Investment Portfolioas of August 31, 2024 (Unaudited)
DWS Strategic Municipal Income Trust  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 152.1%
Alabama 0.9%
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a),
6/1/2049, GTY: Goldman Sachs Group, Inc.
400,000
428,489
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053
500,000
546,507
 
974,996
Arizona 0.6%
Yavapai County, AZ, Industrial Development Authority, Hospital Facility, Regional
Medical Center, 4.0%, 8/1/2043
675,000
647,052
California 9.1%
California, General Obligation, Series A-2, 3.7% (b), 9/3/2024, LOC: State Street B&T
Co.
2,595,000
2,595,000
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%,
10/1/2042
115,000
116,347
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global
Markets
1,310,000
1,653,736
California, State General Obligation, Series A-1, 3.5% (b), 9/3/2024, LOC: Barclays
Bank PLC
1,525,000
1,525,000
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC,
“II”, 144A, 7.0%, 1/1/2039
835,000
893,892
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, LINXS Apartment Project, Series B, AMT, 5.0%, 6/1/2048
60,000
60,700
California, Statewide Communities Development Authority Revenue, Loma Linda
University Medical Center, Series A, 144A, 5.25%, 12/1/2056
925,000
935,626
California, Statewide Communities Development Authority, Multi-Family Housing
Revenue, Foxwood Apartments Project, Series J, 2.74% (b), 9/6/2024, LOC: Wells
Fargo Bank NA
300,000
300,000
San Bernardino County, CA, Flood Control District, 2.2% (b), 9/6/2024, LOC: Bank of
America NA
655,000
655,000
San Francisco City & County, CA, Airports Commission, International Airport Revenue,
Series 2ND, AMT, 5.0%, 5/1/2048
1,110,000
1,127,164
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A,
Prerefunded, 5.0%, 1/15/2050
445,000
448,731
 
10,311,196
Colorado 1.7%
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%,
11/15/2028, GTY: Merrill Lynch & Co.
635,000
671,571
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement
Communities Obligated Group, Series A, 5.0%, 12/1/2048
260,000
263,800
Denver City & County, CO, Airport System Revenue, Series D, AMT, 5.75%,
11/15/2045
220,000
247,321
Denver City & County, CO, Special Facilities Airport Revenue, United Airlines, Inc.
Project, AMT, 5.0%, 10/1/2032
200,000
200,035
Denver, CO, City & County Airport Revenue, Series A, AMT, 5.25%, 12/1/2043
535,000
558,140
 
1,940,867
District of Columbia 0.2%
Metropolitan Washington, DC, Airport Authority, Dulles Toll Road Revenue, Series B,
3.0%, 10/1/2050, INS: AGMC
340,000
261,722
Florida 9.1%
Brevard County, FL, Health Facilities Authority, Hospital Revenue, Health First, Inc.,
Series A, 4.0%, 4/1/2052
500,000
463,734
Broward County, FL, Airport System Revenue:
Series A, AMT, 4.0%, 10/1/2044
145,000
137,943
Series A, AMT, 4.0%, 10/1/2049
230,000
215,019
Collier County, FL, Industrial Development Authority, Continuing Care Community
Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (c)
216,251
5,839
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum
Properties LLC:
Series A-1, 5.0%, 11/1/2053
65,000
65,406
Series A-1, 5.0%, 11/1/2058
105,000
105,123
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio
Project, Series A-1, 144A, 5.0%, 7/1/2056
240,000
234,011
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects:
Series A, 5.0%, 6/15/2050
265,000
266,941
Series A, 5.0%, 6/15/2055
460,000
462,420
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue,
Student Housing Project, Series B, 4.0%, 7/1/2044
1,685,000
1,629,677
Florida, Tolomato Community Development District, Special Assessment:
Series 2015-2, 0%–6.61%, 5/1/2040 (d)
150,000
148,800
Series 2015-3, 6.61%, 5/1/2040* (c)
165,000
2
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT,
5.0%, 10/1/2047
400,000
406,962
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A,
AMT, 5.0%, 10/1/2048
500,000
511,538
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center, 5.0%,
11/15/2044
500,000
500,583
Miami-Dade County, FL, Aviation Revenue, Series B, AMT, 5.0%, 10/1/2040
470,000
480,946
Miami-Dade County, FL, Seaport Revenue, Series A, AMT, 5.0%, 10/1/2047
385,000
411,606
Orange County, FL, Health Facilities Authority, The Nemours Foundation, Series C-2,
2.92% (b), 9/6/2024, LOC: TD Bank NA
3,020,000
3,020,000
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities,
Inc. Obligated Group:
Series C, 7.5%, 5/15/2053
135,000
152,796
Series C, 7.625%, 5/15/2058
185,000
210,021
Pinellas County, FL, Industrial Development Authority Revenue, Foundation For Global
Understanding, Inc. Project, 5.0%, 7/1/2039
825,000
837,373
 
10,266,740
Georgia 3.9%
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates,
Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052
555,000
528,287
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation
Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042
210,000
214,721
Fulton County, GA, Development Authority Hospital Revenue, Wellstar Health System,
Obligated Inc. Project, Series A, 4.0%, 4/1/2050
225,000
215,490
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier,
Series A, 4.0%, 1/1/2054
775,000
694,415
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024,
GTY: Merrill Lynch & Co.
1,220,000
1,220,569
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2049
1,000,000
1,029,645
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project,
4.0%, 10/1/2047
450,000
436,158
 
4,339,285
Hawaii 0.6%
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041
695,000
699,992
Illinois 12.9%
Chicago, IL, Board of Education, Series A, 6.0%, 12/1/2049
600,000
665,468
Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2038
555,000
576,401
Chicago, IL, Metropolitan Pier & Exposition Authority, McCormick Place Expansion
Project, Zero Coupon, 6/15/2044, INS: AGMC
2,500,000
1,051,458
Chicago, IL, O'Hare International Airport Revenue, Series C, AMT, 5.0%, 1/1/2046
1,000,000
1,001,489
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series D, AMT, 5.0%,
1/1/2047
975,000
984,784
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A,
4.0%, 12/1/2050
95,000
90,166
Illinois, Development Finance Authority, American College of Surgeons, 3.0% (b),
9/6/2024, LOC: Northern Trust Company
241,000
241,000
Illinois, Development Finance Authority, St. Ignatius College Project, 2.9% (b),
9/6/2024, LOC: PNC Bank NA
500,000
500,000
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital
Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL
3,000,000
1,878,931
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%,
11/15/2045
525,000
528,458
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center,
Series B, 3.8% (b), 9/3/2024, LOC: TD Bank NA
1,100,000
1,100,000
Illinois, State General Obligation:
5.0%, 2/1/2029
495,000
518,663
Series A, 5.0%, 10/1/2033
620,000
656,970
Series B, 5.0%, 10/1/2033
395,000
418,554
5.0%, 2/1/2039
2,000,000
2,001,810
5.0%, 5/1/2039
315,000
315,281
Series A, 5.0%, 12/1/2042
435,000
447,212
5.5%, 5/1/2039
385,000
423,045
Series C, 5.5%, 10/1/2045
500,000
553,607
5.75%, 5/1/2045
590,000
647,174
 
14,600,471
Indiana 0.7%
Indiana, State Finance Authority, Tippecanoe LLC Student Housing Project, Series A,
5.0%, 6/1/2053
290,000
300,078
Indiana, State Housing & Community Development Authority, Single Family Mortgage
Revenue, Series C-1, 5.0%, 7/1/2053
110,000
114,903
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project:
Series E, 6.0%, 3/1/2053
240,000
265,474
Series E, 6.125%, 3/1/2057
120,000
132,720
 
813,175
Iowa 0.7%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group,
Series B, 7.5%, 5/15/2053
635,000
718,706
Iowa, Tobacco Settlement Authority Revenue, “2”, Series B-2, Zero Coupon, 6/1/2065
445,000
69,483
 
788,189
Kentucky 0.7%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc.,
Obligated Group, Series A, 5.25%, 6/1/2041
320,000
326,509
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue,
Norton Healthcare, Inc., Series B, 4.0% (b), 9/3/2024, LOC: PNC Bank NA
500,000
500,000
 
826,509
Louisiana 1.4%
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project,
5.0%, 5/15/2046
1,000,000
1,014,068
Louisiana, Public Facilities Authority Revenue, Tulane University, Series A, 5.0%,
10/15/2052
345,000
369,773
Louisiana, State Gasoline & Fuels Tax Revenue, Series A-2, 3.8% (b), 9/3/2024,
LOC: Toronto-Dominion Bank
175,000
175,000
 
1,558,841
Maryland 2.7%
Maryland, Stadium Authority Built To Learn Revenue, Series A, 4.0%, 6/1/2047
1,065,000
1,051,155
Maryland, State Community Development Administration, Department of Housing &
Community Development, Residential Revenue, Series D, 5.05%, 3/1/2047
500,000
510,810
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State
University Project, 5.0%, 7/1/2056
1,225,000
1,257,719
Maryland, State Health & Higher Educational Facilities Authority Revenue, Gaudenzia
Foundation, 2.92% (b), 9/6/2024, LOC: PNC Bank NA
200,000
200,000
 
3,019,684
Massachusetts 5.1%
Massachusetts, State Development Finance Agency Revenue, Boston University,
Series U-6E, 3.8% (b), 9/3/2024, LOC: TD Bank NA
100,000
100,000
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare
System, Inc., Series Q, 5.0%, 7/1/2035
5,000,000
5,141,463
Massachusetts, State Educational Financing Authority, Educational Loan Revenue
Bonds, Issue M:
Series B, AMT, 2.0%, 7/1/2037
100,000
87,771
Series B, AMT, 3.625%, 7/1/2038
445,000
415,296
 
5,744,530
Michigan 0.2%
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department,
Series C, 5.0%, 7/1/2035
90,000
91,301
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series A,
4.0%, 6/1/2049
130,000
120,036
 
211,337
Minnesota 5.7%
Minnesota, State Housing Finance Agency, Series L, AMT, 5.35%, 7/1/2036
660,000
694,898
Minnesota, State Office of Higher Education Revenue:
AMT, 2.65%, 11/1/2038
170,000
151,544
AMT, 4.0%, 11/1/2042
855,000
825,800
Rochester City, MN, Bella Grove Apartments Project, Series C, 3.06% (b), 9/6/2024,
LOC: Federal Home Loan Bank
4,800,000
4,800,000
 
6,472,242
Missouri 6.0%
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
1,024,212
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior
Services Projects, Series B, 5.0%, 2/1/2046
500,000
503,293
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research,
Lutheran Senior Services:
4.0%, 2/1/2042
365,000
345,656
Series A, 5.0%, 2/1/2046
65,000
65,428
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University:
Series B, 3.55% (b), 9/3/2024, LOC: U.S Bank NA
900,000
900,000
Series B-1, 3.9% (b), 9/3/2024, LOC: Barclays Bank PLC
825,000
825,000
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue,
Lester E Cox Medical Centers, Series A, 5.0%, 11/15/2048
150,000
150,038
Nodaway County, MO, Industrial Development Authority, Educational Facilities
Revenue, North West Foundation, Inc., 2.89% (b), 9/6/2024, LOC: U.S Bank NA
2,200,000
2,200,000
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village
Development Project, Series A, 4.75%, 11/15/2047
825,000
704,003
 
6,717,630
Nevada 0.2%
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero
Coupon, 7/1/2058
1,500,000
214,796
New Hampshire 1.6%
New Hampshire, Business Finance Authority Revenue, “A”, Series 2, 4.0%, 10/20/2036
731,398
723,907
New Hampshire, State Health and Education Facilities Authority Act Revenue, Trustees
of Dartmouth College, Series A, 3.3% (a), 6/1/2040
1,015,000
1,022,705
 
1,746,612
New Jersey 5.2%
New Jersey, State Economic Development Authority Revenue, Series BBB, Prerefunded,
5.5%, 6/15/2030
895,000
954,956
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban
Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039
705,000
519,719
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban
Renewal LLC Project, 144A, 5.0%, 1/1/2040* (c)
270,000
187,150
New Jersey, State Economic Development Authority, Special Facilities Revenue,
Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030
1,000,000
1,007,380
New Jersey, State Educational Facilities Authority Revenue, Steven Institute of
Technology, Series A, 4.0%, 7/1/2050
495,000
460,019
New Jersey, State Educational Facilities Authority Revenue, Stockton University,
Series A, 5.0%, 7/1/2041
340,000
345,843
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue,
Series B, AMT, 3.5%, 12/1/2039
125,000
121,518
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing
Revenue, Series I, 5.0%, 10/1/2053
125,000
130,536
New Jersey, State Transportation Trust Fund Authority, Transportation Program,
Series AA, 5.0%, 6/15/2046
1,400,000
1,445,729
New Jersey, State Transportation Trust Fund Authority, Transportation Systems,
Series AA, 4.0%, 6/15/2050
180,000
173,198
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046
525,000
544,250
 
5,890,298
New Mexico 0.2%
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044
310,000
262,769
New York 17.5%
New York, Metropolitan Transportation Authority Revenue:
Series G-1G, 2.84% (b), 9/6/2024, LOC: TD Bank NA
500,000
500,000
Series 2012-G1, 3.9% (b), 9/3/2024, LOC: Barclays Bank PLC
3,715,000
3,715,000
Series E-1, 3.9% (b), 9/3/2024, LOC: Barclays Bank PLC
790,000
790,000
Series D, 5.0%, 11/15/2027
215,000
224,602
Series D, 5.0%, 11/15/2033
500,000
533,658
Series C-1, 5.25%, 11/15/2055
1,605,000
1,687,876
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D3,
4.0%, 11/15/2049
500,000
480,007
New York, State Dormitory Authority Revenue, State University, Series A, 5.0%,
7/1/2053
415,000
446,431
New York, State Transportation Development Corp., Special Facilities Revenue,
American Airlines, Inc., John F. Kennedy International Airport Project, Series A,
AMT, 5.0%, 8/1/2031, GTY: American Airlines Group, Inc.
445,000
445,501
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
103,534
AMT, 5.625%, 4/1/2040
260,000
280,248
New York, State Transportation Development Corp., Special Facilities Revenue, John F.
Kennedy International Airport Project:
AMT, 4.0%, 12/1/2042
300,000
289,352
AMT, 5.375%, 6/30/2060
835,000
871,335
AMT, 6.0%, 6/30/2054
100,000
109,319
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
1,199,947
New York, Triborough Bridge & Tunnel Authority Revenue:
Series B-4C, 3.6% (b), 9/3/2024, LOC: U.S Bank NA
300,000
300,000
Series B, 3.8% (b), 9/3/2024, LOC: TD Bank NA
100,000
100,000
New York City, NY, Housing Development Corp., Series C-1, 4.25%, 11/1/2052
1,000,000
968,977
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured,
Series B, 5.0%, 5/1/2048
1,000,000
1,090,036
New York, NY, General Obligation:
Series D-5, 2.9% (b), 9/6/2024, LOC: PNC Bank NA
800,000
800,000
Series G-6, 3.6% (b), 9/3/2024, LOC: Mizuho Bank Ltd.
3,400,000
3,400,000
Series L-4, 3.6% (b), 9/3/2024, LOC: U.S Bank NA
800,000
800,000
Port Authority of New York & New Jersey, Series 207, AMT, 5.0%, 9/15/2048
625,000
637,839
 
19,773,662
North Carolina 0.2%
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%,
6/1/2043
250,000
254,591
Ohio 6.5%
Buckeye, OH, Tobacco Settlement Financing Authority, “2”, Series B-2, 5.0%, 6/1/2055
3,310,000
3,047,208
Columbus, OH, Regional Airport Authority, Capital Funding Revenue, Oasbo Expanded
Asset, 2.95% (b), 9/6/2024, LOC: U.S Bank NA
445,000
445,000
Ohio, State Hospital Revenue, University Hospitals Health System, Inc., Series A,
3.85% (b), 9/3/2024, LOC: PNC Bank NA
2,900,000
2,900,000
Ohio, State Housing Finance Agency Revenue, Series B, 4.95%, 9/1/2054
960,000
985,295
 
7,377,503
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU
Medicine Project:
Series B, 5.25%, 8/15/2048
240,000
245,700
Series A, 5.5%, 8/15/2041
285,000
298,210
Series A, 5.5%, 8/15/2044
300,000
310,603
 
854,513
Oregon 1.6%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049
665,000
682,066
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series A, 3.55% (b),
9/3/2024, LOC: U.S Bank NA
1,160,000
1,160,000
 
1,842,066
Pennsylvania 5.1%
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043
155,000
160,447
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035
315,000
318,818
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds:
5.0%, 6/1/2034
250,000
265,967
5.0%, 6/1/2035
125,000
132,676
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045
740,000
754,814
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges
Finco LP, 5.0%, 12/31/2038
1,000,000
1,019,390
Pennsylvania, State Economic Development Financing Authority, The Penndot Major
Bridges, AMT, 6.0%, 6/30/2061
1,500,000
1,664,621
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue,
Series 141A, 5.75%, 10/1/2053
221,574
237,710
Pennsylvania, State Turnpike Commission Revenue:
Series FIRST, 5.0%, 12/1/2039
140,000
156,867
Series FIRST, 5.0%, 12/1/2040
145,000
162,049
Series FIRST, 5.0%, 12/1/2041
145,000
161,292
Series C, 5.0%, 12/1/2044
240,000
240,616
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043
500,000
515,922
 
5,791,189
South Carolina 2.6%
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059
2,000,000
1,809,728
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055
1,070,000
1,075,370
 
2,885,098
Tennessee 7.1%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health
Obligation Group:
Series B, 2.95% (b), 9/6/2024, LOC: U.S Bank NA
5,235,000
5,235,000
Series A, 5.0%, 7/1/2036
260,000
271,091
Series A, 5.0%, 7/1/2044
400,000
411,471
Knox, TN, Health Educational & Housing Facility Board Revenue, Provident Group -
UTK Properties LLC:
Series A-1, 5.5%, 7/1/2054, INS: BAM
295,000
323,184
Series A-1, 5.5%, 7/1/2059, INS: BAM
355,000
385,913
Sevier County, TN, Public Building Authority, Local Government Public Improvement
Bonds, Series B-1, 2.94% (b), 9/6/2024, LOC: Bank of America NA
890,000
890,000
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052,
GTY: Goldman Sachs Group, Inc.
400,000
426,111
 
7,942,770
Texas 17.9%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A,
Prerefunded, 5.0%, 1/1/2040
230,000
234,276
Dallas, TX, Kay Bailey Hutchison Convention Center Project, Senior Lien, Special Tax,
144A, 6.0% (a), 8/15/2053
605,000
610,188
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041
750,000
772,264
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
1,304,049
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2045
665,000
666,524
5.0%, 1/1/2048
1,040,000
1,071,816
5.0%, 1/1/2050
315,000
324,347
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus
Health Obligated Group, Series B, 5.0%, 7/1/2048
1,000,000
1,030,479
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
1,059,245
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue,
Methodist Hospitals of Dallas Project, Series A, 3.8% (b), 9/3/2024, LOC: TD Bank
NA
300,000
300,000
Texas, Elgin Independent School District, General Obligation, 5.0%, 8/1/2054
5,000,000
5,464,259
Texas, Lamar Consolidated Independent School District, 5.0%, 2/15/2049
3,810,000
4,166,048
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant
Express, AMT, 5.5%, 12/31/2058
545,000
595,088
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North
Mobility Partners Segments 3 LLC, AMT, 5.5%, 6/30/2040
400,000
433,992
Texas, State Transportation Commission, Turnpike Systems Revenue:
Series C, 5.0%, 8/15/2034
825,000
827,500
Series C, 5.0%, 8/15/2042
1,250,000
1,364,423
 
20,224,498
Utah 0.8%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2042
595,000
605,755
Series A, AMT, 5.0%, 7/1/2043
190,000
194,456
Series A, AMT, 5.0%, 7/1/2048
115,000
117,704
 
917,915
Virginia 3.0%
Virginia, Housing Development Authority Revenue, Series G, 5.15%, 11/1/2052
1,000,000
1,047,112
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
150,000
145,602
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66
P3 Project:
AMT, 5.0%, 12/31/2047
1,000,000
1,018,375
AMT, 5.0%, 12/31/2049
250,000
254,128
AMT, 5.0%, 12/31/2052
915,000
928,408
 
3,393,625
Washington 4.1%
Port of Seattle, WA, Revenue Bonds, Series A, AMT, 5.0%, 5/1/2043
415,000
423,397
Skagit County, WA, Public Hospital District No. 1 Revenue, 5.5%, 12/1/2054
130,000
139,397
Washington, State Convention Center Public Facilities District, 4.0%, 7/1/2031
1,000,000
1,004,355
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation
Group, Series A2, 5.0%, 8/1/2044
1,000,000
1,039,492
Washington, State Housing Finance Commission, Panorama Project, 3.0% (b), 9/6/2024,
LOC: Wells Fargo Bank NA
1,850,000
1,850,000
Washington, State Housing Finance Commission, The Hearthstone Project:
Series A, 144A, 5.0%, 7/1/2038
50,000
43,057
Series A, 144A, 5.0%, 7/1/2048
115,000
90,171
Series A, 144A, 5.0%, 7/1/2053
75,000
57,263
 
4,647,132
West Virginia 1.8%
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility,
Arch Resources Project, AMT, 4.125% (a), 7/1/2045
1,250,000
1,249,983
West Virginia, State Hospital Finance Authority, State University Health System
Obligated Group:
Series A, 5.0%, 6/1/2042
400,000
409,027
Series A, 5.0%, 6/1/2047
405,000
412,463
 
2,071,473
Wisconsin 6.0%
Wisconsin, Public Finance Authority, Eastern Michigan University, Series A-1, 5.625%,
7/1/2055, INS: BAM
770,000
845,035
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter
School Ltd., 5.0%, 7/1/2052
90,000
88,088
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk
Management Project, AMT, 4.0%, 9/30/2051
2,055,000
1,778,378
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044
730,000
758,714
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
1,218,020
Wisconsin, State Health & Educational Facilities Authority Revenue, Marshfield Clinic
Health System, Inc., Series A, 3.9% (b), 9/3/2024, LOC: Barclays Bank PLC
550,000
550,000
Wisconsin, State Housing & Economic Development Authority Home Ownership
Revenue, Series A, 6.0%, 3/1/2054
1,395,000
1,547,278
 
6,785,513
Puerto Rico 7.3%
Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 5.0%,
7/1/2047
1,000,000
1,019,158
Puerto Rico, General Obligation:
Series A1, 4.0%, 7/1/2041
2,462,048
2,340,080
Series A1, 4.0%, 7/1/2046
250,000
232,133
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, Zero Coupon, 7/1/2046
3,476,000
1,172,085
Series A-1, 4.75%, 7/1/2053
3,500,000
3,473,748
 
8,237,204
Other 0.4%
Freddie Mac Multi-Family ML Certificates, “A-CA”, Series 2021-ML10, 2.046%,
6/25/2038
470,831
385,580
Total Municipal Investments (Cost $168,574,562)
171,693,265
 
 
 
Shares
Value ($)
 
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.84% (e)
(Cost $20,891)
20,890
20,892
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $168,595,453)
152.1
171,714,157
Series 2020-1 VMTPS
(53.1
)
(60,000,000
)
Other Assets and Liabilities, Net
1.0
1,186,232
Net Assets Applicable to Common Shareholders
100.0
112,900,389
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, 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 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, 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)
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.
(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.
AMBAC: Ambac Financial Group, Inc.
AMT: Subject to alternative minimum tax.
BAM: Build America Mutual
GTY: Guaranty Agreement
INS: Insured
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.
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, 2024 in valuing the Fund's investments.  
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$171,693,265
$—
$171,693,265
Open-End Investment Companies
20,892
—
—
20,892
Total
$20,892
$171,693,265
$—
$171,714,157
 
(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
DSMIT-PH3
R-080548-2 (1/25)
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