Investment Portfolio | as of August 31, 2021 (Unaudited) |
DWS Municipal Income Trust
Principal Amount ($) | Value ($) | ||
Municipal Bonds and Notes 131.3% | |||
Alabama 0.4% | |||
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041 | 1,625,000 | 1,958,258 | |
Alaska 1.9% | |||
Alaska, Industrial Development & Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049 | 6,000,000 | 6,761,597 | |
Alaska, Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, “1”, Series A, 4.0%, 6/1/2050 | 2,250,000 | 2,653,216 | |
9,414,813 | |||
Arizona 2.6% | |||
Arizona, Salt Verde Financial Corp., Gas Revenue: | |||
5.0%, 12/1/2037, GTY: Citigroup Global Markets | 1,050,000 | 1,485,418 | |
5.5%, 12/1/2029, GTY: Citigroup Global Markets | 1,400,000 | 1,851,009 | |
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043 | 5,900,000 | 7,477,239 | |
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue, Series A, 5.0%, 9/1/2042 | 1,000,000 | 1,237,069 | |
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 1,000,000 | 1,122,766 | |
13,173,501 | |||
California 13.9% | |||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement: | |||
Series A-1, 5.0%, 6/1/2034 | 2,500,000 | 3,091,987 | |
Series A-1, 5.0%, 6/1/2035 | 2,500,000 | 3,052,261 | |
California, Health Facilities Financing Authority Revenue, Commonspirit Health, Series A, 4.0%, 4/1/2049 | 4,000,000 | 4,658,179 | |
California, Housing Finance Agency, Municipal Certificates, “A”, Series 2021-1, 3.5%, 11/20/2035 | 1,110,228 | 1,315,552 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 345,000 | 413,261 | |
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 3,180,000 | 5,002,544 | |
California, State General Obligation: | |||
5.0%, 11/1/2043 | 5,000,000 | 5,493,562 | |
5.25%, 4/1/2035 | 4,295,000 | 4,420,914 | |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project: | |||
Series A, AMT, 5.0%, 12/31/2043 | 1,200,000 | 1,459,801 | |
Series A, AMT, 5.0%, 12/31/2047 | 640,000 | 775,237 | |
Series A, AMT, 5.0%, 6/1/2048 | 240,000 | 290,143 | |
California, Tobacco Securitization Authority, Tobacco Settlement Revenue, San Diego County Tobacco Asset Securitization Corp., Series A, 5.0%, 6/1/2048 | 700,000 | 881,335 | |
Long Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039 | 1,065,000 | 1,229,101 | |
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport: | |||
Series B, AMT, 5.0%, 5/15/2046 | 6,430,000 | 7,580,922 | |
Series D, AMT, 5.0%, 5/15/2048 | 5,000,000 | 6,179,100 | |
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 | 7,000,000 | 7,552,196 |
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035 | 5,000,000 | 5,427,978 | |
San Diego, CA, Unified School District, Proposition Z Bonds, Series M2, 3.0%, 7/1/2050 | 2,000,000 | 2,147,306 | |
San Francisco, CA, City & County Airports Commission, International Airport Revenue: | |||
Series B, AMT, 5.0%, 5/1/2046 | 5,000,000 | 5,887,753 | |
Series A, AMT, 5.0%, 5/1/2049 | 2,965,000 | 3,640,959 | |
70,500,091 | |||
Colorado 6.1% | |||
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 | 5,450,000 | 6,086,951 | |
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group: | |||
Series A-1, 4.0%, 8/1/2044 | 1,000,000 | 1,151,595 | |
Series A-2, 4.0%, 8/1/2049 | 4,460,000 | 5,105,791 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: | |||
Series A, 5.0%, 12/1/2043 | 815,000 | 962,302 | |
Series A, 5.0%, 12/1/2048 | 1,305,000 | 1,533,464 | |
Denver, CO, City & County Airport Revenue: | |||
Series A, AMT, 5.0%, 12/1/2048 | 10,110,000 | 12,361,684 | |
Series A, AMT, 5.25%, 11/15/2043 | 2,400,000 | 2,639,632 | |
Denver, CO, Health & Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 | 490,000 | 590,608 | |
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040 | 450,000 | 522,006 | |
30,954,033 | |||
Connecticut 0.1% | |||
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 435,000 | 516,057 | |
Delaware 0.4% | |||
Delaware, State Economic Development Authority, Retirement Communities Revenue, Acts Retirement Life Communities, Series B, 5.0%, 11/15/2048 | 1,750,000 | 2,027,456 | |
District of Columbia 2.2% | |||
District of Columbia, International School Revenue, 5.0%, 7/1/2039 | 500,000 | 611,633 | |
District of Columbia, KIPP Project Revenue, 4.0%, 7/1/2049 | 2,405,000 | 2,710,810 | |
District of Columbia, Metropolitan Airport Authority Systems Revenue: | |||
Series A, AMT, 5.0%, 10/1/2038 | 800,000 | 871,485 | |
Series A, AMT, 5.0%, 10/1/2043 | 3,400,000 | 3,703,809 | |
AMT, 5.0%, 10/1/2047 | 1,000,000 | 1,213,178 | |
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049 | 1,590,000 | 1,831,096 | |
10,942,011 | |||
Florida 11.0% | |||
Broward County, FL, Airport Systems Revenue, Series A, AMT, 4.0%, 10/1/2049 | 345,000 | 397,870 | |
Clay County, FL, Sales Surtax Revenue, 4.0%, 10/1/2039 | 1,650,000 | 1,945,522 | |
Davie, FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048 | 1,665,000 | 1,991,028 | |
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 2,525,000 | 2,909,970 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044 | 1,000,000 | 1,109,119 |
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue: | |||
Series A, AMT, 5.0%, 10/1/2042 | 1,490,000 | 1,803,748 | |
Series A, AMT, 5.0%, 10/1/2047 | 965,000 | 1,165,079 | |
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048 | 2,500,000 | 3,076,613 | |
Miami-Dade County, FL, Aviation Revenue: | |||
Series A, AMT, 5.0%, 10/1/2035 | 5,000,000 | 5,657,042 | |
Series B, AMT, 5.0%, 10/1/2040 | 2,360,000 | 2,858,939 | |
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC | 3,000,000 | 3,062,184 | |
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children's Hospital, 5.0%, 8/1/2047 | 3,335,000 | 3,997,827 | |
Miami-Dade County, FL, Transit Sales Surtax Revenue: | |||
Series A, 4.0%, 7/1/2044 | 2,500,000 | 2,963,863 | |
Series A, 4.0%, 7/1/2049 | 5,000,000 | 5,853,558 | |
Osceola County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054 | 3,000,000 | 3,460,192 | |
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc., Series A, 5.0%, 11/15/2045 | 3,100,000 | 3,595,637 | |
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 | 2,045,000 | 2,312,228 | |
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 6,615,000 | 7,540,018 | |
55,700,437 | |||
Georgia 5.9% | |||
Atlanta, GA, Airport Passenger Facility Charge Revenue, Series D, AMT, 4.0%, 7/1/2038 | 2,000,000 | 2,346,911 | |
Atlanta, GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037 | 1,690,000 | 1,715,518 | |
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047 | 875,000 | 1,048,318 | |
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 1,055,000 | 1,270,268 | |
Georgia, George L Smith II Congress Center Authority, Convention Center Hotel, Series A, 4.0%, 1/1/2054 | 1,640,000 | 1,871,336 | |
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047 | 465,000 | 551,912 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | |||
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 5,000,000 | 5,747,891 | |
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co. | 10,000,000 | 12,820,667 | |
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 1,010,000 | 1,146,856 | |
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, 4.0%, 10/1/2050 | 1,335,000 | 1,570,663 | |
30,090,340 | |||
Hawaii 0.3% | |||
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041 | 1,490,000 | 1,719,823 | |
Illinois 8.6% | |||
Chicago, IL, General Obligation: | |||
Series A, 5.0%, 1/1/2044 | 800,000 | 968,937 | |
Series A, 5.5%, 1/1/2049 | 450,000 | 557,993 | |
Series A, 6.0%, 1/1/2038 | 405,000 | 503,936 | |
Chicago, IL, O'Hare International Airport Revenue, Senior Lien: | |||
Series D, AMT, 5.0%, 1/1/2047 | 2,085,000 | 2,473,021 | |
Series D, AMT, 5.0%, 1/1/2052 | 4,700,000 | 5,579,269 | |
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 395,000 | 470,628 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
Series A, 4.0%, 12/1/2050 | 465,000 | 537,578 | |
Series A, 4.0%, 12/1/2055 | 465,000 | 529,290 |
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL | 3,500,000 | 2,533,408 | |
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032 | 730,000 | 737,265 | |
Illinois, State Finance Authority Revenue, OSF Healthcare Systems: | |||
Series A, Prerefunded, 5.0%, 5/15/2041 | 1,580,000 | 1,633,916 | |
Series A, 5.0%, 11/15/2045 | 1,745,000 | 2,035,671 | |
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 4,445,000 | 5,042,244 | |
Illinois, State General Obligation: | |||
4.0%, 6/1/2033 | 2,400,000 | 2,654,440 | |
Series C, 4.0%, 10/1/2037 | 2,500,000 | 2,923,730 | |
Series B, 5.0%, 10/1/2033 | 1,970,000 | 2,414,668 | |
Series A, 5.0%, 5/1/2034 | 3,500,000 | 4,243,170 | |
Series A, 5.0%, 3/1/2046 | 335,000 | 418,024 | |
5.75%, 5/1/2045 | 735,000 | 949,029 | |
Illinois, State Toll Highway Authority: | |||
Series A, 4.0%, 1/1/2044 | 2,000,000 | 2,335,024 | |
Series A, 5.0%, 1/1/2044 | 2,535,000 | 3,161,550 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 970,000 | 1,111,390 | |
43,814,181 | |||
Indiana 4.2% | |||
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 | 2,965,000 | 3,402,158 | |
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041 | 5,000,000 | 5,122,013 | |
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 3,500,000 | 4,186,185 | |
Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A, 5.0%, 11/1/2043 | 7,000,000 | 8,698,152 | |
21,408,508 | |||
Iowa 0.3% | |||
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: | |||
4.0%, 10/1/2045 | 500,000 | 577,314 | |
4.0%, 10/1/2050 | 385,000 | 442,699 | |
Iowa, Tobacco Settlement Authority Revenue, “1”, Series A-2, 4.0%, 6/1/2049 | 260,000 | 302,584 | |
1,322,597 | |||
Kentucky 0.2% | |||
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
Series A, 5.0%, 6/1/2045 | 320,000 | 370,568 | |
Series A, 5.25%, 6/1/2041 | 480,000 | 570,003 | |
940,571 | |||
Louisiana 3.0% | |||
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 710,000 | 843,728 | |
Louisiana, Public Facilities Authority Revenue, Loyola University Project, 4.0%, 10/1/2051 | 850,000 | 994,305 | |
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047 | 6,000,000 | 6,986,281 | |
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032 | 3,540,000 | 3,953,089 |
New Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System: | |||
Series A, 5.0%, 10/1/2043, INS: AGMC | 1,020,000 | 1,247,028 | |
Series A, 5.0%, 10/1/2048, INS: AGMC | 1,140,000 | 1,376,598 | |
15,401,029 | |||
Maine 0.5% | |||
Maine, Health & Higher Educational Facilities Authority Revenue, Maine Medical Center: | |||
Series A, 5.0%, 7/1/2043 | 1,050,000 | 1,281,968 | |
Series A, 5.0%, 7/1/2048 | 1,050,000 | 1,274,198 | |
2,556,166 | |||
Maryland 1.9% | |||
Gaithersburg, MD, Economic Development Revenue, Asbury Maryland Obligation Group, Series A, 5.0%, 1/1/2036 | 1,000,000 | 1,117,483 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project: | |||
5.0%, 7/1/2050 | 155,000 | 191,147 | |
5.0%, 7/1/2056 | 270,000 | 331,499 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 | 745,000 | 893,917 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead Inc.: | |||
Series A, 5.0%, 7/1/2043 | 1,250,000 | 1,436,451 | |
Series A, 5.0%, 7/1/2048 | 3,000,000 | 3,436,548 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group, Series A, 5.0%, 5/15/2045 | 2,000,000 | 2,435,050 | |
9,842,095 | |||
Massachusetts 1.3% | |||
Massachusetts, Educational Financing Authority, Series C, AMT, 3.0%, 7/1/2051 | 1,180,000 | 1,195,056 | |
Massachusetts, State Development Finance Agency Revenue, Series A-2, 4.0%, 7/1/2040 | 2,200,000 | 2,601,798 | |
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037 | 2,500,000 | 2,794,820 | |
6,591,674 | |||
Michigan 3.4% | |||
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039 | 1,120,000 | 1,167,873 | |
Michigan, State Building Authority Revenue, Series I-A, Prerefunded, 5.375%, 10/15/2041 | 7,500,000 | 7,547,324 | |
Michigan, State Finance Authority Revenue, Series A, 4.0%, 2/15/2050 | 4,000,000 | 4,616,514 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043 | 1,200,000 | 1,454,733 | |
Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034 | 2,000,000 | 2,348,934 | |
17,135,378 | |||
Minnesota 3.2% | |||
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||
Series A, 5.0%, 2/15/2048 | 1,800,000 | 2,164,234 | |
Series A, 5.0%, 2/15/2053 | 5,060,000 | 6,065,955 |
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 | 1,220,000 | 1,492,604 | |
Rochester, MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%, 11/15/2036 | 4,200,000 | 6,383,520 | |
16,106,313 | |||
Missouri 0.1% | |||
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 335,000 | 378,461 | |
Nebraska 0.3% | |||
Douglas County, NE, Hospital Authority No.2, Health Facilities, Children's Hospital Obligated Group, 5.0%, 11/15/2047 | 1,330,000 | 1,586,080 | |
Nevada 1.0% | |||
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037 | 4,830,000 | 4,996,095 | |
New Jersey 5.3% | |||
Atlantic County, NJ, Improvement Authority Lease Revenue, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2053, INS: AGMC | 250,000 | 294,162 | |
Atlantic County, NJ, Improvement Authority Lease Revenue, General Obligation Bonds, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2047, INS: AGMC | 190,000 | 224,730 | |
New Jersey, Economic Development Authority, Self Designated Social Bonds: | |||
Series QQQ, 4.0%, 6/15/2046 | 115,000 | 133,509 | |
Series QQQ, 4.0%, 6/15/2050 | 115,000 | 133,011 | |
New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
Series A, 4.0%, 6/1/2030 | 430,000 | 532,452 | |
Series A, 4.0%, 6/1/2031 | 430,000 | 537,530 | |
Series A, 4.0%, 6/1/2032 | 205,000 | 258,638 | |
New Jersey, State Economic Development Authority Revenue, Series BBB, 5.5%, 6/15/2030 | 2,690,000 | 3,323,776 | |
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC | 1,250,000 | 1,388,722 | |
New Jersey, State Economic Development Authority, State Government Buildings Project: | |||
Series A, 5.0%, 6/15/2042 | 345,000 | 418,636 | |
Series A, 5.0%, 6/15/2047 | 385,000 | 464,101 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series B, AMT, 2.5%, 12/1/2040 | 415,000 | 429,175 | |
New Jersey, State Transportation Trust Fund Authority: | |||
Series AA, 4.0%, 6/15/2045 | 435,000 | 505,668 | |
Series AA, 4.0%, 6/15/2050 | 3,480,000 | 4,025,026 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.0%, 6/15/2046 | 5,600,000 | 6,894,009 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series A, 5.0%, 12/15/2034 | 1,855,000 | 2,323,268 | |
Series A, 5.0%, 12/15/2036 | 475,000 | 593,055 | |
New Jersey, State Turnpike Authority Revenue: | |||
Series A, 4.0%, 1/1/2051 | 2,250,000 | 2,647,913 | |
Series B, 5.0%, 1/1/2040 | 65,000 | 80,304 | |
New Jersey, Tobacco Settlement Financing Corp.: | |||
Series A, 5.0%, 6/1/2046 | 875,000 | 1,051,511 | |
Series A, 5.25%, 6/1/2046 | 440,000 | 538,848 | |
26,798,044 |
New York 12.6% | |||
New York, Metropolitan Transportation Authority Revenue: | |||
Series C, 5.0%, 11/15/2038 | 6,000,000 | 6,393,284 | |
Series D, 5.0%, 11/15/2038 | 1,090,000 | 1,182,178 | |
Series C, 5.0%, 11/15/2042 | 5,000,000 | 5,317,420 | |
Series C-1, 5.0%, 11/15/2050 | 140,000 | 171,262 | |
Series A-1, 5.25%, 11/15/2039 | 4,000,000 | 4,366,164 | |
Series C-1, 5.25%, 11/15/2055 | 415,000 | 515,468 | |
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series A-1, 5.0%, 11/15/2048 | 2,000,000 | 2,463,216 | |
New York, State Dormitory Authority, Personal Income Tax Revenue: | |||
Series A, 4.0%, 3/15/2048 | 2,000,000 | 2,351,195 | |
Series D, 4.0%, 2/15/2049 | 5,000,000 | 5,819,935 | |
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 | 8,000,000 | 8,111,688 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment, AMT, 5.0%, 1/1/2033 | 410,000 | 498,465 | |
New York, State Urban Development Corp., Income Tax Revenue, Series E, 3.0%, 3/15/2047 | 2,000,000 | 2,114,669 | |
New York, State Urban Development Corp., Sales Tax Revenue, Series A, 4.0%, 3/15/2045 | 3,700,000 | 4,330,939 | |
New York, State Urban Development Corp., State Personal Income Tax Revenue, Series C, 4.0%, 3/15/2042 | 5,000,000 | 5,900,834 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 150,000 | 176,092 | |
New York, Utility Debt Securitization Authority, Restructuring Revenue: | |||
Series TE, 5.0%, 12/15/2034 | 800,000 | 886,564 | |
Series TE, 5.0%, 12/15/2035 | 1,000,000 | 1,107,719 | |
New York City, NY, Municipal Water Finance Authority Revenue, Water & Sewer Systems, Second General Resolution, Series BB1, 3.0%, 6/15/2050 | 3,720,000 | 3,993,785 | |
New York, NY, General Obligation, Series A, 4.0%, 8/1/2040 | 3,500,000 | 4,146,369 | |
Port Authority of New York & New Jersey, Series 207, AMT, 5.0%, 9/15/2048 | 1,875,000 | 2,247,494 | |
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth: | |||
5.0%, 9/1/2036 | 205,000 | 232,655 | |
5.0%, 9/1/2039 | 510,000 | 577,166 | |
Port Authority of New York & New Jersey, One Hundred Ninety-Third, AMT, 5.0%, 10/15/2035 | 800,000 | 934,554 | |
63,839,115 | |||
North Dakota 0.6% | |||
Fargo, ND, Sanford Health Systems Revenue, Prerefunded, 6.25%, 11/1/2031 | 3,240,000 | 3,271,764 | |
Ohio 2.7% | |||
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 1,785,000 | 2,150,564 | |
Franklin County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046 | 2,950,000 | 3,578,869 | |
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037 | 1,500,000 | 1,519,394 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 2,320,000 | 2,763,388 | |
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039 | 3,520,000 | 3,768,416 | |
13,780,631 | |||
Oregon 0.8% | |||
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049 | 3,335,000 | 4,116,195 |
Pennsylvania 6.7% | |||
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2047 | 3,090,000 | 3,722,761 | |
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 460,000 | 552,897 | |
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035 | 1,560,000 | 1,809,196 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||
5.0%, 6/1/2034 | 750,000 | 923,007 | |
5.0%, 6/1/2035 | 375,000 | 460,711 | |
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045 | 20,000 | 23,711 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.625%, 6/1/2042 | 605,000 | 612,262 | |
Pennsylvania, State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, 5.0%, 8/15/2049 | 5,000,000 | 6,272,562 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series A, 5.0%, 12/1/2038 | 2,030,000 | 2,320,239 | |
Series A, 5.0%, 12/1/2039 | 3,000,000 | 3,836,861 | |
Series B-1, 5.0%, 6/1/2042 | 2,000,000 | 2,394,040 | |
Series C, 5.0%, 12/1/2043 | 960,000 | 1,053,105 | |
Series C, Prerefunded, 5.0%, 12/1/2043 | 3,040,000 | 3,370,642 | |
Series A, 5.0%, 12/1/2044 | 1,665,000 | 2,105,794 | |
Series B, 5.0%, 12/1/2045 | 585,000 | 754,222 | |
Series B, 5.0%, 12/1/2050 | 665,000 | 853,846 | |
Philadelphia, PA, Airport Revenue, Series B, AMT, 5.0%, 7/1/2047 | 915,000 | 1,098,926 | |
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043 | 1,500,000 | 1,842,411 | |
34,007,193 | |||
South Carolina 5.3% | |||
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032 | 6,560,000 | 7,207,107 | |
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 | 1,000,000 | 1,027,895 | |
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059 | 6,000,000 | 6,800,329 | |
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 | 4,000,000 | 4,694,106 | |
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 6,220,000 | 6,993,614 | |
26,723,051 | |||
South Dakota 0.2% | |||
Lincon County, SD, Economic Development Revenue, Augustana College Assocition Project: | |||
Series A, 4.0%, 8/1/2051 | 250,000 | 280,400 | |
Series A, 4.0%, 8/1/2056 | 250,000 | 277,859 | |
Series A, 4.0%, 8/1/2061 | 325,000 | 358,243 | |
916,502 | |||
Tennessee 1.0% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group: | |||
Series A, 5.0%, 7/1/2037 | 1,200,000 | 1,477,979 | |
Series A, 5.0%, 7/1/2044 | 1,600,000 | 1,944,236 | |
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 1,500,000 | 1,619,817 | |
5,042,032 |
Texas 16.9% | |||
Central Texas, Regional Mobility Authority Revenue, Senior Lien: | |||
Series E, 4.0%, 1/1/2050 | 1,795,000 | 2,083,772 | |
Series A, 5.0%, 1/1/2040 | 1,155,000 | 1,331,255 | |
Series E, 5.0%, 1/1/2045 | 300,000 | 375,824 | |
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041 | 2,250,000 | 2,764,239 | |
North Texas, Tollway Authority Revenue: | |||
Series B, 5.0%, 1/1/2040 | 2,060,000 | 2,187,039 | |
5.0%, 1/1/2048 | 6,145,000 | 7,366,036 | |
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, Prerefunded, 5.0%, 9/1/2032 | 2,000,000 | 2,000,000 | |
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word Project: | |||
Series A, 4.0%, 4/1/2046 | 2,000,000 | 2,327,200 | |
Series A, 4.0%, 4/1/2054 | 1,310,000 | 1,508,953 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group: | |||
Series B, 5.0%, 7/1/2034 | 3,000,000 | 3,752,694 | |
Series B, 5.0%, 7/1/2048 | 5,000,000 | 6,075,696 | |
Temple, TX, Tax Increment, Reinvestment Zone No. 1: | |||
Series A, 4.0%, 8/1/2039, INS: BAM | 165,000 | 192,615 | |
Series A, 4.0%, 8/1/2041, INS: BAM | 200,000 | 232,852 | |
Texas, Dallas/Fort Worth International Airport Revenue: | |||
Series H, AMT, Prerefunded, 5.0%, 11/1/2042 | 5,425,000 | 5,467,724 | |
Series F, 5.25%, 11/1/2033 | 3,500,000 | 3,871,550 | |
Texas, Grand Parkway Transportation Corp., System Toll Revenue: | |||
First Tier, Series C, 4.0%, 10/1/2049 | 1,000,000 | 1,161,968 | |
Series B, Prerefunded, 5.0%, 4/1/2053 | 3,500,000 | 3,852,487 | |
Series B, Prerefunded, 5.25%, 10/1/2051 | 5,000,000 | 5,529,510 | |
Texas, Lower Colorado River Authority, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2048 | 6,250,000 | 7,578,563 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Project: | |||
4.0%, 11/1/2049 | 295,000 | 336,691 | |
4.0%, 11/1/2055 | 280,000 | 317,987 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058 | 3,000,000 | 3,646,620 | |
Texas, Regional Mobility Authority Revenue, Senior Lien, Series B, 4.0%, 1/1/2051 | 565,000 | 661,237 | |
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. | 7,250,000 | 8,620,951 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 3,800,000 | 4,457,722 | |
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 | 1,235,000 | 1,388,619 | |
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund, Series A, 4.0%, 10/15/2049 | 2,815,000 | 3,334,161 | |
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049 | 2,250,000 | 3,515,195 | |
85,939,160 | |||
Utah 0.6% | |||
Salt Lake City, UT, Airport Revenue: | |||
Series A, AMT, 5.0%, 7/1/2043 | 960,000 | 1,172,084 | |
Series A, AMT, 5.0%, 7/1/2048 | 575,000 | 700,262 |
Utah, Infrastructure Agency Telecommunications & Franchise Tax Revenue, Pleasant Gove City Project: | |||
4.0%, 10/15/2041 | 275,000 | 323,419 | |
4.0%, 10/15/2044 | 340,000 | 397,111 | |
4.0%, 10/15/2048 | 340,000 | 395,417 | |
2,988,293 | |||
Virginia 0.9% | |||
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036 | 400,000 | 467,686 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2056 | 3,645,000 | 4,369,457 | |
4,837,143 | |||
Washington 3.1% | |||
King County, WA, Water Sewer Revenue, Series A, 4.0%, 1/1/2052 | 2,500,000 | 2,934,138 | |
Washington, Port of Seattle Revenue: | |||
Series A, AMT, 5.0%, 5/1/2043 | 1,935,000 | 2,282,322 | |
AMT, 5.0%, 4/1/2044 | 2,000,000 | 2,436,484 | |
Washington, State Convention Center Public Facilities District, 5.0%, 7/1/2043 | 6,000,000 | 7,286,538 | |
Washington, State Housing Finance Commission Municipal Certificates, “A”, Series A-1, 3.5%, 12/20/2035 | 612,870 | 720,202 | |
15,659,684 | |||
West Virginia 0.9% | |||
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047 | 4,025,000 | 4,800,870 | |
Wisconsin 0.7% | |||
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044 | 2,925,000 | 3,579,546 | |
Guam 0.2% | |||
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043 | 535,000 | 580,335 | |
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048 | 315,000 | 370,251 | |
950,586 | |||
Total Municipal Bonds and Notes (Cost $600,809,865) | 666,325,777 | ||
Underlying Municipal Bonds of Inverse Floaters (a) 16.7% | |||
Florida 2.4% | |||
Orange County, FL, School Board, Certificate of Participations, Series C, 5.0%, 8/1/2034 (b) | 10,000,000 | 11,960,487 | |
Trust: Orange County, FL, School Board, Series 2016-XM0183, 144A, 17.93%, 2/1/2024, Leverage Factor at purchase date: 4 to 1 | |||
Massachusetts 4.7% | |||
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series A, 4.0%, 7/15/2036 (b) | 10,000,000 | 11,533,250 | |
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0400, 144A, 13.96%, 7/15/2024, Leverage Factor at purchase date: 4 to 1 | |||
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 (b) | 10,425,000 | 12,496,454 | |
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 17.935%, 1/1/2024, Leverage Factor at purchase date: 4 to 1 | |||
24,029,704 |
New York 4.9% | |||
New York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (b) | 10,000,000 | 12,271,176 | |
Trust: New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0580, 144A, 18.935%, 9/15/2025, Leverage Factor at purchase date: 4 to 1 | |||
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A, 5.0%, 7/15/2034 (b) | 7,165,000 | 9,009,880 | |
Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.268%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 | |||
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-3, 5.0%, 7/15/2038 (b) | 2,685,000 | 3,361,646 | |
Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.338%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 | |||
24,642,702 | |||
Texas 2.3% | |||
Texas, State Transportation Commission- Highway Improvement, Series A, 5.0%, 4/1/2038 (b) | 10,000,000 | 11,889,337 | |
Trust: Texas, State Transportation Commission, Series 2016-XM0404, 144A, 17.96%, 4/1/2024, Leverage Factor at purchase date: 4 to 1 | |||
Washington 2.4% | |||
Washington, State General Obligation, Series D, 5.0%, 2/1/2035 (b) | 10,000,000 | 12,166,512 | |
Trust: Washington, State General Obligation, Series 2017-XM0477, 144A, 17.96%, 8/1/2024, Leverage Factor at purchase date: 4 to 1 | |||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $77,191,824) | 84,688,742 |
Shares | Value ($) | ||
Open-End Investment Companies 0.1% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (c) (Cost $245,944) | 245,622 | 245,671 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $678,247,633) | 148.1 | 751,260,190 | |
Floating Rate Notes (a) | (10.4) | (52,700,000) | |
Series 2020-1 VMTPS, net of deferred offering costs | (39.1) | (198,456,213) | |
Other Assets and Liabilities, Net | 1.4 | 7,298,752 | |
Net Assets Applicable to Common Shareholders | 100.0 | 507,402,729 |
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
(a) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
(b) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
(c) | Current yield; not a coupon rate. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
AGMC: Assured Guaranty Municipal Corp. |
AMT: Subject to alternative minimum tax. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
INS: Insured |
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. |
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, 2021 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $751,014,519 | $— | $751,014,519 |
Open-End Investment Companies | 245,671 | — | — | 245,671 |
Total | $245,671 | $751,014,519 | $— | $751,260,190 |
(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
DMIT-PH3
R-080548-1 (1/23)