Investment Portfolioas of August 31, 2023 (Unaudited)
DWS Strategic Municipal Income Trust  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 166.4%
Alabama 1.1%
Alabama, Black Belt Energy Gas District, Gas Project Revenue:
Series B, 5.25% (a), 12/1/2053, GTY: Royal Bank of Canada, LIQ: Royal Bank of
Canada
385,000
406,040
Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc. (b)
400,000
417,489
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041
325,000
331,258
 
1,154,787
Alaska 1.5%
Alaska, Industrial Development & Export Authority, Tanana Chiefs Conference Project,
Series A, 4.0%, 10/1/2044
1,805,000
1,629,136
Arizona 3.1%
Arizona, Sierra Vista Industrial Development Authority Revenue, American Leadership
Academy Inc., 144A, 5.75%, 6/15/2058
1,000,000
963,558
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey
Preparatory Academy Project, 144A, 5.0%, 7/1/2049
175,000
155,295
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043
1,000,000
1,055,170
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy
Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049
150,000
131,486
Pima County, AZ, Industrial Development Authority, Education Revenue, American
Leadership Academy Project, Series 2022, 144A, 4.0%, 6/15/2057
515,000
366,601
Yavapai County, AZ, Industrial Development Authority, Hospital Facility, Regional
Medical Center, 4.0%, 8/1/2043
675,000
591,506
 
3,263,616
California 8.7%
California, CSCDA Community Improvement Authority, Essential Housing Revenue,
Series A, 144A, 5.0%, 7/1/2051
250,000
227,795
California, Infrastructure & Economic Development Bank, Pleasant Mattress, Inc.
Project, Series A, 4.0% (c), 9/7/2023, LOC: Wells Fargo Bank NA
100,000
100,000
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%,
10/1/2042
115,000
111,033
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global
Markets
1,310,000
1,598,915
California, Public Finance Authority Revenue, Enso VIillage Project, Series A, 144A,
5.0%, 11/15/2036
500,000
484,469
California, River Islands Public Financing Authority, Special Tax, Community Facilities
District No. 2003-1, Public Improvements, Series B-2, 5.0%, 9/1/2052
1,500,000
1,400,629
California, State General Obligation, 5.0%, 11/1/2043
1,300,000
1,302,740
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, LINXS Apartment Project:
Series A, AMT, 5.0%, 12/31/2043
455,000
455,249
Series B, AMT, 5.0%, 6/1/2048
60,000
58,993
California, State Public Finance Authority Revenue, ENSO Village Project:
Series A, 144A, 5.0%, 11/15/2046
55,000
49,230
Series A, 144A, 5.0%, 11/15/2051
125,000
109,159
California, Statewide Communities Development Authority Revenue, Loma Linda
University Medical Center, Series A, 144A, 5.25%, 12/1/2056
925,000
904,941
Nuveen California Quality Municipal Income Fund:
Series 7, 144A, AMT, 4.13% (c), 9/7/2023, LIQ: Royal Bank of Canada
350,000
350,000
Series 1-1362, 144A, AMT, 4.15% (c), 9/7/2023, LIQ: Societe Generale
450,000
450,000
San Francisco City & County, CA, Airports Commission, International Airport Revenue,
Series D, AMT, 5.0%, 5/1/2048
1,110,000
1,121,870
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A,
Prerefunded, 5.0%, 1/15/2050
445,000
456,727
 
9,181,750
Colorado 6.0%
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%,
12/1/2050
500,000
423,832
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050
500,000
448,091
Colorado, Park Creek Metropolitan District Revenue, Senior Ltd. Property Tax
Supported, Series A, 5.0%, 12/1/2045
235,000
234,904
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%,
11/15/2028, GTY: Merrill Lynch & Co.
635,000
674,274
Colorado, State Health Facilities Authority Revenue, Children's Hospital, Series A,
3.95% (c), 9/1/2023, LOC: TD Bank NA
800,000
800,000
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A,
Prerefunded, 5.5%, 1/1/2035
1,000,000
1,006,574
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement
Communities Obligated Group, Series A, 5.0%, 12/1/2048
260,000
244,721
Denver City & County, CO, Airport System Revenue, Series D, AMT, 5.75%,
11/15/2045
220,000
240,928
Denver City & County, CO, Special Facilities Airport Revenue, United Airlines, Inc.
Project, AMT, 5.0%, 10/1/2032
200,000
198,841
Denver, CO, City & County Airport Revenue:
Series A, AMT, 5.25%, 11/15/2043
600,000
600,190
Series A, AMT, 5.25%, 12/1/2043
535,000
550,852
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%,
12/1/2040
300,000
261,570
Douglas County, CO, Rampart Range Metropolitan District No. 5, 4.0%, 12/1/2051
1,000,000
703,242
 
6,388,019
Connecticut 0.2%
Connecticut, Steel Point Infrastructure Improvement District Special Obligation
Revenue, Steelpointe Harbor Project, 144A, 4.0%, 4/1/2051
200,000
160,074
District of Columbia 2.7%
District of Columbia, Latin American Montessori Bilingual Public Charter School,
5.0%, 6/1/2050
1,220,000
1,083,566
District of Columbia, Metropolitan Airport Authority Systems Revenue:
Series A, AMT, 5.0%, 10/1/2038
200,000
200,182
Series A, AMT, 5.0%, 10/1/2043
850,000
850,774
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles
Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049
320,000
288,897
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050
250,000
219,849
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B,
3.0%, 10/1/2050, INS: AGMC
340,000
250,563
 
2,893,831
Florida 15.1%
Brevard County, FL, Health Facilities Authority, Hospital Revenue, Health First, Inc.,
Series A, 4.0%, 4/1/2052
500,000
438,665
Broward County, FL, Airport Systems Revenue:
Series A, AMT, 4.0%, 10/1/2044
145,000
133,101
Series A, AMT, 4.0%, 10/1/2049
230,000
204,773
Broward County, FL, Port Facilities Revenue:
AMT, 5.25%, 9/1/2047
100,000
104,387
AMT, 5.5%, 9/1/2052
295,000
312,636
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
190,000
148,895
Collier County, FL, Industrial Development Authority, Continuing Care Community
Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (d)
216,251
11,894
Collier County, FL, State Educational Facilities Authority Revenue, Ave Maria
University Inc., 5.0%, 6/1/2043
335,000
313,216
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum
Properties LLC:
Series A-1, 5.0%, 11/1/2053
65,000
63,902
Series A-1, 5.0%, 11/1/2058
105,000
102,280
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational
Foundation Project, Series A, 144A, 5.375%, 6/15/2048
230,000
206,113
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio
Project, Series A-1, 144A, 5.0%, 7/1/2056
240,000
212,136
Florida, Capital Trust Agency, Southeastern University Obligated Group Project:
Series A, 144A, 6.25%, 5/1/2048
500,000
489,495
Series A, 144A, 6.375%, 5/1/2053
200,000
195,553
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects:
Series A, 5.0%, 6/15/2047
1,200,000
1,163,038
Series A, 5.0%, 6/15/2050
265,000
254,349
Series A, 5.0%, 6/15/2055
460,000
435,464
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion
Project, Series A, 144A, AMT, 7.25% (a), 7/1/2057
500,000
510,258
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science
Academy Project:
Series A-1, 5.0%, 7/1/2042
20,000
19,382
Series B, 5.0%, 7/1/2042
20,000
19,382
Series A-1, 5.0%, 7/1/2051
15,000
13,986
Series B, 5.0%, 7/1/2051
30,000
27,972
Series A-1, 5.0%, 2/1/2057
50,000
45,694
Series B, 5.0%, 7/1/2057
30,000
27,405
Florida, Development Finance Corp., Surface Transportation Facilities Revenue,
Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049
450,000
450,912
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin
Trains USA Passenger Rail Project:
Series A, 144A, AMT, 6.375% (a), 1/1/2049
155,000
150,023
Series A, 144A, AMT, 6.5% (a), 1/1/2049
170,000
163,620
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue,
Student Housing Project, Series B, 4.0%, 7/1/2044
1,685,000
1,552,915
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at
Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056
1,000,000
731,579
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida
Institute of Technology, 4.0%, 10/1/2049
1,000,000
797,413
Florida, Tolomato Community Development District, Special Assessment:
Series 2015-2, 0%–6.61%, 5/1/2040 (e)
150,000
138,656
Series 2015-3, 6.61%, 5/1/2040* (d)
165,000
2
Florida, Village Community Development District No. 12, Special Assessment Revenue:
4.25%, 5/1/2043
365,000
332,280
4.375%, 5/1/2050
275,000
243,980
Florida, Village Community Development District No. 13, Special Assessment Revenue,
3.25%, 5/1/2052
260,000
179,827
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053
665,000
679,421
Florida, Village Community Development District No. 15, Special Assessment Revenue,
144A, 5.25%, 5/1/2054
120,000
120,592
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT,
5.0%, 10/1/2047
400,000
403,248
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A,
AMT, 5.0%, 10/1/2048
500,000
504,441
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center, 5.0%,
11/15/2044
500,000
500,005
Miami-Dade County, FL, Aviation Revenue, Series B, AMT, 5.0%, 10/1/2040
470,000
478,856
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus
Children's Hospital, 5.0%, 8/1/2047
665,000
669,532
Miami-Dade County, FL, Seaport Revenue, Series A, AMT, 5.25%, 10/1/2052
385,000
395,649
Palm Beach County, FL, Health Facilities Authority, Jupiter Medical Center, Series A,
5.0%, 11/1/2052
400,000
377,864
Pinellas County, FL, Industrial Development Authority Revenue, Foundation For Global
Understanding, Inc. Project, 5.0%, 7/1/2039
825,000
819,595
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project,
Series A, 5.5%, 11/15/2049
365,000
279,736
Tampa, FL, Water & Waste Water System Revenue, Series A, 5.25%, 10/1/2057
500,000
543,166
 
15,967,288
Georgia 4.6%
Atlanta, GA, Development Authority Revenue Bonds, Series A-1, 5.0%, 7/1/2027
70,000
72,045
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates,
Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052
555,000
494,838
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation
Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042
210,000
213,323
Fulton County, GA, Development Authority Hospital Revenue, Wellstar Health System,
Obligated Inc. Project, Series A, 4.0%, 4/1/2050
225,000
202,324
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier,
Series A, 4.0%, 1/1/2054
775,000
639,919
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second
Tier, Series B, 144A, 5.0%, 1/1/2054
620,000
506,489
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024,
GTY: Merrill Lynch & Co.
1,220,000
1,232,012
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2049
1,000,000
1,007,732
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project,
4.0%, 10/1/2047
450,000
413,443
Georgia, Tender Option Bond Trust Receipts, Series 2018-XF0709, 144A, 4.12% (c),
9/7/2023, LIQ: JPMorgan Chase Bank NA
100,000
100,000
 
4,882,125
Hawaii 1.1%
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041
695,000
695,571
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, 3.2%,
7/1/2039, GTY: Hawaiian Electric Co., Inc.
745,000
503,061
 
1,198,632
Illinois 16.5%
Chicago, IL, Board of Education:
Series A, 5.0%, 12/1/2032
105,000
108,124
Series A, 5.0%, 12/1/2033
100,000
102,864
Series H, 5.0%, 12/1/2036
245,000
246,967
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2036
500,000
502,414
Series A, 5.0%, 1/1/2044
200,000
202,040
Series A, 6.0%, 1/1/2038
555,000
585,171
Chicago, IL, Metropolitan Pier & Exposition Authority, McCormick Place Expansion
Project, Zero Coupon, 6/15/2044, INS: AGMC
2,500,000
945,893
Chicago, IL, O'Hare International Airport Revenue:
Series A, AMT, 5.0%, 1/1/2037
1,500,000
1,559,893
Series C, AMT, 5.0%, 1/1/2046
1,000,000
1,000,271
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series D, AMT, 5.0%,
1/1/2047
975,000
981,535
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%,
7/1/2048
130,000
124,990
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A,
4.0%, 12/1/2050
95,000
84,502
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place
Expansion Project, Series A, 5.0%, 6/15/2057
390,000
391,753
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital
Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL
3,000,000
1,733,455
Illinois, State Finance Authority Revenue, Evangelical Retirement Homes, 5.0%,
2/15/2037* (d)
1,000,000
400,000
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%,
11/15/2045
525,000
525,055
Illinois, State Finance Authority, Health Services Facilities Lease Revenue, University of
Health Services Facility Project, 4.0%, 10/1/2055
1,400,000
1,144,695
Illinois, State General Obligation:
Series D, 5.0%, 11/1/2027
500,000
526,364
5.0%, 2/1/2029
495,000
515,860
Series A, 5.0%, 10/1/2033
620,000
654,048
Series B, 5.0%, 10/1/2033
395,000
416,692
5.0%, 2/1/2039
2,000,000
2,000,331
5.0%, 5/1/2039
315,000
315,055
Series A, 5.0%, 12/1/2042
435,000
441,622
5.5%, 5/1/2039
385,000
413,495
Series C, 5.5%, 10/1/2045
500,000
539,730
5.75%, 5/1/2045
590,000
634,593
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC
385,000
390,538
 
17,487,950
Indiana 1.5%
Indiana, Finance Authority Revenue, DePauw University, Series A, 5.5%, 7/1/2052
1,000,000
1,021,813
Indiana, State Finance Authority, Franciscan Alliance Inc., Obligated Group, Series J,
3.95% (c), 9/1/2023, LOC: Barclays Bank PLC
100,000
100,000
Indiana, State Finance Authority, Tippecanoe LLC Student Housing Project, Series A,
5.0%, 6/1/2053
290,000
290,948
Indiana, State Housing & Community Development Authority, Single Family Mortgage
Revenue, Series C-1, 5.0%, 7/1/2053
120,000
122,834
 
1,535,595
Iowa 1.2%
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%,
10/1/2052
100,000
101,330
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project,
4.0%, 10/1/2050
1,000,000
823,973
Iowa, Tobacco Settlement Authority Revenue:
“2", Series B-2, Zero Coupon, 6/1/2065
445,000
48,529
“2", Series B1, 4.0%, 6/1/2049
280,000
272,948
 
1,246,780
Kansas 0.2%
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn
Project, 4.5%, 6/1/2040
230,000
210,641
Kentucky 0.8%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc.,
Obligated Group:
Series A, 5.0%, 6/1/2045
130,000
121,764
Series A, 5.25%, 6/1/2041
190,000
192,243
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health
Project, Series A, 5.0%, 5/15/2052
510,000
509,648
 
823,655
Louisiana 1.7%
Calcasieu Parish, LA, Memorial Hospital Service, District Hospital Revenue, 5.0%,
12/1/2039
500,000
430,806
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project,
5.0%, 5/15/2046
1,000,000
1,005,450
Louisiana, Public Facilities Authority Revenue, Tulane University, Series A, 5.0%,
10/15/2052
345,000
359,879
 
1,796,135
Maryland 3.9%
Maryland, Stadium Authority Built To Learn Revenue, Series A, 4.0%, 6/1/2047
1,065,000
1,016,605
Maryland, State Community Development Administration, Department of Housing &
Community Development, Residential Revenue, Series D, 5.05%, 3/1/2047
500,000
508,622
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State
University Project, 5.0%, 7/1/2056
1,225,000
1,241,162
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist
Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046
375,000
377,873
Maryland, State Health & Higher Educational Facilities Authority Revenue, Meritus
Medical Center Obligated Group, 5.0%, 7/1/2040
1,000,000
1,006,545
 
4,150,807
Massachusetts 7.3%
Massachusetts, Educational Financing Authority, Issue M:
Series B, AMT, 2.0%, 7/1/2037
135,000
112,202
Series C, AMT, 3.0%, 7/1/2051
1,470,000
962,523
Series C, AMT, 4.125%, 7/1/2052
1,000,000
795,261
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare
System, Inc., Series Q, 5.0%, 7/1/2035
5,000,000
5,187,284
Massachusetts, State Development Financing Agency, College of the Holy Cross,
Series A, 3.95% (c), 9/1/2023, LOC: Bank of America NA
100,000
100,000
Massachusetts, State Educational Financing Authority, Educational Loan Revenue
Bonds, Issue M, Series B, AMT, 3.625%, 7/1/2038
585,000
519,816
Massachusetts, State Water Resources Authority, Series A1, 4.08% (c), 9/7/2023,
SPA: JPMorgan Chase Bank NA
100,000
100,000
 
7,777,086
Michigan 0.7%
Michigan, Economic Development Corp., Holland Home Obligated Group, Series 2021,
4.0%, 11/15/2045
750,000
556,839
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department,
Series C, 5.0%, 7/1/2035
90,000
91,655
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series C,
4.0%, 6/1/2049
130,000
115,420
 
763,914
Minnesota 2.3%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue,
Essentia Health Obligated Group, Series A, 5.0%, 2/15/2053
565,000
562,951
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A,
5.0%, 11/15/2049
205,000
205,945
Minnesota, State Housing Finance Agency, Series L, AMT, 5.35%, 7/1/2036
660,000
680,356
Minnesota, State Office of Higher Education Revenue:
AMT, 2.65%, 11/1/2038
170,000
152,788
AMT, 4.0%, 11/1/2042
855,000
783,980
 
2,386,020
Missouri 1.6%
Kansas City, MO, Industrial Development Authority, Airport Special Obligation,
International Airport Terminal Modernization Project, Series B, AMT, 5.0%, 3/1/2046
1,000,000
1,016,634
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research,
Lutheran Senior Services:
4.0%, 2/1/2042
365,000
304,719
Series A, 5.0%, 2/1/2046
65,000
60,444
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue,
Lester E Cox Medical Centers, Series A, 5.0%, 11/15/2048
150,000
149,780
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village
Development Project, Series A, 4.75%, 11/15/2047
225,000
162,707
 
1,694,284
Nebraska 0.1%
Nebraska, Central Plains Energy Project, Gas Project Revenue, Series A, 5.0%,
9/1/2029, GTY: Goldman Sachs Group, Inc.
70,000
72,514
Nevada 0.2%
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero
Coupon, 7/1/2058
1,500,000
184,806
New Hampshire 0.7%
New Hampshire, Business Finance Authority Revenue, Series 2, 4.0%, 10/20/2036
741,628
695,591
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside
Village:
Series A, 144A, 6.125%, 7/1/2037* (d)
83,479
18,365
Series A, 144A, 6.25%, 7/1/2042* (d)
104,348
22,957
 
736,913
New Jersey 6.9%
Camden County, NJ, Improvement Authority School Revenue, KIPP Cooper Norcross
Obligated Group, 6.0%, 6/15/2062
600,000
620,263
New Jersey, Economic Development Authority, Self Designated Social Bonds:
Series QQQ, 4.0%, 6/15/2046
40,000
38,091
Series QQQ, 4.0%, 6/15/2050
40,000
37,549
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%,
6/1/2031
125,000
130,960
New Jersey, State Economic Development Authority Revenue, Series BBB, Prerefunded,
5.5%, 6/15/2030
895,000
962,131
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban
Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039
705,000
498,065
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban
Renewal LLC Project, 144A, 5.0%, 1/1/2040
270,000
189,584
New Jersey, State Economic Development Authority, Special Facilities Revenue,
Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030
1,000,000
1,012,984
New Jersey, State Economic Development Authority, State Government Buildings
Project:
Series A, 5.0%, 6/15/2042
115,000
118,035
Series A, 5.0%, 6/15/2047
130,000
132,720
New Jersey, State Educational Facilities Authority Revenue, Steven Institute of
Technology, Series A, 4.0%, 7/1/2050
495,000
415,127
New Jersey, State Educational Facilities Authority Revenue, Stockton University,
Series A, 5.0%, 7/1/2041
340,000
343,092
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
Series B, AMT, 2.5%, 12/1/2040
205,000
168,741
Series B, AMT, 3.5%, 12/1/2039
140,000
132,579
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing
Revenue, Series I, 5.0%, 10/1/2053
135,000
138,243
New Jersey, State Transportation Trust Fund Authority, Series AA, 4.0%, 6/15/2045
175,000
166,020
New Jersey, State Transportation Trust Fund Authority, Transportation Program,
Series AA, 5.0%, 6/15/2046
1,400,000
1,440,321
New Jersey, State Transportation Trust Fund Authority, Transportation Systems,
Series AA, 4.0%, 6/15/2050
180,000
165,775
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046
525,000
542,277
 
7,252,557
New Mexico 0.3%
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044
340,000
302,627
New York 9.4%
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Community
Project, 5.0%, 1/1/2050
750,000
604,191
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center
Project, Series A, 4.0%, 7/15/2035, INS: AGMC
45,000
44,765
New York, Buffalo & Fort Erie Public Bridge Authority, 5.0%, 1/1/2047
1,000,000
1,023,349
New York, Metropolitan Transportation Authority Revenue:
Series D, 5.0%, 11/15/2027
215,000
222,560
Series D, 5.0%, 11/15/2033
500,000
526,745
Series D, 5.0%, 11/15/2038
275,000
274,970
Series C-1, 5.25%, 11/15/2055
1,605,000
1,651,343
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D3,
4.0%, 11/15/2049
500,000
447,586
New York, State Dormitory Authority Revenue, State University, Series A, 5.0%,
7/1/2053 (b)
415,000
439,390
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New
School:
Series A, 4.0%, 7/1/2047
50,000
43,973
Series A, 4.0%, 7/1/2052
60,000
51,493
New York, State Transportation Development Corp., Special Facilities Revenue,
American Airlines, Inc., John F. Kennedy International Airport Project, AMT, 5.0%,
8/1/2031, GTY: American Airlines Group, Inc.
445,000
446,108
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
100,000
103,029
New York, State Transportation Development Corp., Special Facilities Revenue, John F.
Kennedy International Airport Project, AMT, 4.0%, 12/1/2042
300,000
272,521
New York, State Transportation Development Corp., Special Facilities Revenue,
Laguardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%,
7/1/2041
1,200,000
1,200,219
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041
60,000
60,750
New York City, NY, Housing Development Corp., Series C-1, 4.25%, 11/1/2052
1,000,000
879,955
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured,
Series B, 5.0%, 5/1/2048
1,000,000
1,064,697
Port Authority of New York & New Jersey, Series 207, AMT, 5.0%, 9/15/2048
625,000
630,534
 
9,988,178
North Carolina 1.0%
New Hanover County, NC, Hospital Revenue, New Hanover Regional Medical Centre,
Prerefunded, 5.0%, 10/1/2042
260,000
279,398
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated
Group, Series E, 3.98% (c), 9/1/2023, LOC: Royal Bank of Canada
800,000
800,000
 
1,079,398
Ohio 6.7%
Buckeye, OH, Tobacco Settlement Financing Authority, “2”, Series B-2, 5.0%, 6/1/2055
3,320,000
3,039,380
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group
Project, 5.0%, 12/1/2047
445,000
445,085
Cleveland-Cuyahoga County, OH, Port Authority, Cultural Facility Revenue, Playhouse
Square Foundation Project, 5.5%, 12/1/2043
1,290,000
1,290,461
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%,
11/15/2046
615,000
617,766
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt
Paper LLC Project:
144A, AMT, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.
70,000
67,728
144A, AMT, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.
225,000
208,646
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048
500,000
427,383
Ohio, State Housing Finance Agency Revenue, Series B, 4.95%, 9/1/2054 (b)
1,000,000
1,013,695
 
7,110,144
Oklahoma 0.7%
Oklahoma, State Development Finance Authority, Health System Revenue, OU
Medicine Project:
Series B, 5.25%, 8/15/2048
240,000
222,110
Series A, 5.5%, 8/15/2041
285,000
268,023
Series A, 5.5%, 8/15/2044
300,000
279,774
 
769,907
Oregon 0.6%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049
665,000
675,801
Pennsylvania 7.5%
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc.
Project:
5.0%, 12/1/2043
60,000
49,010
5.0%, 12/1/2053
170,000
129,189
Lancaster County, PA, Hospital Authority, Brethren Village Project:
5.125%, 7/1/2037
600,000
547,935
5.25%, 7/1/2041
100,000
90,529
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043
155,000
159,798
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035
315,000
319,838
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds:
5.0%, 6/1/2034
250,000
264,864
5.0%, 6/1/2035
125,000
131,939
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045
740,000
747,010
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges
Finco LP:
5.0%, 12/31/2034
1,000,000
1,014,071
5.0%, 12/31/2038
1,000,000
1,004,493
Pennsylvania, State Economic Development Financing Authority, The Penndot Major
Bridges, AMT, 6.0%, 6/30/2061
1,500,000
1,629,191
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue,
Series 141A, 5.75%, 10/1/2053
238,148
251,795
Pennsylvania, State Turnpike Commission Revenue:
Series FIRST, 5.0%, 12/1/2039
140,000
151,022
Series FIRST, 5.0%, 12/1/2040
145,000
154,538
Series FIRST, 5.0%, 12/1/2041
145,000
153,782
Series C, 5.0%, 12/1/2044
240,000
242,717
Philadelphia, PA, Authority For Industrial Development, Charter School Revenue,
Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%,
6/1/2056
460,000
330,627
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043
500,000
517,936
 
7,890,284
South Carolina 2.6%
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059
2,000,000
1,674,263
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055
1,070,000
1,073,483
 
2,747,746
South Dakota 0.3%
Lincon County, SD, Economic Development Revenue, Augustana College Association
Project, Series A, 4.0%, 8/1/2056
410,000
307,898
Tennessee 1.6%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health
Obligation Group:
Series A, 5.0%, 7/1/2036
260,000
267,835
Series A, 5.0%, 7/1/2044
400,000
402,554
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax
Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036
250,000
251,808
Nashville & Davidson County, TN, Metropolitan Government Health & Education
Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055
500,000
354,927
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052,
GTY: Goldman Sachs Group, Inc.
400,000
413,847
 
1,690,971
Texas 12.0%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A,
Prerefunded, 5.0%, 1/1/2040
230,000
236,228
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041
750,000
764,475
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP
Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC
1,250,000
1,256,171
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian
University Project, Series A, 4.0%, 4/1/2057
1,000,000
841,469
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2045
665,000
667,650
5.0%, 1/1/2048
1,040,000
1,064,057
5.0%, 1/1/2050
315,000
321,827
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark
University Project:
Series A, 5.0%, 10/1/2041
55,000
45,839
Series A, 5.0%, 10/1/2051
160,000
123,303
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word
Project:
Series A, 4.0%, 4/1/2046
455,000
375,405
Series A, 4.0%, 4/1/2054
235,000
183,958
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus
Health Obligated Group, Series B, 5.0%, 7/1/2048
1,000,000
1,024,029
Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement
Services Revenue, 5.0%, 11/15/2046
1,000,000
945,731
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Baylor Scott & White Health Project, Series D, 5.0%, 11/15/2051
1,000,000
1,032,068
Temple, TX, Tax Increment, Reinvestment Zone No. 1:
Series A, 4.0%, 8/1/2041, INS: BAM
90,000
84,920
Series A, 5.0%, 8/1/2038
300,000
296,725
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B,
Prerefunded, 5.0%, 4/1/2053
500,000
500,492
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue,
Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050
700,000
592,245
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities
Revenue, Westminster Project, 4.0%, 11/1/2049
275,000
214,314
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue,
Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053* (d)
460,000
480,700
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant
Express, AMT, 5.5%, 12/31/2058
545,000
577,533
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien,
North Tarrant Express Mobility Partners Segments LLC, Series A, AMT, 6.75%,
6/30/2043
280,000
280,498
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%,
8/15/2034
825,000
829,802
 
12,739,439
Utah 2.4%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2042
595,000
604,052
Series A, AMT, 5.0%, 7/1/2043
190,000
193,773
Series A, AMT, 5.0%, 7/1/2048
115,000
116,665
Utah, Infrastructure Agency Telecommunication Revenue:
Series A, 4.0%, 10/15/2036
435,000
386,730
Series A, 4.0%, 10/15/2041
100,000
81,850
Series A, 4.0%, 10/15/2042
215,000
173,204
Utah, Infrastructure Agency Telecommunications & Franchise Tax Revenue, Pleasant
Gove City Project:
4.0%, 10/15/2041
300,000
271,049
4.0%, 10/15/2048
320,000
276,499
Utah, State Charter School Finance Authority, St. George Campus Project, Series A,
144A, 5.0%, 6/15/2052
170,000
143,296
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation
Project, 144A, 5.375%, 6/15/2048
320,000
290,138
 
2,537,256
Vermont 0.4%
Vermont, State Educational & Health Buildings Financing Agency Revenue, St
Michael's College Inc., 144A, 5.25%, 10/1/2052
500,000
441,366
Virginia 4.4%
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue,
Richfield Living:
Series 2020, 5.0%, 9/1/2050* (d)
220,000
132,000
Series A, 5.375%, 9/1/2054* (d)
500,000
300,000
Virginia, Housing Development Authority Revenue, Series G, 5.15%, 11/1/2052
1,000,000
1,013,907
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special
Obligation:
144A, 5.0%, 9/1/2037
100,000
96,966
144A, 5.0%, 9/1/2045
600,000
551,951
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project,
AMT, 4.0%, 1/1/2048
240,000
207,649
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
150,000
136,926
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66
P3 Project:
AMT, 5.0%, 12/31/2047
1,000,000
1,002,685
AMT, 5.0%, 12/31/2049
250,000
250,413
AMT, 5.0%, 12/31/2052
915,000
912,141
 
4,604,638
Washington 5.7%
Washington, Port of Seattle Revenue:
Series A, AMT, 5.0%, 5/1/2043
415,000
421,479
AMT, 5.0%, 4/1/2044
1,000,000
1,023,016
Washington, State Convention Center Public Facilities District:
Series B, 3.0%, 7/1/2043
735,000
548,732
4.0%, 7/1/2031
1,000,000
956,781
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation
Group, Series A2, 5.0%, 8/1/2044
1,000,000
1,021,444
Washington, State Housing Finance Commission, Emerald Heights:
Series B-2, 4.0%, 7/1/2026
390,000
389,776
Series B-1, 4.75%, 7/1/2027
120,000
119,909
Washington, State Housing Finance Commission, Non-Profit Housing Revenue,
Rockwood Retirement Communities Project:
Series A, 144A, 5.0%, 1/1/2051
500,000
363,706
Series A, 144A, Prerefunded, 7.375%, 1/1/2044
1,000,000
1,011,371
Washington, State Housing Finance Commission, The Hearthstone Project:
Series A, 144A, 5.0%, 7/1/2038
50,000
40,189
Series A, 144A, 5.0%, 7/1/2048
115,000
83,020
Series A, 144A, 5.0%, 7/1/2053
75,000
52,573
 
6,031,996
West Virginia 1.9%
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility,
Arch Resources Project, AMT, 4.125% (a), 7/1/2045
1,250,000
1,232,809
West Virginia, State Hospital Finance Authority, State University Health System
Obligated Group:
Series A, 5.0%, 6/1/2042
400,000
406,445
Series A, 5.0%, 6/1/2047
405,000
408,937
 
2,048,191
Wisconsin 11.5%
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
Series A-1, 5.0%, 7/1/2043
500,000
461,501
Series B, 5.0%, 7/1/2048
1,340,000
990,104
Series B, 5.0%, 7/1/2053
250,000
178,637
Wisconsin, Public Finance Authority Revenue, Triad Educational Services Ltd.:
Series A, 4.0%, 6/15/2061
1,115,000
780,538
5.5%, 6/15/2062
1,000,000
946,412
Wisconsin, Public Finance Authority, Eastern Michigan University, Series A-1, 5.625%,
7/1/2055, INS: BAM
770,000
838,277
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter
School Ltd.:
5.0%, 7/1/2047
200,000
187,875
5.0%, 7/1/2052
90,000
83,066
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk
Management Project, AMT, 4.0%, 9/30/2051
2,055,000
1,630,173
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044
730,000
741,473
Wisconsin, Public Finance Authority, Hospital Revenue, Carson Valley Medical Center,
Series A, 4.0%, 12/1/2051
310,000
234,118
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project:
144A, 4.0%, 4/1/2042
100,000
81,368
144A, 4.0%, 4/1/2052
100,000
74,350
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage
Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039
520,000
438,167
144A, 5.75%, 5/1/2054
330,000
264,646
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at
Marylhurst Project, Series A, 144A, 5.25%, 5/15/2052
1,000,000
890,345
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand
Hyatt San Antonio Hotel, Series B, 144A, 6.0%, 2/1/2062
1,150,000
1,136,242
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster,
Inc.:
144A, 5.0%, 10/1/2043
65,000
57,471
144A, 5.0%, 10/1/2048
510,000
436,073
144A, 5.0%, 10/1/2053
250,000
207,260
Wisconsin, State Housing & Economic Development Authority Home Ownership
Revenue, Series A, 6.0%, 3/1/2054 (b)
1,430,000
1,553,116
 
12,211,212
Guam 0.3%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue,
Series A, 5.0%, 1/1/2050
70,000
69,674
Guam, International Airport Authority Revenue:
Series C, AMT, 6.375%, 10/1/2043
105,000
105,193
Series C, AMT, Prerefunded, 6.375%, 10/1/2043
110,000
110,202
 
285,069
Puerto Rico 7.1%
Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 5.0%,
7/1/2047
1,000,000
960,909
Puerto Rico, General Obligation:
Series A1, 4.0%, 7/1/2041
2,462,048
2,129,072
Series A1, 4.0%, 7/1/2046
250,000
208,119
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, Zero Coupon, 7/1/2046
3,476,000
968,164
Series A-1, 4.75%, 7/1/2053
3,500,000
3,281,179
 
7,547,443
Other 0.3%
Freddie Mac Multi-Family ML Certificates, “A-CA”, Series 2021-ML10, 2.046%,
6/25/2038
477,733
347,182
Total Municipal Investments (Cost $183,856,999)
176,195,661
 
 
 
Shares
Value ($)
 
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 4.18% (f)
(Cost $38,036)
38,036
38,036
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $183,895,035)
166.4
176,233,697
Series 2020-1 VMTPS, net of deferred offering costs
(66.1
)
(69,983,764
)
Other Assets and Liabilities, Net
(0.3
)
(328,063
)
Net Assets Applicable to Common Shareholders
100.0
105,921,870
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 August 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)
When-issued security.
(c)
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 August 31, 2023. Date shown reflects the earlier of demand date or stated maturity date.
(d)
Defaulted security or security for which income has been deemed uncollectible.
(e)
Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the
current coupon rate through the final coupon rate, date shown is the final maturity date.
(f)
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
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
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.
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 August 31, 2023 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$176,195,661
$—
$176,195,661
Open-End Investment Companies
38,036
—
—
38,036
Total
$38,036
$176,195,661
$—
$176,233,697
 
(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
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