authority, Homeownership Mortgage, Series B,
4.0%, 11/1/2047
 
855,000
861,453
Tennessee 1.2%
 
Tennessee, Housing Development Agency, Residential Financing Program Revenue,
Series 1C, AMT, 3.0%, 7/1/2038
 
25,000
24,935
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
2,252,407
 
 
 
2,277,342
Texas 10.4%
 
Austin, TX , Water & Wastewater System Revenue, 5.0%, 11/15/2024
 
1,000,000
1,047,420
Fort Bend, TX, Independent School District Variable Rate, Unlimited Tax Building and
Refunding Bonds:
 
 
 
Series B, 0.875%, Mandatory Put 8/1/2025 @ 100, 8/1/2050
 
390,000
368,815
Series B, 3.0%, Mandatory Put 8/1/2023 @ 100, 8/1/2052
 
1,000,000
999,689
Harris County, TX, Spring Branch Independent School District, 5.0%, 2/1/2025
 
1,500,000
1,579,328
Houston, TX, Airport Systems Revenue:
 
 
 
Series A, AMT, 5.0%, 7/1/2025
 
500,000
524,005
Series A, AMT, 5.0%, 7/1/2026
 
1,000,000
1,066,261
Series C, AMT, 5.0%, 7/1/2026
 
2,500,000
2,665,654
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and
Entertainment Facilities Department, 5.0%, 9/1/2026
 
1,735,000
1,883,146
Houston, TX, Independent School District, 4.0%, Mandatory Put 6/1/2023 @ 100,
6/1/2029
 
1,000,000
1,004,538
Mission, TX, Economic Development Corp., Waste Managament Inc., Series A, AMT,
3.5%, Mandatory Put 3/1/2023 @ 100, 5/1/2046
 
  650,000
    650,065
New Hope, TX, Cultural Education Facilities Finance Corporation, Retirement Facility
Revenue, Outlook at Windhaven Project, Series B3, 4.25%, 10/1/2026
 
2,000,000
  2,000,352
North Texas, Tollway Authority Revenue, Series B, 5.0%, 1/1/2025
 
3,000,000
  3,149,984
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023
 
1,040,000
  1,040,000
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%,
12/15/2029, GTY: Macquarie Group Ltd.
 
  500,000
    531,697
Texas, State Water Implementation Revenue, 5.0%, 10/15/2024
 
  500,000
    522,821
 
 
 
19,033,775
Virginia 2.2%
 
Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution,
5.0%, 11/1/2023
 
1,250,000
  1,268,386
Louisa, VA, Industrial Development Authority, Pollution Control Revenue, Virginia
Electric And Power Company Project, Series C, 1.65%, Mandatory Put 5/31/2024 @
100, 11/1/2035
 
  950,000
    923,465
Peninsula, VA, Ports Authority, Coal Terminal Revenue, Dominion Terminal Associates
Project, Series 2003, 3.8%, Mandatory Put 10/1/2024 @ 100, 10/1/2033
 
  750,000
    756,797
Virginia, Small Business Financing Authority Revenue, Elizabeth River Crossings
OpCo., LLC Project, AMT, 4.0%, 7/1/2029
 
1,000,000
  1,023,400
 
 
 
3,972,048
Washington 2.8%
 
King County, WA, Industrial Development Authority, Health Care Facilities Revenue,
Cypress Cove At Healthpark Florida, Inc., Series A, MUNIPSA + 0.23%, 1.89% (a),
Mandatory Put 1/1/2027 @ 100, 1/1/2040
 
1,155,000
1,125,416
Seattle, WA, Municipal Light & Power Revenue:
 
 
 
Series B, MUNIPSA + 0.25%, 1.91% (a), Mandatory Put 11/1/2026 @ 100, 5/1/2045
 
355,000
348,314
Series C-1, MUNIPSA + 0.49%, 2.15% (a), Mandatory Put 11/1/2023 @ 100,
11/1/2046
 
2,000,000
2,000,536
Washington, Central Puget Sound Regional Transit Authority Sales & Use Taxes
Revenue, Motor Vehicle Excise Tax Improvement, Green Bond, Series 2A, MUNIPSA
+ 0.2%, 1.86% (a), Mandatory Put 11/1/2026 @ 100, 11/1/2045
 
1,615,000
1,572,529
 
 
 
5,046,795
West Virginia 0.5%
 
West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities
Revenue, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025
@ 100, 7/1/2045
 
1,000,000
987,884
Wisconsin 3.2%
 
Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora
Health Credit Group:
 
 
 
Series C-4, MUNIPSA + 0.65%, 2.31% (a), Mandatory Put 7/31/2024 @ 100,
8/15/2054
 
1,000,000
1,000,330
Series B-2, 5.0%, Mandatory Put 6/24/2026 @ 100, 8/15/2054
 
1,000,000
1,077,632
Series C-3, 5.0%, Mandatory Put 6/24/2026 @ 100, 8/15/2054
 
1,000,000
1,077,341
Wisconsin, State Housing & Economic Development Authority, Series B, 4.0%,
Mandatory Put 11/1/2025 @ 100, 11/1/2053
 
2,000,000
2,021,950
Wisconsin, State Housing & Economic Development Authority, Home Ownership
Revenue, Series A, AMT, 3.5%, 3/1/2046
 
710,000
706,236
 
 
 
5,883,489
Other 0.1%
 
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A”,
Series M-024, AMT, 2.304%, 5/15/2027
 
115,000
107,953
Total Municipal Investments (Cost $185,581,534)
182,545,576
 
 
 
Shares
Value ($)
 
Open-End Investment Companies 0.0%
 
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 1.5% (d)
(Cost $17,795)
 
   17,550
     18,505
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $185,599,329)
99.7
182,564,081
Other Assets and Liabilities, Net
0.3
564,936
Net Assets
100.0
183,129,017
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. 
(a)
Variable or floating rate security. These securities are shown at their current rate as of January 31, 2023. For securities based on
a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,
prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent
rate, where applicable.
(b)
Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically
(usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed
spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown
at their current rates as of January 31, 2023. Date shown reflects the earlier of demand date or stated maturity date.
(c)
When-issued security.
(d)
Current yield; not a coupon rate.
 
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
BAM: Build America Mutual
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
MUNIPSA: SIFMA Municipal Swap Index Yield
SIFMA: Securities Industry and Financial Markets Association
SPA: Standby Bond Purchase Agreement
Fair Value Measurements
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of January 31, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$182,545,576
$—
$182,545,576
Open-End Investment Companies
18,505
—
—
18,505
Total
$18,505
$182,545,576
$—
$182,564,081
 
(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
DSTMBF-PH1
R-080548-2 (1/25)