NPORT-EX 2 NPORT_72BC_23344728_0223.htm EDGAR HTML
Investment Portfolioas of February 28, 2023 (Unaudited)
DWS Strategic High Yield Tax-Free Fund  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 97.9%
 
Alabama 1.0%
 
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
  5,099,693
Arizona 2.6%
 
Arizona, State Health Facilities Authority Revenue, Banner Health, Series B, MUNIPSA
+ 0.25%, 3.67% (a), 1/1/2046
 
   210,000
    205,189
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey
Preparatory Academy Project, 144A, 5.0%, 7/1/2049
 
 2,760,000
  2,501,486
Arizona, State Industrial Development Authority, Education Revenue, BASIS School
Projects:
 
          
           
Series G, 144A, 5.0%, 7/1/2047
 
 1,000,000
    909,623
Series D, 144A, 5.0%, 7/1/2051
 
 1,035,000
    927,010
Series G, 144A, 5.0%, 7/1/2051
 
   550,000
    492,614
Series A, 144A, 5.25%, 7/1/2047
 
 1,000,000
    943,189
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin
Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052
 
 1,000,000
  1,025,524
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%,
7/1/2045
 
2,000,000
1,829,549
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown
Phoenix Student Housing LLC, Series A, 5.0%, 7/1/2037
 
2,000,000
2,012,877
Pima County, AZ, Industrial Development Authority, Education Revenue, American
Leadership Academy Project:
 
 
 
Series 2022, 144A, 4.0%, 6/15/2057
 
2,060,000
1,450,015
144A, 5.0%, 6/15/2049
 
1,030,000
928,411
144A, 5.0%, 6/15/2052
 
710,000
633,099
 
 
 
13,858,586
California 4.3%
 
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue,
Series B-1, 3.85%, 6/1/2050
 
3,000,000
2,671,676
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%,
10/1/2042
 
1,145,000
1,136,619
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global
Markets
 
5,750,000
7,137,431
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group,
Series C, 1.55% (b), 3/1/2023, LOC: Barclays Bank PLC
 
1,550,000
1,550,000
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
2,033,955
4.0%, 9/1/2046
 
3,825,000
3,089,003
California, State Public Finance Authority Revenue, ENSO Village Project:
 
 
 
Series A, 144A, 5.0%, 11/15/2046
 
270,000
231,800
Series A, 144A, 5.0%, 11/15/2051
 
135,000
113,546
California, Statewide Communities Development Authority, Multi-Family Housing
Revenue, Foxwood Apartments Project, Series J, 2.35% (b), 3/2/2023, LOC: Wells
Fargo Bank NA
 
300,000
300,000
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A,
5.25%, 11/15/2023, GTY: Merrill Lynch & Co.
 
620,000
624,138
Long Beach, CA, Carnival Cruise Terminal Financing, 144A, 7.282%, 11/1/2030,
GTY: Carnival Corp.
 
 1,450,000
  1,325,204
Riverside County, CA, General Obligation, Series 2021 B-2, 3.0%, 6/1/2048
 
 3,105,000
  2,304,198
 
 
 
22,517,570
Colorado 4.9%
 
Colorado, Aurora Highlands Community Authority Board, Special Tax Revenue,
Series A, 5.75%, 12/1/2051
 
 5,000,000
  4,456,877
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%,
12/1/2050
 
 2,500,000
  2,104,655
Colorado, Broadway Park North Metropolitan District No. 2:
 
          
           
144A, 5.0%, 12/1/2040
 
 1,100,000
  1,039,242
144A, 5.0%, 12/1/2049
 
 1,275,000
  1,158,957
Colorado, Broadway Station Metropolitan District No. 3, Series B, Step-up Coupon, 0%
to 12/1/2027, 7.5% to 12/1/2049
 
 2,000,000
  1,249,724
Colorado, General Obligation, Series A, 144A, 5.0%, 12/1/2051
 
 1,150,000
    983,566
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050
 
 2,167,000
  1,948,441
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%,
11/15/2028, GTY: Merrill Lynch & Co.
 
 6,365,000
  6,844,154
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049
 
 1,000,000
    893,112
Denver, CO, Convention Center Hotel Authority Revenue:
 
 
 
5.0%, 12/1/2033
 
500,000
510,086
5.0%, 12/1/2034
 
1,000,000
1,014,916
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban
Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039
 
1,745,000
1,756,638
Douglas County, CO, Rampart Range Metropolitan District No. 5:
 
 
 
4.0%, 12/1/2041
 
560,000
429,784
Series 2021, 4.0%, 12/1/2051
 
1,590,000
1,099,002
 
 
 
25,489,154
Connecticut 0.1%
 
Connecticut, Steel Point Infrastructure Improvement District Special Obligation
Revenue, Steelpointe Harbor Project:
 
 
 
144A, 4.0%, 4/1/2041
 
190,000
153,468
144A, 4.0%, 4/1/2051
 
705,000
523,846
 
 
 
677,314
District of Columbia 0.8%
 
District of Columbia, Latin American Montessori Bilingual Public Charter School,
5.0%, 6/1/2050
 
3,370,000
3,058,284
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050
 
1,240,000
1,180,322
 
 
 
4,238,606
Florida 10.4%
 
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town
& Country Utilities Project, Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock
Ranch IRR LLC
 
750,000
561,718
Collier County, FL, Industrial Development Authority, Continuing Care Community
Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (c)
 
2,310,000
1,339,800
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:
 
 
 
Series A-1, 5.0%, 10/1/2032
 
230,000
230,566
Series A-1, 5.0%, 10/1/2033
 
230,000
229,990
Series A-1, 5.0%, 10/1/2034
 
230,000
227,997
Series A-1, 5.0%, 10/1/2035
 
115,000
112,372
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects
Loan Program, Series A-2, 4.0%, 10/1/2024
 
2,245,000
2,152,068
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational
Foundation Project, Series A, 144A, 5.375%, 6/15/2048
 
1,840,000
1,677,798
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio
Project, Series A-1, 144A, 5.0%, 7/1/2056
 
 1,190,000
  1,058,470
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects, Series A, 5.0%, 6/15/2050
 
 2,065,000
  1,907,081
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion
Project, Series A, 144A, AMT, 7.25% (a), 7/1/2057
 
 1,000,000
  1,003,197
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science
Academy Project:
 
          
           
Series A-1, 5.0%, 7/1/2042
 
    75,000
     75,112
Series B, 5.0%, 7/1/2042
 
    80,000
     80,119
Series A-1, 5.0%, 7/1/2051
 
    70,000
     68,125
Series B, 5.0%, 7/1/2051
 
   115,000
    111,920
Series A-1, 5.0%, 2/1/2057
 
   100,000
     95,768
Series B, 5.0%, 7/1/2057
 
   120,000
    114,896
Florida, Development Finance Corp., Surface Transportation Facilities Revenue,
Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049
 
 4,250,000
  3,848,587
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin
Trains USA Passenger Rail Project, Series A, 144A, AMT, 6.5% (a), 1/1/2049
 
 1,905,000
  1,751,221
Florida, State Development Finance Corp., Learning Gate Community School Project:
 
          
           
Series A, 5.0%, 2/15/2038
 
   500,000
    503,242
Series A, 5.0%, 2/15/2048
 
1,150,000
1,151,609
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at
Jensen Dunes Project:
 
 
 
Series A, 144A, 5.0%, 11/15/2056
 
1,000,000
719,613
Series A, 144A, 5.25%, 11/15/2056
 
9,000,000
6,759,266
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida
Institute of Technology:
 
 
 
Series A, 4.0%, 10/1/2044
 
1,395,000
1,188,929
4.0%, 10/1/2049
 
1,905,000
1,574,872
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville
University Project, Series A-1, 144A, 4.75%, 6/1/2038
 
1,750,000
1,570,449
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035
 
1,030,000
1,051,517
Florida, Village Community Development District No. 12, Special Assessment Revenue:
 
 
 
144A, 4.25%, 5/1/2043
 
2,310,000
2,059,162
144A, 4.375%, 5/1/2050
 
1,935,000
1,666,275
Florida, Village Community Development District No. 13, Special Assessment Revenue,
Series 2021, 3.25%, 5/1/2052
 
1,705,000
1,141,489
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053
 
2,665,000
2,614,768
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT,
4.0%, 10/1/2052
 
2,000,000
1,796,880
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project,
Series B, 144A, 5.0%, 6/1/2053
 
3,250,000
2,719,877
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School
Project:
 
 
 
Series A, 144A, 5.0%, 1/15/2049
 
825,000
741,142
Series A, 144A, 5.0%, 1/15/2054
 
850,000
749,460
Miami-Dade County, FL, Seaport Revenue:
 
 
 
Series B-1, AMT, 4.0%, 10/1/2046
 
2,570,000
2,315,426
Series A, AMT, 5.0%, 10/1/2040
 
1,500,000
1,569,048
Osceola County, FL, Transportation Revenue:
 
 
 
Series A-2, Zero Coupon, 10/1/2049
 
3,400,000
730,487
Series A-2, Zero Coupon, 10/1/2051
 
4,775,000
908,746
Series A-2, Zero Coupon, 10/1/2054
 
4,570,000
724,032
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:
 
 
 
Series A, 5.25%, 11/15/2039
 
445,000
377,901
Series A, 5.5%, 11/15/2049
 
3,635,000
2,990,993
 
 
 
54,271,988
Georgia 2.3%
 
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group,
Series A, Prerefunded, 6.375%, 5/15/2043
 
 4,000,000
  4,025,006
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier,
Series A, 4.0%, 1/1/2054
 
 1,420,000
  1,126,774
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second
Tier, Series B, 144A, 5.0%, 1/1/2054
 
 3,365,000
  2,641,302
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series B, 5.0% (a),
7/1/2053, GTY: Royal Bank of Canada
 
 4,110,000
  4,346,147
 
 
 
12,139,229
Idaho 0.0%
 
Idaho, State Health Facilities Authority Revenue, St. Luke's Health System, Series C,
2.62% (b), 3/1/2023, LOC: U.S. Bank NA
 
   100,000
    100,000
Illinois 7.5%
 
Chicago, IL, Board of Education:
 
          
           
Series B, 4.0%, 12/1/2035
 
 2,500,000
  2,271,038
Series A, 5.0%, 12/1/2033
 
   740,000
    758,188
Series H, 5.0%, 12/1/2046
 
 1,690,000
  1,621,757
Chicago, IL, General Obligation:
 
          
           
Series B, 4.0%, 1/1/2036
 
950,000
873,253
Series A, 5.5%, 1/1/2049
 
2,425,000
2,484,094
Series A, 6.0%, 1/1/2038
 
2,180,000
2,288,252
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%,
7/1/2048
 
1,185,000
1,173,628
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien:
 
 
 
Series A, 4.0%, 12/1/2049
 
5,000,000
4,375,923
Series A, 4.0%, 12/1/2050
 
1,400,000
1,218,963
Illinois, Housing Development Authority Revenue:
 
 
 
Series B, 3.0%, 4/1/2051
 
3,635,000
3,496,894
Series 2022-E, 5.25%, 10/1/2052
 
3,995,000
4,192,938
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place
Expansion Project, Series A, Zero Coupon, 12/15/2052, INS: AGMC
 
7,000,000
1,560,023
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%,
2/15/2045* (c)
 
7,935,000
3,570,750
Illinois, State General Obligation:
 
 
 
5.0%, 11/1/2034
 
1,500,000
1,539,579
5.0%, 1/1/2035
 
300,000
306,131
Series A, 5.0%, 12/1/2042
 
3,610,000
3,654,563
Series A, 5.0%, 3/1/2046
 
535,000
540,620
5.5%, 5/1/2039
 
1,535,000
1,631,838
5.75%, 5/1/2045
 
1,470,000
1,558,959
 
 
 
39,117,391
Indiana 1.7%
 
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek
Community Academy Inc., Project:
 
 
 
Series A, 144A, 5.875%, 7/1/2038
 
1,340,000
1,341,388
Series A, 144A, 6.125%, 7/1/2048
 
3,660,000
3,654,946
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System,
Series A, 5.0%, 8/15/2051
 
3,000,000
3,020,041
Indiana, State Housing & Community Development Authority, Single Family Mortgage
Revenue, Series C-1, 5.0%, 7/1/2053
 
720,000
748,368
 
 
 
8,764,743
Iowa 1.6%
 
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des
Moines University Project, 4.0%, 10/1/2045
 
 5,210,000
  4,575,075
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%,
12/1/2039
 
   455,000
    423,755
Iowa, Tobacco Settlement Authority Revenue:
 
          
           
Series B-2, Zero Coupon, 6/1/2065
 
12,555,000
  1,354,764
Series B-1, 4.0%, 6/1/2049
 
 1,800,000
  1,762,343
 
 
 
8,115,937
Kansas 0.2%
 
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn
Project, 4.5%, 6/1/2040
 
 1,325,000
  1,203,246
Kentucky 0.2%
 
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc.,
Obligated Group, Series A, 5.0%, 6/1/2045
 
 1,275,000
  1,277,910
Louisiana 0.0%
 
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project,
Prerefunded, 5.0%, 5/15/2047
 
    10,000
     10,565
Maryland 0.7%
 
Maryland, State Health & Higher Educational Facilities Authority Revenue, Greater
Baltimore Medical Center, Series A, 3.0%, 7/1/2046
 
5,040,000
3,727,514
Massachusetts 0.4%
 
Massachusetts, Educational Financing Authority, Issue M, Series B, AMT, 2.0%,
7/1/2037
 
1,150,000
957,329
Massachusetts, State Development Finance Agency Revenue, Springfield College:
 
 
 
Series B, 4.0%, 6/1/2050
 
1,005,000
815,642
Series A, 4.0%, 6/1/2056
 
450,000
352,063
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035
 
90,000
89,673
 
 
 
2,214,707
Michigan 1.6%
 
Kentwood, MI, Economic Development Corp., Holland Home Obligated Group,
Series 2022, 4.0%, 11/15/2043
 
1,830,000
1,465,992
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering
University Project:
 
 
 
4.0%, 9/1/2045
 
1,775,000
1,575,021
4.0%, 9/1/2050
 
1,660,000
1,435,632
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department,
Series C, 5.0%, 7/1/2035
 
910,000
928,789
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue:
 
 
 
“1", Series A, 4.0%, 6/1/2049
 
1,000,000
851,274
Series A-2, 5.0%, 6/1/2040
 
1,770,000
1,815,580
Michigan, State University Revenue, Series 2000-A, 3.49% (b), 3/1/2023,
SPA: Northern Trust Company
 
100,000
100,000
 
 
 
8,172,288
Minnesota 1.9%
 
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue,
Essentia Health Obligated Group:
 
 
 
Series A, 5.0%, 2/15/2048
 
1,000,000
1,015,425
Series A, 5.0%, 2/15/2053
 
2,815,000
2,844,576
Minnesota, State Housing Finance Agency, Series I, 5.0%, 7/1/2053
 
 4,000,000
  4,166,201
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038
 
 2,100,000
  1,718,354
 
 
 
9,744,556
Missouri 2.4%
 
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue,
Convention Center Hotel Project, Series A, 144A, 6.25%, 4/15/2049
 
 3,750,000
  3,051,285
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research,
Lutheran Senior Services:
 
          
           
4.0%, 2/1/2042
 
 1,450,000
  1,168,306
Series A, 5.0%, 2/1/2046
 
   665,000
    612,207
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University,
Series B-1, 2.5% (b), 3/1/2023, LOC: Barclays Bank PLC
 
 6,000,000
  6,000,000
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village
Development Project, Series A, 4.75%, 11/15/2047
 
 2,275,000
  1,689,363
 
 
 
12,521,161
Nevada 1.0%
 
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue:
 
          
           
5.0%, 7/1/2040
 
 1,000,000
    987,908
5.0%, 7/1/2045
 
1,000,000
977,854
5.0%, 7/1/2051
 
1,000,000
960,313
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero
Coupon, 7/1/2058
 
18,000,000
2,233,501
 
 
 
5,159,576
New Hampshire 0.1%
 
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside
Village:
 
 
 
Series A, 144A, 6.125%, 7/1/2037* (c)
 
751,308
165,288
Series A, 144A, 6.25%, 7/1/2042* (c)
 
909,917
200,182
 
 
 
365,470
New Jersey 3.4%
 
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%,
6/1/2031
 
415,000
448,296
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban
Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039
 
3,795,000
2,832,714
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban
Renewal LLC Project, 144A, 5.0%, 1/1/2040
 
1,625,000
1,207,342
New Jersey, State Economic Development Authority, Special Facilities Revenue,
Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030
 
2,500,000
2,516,711
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038
 
4,000,000
4,155,919
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
 
 
 
Series B, AMT, 2.5%, 12/1/2040
 
1,035,000
855,353
Series B, AMT, 3.25%, 12/1/2039
 
1,190,000
1,120,510
Series B, AMT, 3.5%, 12/1/2039
 
1,440,000
1,375,741
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing
Revenue, Series I, 5.0%, 10/1/2053
 
1,200,000
1,247,356
New Jersey, Transportation Trust Fund Authority, Series BB, 4.0%, 6/15/2040
 
2,025,000
1,940,504
 
 
 
17,700,446
New Mexico 0.4%
 
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044
 
2,460,000
2,079,950
New York 11.1%
 
Buffalo & Erie County, NY, Industrial Land Development Corp., D'Youville College
Project:
 
          
           
Series A, 4.0%, 11/1/2040
 
 1,200,000
  1,114,153
Series A, 4.0%, 11/1/2050
 
 2,500,000
  2,214,076
Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A,
5.0%, 7/1/2051
 
   380,000
    355,954
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community
Project, 5.0%, 1/1/2050
 
 3,750,000
  2,968,314
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center
Project, Series A, 4.0%, 7/15/2035, INS: AGMC
 
   455,000
    458,367
New York, Metropolitan Transportation Authority, Series A-1, 2.45% (b), 3/1/2023,
LOC: TD Bank NA
 
   100,000
    100,000
New York, Metropolitan Transportation Authority Revenue:
 
          
           
Series 2012-G1, 2.6% (b), 3/1/2023, LOC: Barclays Bank PLC
 
 3,150,000
  3,150,000
Series E-1, 2.6% (b), 3/1/2023, LOC: Barclays Bank PLC
 
16,400,000
 16,400,000
Series C-1, 5.0%, 11/15/2050
 
 1,320,000
  1,328,630
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D-2,
4.0%, 11/15/2048
 
 3,500,000
  3,008,688
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New
School:
 
          
           
Series A, 4.0%, 7/1/2047
 
500,000
434,587
Series A, 4.0%, 7/1/2052
 
590,000
500,720
New York, State Transportation Development Corp., Special Facilities Revenue, John F.
Kennedy International Airport Project:
 
 
 
AMT, 3.0%, 8/1/2031, GTY: American Airlines Group, Inc.
 
500,000
446,310
AMT, 4.0%, 12/1/2042
 
1,200,000
1,051,953
AMT, 5.375%, 8/1/2036
 
900,000
909,441
New York, TSASC, Inc.:
 
 
 
Series A, 5.0%, 6/1/2041
 
595,000
605,884
Series B, 5.0%, 6/1/2048
 
2,800,000
2,560,047
New York City, NY, General Obligation, Series I-4, 2.45% (b), 3/1/2023, LOC: TD Bank
NA
 
6,750,000
6,750,000
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue:
 
 
 
Series E-1, 2.8%, 11/1/2034
 
5,000,000
4,448,914
Series E-1, 3.0%, 11/1/2039
 
3,000,000
2,475,099
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Second General Resolution, Series DD, 3.6% (b), 3/1/2023
 
1,300,000
1,300,000
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060
 
35,000,000
1,818,145
New York, NY, General Obligation:
 
 
 
Series B-3, 3.6% (b), 3/1/2023
 
300,000
300,000
Series 3, 3.62% (b), 3/1/2023
 
1,435,000
1,435,000
Series 2, 3.7% (b), 3/1/2023
 
400,000
400,000
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen
Arden Project, 5.7%, 1/1/2028 (c)
 
2,125,000
1,653,675
 
 
 
58,187,957
North Carolina 0.6%
 
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated
Group, Series E, 2.58% (b), 3/1/2023, LOC: Royal Bank of Canada
 
1,860,000
1,860,000
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050
 
1,465,000
1,456,660
 
 
 
3,316,660
Ohio 3.2%
 
Buckeye, OH, Tobacco Settlement Financing Authority, “2”, Series B-2, 5.0%, 6/1/2055
 
4,990,000
4,538,104
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
 
 
 
5.0%, 1/1/2051
 
1,270,000
1,114,574
Series A, 5.0%, 1/1/2052
 
1,000,000
873,419
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%,
11/15/2046
 
 1,575,000
  1,590,485
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt
Paper LLC Project:
 
          
           
144A, AMT, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.
 
   725,000
    697,099
144A, AMT, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.
 
 3,115,000
  2,907,147
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048
 
 6,000,000
  5,269,252
 
 
 
16,990,080
Oklahoma 1.0%
 
Oklahoma, State Development Finance Authority, Health System Revenue, OU
Medicine Project:
 
          
           
Series B, 5.25%, 8/15/2048
 
 2,935,000
  2,567,659
Series A, 5.5%, 8/15/2041
 
 1,360,000
  1,290,905
Series A, 5.5%, 8/15/2044
 
 1,445,000
  1,358,300
 
 
 
5,216,864
Pennsylvania 2.1%
 
Chester County, PA, Industrial Development Authority, Special Obligation Revenue,
Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%,
3/1/2048
 
   422,000
    387,982
Lancaster County, PA, Hospital Authority, Brethren Village Project:
 
 
 
5.125%, 7/1/2037
 
900,000
838,030
5.25%, 7/1/2041
 
900,000
833,963
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A,
AMT, 2.45%, 6/1/2041
 
4,240,000
3,478,965
Pennsylvania, State Economic Development Financing Authority, The Penndot Major
Bridges, AMT, 5.75%, 6/30/2048
 
2,000,000
2,131,672
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue,
Series 132A, 3.5%, 4/1/2051
 
1,180,000
1,162,446
Pennsylvania, State Turnpike Commission Revenue:
 
 
 
Series A, 4.0%, 12/1/2044
 
660,000
618,416
Series A, 4.0%, 12/1/2046
 
440,000
406,814
Series A-1, 5.0%, 12/1/2041
 
20,000
20,474
Philadelphia, PA, Authority For Industrial Development, Charter School Revenue,
Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%,
6/1/2056
 
1,240,000
884,461
 
 
 
10,763,223
South Carolina 0.8%
 
South Carolina, State Public Service Authority Revenue:
 
 
 
Series B, 4.0%, 12/1/2047
 
1,820,000
1,617,707
Series A, 4.0%, 12/1/2052
 
3,160,000
2,746,751
 
 
 
4,364,458
South Dakota 0.3%
 
Lincon County, SD, Economic Development Revenue, Augustana College Association
Project:
 
 
 
Series A, 4.0%, 8/1/2051
 
900,000
708,037
Series A, 4.0%, 8/1/2056
 
625,000
475,464
Series A, 4.0%, 8/1/2061
 
810,000
597,383
 
 
 
1,780,884
Tennessee 1.1%
 
Metropolitan Nashville, TN, Airport Authority Revenue:
 
 
 
Series B, AMT, 4.0%, 7/1/2049
 
1,000,000
893,229
Series B, AMT, 4.0%, 7/1/2054
 
500,000
436,312
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax
Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036
 
   900,000
    909,201
Nashville & Davidson County, TN, Metropolitan Government Health & Education
Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055
 
 4,000,000
  2,959,446
Tennessee, New Memphis Arena Public Building Authority, City of Memphis Project,
Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2031
 
   750,000
    657,944
 
 
 
5,856,132
Texas 8.2%
 
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:
 
          
           
Zero Coupon, 1/1/2030
 
 5,000,000
  3,895,982
Zero Coupon, 1/1/2032
 
 3,500,000
  2,522,582
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%,
8/15/2048
 
 4,485,000
  4,510,607
Greater Texas, Cultural Education Facilities Finance Corp. Lease Revenue, Epicenter
Multipurpose Facilities Project, Series A, 4.0%, 3/1/2050
 
 2,165,000
  1,924,726
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP
Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC
 
 4,000,000
  3,982,169
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian
University Project, Series A, 4.0%, 4/1/2057
 
 6,000,000
  5,101,940
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark
University Project:
 
          
           
Series A, 5.0%, 10/1/2041
 
   350,000
    302,636
Series A, 5.0%, 10/1/2051
 
520,000
422,697
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Methodist Hospitals of Dallas Project, Series A, 2.5% (b), 3/1/2023, LOC: TD Bank
NA
 
700,000
700,000
Temple, TX, Tax Increment, Reinvestment Zone No. 1:
 
 
 
Series A, 4.0%, 8/1/2039, INS: BAM
 
170,000
167,104
Series A, 4.0%, 8/1/2041, INS: BAM
 
235,000
222,041
Series A, 5.0%, 8/1/2038
 
2,830,000
2,851,576
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue,
Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050
 
3,550,000
3,202,579
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue,
Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053* (c)
 
6,605,000
5,944,500
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
354,680
Series A, 4.0%, 12/31/2038
 
380,000
354,113
Series A, 4.0%, 6/30/2039
 
290,000
268,155
Series A, 4.0%, 12/31/2039
 
335,000
309,251
Series A, 4.0%, 6/30/2040
 
275,000
251,260
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.
 
3,020,000
3,152,341
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
2,246,032
 
 
 
42,686,971
Utah 1.8%
 
Utah, Infrastructure Agency Telecommunication Revenue:
 
 
 
Series A, 4.0%, 10/15/2041
 
600,000
484,029
Series 2019, 4.0%, 10/15/2042
 
2,350,000
1,881,941
Utah, State Charter School Finance Authority, St. George Campus Project, Series A,
144A, 5.0%, 6/15/2052
 
1,130,000
980,479
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation
Project, 144A, 5.375%, 6/15/2048
 
6,490,000
6,020,558
 
 
 
9,367,007
Virginia 3.0%
 
Prince William County, VA, Industrial Development Authority, Residential Care
Facilities, Westminster at Lake Ridge:
 
          
           
5.0%, 1/1/2037
 
 1,000,000
    879,384
5.0%, 1/1/2046
 
 1,530,000
  1,244,720
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue,
Richfield Living:
 
          
           
Series 2020, 5.0%, 9/1/2050*
 
 1,740,000
  1,105,717
Series A, 5.375%, 9/1/2054*
 
 1,500,000
    975,019
Virginia, Marquis Community Development Authority Revenue:
 
          
           
Series C, Zero Coupon, 9/1/2041
 
 7,906,000
    384,463
Series B, 5.625%, 9/1/2041 (c) (d)
 
 5,332,000
  2,314,465
144A, 7.5%, 9/1/2045 (c) (d)
 
 1,640,000
    714,013
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special
Obligation:
 
          
           
144A, 5.0%, 9/1/2037
 
 1,400,000
  1,310,734
144A, 5.0%, 9/1/2045
 
 4,650,000
  4,095,600
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project,
AMT, 4.0%, 1/1/2048
 
1,205,000
1,009,430
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
 
1,500,000
1,389,341
Virginia, Small Business Financing Authority, I-495 Hot Lanes Project, AMT, 5.0%,
12/31/2057
 
500,000
500,781
 
 
 
15,923,667
Washington 2.8%
 
Washington, State Convention Center Public Facilities District:
 
 
 
Series B, 3.0%, 7/1/2043
 
4,710,000
3,167,035
Series B, 3.0%, 7/1/2048
 
4,120,000
2,540,778
Series B, 3.0%, 7/1/2058
 
2,080,000
1,166,978
Washington, State Higher Educational Facilities Authority, Seattle University Project,
4.0%, 5/1/2050
 
1,020,000
917,055
Washington, State Housing Finance Commission, Non-Profit Housing Revenue,
Rockwood Retirement Communities Project, Series A, 144A, Prerefunded, 7.375%,
1/1/2044
 
4,000,000
4,127,290
Washington, State Housing Finance Commission, The Hearthstone Project:
 
 
 
Series A, 144A, 5.0%, 7/1/2038
 
775,000
633,139
Series A, 144A, 5.0%, 7/1/2048
 
1,735,000
1,281,847
Series A, 144A, 5.0%, 7/1/2053
 
1,125,000
808,614
 
 
 
14,642,736
Wisconsin 5.7%
 
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
 
 
 
Series A-1, 5.0%, 7/1/2043
 
4,150,000
3,912,140
Series B, 5.0%, 7/1/2048
 
1,910,000
1,385,258
Series B, 5.0%, 7/1/2053
 
2,125,000
1,490,466
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of
Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045
 
6,000,000
4,609,615
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter
School Ltd.:
 
 
 
5.0%, 7/1/2047
 
2,000,000
1,945,691
5.0%, 7/1/2052
 
910,000
872,925
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership
Academy, Series A, 144A, 5.0%, 6/15/2049
 
520,000
460,995
Wisconsin, Public Finance Authority, Green Bond, Fargo Moorhead, AMT, 4.0%,
3/31/2056
 
3,205,000
2,484,523
Wisconsin, Public Finance Authority, Hospital Revenue, Carson Valley Medical Center,
Series A, 4.0%, 12/1/2051
 
1,290,000
972,376
Wisconsin, Public Finance Authority, Pollution Control Revenue, Duke Energy Progress
Project, Series A, 3.7% (a), 10/1/2046
 
 2,700,000
  2,717,720
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project:
 
          
           
144A, 4.0%, 4/1/2042
 
   255,000
    205,473
144A, 4.0%, 4/1/2052
 
   455,000
    334,465
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage
Revenue, Cedars Obligated Group:
 
          
           
144A, 5.5%, 5/1/2039
 
   635,000
    544,709
144A, 5.75%, 5/1/2054
 
 3,570,000
  2,937,497
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand
Hyatt San Antonio Hotel, Series B, 144A, 6.0%, 2/1/2062
 
 5,000,000
  4,978,157
 
 
 
29,852,010
Guam 0.7%
 
Guam, Antonio B. Won Pat International Airport Authority:
 
          
           
Series C, AMT, 6.25%, 10/1/2034
 
   300,000
    304,578
Series C, AMT, Prerefunded, 6.25%, 10/1/2034
 
   200,000
    203,052
Guam, Government Waterworks Authority, Water & Wastewater System Revenue:
 
          
           
5.0%, 1/1/2046
 
1,050,000
1,056,844
Series A, 5.0%, 1/1/2050
 
655,000
657,486
Guam, International Airport Authority Revenue:
 
 
 
Series C, AMT, 6.375%, 10/1/2043
 
775,000
787,378
Series C, AMT, Prerefunded, 6.375%, 10/1/2043
 
835,000
848,336
 
 
 
3,857,674
Puerto Rico 4.9%
 
Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 4.0%,
7/1/2042
 
5,000,000
4,290,030
Puerto Rico, General Obligation:
 
 
 
Series A, Zero Coupon, 7/1/2024
 
85,592
80,336
Series A, Zero Coupon, 7/1/2033
 
3,602,431
2,052,564
Series A1, 4.0%, 7/1/2033
 
1,255,987
1,125,447
Series A1, 4.0%, 7/1/2035
 
230,098
201,543
Series A1, 4.0%, 7/1/2037
 
1,507,160
1,288,944
Series A1, 4.0%, 7/1/2041
 
1,098,773
907,659
Series A1, 5.25%, 7/1/2023
 
142,945
143,360
Series A1, 5.375%, 7/1/2025
 
285,097
289,467
Series A1, 5.625%, 7/1/2027
 
282,516
291,846
Series A1, 5.625%, 7/1/2029
 
277,932
289,994
Series A1, 5.75%, 7/1/2031
 
269,953
284,153
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
 
 
 
Series A-1, Zero Coupon, 7/1/2046
 
12,255,000
3,140,712
Series A-1, 4.75%, 7/1/2053
 
6,800,000
6,095,398
Series A-1, 5.0%, 7/1/2058
 
2,000,000
1,855,600
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Revenue, Series A, Zero
Coupon, 5/15/2057
 
50,000,000
3,307,620
 
 
 
25,644,673
Other 1.1%
 
Freddie Mac Multi-Family ML Certificates, “A-CA”, Series 2021-ML10, 2.046%,
6/25/2038
 
3,372,814
2,527,517
Nuveen AMT-Free Municipal Credit Income Fund, Series C, 3.87% (b), 3/1/2023
 
3,350,000
3,350,000
 
 
 
5,877,517
Total Municipal Investments (Cost $570,321,785)
512,896,113
 
Corporate Bonds 0.4%
 
Consumer Discretionary
 
Grand Canyon University, 5.125%, 10/1/2028 (Cost $2,165,000)
 
 2,165,000
  1,980,975
 
Government & Agency Obligations 0.3%
 
U.S. Treasury Obligations
 
U.S. Treasury Bills:
 
          
           
1.933% (e), 4/20/2023 (f)
 
   500,000
    496,813
2.564% (e), 4/20/2023 (f)
 
   500,000
    496,814
3.538% (e), 4/20/2023 (f)
 
   500,000
    496,813
Total Government & Agency Obligations (Cost $1,494,420)
1,490,440
 
 
 
Shares
Value ($)
 
Closed-End Investment Companies 0.4%
 
Nuveen Quality Municipal Income Fund (Cost $2,515,604)
 
   172,000
  1,936,720
 
Open-End Investment Companies 0.0%
 
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.71% (g)
(Cost $220,039)
 
   219,584
    219,562
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $576,716,848)
99.0
518,523,810
Other Assets and Liabilities, Net
1.0
5,194,668
Net Assets
100.0
523,718,478
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 or floating rate security. These securities are shown at their current rate as of February 28, 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 February 28, 2023. Date shown reflects the earlier of demand date or stated maturity date.
(c)
Defaulted security or security for which income has been deemed uncollectible.
(d)
Security currently paying partial interest. The rate shown represents 50% of the original coupon rate.
(e)
Annualized yield at time of purchase; not a coupon rate.
(f)
At February 28, 2023, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures
contracts.
(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.
BAM: Build America Mutual
CBOT: Chicago Board of Trade
GTY: Guaranty Agreement
INS: Insured
LOC: Letter of Credit
MUNIPSA: SIFMA Municipal Swap Index Yield
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used
to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
SIFMA: Securities Industry and Financial Markets Association
SPA: Standby Bond Purchase Agreement
At February 28, 2023, open futures contracts sold were as follows: 
Futures
Currency
Expiration
Date
Contracts
Notional
Amount ($)
Notional
Value ($)
Unrealized
Appreciation ($)
CBOT U.S. Long
Bond
USD
6/21/2023
200
25,221,726
25,043,750
177,976
Currency Abbreviation(s)
 
USD
United States Dollar
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, 2023 in valuing the Fund’s investments. 
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$512,896,113
$—
$512,896,113
Corporate Bonds
—
1,980,975
—
1,980,975
Government & Agency Obligations
—
1,490,440
—
1,490,440
Closed-End Investment Companies
1,936,720
—
—
1,936,720
Open-End Investment Companies
219,562
—
—
219,562
Derivatives (b)
 
 
 
 
Futures Contracts
177,976
—
—
177,976
Total
$2,334,258
$516,367,528
$—
$518,701,786
 
(a)
See Investment Portfolio for additional detailed categorizations.
(b)
Derivatives include unrealized appreciation (depreciation) on open futures contracts.
Derivatives
The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of February 28, 2023 categorized by the primary underlying risk exposure. 
Primary Underlying Risk Disclosure
Futures
Contracts
Interest Rate Contracts
$ 177,976
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-080548-2 (1/25)