Investment Portfolioas of August 31, 2023 (Unaudited)
DWS Municipal Income Trust  
 
 
Principal
Amount ($)
Value ($)
 
Municipal Investments 144.9%
Alabama 0.9%
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
770,000
812,080
Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc. (b)
800,000
834,978
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041
1,625,000
1,656,293
 
3,303,351
Alaska 1.3%
Alaska, Industrial Development & Export Authority, Tanana Chiefs Conference Project,
Series A, 4.0%, 10/1/2044
5,410,000
4,882,895
Arizona 1.4%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2037, GTY: Citigroup Global Markets
1,050,000
1,076,158
5.5%, 12/1/2029, GTY: Citigroup Global Markets
1,400,000
1,478,486
Arizona, Sierra Vista Industrial Development Authority Revenue, American Leadership
Academy Inc., 144A, 5.75%, 6/15/2058
1,000,000
963,557
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue, Series A,
5.0%, 9/1/2042
1,000,000
1,014,975
Pima County, AZ, Industrial Development Authority, Education Revenue, American
Leadership Academy Project, 144A, 5.0%, 6/15/2052
1,150,000
1,008,822
 
5,541,998
California 9.3%
California, Housing Finance Agency, Municipal Certificates, “A”, Series 2021-1, 3.5%,
11/20/2035
1,076,774
990,695
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%,
10/1/2042
345,000
333,100
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global
Markets
3,180,000
3,881,336
California, State General Obligation, 5.0%, 11/1/2043
5,000,000
5,010,538
California, State Municipal Finance Authority Revenue, LAX Integrated Express
Solutions LLC, LINXS Apartment Project:
Series A, AMT, 5.0%, 12/31/2043
1,825,000
1,826,000
Series B, AMT, 5.0%, 6/1/2048
240,000
235,973
California, Tobacco Securitization Authority, Tobacco Settlement Revenue, San Diego
County Tobacco Asset Securitization Corp., “1”, Series A, 5.0%, 6/1/2048
700,000
723,029
Long Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039
1,065,000
1,089,574
Los Angeles, CA, Department of Airports Revenue:
Series C, AMT, 5.0%, 5/15/2044
3,750,000
3,817,428
Series A, AMT, 5.0%, 5/15/2045
1,250,000
1,298,532
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport,
Series A, AMT, 5.0%, 5/15/2044
6,430,000
6,558,052
Nuveen California Quality Municipal Income Fund:
Series 7, 144A, AMT, 4.13% (c), 9/7/2023, LIQ: Royal Bank of Canada
100,000
100,000
Series 1-1362, 144A, AMT, 4.15% (c), 9/7/2023, LIQ: Societe Generale
250,000
250,000
Nuveen Municipal Credit Opportunities Fund, Series W, 144A, AMT, 4.57% (c),
9/7/2023
150,000
150,000
San Diego, CA, Unified School District, Proposition Z Bonds, Series M2, 3.0%,
7/1/2050
2,000,000
1,477,683
San Francisco City & County, CA, Airports Commission, International Airport Revenue,
Series D, AMT, 5.0%, 5/1/2048
2,965,000
2,996,706
San Francisco, CA, City & County Airports Commission, International Airport Revenue,
Series E, AMT, 5.0%, 5/1/2045
5,000,000
5,129,450
 
35,868,096
Colorado 7.2%
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A,
Prerefunded, 5.5%, 1/1/2035
5,450,000
5,485,827
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health
Obligation Group, Series A-1, 4.0%, 8/1/2044
9,960,000
8,867,350
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement
Communities Obligated Group, Series A, 5.0%, 12/1/2048
1,305,000
1,228,312
Denver, CO, City & County Airport Revenue:
Series A, AMT, 5.25%, 11/15/2043
2,400,000
2,400,759
Series A, AMT, 5.25%, 12/1/2043
9,225,000
9,498,329
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%,
12/1/2040
450,000
392,356
 
27,872,933
District of Columbia 2.3%
District of Columbia, International School Revenue, 5.0%, 7/1/2039
500,000
502,724
District of Columbia, KIPP Project Revenue, 4.0%, 7/1/2049
2,405,000
1,992,288
District of Columbia, Metropolitan Airport Authority Systems Revenue:
Series A, AMT, 5.0%, 10/1/2038
800,000
800,729
Series A, AMT, 5.0%, 10/1/2043
3,400,000
3,403,097
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
1,435,454
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050
750,000
659,548
 
8,793,840
Florida 13.6%
Brevard County, FL, Health Facilities Authority, Hospital Revenue, Health First, Inc.,
Series A, 4.0%, 4/1/2052
2,500,000
2,193,324
Broward County, FL, Airport Systems Revenue, Series A, AMT, 4.0%, 10/1/2049
345,000
307,160
Collier County, FL, State Educational Facilities Authority Revenue, Ave Maria
University Inc., 5.0%, 6/1/2043
665,000
621,757
Florida, Capital Projects Finance Authority Revenue, Provident Group - Continuum
Properties LLC:
Series A-1, 5.0%, 11/1/2053
215,000
211,368
Series A-1, 5.0%, 11/1/2058
345,000
336,063
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy
Projects:
Series A, 5.0%, 6/15/2047
2,900,000
2,810,675
Series A, 5.0%, 6/15/2052
270,000
257,797
Series A, 5.0%, 6/15/2055
1,540,000
1,457,859
Series A, 5.0%, 6/15/2056
440,000
415,606
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion
Project, Series A, 144A, AMT, 7.25% (a), 7/1/2057
1,000,000
1,020,517
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science
Academy Project:
Series A-1, 5.0%, 7/1/2042
60,000
58,147
Series B, 5.0%, 7/1/2042
60,000
58,147
Series A-1, 5.0%, 7/1/2051
55,000
51,282
Series B, 5.0%, 7/1/2051
85,000
79,254
Series A-1, 5.0%, 2/1/2057
160,000
146,222
Series B, 5.0%, 7/1/2057
90,000
82,214
Florida, Development Finance Corp., Surface Transportation Facilities Revenue,
Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049
1,000,000
1,002,028
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue,
Student Housing Project, Series B, 4.0%, 7/1/2044
2,525,000
2,327,069
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida
Institute of Technology, 4.0%, 10/1/2044
1,000,000
830,268
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue:
Series A, AMT, 5.0%, 10/1/2042
1,490,000
1,512,963
Series A, AMT, 5.0%, 10/1/2047
965,000
972,836
Hillsborough County, FL, Aviation Authority, Tampa International Airport:
Series A, AMT, 4.0%, 10/1/2052
1,710,000
1,536,859
Series A, AMT, 5.0%, 10/1/2048
2,500,000
2,522,204
Miami-Dade County, FL, Aviation Revenue:
Series A, AMT, 5.0%, 10/1/2035
5,000,000
5,019,066
Series B, AMT, 5.0%, 10/1/2040
2,360,000
2,404,470
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%,
7/1/2035, INS: AGMC
3,000,000
3,001,982
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus
Children's Hospital, 5.0%, 8/1/2047
3,335,000
3,357,728
Miami-Dade County, FL, Seaport Revenue, Series A, AMT, 5.25%, 10/1/2052
640,000
657,702
Miami-Dade County, FL, Transit System, Series A, 4.0%, 7/1/2050
5,000,000
4,613,208
Osceola County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054
3,000,000
2,550,579
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities,
Inc., Series A, 5.0%, 11/15/2045
4,850,000
4,594,281
Palm Beach County, FL, Health Facilities Authority, Jupiter Medical Center, Series A,
5.0%, 11/1/2052
600,000
566,796
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050
3,775,000
3,265,817
Tampa, FL, Water & Waste Water System Revenue, Series A, 5.25%, 10/1/2057
1,500,000
1,629,499
 
52,472,747
Georgia 7.8%
Atlanta, GA, Airport Passenger Facility Charge Revenue, Series D, AMT, 4.0%,
7/1/2038
2,000,000
1,950,703
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates,
Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052
620,000
552,792
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation
Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042
1,055,000
1,071,692
Fulton County, GA, Development Authority Hospital Revenue, Wellstar Health System,
Obligated Inc. Project, Series A, 4.0%, 4/1/2050
1,320,000
1,186,965
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier,
Series A, 4.0%, 1/1/2054
3,640,000
3,005,556
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.
5,000,000
5,049,231
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.
10,000,000
10,504,533
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series B, 5.0% (a),
7/1/2053, GTY: Royal Bank of Canada
3,110,000
3,226,697
Georgia, Municipal Electric Authority Revenue, Project One:
Series A, 5.0%, 1/1/2035
1,010,000
1,019,438
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
1,800,000
1,653,773
 
30,229,112
Hawaii 0.4%
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041
1,490,000
1,491,224
Illinois 10.9%
Chicago, IL, Board of Education, Series B, 4.0%, 12/1/2041
2,000,000
1,771,992
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2044
800,000
808,161
Series A, 6.0%, 1/1/2038
405,000
427,017
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, 5.5%, 1/1/2055
1,355,000
1,424,055
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series D, AMT, 5.0%,
1/1/2047
6,785,000
6,830,476
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%,
7/1/2048
395,000
379,779
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien:
Series A, 4.0%, 12/1/2050
465,000
413,613
Series A, 5.0%, 12/1/2052
3,000,000
3,044,127
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital
Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL
3,500,000
2,022,364
Illinois, State Finance Authority Revenue, Bradley University Project, Series A, 4.0%,
8/1/2046
3,000,000
2,433,620
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%,
11/15/2045
1,745,000
1,745,182
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%,
10/1/2038
4,445,000
4,492,102
Illinois, State General Obligation:
4.0%, 6/1/2033
2,400,000
2,377,858
Series C, 4.0%, 10/1/2037
2,500,000
2,417,882
Series B, 5.0%, 10/1/2033
1,970,000
2,078,184
Series A, 5.0%, 5/1/2034
3,500,000
3,667,583
Series A, 5.0%, 5/1/2043
1,000,000
1,016,199
5.5%, 5/1/2039
1,915,000
2,056,735
5.75%, 5/1/2045
735,000
790,553
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC
970,000
983,952
 
42,127,327
Indiana 3.4%
Indiana, Finance Authority Revenue, DePauw University, Series A, 5.5%, 7/1/2052
4,000,000
4,087,253
Indiana, Finance Authority Revenue, Franciscan Alliance, Inc. Obligated Group, Series I,
3.95% (c), 9/1/2023, LOC: Barclays Bank PLC
2,500,000
2,500,000
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%,
11/15/2053
2,965,000
2,583,116
Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated
Group, Series A, 5.0%, 11/1/2043
3,000,000
3,077,633
Indiana, State Finance Authority, Tippecanoe LLC Student Housing Project, Series A,
5.0%, 6/1/2053
575,000
576,879
Indiana, State Housing & Community Development Authority, Single Family Mortgage
Revenue, Series C-1, 5.0%, 7/1/2053
355,000
363,385
 
13,188,266
Iowa 0.3%
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%,
10/1/2052
485,000
491,449
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project,
4.0%, 10/1/2050
885,000
729,217
 
1,220,666
Kentucky 0.9%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc.,
Obligated Group:
Series A, 5.0%, 6/1/2045
320,000
299,726
Series A, 5.25%, 6/1/2041
480,000
485,667
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health
Project, Series A, 5.0%, 5/15/2052
2,570,000
2,568,226
 
3,353,619
Louisiana 2.4%
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project,
5.0%, 5/15/2047
6,000,000
6,020,522
Louisiana, Public Facilities Authority Revenue, Tulane University, Series A, 5.0%,
10/15/2052
1,155,000
1,204,812
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
1,053,669
Series A, 5.0%, 10/1/2048, INS: AGMC
1,140,000
1,169,647
 
9,448,650
Maryland 2.8%
Maryland, Stadium Authority Built To Learn Revenue, Series A, 4.0%, 6/1/2047
2,670,000
2,548,672
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State
University Project:
5.0%, 7/1/2056
2,550,000
2,583,642
Series A, 5.75%, 7/1/2053
575,000
621,600
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist
Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046
745,000
750,709
Maryland, State Health & Higher Educational Facilities Authority Revenue,
Broadmead Inc.:
Series A, 5.0%, 7/1/2043
1,250,000
1,250,442
Series A, 5.0%, 7/1/2048
3,000,000
2,957,812
 
10,712,877
Massachusetts 2.2%
Massachusetts, Educational Financing Authority, Issue M:
Series C, AMT, 3.0%, 7/1/2051
4,180,000
2,736,971
Series C, AMT, 4.125%, 7/1/2052
2,000,000
1,590,522
Massachusetts, State Department of Transportation, Metropolitan Highway Systems
Revenue, Series A-2, 4.2% (c), 9/7/2023, LOC: TD Bank NA
100,000
100,000
Massachusetts, State Development Finance Agency Revenue, Northeastern University,
Series A, 5.25%, 3/1/2037
2,500,000
2,518,926
Massachusetts, State Educational Financing Authority, Educational Loan Revenue
Bonds, Issue M, Series B, AMT, 3.625%, 7/1/2038
1,365,000
1,212,903
Massachusetts, State Health & Educational Facilities Authority Revenue, Series J-2,
3.85% (c), 9/7/2023
300,000
300,000
 
8,459,322
Michigan 2.2%
Michigan, State Finance Authority Ltd. Obligation Revenue, Albion College:
4.0%, 12/1/2046
410,000
328,788
4.0%, 12/1/2051
420,000
324,434
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1”, Series C,
4.0%, 6/1/2049
260,000
230,841
Michigan, State Finance Authority, Hospital Revenue, McLaren Health Care, Series A,
4.0%, 2/15/2047
4,000,000
3,597,159
Michigan, Strategic Fund, 75 Improvement P3 Project, AMT, 5.0%, 6/30/2048
2,200,000
2,203,937
Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034
2,000,000
2,020,976
 
8,706,135
Minnesota 3.2%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue,
Essentia Health Obligated Group, Series A, 5.0%, 2/15/2053
5,060,000
5,041,650
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A,
5.0%, 11/15/2049
1,220,000
1,225,626
Minnesota, State Office of Higher Education Revenue, AMT, 4.0%, 11/1/2042
1,715,000
1,572,544
Rochester, MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%,
11/15/2035
4,000,000
4,688,592
 
12,528,412
Missouri 0.8%
Kansas City, MO, Industrial Development Authority, International Airport Terminal
Modernization Project, Series B, AMT, 5.0%, 3/1/2055, INS: AGMC
1,540,000
1,558,373
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research,
Lutheran Senior Services:
4.0%, 2/1/2042
545,000
454,991
Series A, 5.0%, 2/1/2046
335,000
311,521
Nodaway County, MO, Industrial Development Authority, Educational Facilities
Revenue, North West Foundation, Inc., 4.04% (c), 9/7/2023, LOC: U.S. Bank NA
900,000
900,000
 
3,224,885
New Hampshire 0.5%
New Hampshire, Business Finance Authority Revenue, Series 2, 4.0%, 10/20/2036
2,224,885
2,086,771
New Jersey 5.8%
Camden County, NJ, Improvement Authority School Revenue, KIPP Cooper Norcross
Obligated Group, 6.0%, 6/15/2062
1,400,000
1,447,280
New Jersey, Economic Development Authority, Self Designated Social Bonds:
Series QQQ, 4.0%, 6/15/2046
115,000
109,510
Series QQQ, 4.0%, 6/15/2050
115,000
107,954
New Jersey, State Economic Development Authority Revenue, Series BBB, Prerefunded,
5.5%, 6/15/2030
2,690,000
2,891,769
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge
Replacement Project, Series A, AMT, 5.125%, 7/1/2042, INS: AGMC
1,250,000
1,251,878
New Jersey, State Economic Development Authority, State Government Buildings
Project:
Series A, 5.0%, 6/15/2042
345,000
354,105
Series A, 5.0%, 6/15/2047
385,000
393,055
New Jersey, State Educational Facilities Authority Revenue, Steven Institute of
Technology, Series A, 4.0%, 7/1/2050
995,000
834,447
New Jersey, State Educational Facilities Authority Revenue, Stockton University,
Series A, 5.0%, 7/1/2041
685,000
691,229
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue,
Series B, AMT, 2.5%, 12/1/2040
415,000
341,598
New Jersey, State Transportation Trust Fund Authority, Series AA, 4.0%, 6/15/2045
435,000
412,678
New Jersey, State Transportation Trust Fund Authority, Transportation Program,
Series AA, 5.0%, 6/15/2046
5,600,000
5,761,286
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series AA, 4.0%, 6/15/2050
3,320,000
3,057,628
Series A, 5.0%, 12/15/2034
1,855,000
1,976,208
Series A, 5.0%, 12/15/2036
475,000
500,325
New Jersey, State Turnpike Authority Revenue, Series B, 5.0%, 1/1/2040
65,000
67,870
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046
1,315,000
1,358,275
South Jersey, NJ, Transportation Authority System Revenue, Series A, 5.25%, 11/1/2052
800,000
825,913
 
22,383,008
New York 12.8%
New York, Metropolitan Transportation Authority Revenue:
Series 2012-G1, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC
200,000
200,000
Series E-1, 3.95% (c), 9/1/2023, LOC: Barclays Bank PLC
1,000,000
1,000,000
Series G-1, 3.97% (c), 9/7/2023, LOC: TD Bank NA
300,000
300,000
Series A-1, 4.0%, 11/15/2044
1,000,000
921,308
Series A-1, 4.0%, 11/15/2045
1,000,000
915,756
Series C, 5.0%, 11/15/2038
6,000,000
6,000,020
Series D, 5.0%, 11/15/2038
1,090,000
1,089,882
Series C, 5.0%, 11/15/2042
5,000,000
4,988,385
Series A-1, 5.25%, 11/15/2039
4,000,000
4,001,389
Series C-1, 5.25%, 11/15/2055
520,000
535,014
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series A-1,
5.0%, 11/15/2048
2,000,000
2,026,552
New York, Port Authority of New York & New Jersey Consolidated, One Hundred
Eighty-Fourth:
5.0%, 9/1/2036
205,000
207,265
5.0%, 9/1/2039
510,000
514,253
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New
School:
Series A, 4.0%, 7/1/2047
150,000
131,918
Series A, 4.0%, 7/1/2052
175,000
150,188
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
450,000
463,631
New York, State Transportation Development Corp., Special Facilities Revenue,
Terminal 4 John F. Kennedy, International Project, AMT, 5.0%, 12/1/2041
265,000
272,319
New York, State Urban Development Corp. Revenue, Personal Income Tax, Series A,
4.0%, 3/15/2045
8,830,000
8,471,646
New York, State Urban Development Corp. Revenue, State Personal Income Tax,
Series C, 5.0%, 3/15/2047
3,500,000
3,660,763
New York, State Urban Development Corp., Income Tax, Series A, 3.0%, 3/15/2050
2,000,000
1,478,383
New York, State Urban Development Corp., State Personal Income Tax Revenue,
Series C, 3.0%, 3/15/2048
3,475,000
2,612,620
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041
150,000
151,875
New York City, NY, General Obligation, Series A, 4.0%, 8/1/2042
3,500,000
3,387,012
New York City, NY, Housing Development Corp., Series C-1, 4.25%, 11/1/2052
3,000,000
2,639,865
New York, NY, General Obligation:
Series L-4, 4.25% (c), 9/1/2023, LOC: U.S. Bank NA
150,000
150,000
Series B-1, 5.25%, 10/1/2047
500,000
542,109
Port Authority of New York & New Jersey, Series 207, AMT, 5.0%, 9/15/2048
1,875,000
1,891,602
Port Authority of New York & New Jersey, One Hundred Ninety-Third, Series 193,
AMT, 5.0%, 10/15/2035
800,000
810,811
 
49,514,566
North Carolina 0.0%
North Carolina, Charlotte-Mecklenburg Hospital Authority, Atrium Health Obligated
Group, Series E, 3.98% (c), 9/1/2023, LOC: Royal Bank of Canada
200,000
200,000
Ohio 3.7%
Buckeye, OH, Tobacco Settlement Financing Authority:
“1", Series A-2, 4.0%, 6/1/2048
4,245,000
3,761,704
“2", Series B-2, 5.0%, 6/1/2055
1,000,000
915,476
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group
Project, 5.0%, 12/1/2047
1,785,000
1,785,340
Franklin County, OH, Trinity Health Corp. Revenue, Series 2017-OH, 5.0%, 12/1/2046
2,950,000
2,994,800
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%,
11/15/2046
2,320,000
2,330,434
Ohio, Brunswick City School District, General Obligation, 4.125%, 12/1/2048,
INS: BAM
2,500,000
2,401,558
 
14,189,312
Oregon 0.9%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049
3,335,000
3,389,166
Pennsylvania 7.3%
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network
Obligated Group, Series A, 5.0%, 4/1/2047
3,090,000
3,090,235
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043
460,000
474,238
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035
1,560,000
1,583,962
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment
Revenue Bonds:
5.0%, 6/1/2034
750,000
794,592
5.0%, 6/1/2035
375,000
395,818
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045
20,000
20,190
Pennsylvania, State Economic Development Financing Authority, The Penndot Major
Bridges, AMT, 6.0%, 6/30/2061
3,500,000
3,801,447
Pennsylvania, State Higher Educational Facilities Authority Revenue, University of
Pennsylvania Health System, 5.0%, 8/15/2049
5,000,000
5,151,046
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue,
Series 141A, 5.75%, 10/1/2053
952,593
1,007,182
Pennsylvania, State Turnpike Commission Revenue:
Series A, 5.0%, 12/1/2038
2,030,000
2,060,040
Series B-1, 5.0%, 6/1/2042
2,000,000
2,048,118
Series A, 5.0%, 12/1/2044
4,665,000
4,779,857
Series B, 5.0%, 12/1/2051
665,000
695,835
Philadelphia, PA, Airport Revenue, Series B, AMT, 5.0%, 7/1/2047
915,000
921,984
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043
1,500,000
1,553,806
 
28,378,350
South Carolina 3.1%
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059
6,000,000
5,022,788
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055
4,000,000
4,013,021
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A,
Prerefunded, 5.75%, 12/1/2043
3,000,000
3,017,030
 
12,052,839
South Dakota 0.2%
Lincon County, SD, Economic Development Revenue, Augustana College Association
Project, Series A, 4.0%, 8/1/2056
830,000
623,306
Tennessee 1.5%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health
Obligation Group:
Series A, 5.0%, 7/1/2036
1,040,000
1,071,339
Series A, 5.0%, 7/1/2044
1,600,000
1,610,216
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
1,064,781
Sevier County, TN, Public Building Authority, Local Government Public Improvement
Bonds, Series B-1, 4.06% (c), 9/7/2023, LOC: Bank of America NA
620,000
620,000
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052,
GTY: Goldman Sachs Group, Inc.
1,350,000
1,396,732
 
5,763,068
Texas 22.2%
Central Texas, Regional Mobility Authority Revenue, Senior Lien:
Series A, Prerefunded, 5.0%, 1/1/2040
1,155,000
1,186,275
Series E, 5.0%, 1/1/2045
300,000
309,729
Clifton, TX, Higher Education Finance Corp., Idea Public Schools, Series T, 4.0%,
8/15/2042
400,000
372,048
Dickinson, TX, Independent School District, 4.25%, 2/15/2053
2,500,000
2,424,911
Houston, TX, Airport System Revenue:
Series A, AMT, 4.5%, 7/1/2053, INS: AGMC
5,000,000
4,808,849
Series A, AMT, 5.0%, 7/1/2041
2,250,000
2,293,426
Klein, TX, Independent School District, 4.0%, 8/1/2047
3,500,000
3,366,669
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian
University Project, Series A, 4.0%, 4/1/2057
3,000,000
2,524,408
North Texas, Tollway Authority Revenue:
5.0%, 1/1/2048
4,710,000
4,818,950
5.0%, 1/1/2050
1,435,000
1,466,100
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word
Project:
Series A, 4.0%, 4/1/2046
1,520,000
1,254,100
Series A, 4.0%, 4/1/2051
3,000,000
2,388,199
Series A, 4.0%, 4/1/2054
790,000
618,412
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus
Health Obligated Group, Series B, 5.0%, 7/1/2048
5,000,000
5,120,142
Temple, TX, Tax Increment, Reinvestment Zone No. 1:
Series A, 4.0%, 8/1/2039, INS: BAM
165,000
160,359
Series A, 4.0%, 8/1/2041, INS: BAM
200,000
188,711
Texas, Dallas/Fort Worth International Airport Revenue, Series F, 5.25%, 11/1/2033
3,500,000
3,509,653
Texas, Grand Parkway Transportation Corp., System Toll Revenue:
Series C, 4.0%, 10/1/2049
3,690,000
3,339,768
Series B, Prerefunded, 5.0%, 4/1/2053
3,500,000
3,503,446
Series B, Prerefunded, 5.25%, 10/1/2051
5,000,000
5,005,810
Texas, Lower Colorado River Authority, LCRA Transmission Services Corp., Project,
5.0%, 5/15/2048
6,250,000
6,408,890
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities
Revenue, Westminster Project, 4.0%, 11/1/2049
735,000
572,802
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant
Express, AMT, 5.5%, 12/31/2058
1,720,000
1,822,674
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North
Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058
3,000,000
3,005,790
Texas, Regional Mobility Authority Revenue, Senior Lien, Series B, 4.0%, 1/1/2051
7,815,000
7,016,007
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%,
8/1/2025, GTY: Goldman Sachs Group, Inc.
7,250,000
7,378,619
Texas, State General Obligation, Series A, AMT, 4.125%, 8/1/2044
3,000,000
2,796,345
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue,
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.
2,755,000
2,853,016
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%,
8/15/2034
1,235,000
1,242,189
Texas, State Water Development Board Revenue, State Water Implementation Revenue
Fund, Series A, 4.0%, 10/15/2049
1,815,000
1,708,284
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049
2,250,000
2,507,279
 
85,971,860
Utah 1.1%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2043
960,000
979,064
Series A, AMT, 5.0%, 7/1/2048
575,000
583,323
Series A, AMT, 5.25%, 7/1/2048
970,000
1,020,896
Utah, Infrastructure Agency Telecommunications & Franchise Tax Revenue, Pleasant
Gove City Project:
4.0%, 10/15/2041
1,000,000
903,498
4.0%, 10/15/2048
680,000
587,560
 
4,074,341
Vermont 0.2%
Vermont, State Educational & Health Buildings Financing Agency Revenue, St
Michael's College Inc., 144A, 5.25%, 10/1/2052
1,000,000
882,732
Virginia 3.0%
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue,
Mary Washington Healthcare:
Series A, 5.0%, 10/1/2042
140,000
142,036
Series A, 5.0%, 10/1/2047
465,000
466,760
Series A, 5.0%, 10/1/2052
600,000
596,555
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project,
AMT, 4.0%, 1/1/2048
560,000
484,513
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC
Project, AMT, 4.0%, 1/1/2039
575,000
524,884
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66
P3 Project:
AMT, 5.0%, 12/31/2047
2,900,000
2,907,786
AMT, 5.0%, 12/31/2049
735,000
736,213
AMT, 5.0%, 12/31/2052
3,775,000
3,763,207
Williamsburg, VA, Economic Development Authority Revenue, College of William &
Mary Project, Series A, 4.125%, 7/1/2058, INS: AGMC
2,240,000
2,103,938
 
11,725,892
Washington 3.4%
Washington, Port of Seattle Revenue:
Series A, AMT, 5.0%, 5/1/2043
1,935,000
1,965,208
AMT, 5.0%, 4/1/2044
2,000,000
2,046,032
Washington, State Convention Center Public Facilities District, 5.0%, 7/1/2043
6,000,000
6,080,239
Washington, State Higher Educational Facilities Authority, Gonzaga University Project,
Series A, 3.0%, 4/1/2049
3,515,000
2,492,720
Washington, State Housing Finance Commission Municipal Certificates, Series A-1,
3.5%, 12/20/2035
594,749
538,896
Washington, State Housing Finance Commission, Emerald Heights, Series B-1, 4.75%,
7/1/2027
185,000
184,860
 
13,307,955
West Virginia 1.1%
West Virginia, State Hospital Finance Authority, State University Health System
Obligated Group:
Series A, 5.0%, 6/1/2042
2,015,000
2,047,468
Series A, 5.0%, 6/1/2047
2,010,000
2,029,542
 
4,077,010
Wisconsin 4.0%
Wisconsin, Public Finance Authority Revenue, Triad Educational Services Ltd.,
Series A, 4.0%, 6/15/2061
5,200,000
3,640,177
Wisconsin, Public Finance Authority, Eastern Michigan University, Series A-1, 5.625%,
7/1/2055, INS: BAM
1,230,000
1,339,065
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk
Management Project, AMT, 4.0%, 9/30/2051
4,590,000
3,641,115
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044
2,925,000
2,970,969
Wisconsin, State Housing & Economic Development Authority Home Ownership
Revenue, Series A, 6.0%, 3/1/2054 (b)
3,570,000
3,877,360
 
15,468,686
Guam 0.1%
Guam, International Airport Authority Revenue:
Series C, AMT, 6.375%, 10/1/2043
255,000
255,468
Series C, AMT, Prerefunded, 6.375%, 10/1/2043
280,000
280,513
 
535,981
Puerto Rico 0.7%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon,
7/1/2046
9,900,000
2,757,429
Total Municipal Investments (Cost $577,175,587)
560,808,627
 
Underlying Municipal Bonds of Inverse Floaters (d) 16.5%
Florida 2.7%
Orange County, FL, School Board, Certificates of Participations, Series C, 5.0%,
8/1/2034 (e)
10,000,000
10,506,111
Trust: Florida, School Board, Series 2016-XM0182, 144A, 5.75%, 2/1/2024,
Leverage Factor at purchase date: 4 to 1
Massachusetts 2.8%
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare
System, Inc., Series Q, 5.0%, 7/1/2035 (e)
10,425,000
10,815,486
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-
XM0137, 144A, 5.838%, 1/1/2024, Leverage Factor at purchase date: 4 to 1
New York 2.7%
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A,
5.0%, 7/15/2034 (e)
7,165,000
7,725,178
Trust: New York, Transitional Finance Authority, Building AID Revenue,
Series 2018-XM0620, 144A, 6.182%, 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 (e)
2,685,000
2,832,146
Trust: New York, Transitional Finance Authority, Building AID Revenue,
Series 2018-XM0620, 144A, 6.188%, 1/15/2026, Leverage Factor at purchase
date: 4 to 1
 
10,557,324
Pennsylvania 2.8%
Pennsylvania, Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/2047 (e)
10,000,000
10,861,330
Trust: Pennsylvania, Southeastern Pennsylvania Transportation Authority,
Series 2022-XM1057, 144A, 7.29%, 6/1/2030, Leverage Factor at purchase date: 4
to 1
Texas 2.8%
Texas, State General Obligation, Series B, 5.0%, 2/1/2045 (e)
10,000,000
10,781,598
Trust: Texas, State General Obligation, Series 2022-XM1063, 144A, 6.35%,
2/1/2030, Leverage Factor at purchase date: 4 to 1
Washington 2.7%
Washington, State General Obligation, Series D, 5.0%, 2/1/2035 (e)
10,000,000
10,516,282
Trust: Washington, State General Obligation, Series 2017-XM0477, 144A, 5.84%,
8/1/2024, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $64,208,613)
64,038,131
 
 
 
Shares
Value ($)
 
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 4.18% (f)
(Cost $46,987)
46,987
46,987
 
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $641,431,187)
161.4
624,893,745
Floating Rate Notes (d)
(11.7
)
(45,200,000
)
Series 2020-1 VMTPS, net of deferred offering costs
(51.3
)
(198,722,381
)
Other Assets and Liabilities, Net
1.6
6,087,818
Net Assets Applicable to Common Shareholders
100.0
387,059,182
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)
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)
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.
(e)
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.
(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.
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.
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)
$—
$624,846,758
$—
$624,846,758
Open-End Investment Companies
46,987
—
—
46,987
Total
$46,987
$624,846,758
$—
$624,893,745
 
(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-080548-2 (1/25)
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