NPORT-EX 2 NPORT_7209_84855400_0224.htm EDGAR HTML
Investment Portfolioas of February 29, 2024 (Unaudited)
DWS Managed Municipal Bond Fund  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 98.1%
Alabama 0.6%
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a),
6/1/2049, GTY: Goldman Sachs Group, Inc.
3,000,000
3,195,788
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053
4,170,000
4,560,899
Southeast Alabama, Energy Authority Commodity Supply Revenue Project 4, Series A,
4.0% (a), 11/1/2051, GTY: Goldman Sachs Group, Inc.
5,000,000
4,989,627
 
12,746,314
Alaska 0.1%
Alaska, Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, “1”,
Series A, 4.0%, 6/1/2050
2,045,000
1,900,223
Arizona 1.4%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2032, GTY: Citigroup, Inc.
1,600,000
1,711,744
5.0%, 12/1/2037, GTY: Citigroup, Inc.
8,405,000
9,228,759
Arizona, State Health Facilities Authority Revenue, Banner Health Obligated Group:
Series B, MUNIPSA + 0.25%, 3.55% (a), 1/1/2046
1,220,000
1,202,203
Series B, Prerefunded, MUNIPSA + 0.25%, 3.55% (a), 1/1/2046
230,000
229,276
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey
Preparatory Academy Project, 144A, 5.0%, 7/1/2049
5,490,000
4,922,618
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy
Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049
4,560,000
4,388,614
Pima County, AZ, Industrial Development Authority, Education Revenue, American
Leadership Academy Project:
Series 2022, 144A, 4.0%, 6/15/2057
6,495,000
4,869,885
144A, 5.0%, 6/15/2049
1,445,000
1,356,211
144A, 5.0%, 6/15/2052
1,410,000
1,311,240
 
29,220,550
California 7.2%
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue,
Series A, Prerefunded, 5.0%, 6/1/2040
11,765,000
12,079,788
California, Housing Finance Agency, Municipal Certificates:
“A", Series A, 3.25%, 8/20/2036
8,354,283
7,664,887
“A", Series 2021-1, 3.5%, 11/20/2035
5,339,731
5,045,784
“A", Series 2021-2, 3.75%, 3/25/2035
10,431,877
10,233,364
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%,
10/1/2042
2,395,000
2,397,805
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global
Markets
15,315,000
19,438,691
California, Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group,
Series A, 4.0%, 9/1/2040
6,975,000
6,511,176
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group:
Series B, 3.7% (b), 3/1/2024, LOC: Barclays Bank PLC
2,950,000
2,950,000
Series C, 3.7% (b), 3/1/2024, LOC: Barclays Bank PLC
11,385,000
11,385,000
California, River Islands Public Financing Authority, Special Tax, Community Facilities
District No. 2019-1, Phase 2 Public Improvements:
3.875%, 9/1/2049
1,560,000
1,289,326
4.0%, 9/1/2046
2,265,000
1,975,085
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC,
“II”, 144A, 7.0%, 1/1/2039
4,365,000
4,592,317
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2043
3,110,000
3,110,247
California, State Public Finance Authority Revenue, ENSO Village Project:
Series A, 144A, 5.0%, 11/15/2046
675,000
589,579
Series A, 144A, 5.0%, 11/15/2051
1,690,000
1,436,822
California, State Public Works Board, Lease Revenue:
Series C, 5.0%, 8/1/2032
3,600,000
4,223,728
Series A, 5.0%, 8/1/2033
6,250,000
7,323,929
Series C, 5.0%, 8/1/2033
3,765,000
4,411,935
California, State University Revenue, Series A, 5.0%, 11/1/2038
7,410,000
7,642,223
California, University of California Revenue, Series Z-2, 5.39% (b), 3/7/2024
6,700,000
6,700,000
Los Angeles, CA, Department of Airports Revenue:
Series B, AMT, 5.0%, 5/15/2030
5,715,000
6,103,878
Series C, AMT, 5.0%, 5/15/2031
3,910,000
4,127,017
Nuveen California Quality Municipal Income Fund:
Series 7, 144A, AMT, 3.37% (b), 3/7/2024, LIQ: Royal Bank of Canada
1,500,000
1,500,000
Series 1-1362, 144A, AMT, 3.39% (b), 3/7/2024, LIQ: Societe Generale
400,000
400,000
Sacramento County, CA, Airport System Revenue, Series C, AMT, 5.0%, 7/1/2030
13,690,000
14,573,574
 
147,706,155
Colorado 4.0%
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050
3,833,000
3,808,807
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038,
GTY: Merrill Lynch & Co.
30,000,000
37,101,033
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health
Obligation Group, Series A-1, 4.0%, 8/1/2044
4,000,000
3,860,493
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049
1,000,000
962,146
Denver City & County, CO, Airport System Revenue:
Series A, AMT, 5.0%, 12/1/2029
7,985,000
8,562,979
Series A, AMT, 5.0%, 12/1/2031
5,250,000
5,594,806
Series B, AMT, 5.5%, 11/15/2040
1,835,000
2,103,782
Series B, AMT, 5.5%, 11/15/2042
1,665,000
1,891,032
Series B, AMT, 5.5%, 11/15/2043
1,665,000
1,881,721
Series A, AMT, 5.5%, 11/15/2053
4,000,000
4,376,822
Series D, AMT, 5.75%, 11/15/2045
3,280,000
3,714,526
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban
Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039
4,755,000
4,821,467
Douglas County, CO, Rampart Range Metropolitan District No. 5:
4.0%, 12/1/2041
940,000
758,705
4.0%, 12/1/2051
3,510,000
2,621,990
 
82,060,309
District of Columbia 1.4%
District of Columbia, General Obligation, Series A, 5.0%, 6/1/2033
7,500,000
7,683,101
District of Columbia, International School Revenue, 5.0%, 7/1/2054
2,425,000
2,432,149
District of Columbia, Latin American Montessori Bilingual Public Charter School,
5.0%, 6/1/2050
4,810,000
4,522,070
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050
2,155,000
1,992,919
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B,
3.0%, 10/1/2050, INS: AGMC
3,265,000
2,500,396
Metropolitan Washington, DC, Airports Authority System Revenue, Series A, AMT,
5.0%, 10/1/2031
5,355,000
5,549,346
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue:
Series A, 5.0%, 10/1/2029
1,455,000
1,557,431
Series A, 5.0%, 10/1/2030
1,455,000
1,556,201
 
27,793,613
Florida 8.1%
Broward County, FL, Airport System Revenue:
Series A, AMT, 4.0%, 10/1/2044
2,140,000
2,059,429
Series A, AMT, 4.0%, 10/1/2049
3,425,000
3,216,478
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
1,560,000
1,260,113
Collier County,FL, State Educational Facilities Authority Revenue, Ave Maria
University Inc., 5.25%, 6/1/2038
4,685,000
4,836,746
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:
Series A-1, 5.0%, 10/1/2032
540,000
562,959
Series A-1, 5.0%, 10/1/2033
540,000
561,397
Series A-1, 5.0%, 10/1/2034
545,000
564,225
Series A-1, 5.0%, 10/1/2035
270,000
278,041
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum
Properties LLC:
Series A-1, 5.0%, 11/1/2053
785,000
790,024
Series A-1, 5.0%, 11/1/2058
1,255,000
1,257,312
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio
Project, Series A-1, 144A, 5.0%, 7/1/2056
3,570,000
3,251,382
Florida, Capital Trust Agency, Southeastern University Obligated Group Project:
Series A, 144A, 6.25%, 5/1/2048
2,500,000
2,532,760
Series A, 144A, 6.375%, 5/1/2053
1,000,000
1,016,172
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects:
Series A, 5.0%, 6/15/2047
6,600,000
6,637,175
Series A, 5.0%, 6/15/2050
5,170,000
5,184,049
Series A, 5.0%, 6/15/2052
1,980,000
1,982,805
Series A, 5.0%, 6/15/2056
3,210,000
3,191,988
Florida, Development Finance Corp., Brightline Holdings LLC, Series A, 144A, AMT,
8.0% (a), 7/1/2057
2,000,000
2,100,429
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science
Academy Project:
Series A-1, 5.0%, 7/1/2042
280,000
287,821
Series B, 5.0%, 7/1/2042
295,000
303,240
Series A-1, 5.0%, 7/1/2051
255,000
256,371
Series B, 5.0%, 7/1/2051
420,000
422,258
Series A-1, 5.0%, 2/1/2057
370,000
369,688
Series B, 5.0%, 7/1/2057
440,000
439,623
Florida, Development Finance Corp., Surface Transportation Facilities Revenue,
Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049
1,800,000
1,844,971
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin
Trains USA Passenger Rail Project:
Series A, 144A, AMT, 6.375% (a), 1/1/2049
3,105,000
3,101,747
Series A, 144A, AMT, 6.5% (a), 1/1/2049
3,400,000
3,395,505
Florida, Higher Educational Facilities Financing Authority Revenue, Rollins College
Project, Series A, 4.0%, 12/1/2050
15,000,000
14,256,590
Florida, Jacksonville Electric Authority, Electric System Revenue, Series B, 4.0%,
10/1/2037
1,500,000
1,512,380
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at
Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056
15,000,000
11,323,008
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida
Institute of Technology, 4.0%, 10/1/2044
1,000,000
882,145
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville
University Project, Series A-1, 144A, 4.75%, 6/1/2038
2,150,000
2,042,959
Florida, State Housing Finance Corp. Revenue, Series 1, 3.5%, 7/1/2051
1,950,000
1,919,752
Florida, Village Community Development District No. 12, Special Assessment Revenue:
4.25%, 5/1/2043
8,255,000
7,766,858
4.375%, 5/1/2050
6,905,000
6,369,490
Florida, Village Community Development District No. 13, Special Assessment Revenue,
3.25%, 5/1/2052
2,235,000
1,679,320
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053
6,595,000
6,839,585
Florida, Village Community Development District No. 15, Special Assessment Revenue,
144A, 5.25%, 5/1/2054
2,160,000
2,220,131
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project,
Series B, 144A, 5.0%, 6/1/2053
3,250,000
2,932,005
Miami-Dade County, FL, Seaport Revenue:
Series B1, AMT, 4.0%, 10/1/2046
6,430,000
6,118,047
Series A, AMT, 5.0%, 10/1/2047
14,235,000
14,932,230
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2,
3.25% (b), 3/7/2024, LOC: TD Bank NA
300,000
300,000
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%,
8/1/2033
16,610,000
17,258,772
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities,
Inc. Obligated Group:
Series C, 7.5%, 5/15/2053
685,000
740,169
Series C, 7.625%, 5/15/2058
905,000
977,294
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050
13,380,000
12,676,302
 
164,451,745
Georgia 2.6%
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates,
Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052
3,825,000
3,607,703
Columbia County, GA, Hospital Authority Revenue, WellStar Health System Obligated
Group:
Series A, 5.125%, 4/1/2048
1,875,000
2,031,542
Series A, 5.75%, 4/1/2053
2,000,000
2,269,526
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation
Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042
3,155,000
3,238,273
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier,
Series A, 4.0%, 1/1/2054
815,000
725,754
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second
Tier, Series B, 144A, 5.0%, 1/1/2054
4,255,000
3,838,368
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 4.0% (a), 7/1/2052, GTY: Royal Bank of Canada
10,920,000
10,958,775
Series C, 5.0% (a), 9/1/2053, GTY: Royal Bank of Canada
5,765,000
6,138,013
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co.
5,000,000
5,247,493
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.
5,000,000
5,314,939
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series B, 5.0% (a),
7/1/2053, GTY: Royal Bank of Canada
4,750,000
5,041,075
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035
2,995,000
3,025,102
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power
Co. Plant Scherer Project, Series 2, 3.875% (a), 10/1/2048
1,250,000
1,253,261
 
52,689,824
Illinois 6.9%
Chicago, IL, Board of Education, Series A, 5.0%, 12/1/2034
810,000
830,094
Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2038
2,290,000
2,400,436
Chicago, IL, O'Hare International Airport Revenue, Series A, AMT, 5.5%, 1/1/2053,
INS: AGMC
6,395,000
6,873,630
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Series A, 5.0%, 12/1/2045
3,700,000
3,853,486
Series A, 5.0%, 12/1/2057
5,000,000
5,136,928
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien:
Series A, 4.0%, 12/1/2050
3,730,000
3,441,070
Series A, 5.0%, 12/1/2052
15,000,000
15,456,110
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.2% (b), 3/7/2024,
LOC: Barclays Bank PLC
1,500,000
1,500,000
Illinois, Housing Development Authority Revenue, Series N, 6.25%, 4/1/2054
7,000,000
7,805,050
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital
Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL
17,305,000
9,552,912
Illinois, Regional Transportation Authority, Series B, 5.75%, 6/1/2033, INS: NATL
7,000,000
8,220,391
Illinois, State Development Finance Authority, American College Surgeons, 3.4% (b),
3/7/2024, LOC: Northern Trust Company
346,000
346,000
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group:
Series A, Prerefunded, 5.0%, 1/1/2036
2,970,000
3,152,999
Series A, Prerefunded, 5.0%, 1/1/2037
3,965,000
4,209,306
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%,
2/15/2045* (c)
9,825,000
2,652,750
Illinois, State General Obligation:
5.0%, 11/1/2034
3,500,000
3,619,462
5.0%, 1/1/2035
6,875,000
7,034,547
Series A, 5.0%, 5/1/2040
3,000,000
3,118,427
Series A, 5.0%, 12/1/2042
5,955,000
6,110,434
Series A, 5.0%, 5/1/2043
2,000,000
2,066,359
Series A, 5.25%, 12/1/2030
6,500,000
6,979,166
Series B, 5.25%, 5/1/2041
5,625,000
6,204,482
Series B, 5.25%, 5/1/2042
6,375,000
6,999,172
Series B, 5.25%, 5/1/2043
3,000,000
3,282,252
Series C, 5.25%, 10/1/2046
6,000,000
6,502,453
5.5%, 5/1/2039
7,665,000
8,473,928
5.75%, 5/1/2045
4,205,000
4,617,643
 
140,439,487
Indiana 2.4%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%,
11/15/2053
20,635,000
20,226,706
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031
2,595,000
2,665,356
Indiana, State Finance Authority, CWA Authority, Inc. Project Revenue:
Series A, 5.0%, 10/1/2042 (d)
1,000,000
1,091,092
Series A, 5.0%, 10/1/2043 (d)
1,000,000
1,085,410
Series A, 5.0%, 10/1/2044 (d)
1,000,000
1,081,848
Series A, 5.0%, 10/1/2045 (d)
1,000,000
1,076,730
Indiana, State Housing & Community Development Authority, Single Family Mortgage
Revenue, Series C-1, 5.0%, 7/1/2053
1,735,000
1,790,751
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project:
Series G-1, 5.0%, 1/1/2053
9,000,000
9,689,870
Series G-1, 5.25%, 1/1/2048
4,100,000
4,520,916
Series E, 6.0%, 3/1/2053
3,570,000
3,843,377
Series E, 6.125%, 3/1/2057
1,780,000
1,921,607
 
48,993,663
Iowa 1.4%
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%,
10/1/2052
2,265,000
2,359,607
Iowa, PEFA, Inc., Gas Project Revenue, 5.0% (a), 9/1/2049, GTY: Goldman Sachs
Group, Inc.
10,000,000
10,213,767
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group,
Series B, 7.5%, 5/15/2053
910,000
983,290
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project,
4.0%, 10/1/2050
12,905,000
11,475,734
Iowa, Tobacco Settlement Authority Revenue, “2”, Series B1, 4.0%, 6/1/2049
3,575,000
3,610,737
 
28,643,135
Kentucky 0.5%
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health
Project, Series A, 5.0%, 5/15/2052
10,275,000
10,712,443
Louisiana 0.1%
Louisiana, State Gasoline & Fuels Tax Revenue:
Series A-1, 3.65% (b), 3/1/2024, LOC: Toronto-Dominion Bank
500,000
500,000
Series A-2, 3.65% (b), 3/1/2024, LOC: Toronto-Dominion Bank
1,050,000
1,050,000
 
1,550,000
Maryland 0.5%
Maryland, State Community Development Administration, Series B, 5.35% (b),
3/7/2024, SPA: TD Bank NA
2,270,000
2,270,000
Maryland, State Community Development Administration, Department of Housing &
Community Development, Series C, 3.5%, 3/1/2050
2,000,000
1,969,719
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State
University Project, Series A, 5.75%, 7/1/2053
1,925,000
2,106,473
Maryland, State Health & Higher Educational Facilities Authority Revenue, UPMC
Obligated Group, Series B, 4.0%, 4/15/2045
3,510,000
3,397,400
 
9,743,592
Massachusetts 0.1%
Massachusetts, State Department of Transportation, Metropolitan Highway Systems
Revenue, Series A-2, 3.25% (b), 3/7/2024, LOC: TD Bank NA
650,000
650,000
Massachusetts, State Development Finance Agency Revenue, Springfield College,
Series A, 4.0%, 6/1/2056
1,105,000
903,857
Massachusetts, State Development Finance Agency Revenue, UMass Memorial
Healthcare, 5.0%, 7/1/2036
1,000,000
1,028,643
 
2,582,500
Michigan 0.9%
Michigan, State Finance Authority Ltd. Obligation Revenue, Albion College:
4.0%, 12/1/2046
1,580,000
1,200,209
4.0%, 12/1/2051
1,650,000
1,192,649
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series A,
4.0%, 6/1/2049
10,740,000
9,843,077
Michigan, Strategic Fund, 75 Improvement P3 Project, AMT, 5.0%, 6/30/2048
5,800,000
5,897,831
 
18,133,766
Minnesota 0.3%
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032
5,000,000
5,264,735
Missouri 1.4%
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior
Services Projects, Series B, 5.0%, 2/1/2046
2,460,000
2,361,822
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research,
Lutheran Senior Services:
4.0%, 2/1/2042
2,640,000
2,281,956
Series A, 5.0%, 2/1/2046
3,285,000
3,153,896
Missouri, State Health & Educational Facilities Authority Revenue, Mercy Health,
Series C, 4.0%, 11/15/2049
7,000,000
6,572,682
Missouri, State Health & Educational Facilities Authority Revenue, St. Louis University,
Series B-1, 3.65% (b), 3/1/2024, LOC: Barclays Bank PLC
760,000
760,000
Missouri, State Housing Development Commission, Single Family Mortgage Revenue,
First Homeownership Loan Program:
Series B, 4.0%, 5/1/2050
2,215,000
2,206,494
Series C, 6.0%, 5/1/2053
10,275,000
11,331,906
 
28,668,756
Nevada 0.2%
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero
Coupon, 7/1/2058
37,500,000
4,993,054
New Jersey 3.8%
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%,
6/1/2031
1,245,000
1,353,413
New Jersey, State Economic Development Authority Revenue:
Series SSS, 5.25%, 6/15/2038 (d)
1,600,000
1,867,817
Series BBB, Prerefunded, 5.5%, 6/15/2030
16,440,000
17,649,172
New Jersey, State Economic Development Authority Revenue, Private Activity, The
Goethals Bridge Replacement Project, Series A, AMT, 5.0%, 1/1/2031, INS: AGMC
4,000,000
4,002,340
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue,
Series C, AMT, 5.0%, 12/1/2053
2,520,000
2,449,465
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing
Revenue, Series I, 5.0%, 10/1/2053
2,580,000
2,669,770
New Jersey, State Transportation Trust Fund Authority, Transportation Program,
Series CC, 5.5%, 6/15/2050
4,500,000
4,990,757
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series AA, 4.0%, 6/15/2050
5,820,000
5,596,861
Series A, 5.0%, 12/15/2034
9,280,000
10,060,206
Series A, 5.0%, 12/15/2036
2,385,000
2,566,262
Series BB, 5.25%, 6/15/2050
6,855,000
7,515,296
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046
7,900,000
8,191,846
South Jersey, NJ, Transportation Authority System Revenue:
Series A, 4.0%, 11/1/2050
2,000,000
1,843,544
Series A, 5.0%, 11/1/2045
3,000,000
3,126,379
Series A, 5.25%, 11/1/2052
3,200,000
3,403,333
 
77,286,461
New Mexico 1.2%
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund:
Series A, 4.0%, 6/1/2029
5,765,000
6,060,753
Series A, 4.0%, 6/1/2030
5,795,000
6,060,580
New Mexico, State Mortgage Finance Authority:
Series A, 3.5%, 1/1/2051
2,760,000
2,716,274
“I", Series D, 6.5%, 9/1/2054
6,375,000
7,091,269
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I”,
Series D, 3.75%, 1/1/2050
2,490,000
2,462,564
 
24,391,440
New York 13.9%
New York, Genesee County Funding Corp., Rochester Regional Health Obligation,
Series A, 5.25%, 12/1/2052
2,000,000
2,094,002
New York, Metropolitan Transportation Authority Revenue:
Series G-1, 3.51% (b), 3/7/2024, LOC: TD Bank NA
995,000
995,000
Series 2012-G1, 3.78% (b), 3/1/2024, LOC: Barclays Bank PLC
100,000
100,000
Series E 1, 3.78% (b), 3/1/2024, LOC: Barclays Bank PLC
8,475,000
8,475,000
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board
Certified Green Bond, Series B2, 5.0%, 11/15/2034
10,940,000
11,728,487
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New
School:
Series A, 4.0%, 7/1/2047
1,000,000
951,589
Series A, 4.0%, 7/1/2052
1,175,000
1,075,241
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series B, 5.0%, 2/15/2035
14,990,000
15,219,528
Series B, Prerefunded, 5.0%, 2/15/2035
10,000
10,189
Series A, 5.0%, 2/15/2039
3,945,000
4,122,461
Series A, Prerefunded, 5.0%, 2/15/2039
5,000
5,335
New York, State Dormitory Authority, Sales Tax Revenue, Series A, 5.0%, 3/15/2036
5,000,000
5,376,347
New York, State Liberty Development Corp. Revenue, Series A, 3.0%, 11/15/2051
3,500,000
2,606,600
New York, State Transportation Development Corp., Special Facilities Revenue, Delta
Air Lines, Inc., LaGuardia Airport C&D Redevelopment:
Series A, AMT, 5.0%, 1/1/2031
2,050,000
2,119,496
AMT, 5.0%, 10/1/2035
3,705,000
3,910,161
AMT, 5.625%, 4/1/2040
5,160,000
5,606,541
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.
1,000,000
931,563
AMT, 5.375%, 6/30/2060
12,495,000
13,118,202
AMT, 6.0%, 6/30/2054
1,400,000
1,542,057
New York, State Transportation Development Corp., Special Facilities Revenue,
Terminal 4 John F. Kennedy, International Project, AMT, 5.0%, 12/1/2041
3,210,000
3,368,233
New York, Triborough Bridge & Tunnel Authority Revenue, Series B, 3.65% (b),
3/1/2024, LOC: TD Bank NA
2,845,000
2,845,000
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels:
Series C, 3.0%, 11/15/2046
5,000,000
4,101,682
Series A, 4.0%, 11/15/2054
5,000,000
4,717,060
Series A, 5.0%, 11/15/2034
1,000,000
1,202,369
Series A, 5.0%, 11/15/2035
1,250,000
1,489,182
Series A, 5.0%, 11/15/2036
1,250,000
1,470,610
Series A, 5.0%, 11/15/2049
5,155,000
5,527,322
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041
1,195,000
1,214,549
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems
Revenue:
Series DD, 5.0%, 6/15/2036
6,000,000
6,021,697
Series GG-1, 5.0%, 6/15/2050
10,000,000
10,683,442
Series AA-1, 5.25%, 6/15/2052
7,500,000
8,322,670
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series E-1, 5.0%, 11/1/2041
23,490,000
26,610,945
Series F-1, 5.0%, 2/1/2042
9,410,000
10,549,673
Series F-1, 5.0%, 2/1/2044
5,000,000
5,562,806
Series D-1, 5.25%, 11/1/2040
5,000,000
5,782,358
Series D-1, 5.5%, 11/1/2045
15,000,000
17,216,755
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S3,
5.0%, 7/15/2031
4,000,000
4,386,930
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018,
Series S1, 5.0%, 7/15/2035
2,800,000
2,971,044
New York, NY, General Obligation:
Series G-6, 3.5% (b), 3/1/2024, LOC: Mizuho Bank Ltd.
1,600,000
1,600,000
Series B1, 5.0%, 12/1/2031
2,000,000
2,105,659
Series E1, 5.0%, 4/1/2040
11,250,000
12,749,584
Series B-1, 5.25%, 10/1/2047
3,000,000
3,318,042
New York, NY, Municipal Water Finance Authority, Water & Sewer System Revenue,
Series EE-2, 3.45% (b), 3/1/2024, LIQ: State Street B&T Co.
2,300,000
2,300,000
Port Authority of New York & New Jersey:
Series 207, AMT, 5.0%, 9/15/2031
6,950,000
7,375,435
Series 207, AMT, 5.0%, 9/15/2032
13,500,000
14,314,066
Series 242, AMT, 5.0%, 12/1/2032
12,000,000
13,525,194
Triborough, NY, Bridge & Tunnel Authority Sales Tax Revenue:
Series A, 5.25%, 5/15/2052
8,000,000
8,789,544
Series A, 5.25%, 5/15/2057
12,000,000
13,096,706
 
283,206,356
North Carolina 0.7%
North Carolina, Greater Asheville Regional Airport Authority Revenue:
AMT, 5.25%, 7/1/2043, INS: AGMC
1,165,000
1,279,626
AMT, 5.25%, 7/1/2048, INS: AGMC
2,250,000
2,431,565
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%,
6/1/2043
2,895,000
2,959,826
North Carolina, State Housing Finance Agency:
Series 42, 4.0%, 1/1/2050
3,475,000
3,456,171
Series 52-A, 6.25%, 1/1/2055
3,000,000
3,287,485
 
13,414,673
North Dakota 0.3%
City of Grand Forks, ND, Altru Health System Obligated Group Revenue, Series A,
5.0%, 12/1/2053, INS: AGMC
1,315,000
1,382,722
North Dakota, State Housing Finance Agency, Mortagage Finance Program, Series E,
5.38% (b), 3/7/2024, SPA: Royal Bank of Canada
5,000,000
5,000,000
 
6,382,722
Ohio 2.9%
Buckeye, OH, Tobacco Settlement Financing Authority:
“1", Series A-2, 4.0%, 6/1/2048
9,975,000
9,284,779
“2", Series B-2, 5.0%, 6/1/2055
6,000,000
5,726,147
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group
Project, 5.0%, 12/1/2047
6,035,000
6,109,232
Columbus, OH, Regional Airport Authority, Capital Funding Revenue, Oasbo Expanded
Asset, 3.35% (b), 3/7/2024, LOC: U.S. Bank NA
445,000
445,000
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
5.0%, 1/1/2036
975,000
977,121
5.0%, 1/1/2046
2,790,000
2,627,273
Series A, 5.75%, 1/1/2053
2,860,000
2,947,509
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%,
11/15/2046
7,380,000
7,522,402
Ohio, State Hospital Revenue, Aultman Health Foundation:
144A, 5.0%, 12/1/2038
7,750,000
7,402,634
144A, 5.0%, 12/1/2048
7,500,000
6,736,877
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%,
3/1/2050
3,130,000
3,145,429
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time
Homebuyer Program, 3.75%, 9/1/2050
2,760,000
2,730,800
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A, 5.0%,
2/15/2039
3,890,000
4,418,248
 
60,073,451
Oklahoma 0.9%
Oklahoma, State Development Finance Authority, Health System Revenue, OU
Medicine Project:
Series B, 5.25%, 8/15/2048
2,670,000
2,698,930
Series A, 5.5%, 8/15/2041
3,020,000
3,004,443
Series A, 5.5%, 8/15/2044
3,205,000
3,152,067
Oklahoma, State Turnpike Authority Revenue:
Series E, 4.0%, 1/1/2031
6,375,000
6,553,909
5.5%, 1/1/2053
3,000,000
3,344,193
 
18,753,542
Pennsylvania 5.5%
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc.
Project:
5.0%, 12/1/2043
665,000
570,726
5.0%, 12/1/2053
1,780,000
1,426,411
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health
System Obligated Group, 5.0%, 8/15/2042
2,100,000
2,154,801
Pennsylvania, Bucks County Water and Sewer Authority Revenue, Series A, 5.25%,
12/1/2047, INS: AGMC
2,175,000
2,405,266
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043
1,115,000
1,164,348
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033
5,000,000
5,086,635
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds:
5.0%, 6/1/2027
1,290,000
1,361,015
5.0%, 6/1/2028
1,290,000
1,384,435
5.0%, 6/1/2029
1,290,000
1,386,777
5.0%, 6/1/2030
855,000
919,711
5.0%, 6/1/2031
865,000
930,201
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034
3,000,000
3,143,384
Pennsylvania, State Economic Development Financing Authority, The Penndot Major
Bridges, AMT, 5.75%, 6/30/2048
10,000,000
11,163,772
Pennsylvania, State General Obligation, Series D, 5.0%, 8/15/2032
5,000,000
5,108,773
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue:
Series 136, 3.0%, 10/1/2051
4,922,421
4,800,743
Series 132A, 3.5%, 4/1/2051
1,640,000
1,621,398
Pennsylvania, State Turnpike Commission Revenue:
Series B, 5.0%, 6/1/2033
12,000,000
12,430,058
Series A-1, 5.0%, 12/1/2040
5,000,000
5,067,590
Series B-1, 5.0%, 6/1/2042
6,950,000
7,212,960
Series A, 5.0%, 12/1/2044
15,335,000
16,295,046
Series B, 5.25%, 12/1/2052
4,050,000
4,473,924
Southeastern, PA, Transportation Authority Revenue, 5.25%, 6/1/2052
20,000,000
21,995,046
 
112,103,020
South Carolina 2.3%
Lexington County, SC, Health Services District, Lexington Medical Center, 5.0%,
11/1/2041
2,500,000
2,551,085
South Carolina, Public Service Authority Revenue, Series A, 4.0%, 12/1/2055
4,000,000
3,615,380
South Carolina, State Public Service Authority Revenue:
Series B, 4.0%, 12/1/2047
7,270,000
6,957,655
Series A, 4.0%, 12/1/2052
8,640,000
8,002,382
Series A, 5.0%, 12/1/2033
4,400,000
4,542,514
Series A, 5.0%, 12/1/2036
4,780,000
4,911,813
South Carolina, State Transportation Infrastructure Bank Revenue, Series A, 5.0%,
10/1/2038
15,130,000
15,949,392
 
46,530,221
Tennessee 1.1%
Metropolitan Nashville, TN, Airport Authority Revenue:
Series B, AMT, 4.0%, 7/1/2049
4,000,000
3,734,502
Series B, AMT, 4.0%, 7/1/2054
10,045,000
9,133,074
Series B, AMT, 5.5%, 7/1/2052
3,250,000
3,543,999
Sevier County, TN, Public Building Authority, Local Government Public Improvement
Bonds, Series B-1, 3.32% (b), 3/7/2024, LOC: Bank of America NA
1,020,000
1,020,000
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052,
GTY: Goldman Sachs Group, Inc.
5,050,000
5,345,870
 
22,777,445
Texas 12.2%
Aubrey, TX, Independent School District, 4.0%, 2/15/2052
6,025,000
5,886,547
Central Texas, Regional Mobility Authority Revenue, Senior Lien:
Series A, Prerefunded, 5.0%, 1/1/2040
4,730,000
4,847,969
Series E, 5.0%, 1/1/2045
1,500,000
1,577,529
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%,
8/15/2048
11,465,000
11,738,273
Dallas, TX, Kay Bailey Hutchison Convention Center Project, Senior Lien, Special Tax,
144A, 6.0% (a), 8/15/2053
9,050,000
9,174,114
Houston, TX, Hotel Occupancy Tax & Special Revenue, Convention & Entertainment
Facilities Department:
5.0%, 9/1/2029
1,000,000
1,082,278
5.0%, 9/1/2030
1,000,000
1,081,989
5.0%, 9/1/2031
850,000
919,018
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033
2,475,000
2,818,336
Lower Colorado River, TX, Transmission Contract Authority Revenue, LCRA
Transmission Services Corp. Project:
5.0%, 5/15/2045
1,500,000
1,591,013
5.0%, 5/15/2050
2,500,000
2,629,128
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian
University Project, Series A, 4.0%, 4/1/2057
15,000,000
13,164,474
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word
Project:
Series A, 4.0%, 4/1/2046
1,525,000
1,315,184
Series A, 4.0%, 4/1/2051
5,500,000
4,561,011
Series A, 4.0%, 4/1/2054
785,000
640,980
San Antonio, TX, Education Facilities Corp., Higher Education Revenue, Hallmark
University Project:
Series A, 5.0%, 10/1/2041
890,000
757,938
Series A, 5.0%, 10/1/2051
1,580,000
1,255,773
San Antonio, TX, Independent School District Revenue, 5.0%, 8/15/2047
10,000,000
10,885,718
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus
Health Obligated Group, Series B, 5.0%, 7/1/2048
20,000,000
20,641,638
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Baylor Scott & White Healthcare, Series D, 5.5%, 11/15/2047
8,550,000
9,410,014
Texas, Industrial Development Corp. Revenue, Energy Transfer LP, 4.05% (a), 11/1/2050
5,100,000
5,174,246
Texas, Lamar Consolidated Independent School District:
5.0%, 2/15/2041
10,930,000
12,203,693
5.0%, 2/15/2042
13,180,000
14,645,424
5.0%, 2/15/2043
11,340,000
12,533,126
Texas, New Hope Cultural Education Facilities Finance Corp. Revenue, Bridgemoor
Plano Project:
Series A-2, Zero Coupon, 12/31/2030
817,291
457,262
Series A-1, 7.25%, 12/31/2030
4,605,000
4,582,376
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue,
Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050
4,250,000
3,944,349
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities
Revenue, Westminster Project, 4.0%, 11/1/2049
2,890,000
2,527,617
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant
Express, AMT, 5.5%, 12/31/2058
6,250,000
6,879,744
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North
Mobility Partners Segments 3 LLC:
AMT, 5.5%, 6/30/2041
2,000,000
2,158,435
AMT, 5.5%, 6/30/2042
1,700,000
1,833,258
AMT, 5.5%, 6/30/2043
2,290,000
2,466,656
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%,
8/1/2025, GTY: Goldman Sachs Group, Inc.
2,750,000
2,798,127
Texas, State College Student Loan, Series A, AMT, 5.5%, 8/1/2028
5,620,000
5,888,652
Texas, State Department of Housing & Community Affairs, Series C, 6.0%, 3/1/2054
8,000,000
8,847,843
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.
8,615,000
8,946,705
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%,
8/15/2034
14,410,000
14,487,209
Texas, State Water Development Board Revenue, State Water Implementation Revenue
Fund:
Series B, 4.0%, 10/15/2033
20,000,000
20,884,376
Series B, 4.0%, 10/15/2036
5,000,000
5,166,531
Texas, Transmission Contract Authority Revenue, LCRA Transmission Services Corp.
Project:
Series A, 5.0%, 5/15/2040
1,000,000
1,122,636
Series A, 5.0%, 5/15/2041
4,450,000
4,970,923
 
248,498,112
Utah 2.0%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 4.0%, 7/1/2051
10,200,000
9,478,628
Series A, AMT, 5.0%, 7/1/2032
5,000,000
5,300,558
Series A, AMT, 5.0%, 7/1/2042
13,440,000
13,677,137
Series A, AMT, 5.0%, 7/1/2043
3,850,000
3,972,570
Series A, AMT, 5.0%, 7/1/2048
2,310,000
2,368,053
Utah, State Housing Corp. Revenue, Series A, 6.5%, 1/1/2054
3,160,000
3,504,697
Utah, State Telecommunication Open Infrastructure Agency Sales Tax and
Telecommunications Revenue, 5.5%, 6/1/2040
1,400,000
1,604,441
 
39,906,084
Virginia 2.6%
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue,
Mary Washington Healthcare:
Series A, 5.0%, 10/1/2042
895,000
941,373
Series A, 5.0%, 10/1/2047
3,035,000
3,137,522
Series A, 5.0%, 10/1/2052
3,900,000
3,981,606
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special
Obligation, 144A, 5.0%, 9/1/2045
3,700,000
3,532,307
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project,
AMT, 4.0%, 1/1/2048
4,010,000
3,732,647
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
4,275,000
4,166,049
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66
P3 Project:
AMT, 5.0%, 12/31/2049
3,145,000
3,174,464
AMT, 5.0%, 12/31/2052
8,640,000
8,702,447
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century,
Series A, 4.0%, 2/1/2031
7,575,000
7,681,717
Virginia, State College Building Authority, Educational Facilities Revenue, Public
Higher Education, Series A, 4.0%, 9/1/2031
4,710,000
4,766,043
Virginia, State College Building Authority, Educational Facilities Revenue, Regent
University Project, 4.0%, 6/1/2046
2,420,000
2,157,029
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%,
5/15/2031
5,120,000
5,527,215
Virginia Beach, VA, State Beach Development Authority Residential Care Facility,
Westminster-Canterbury on Chesapeake Bay Obligated Group, Series B-3, 5.375%,
9/1/2029
1,070,000
1,104,815
 
52,605,234
Washington 3.9%
King County, WA, School District No. 412 Shoreline, 5.0%, 12/1/2031
4,345,000
4,802,780
Port of Seattle, WA, Revenue Bonds:
Series C, AMT, 5.0%, 8/1/2032
9,200,000
10,150,240
Series B, AMT, 5.5%, 8/1/2047
1,500,000
1,652,662
Skagit County, WA, Public Hospital District No. 1 Revenue, 5.5%, 12/1/2054
1,575,000
1,673,107
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030
13,000,000
13,483,094
Washington, State Convention Center Public Facilities District:
Series B, 3.0%, 7/1/2048
9,170,000
6,919,122
Series B, 3.0%, 7/1/2058
4,630,000
3,155,065
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation
Group, Series A2, 5.0%, 8/1/2044
17,700,000
18,471,173
Washington, State Higher Educational Facilities Authority, Gonzaga University Project,
Series A, 3.0%, 4/1/2049
5,000,000
3,625,856
Washington, State Higher Educational Facilities Authority, Seattle University Project,
4.0%, 5/1/2050
4,350,000
3,948,527
Washington, State Housing Finance Commission, Non-Profit Housing Revenue,
Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055
9,010,000
7,310,697
Washington, State Housing Finance Commission, Panorama Project, 3.3% (b), 3/7/2024,
LOC: Wells Fargo Bank NA
4,050,000
4,050,000
 
79,242,323
West Virginia 1.9%
West Virginia, Marshall University Revenue, Improvement & Refunding Bonds,
Series A, 4.0%, 5/1/2050, INS: AGMC
9,150,000
8,334,522
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility,
Arch Resources Project, AMT, 4.125% (a), 7/1/2045
3,900,000
3,885,150
West Virginia, State Hospital Finance Authority, State University Health System
Obligated Group:
Series A, 5.0%, 6/1/2042
10,085,000
10,429,189
Series A, 5.0%, 6/1/2047
10,035,000
10,318,637
West Virginia, State Parkways Authority, Senior Lien, Trunpike Toll Revenue, 4.0%,
6/1/2051
6,765,000
6,498,914
 
39,466,412
Wisconsin 2.3%
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of
Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045
10,000,000
8,797,295
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk
Management Project, AMT, 4.0%, 9/30/2051
8,000,000
6,632,974
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project:
144A, 4.0%, 4/1/2042
485,000
425,607
144A, Prerefunded, 4.0%, 4/1/2042
10,000
11,016
144A, 4.0%, 4/1/2052
820,000
672,385
144A, Prerefunded, 4.0%, 4/1/2052
25,000
27,539
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage
Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039
1,235,000
1,062,462
144A, 5.75%, 5/1/2054
3,950,000
3,244,174
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand
Hyatt San Antonio Hotel:
Series A, 5.0%, 2/1/2062
8,750,000
8,712,886
Series B, 144A, 6.0%, 2/1/2062
3,000,000
3,078,561
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster,
Inc.:
144A, 5.0%, 10/1/2043
1,560,000
1,468,928
144A, 5.0%, 10/1/2048
11,840,000
10,736,301
Wisconsin, State General Obligation, Series 1, 5.0%, 5/1/2035 (d)
1,250,000
1,464,705
 
46,334,833
Guam 0.1%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue,
Series A, 5.0%, 1/1/2050
1,090,000
1,124,679
Puerto Rico 0.4%
Puerto Rico, General Obligation:
Series A1, 4.0%, 7/1/2037
1,690,325
1,614,397
Series A1, 4.0%, 7/1/2041
2,613,626
2,427,624
Series A1, 4.0%, 7/1/2046
1,097,810
992,205
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon,
7/1/2046
10,000,000
3,255,664
 
8,289,890
Total Municipal Investments (Cost $1,981,545,193)
1,998,680,762
 
Corporate Bonds 0.5%
Consumer Discretionary
Grand Canyon University, 5.125%, 10/1/2028 (Cost $10,835,000)
10,835,000
9,746,624
 
 
 
Shares
Value ($)
 
Closed-End Investment Companies 0.7%
Nuveen Quality Municipal Income Fund (Cost $15,107,323)
1,244,000
14,032,320
 
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 3.01% (e)
(Cost $41,663)
41,659
41,663
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $2,007,529,179)
99.3
2,022,501,369
Other Assets and Liabilities, Net
0.7
14,926,994
Net Assets
100.0
2,037,428,363
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 29, 2024. 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 29, 2024. 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)
When-issued security.
(e)
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.
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
MUNIPSA: SIFMA Municipal Swap Index Yield
NATL: National Public Finance Guarantee Corp.
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
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 29, 2024 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$1,998,680,762
$—
$1,998,680,762
Corporate Bonds
—
9,746,624
—
9,746,624
Closed-End Investment Companies
14,032,320
—
—
14,032,320
Open-End Investment Companies
41,663
—
—
41,663
Total
$14,073,983
$2,008,427,386
$—
$2,022,501,369
 
(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
DMMBF-PH3
R-080548-2 (1/25)