NPORT-EX 2 NPORT_3333156219140410.htm

Investment Portfolio as of February 29, 2020 (Unaudited)

DWS Municipal Income Trust

			Principal Amount ($)					Value ($)
Municipal Bonds and Notes 129.2%
Alabama 0.4%
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041				1,625,000				1,994,931
Alaska 1.3%
Alaska, Industrial Development & Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049				6,000,000				6,820,380
Arizona 3.2%
Arizona, Salt Verde Financial Corp., Gas Revenue:
	5.0%, 12/1/2037, GTY: Citigroup Global Markets			1,050,000				1,504,524
	5.5%, 12/1/2029, GTY: Citigroup Global Markets			1,400,000				1,873,746
Arizona, State Industrial Development Authority, Senior Living Revenue, Great Lakes Senior Living Communities, Series A, 4.5%, 1/1/2049				1,000,000				1,102,720
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043				5,900,000				7,651,710
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue, Series A, 5.0%, 9/1/2042				1,000,000				1,246,290
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, Prerefunded, 5.0%, 7/1/2040				3,000,000				3,041,430
								16,420,420
California 14.3%
California, Golden State Tobacco Securitization Corp., Tobacco Settlement:
	Series A-1, 5.0%, 6/1/2034			2,500,000				3,191,975
	Series A-1, 5.0%, 6/1/2035			2,500,000				3,184,075
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global Markets				3,180,000				5,139,039
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042				345,000				413,862
California, State General Obligation:
	5.0%, 11/1/2043			5,000,000				5,691,650
	5.25%, 4/1/2035			4,295,000				4,681,636
	5.5%, 3/1/2040			1,370,000				1,374,795
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				1,472,628
	Series A, AMT, 5.0%, 12/31/2047			640,000				781,574
	Series A, AMT, 5.0%, 6/1/2048			240,000				292,493
California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A, 5.0%, 6/1/2048				700,000				873,131
Long Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039				1,065,000				1,269,618
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport:
	Series B, 5.0%, 5/15/2035			8,500,000				8,571,230
	Series B, AMT, 5.0%, 5/15/2046			6,430,000				7,712,335
	Series D, AMT, 5.0%, 5/15/2048			5,000,000				6,352,700
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043				7,000,000				7,816,200
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035				5,000,000				5,673,900
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
	Series B, AMT, 5.0%, 5/1/2046			5,000,000				6,001,150
	Series A, AMT, 5.0%, 5/1/2049			2,965,000				3,747,760
								74,241,751
Colorado 4.9%
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035				5,450,000				6,317,204
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
	Series A, 5.0%, 12/1/2043			815,000				976,557
	Series A, 5.0%, 12/1/2048			1,305,000				1,558,549
Denver, CO, City & County Airport Revenue:
	Series A, AMT, 5.0%, 12/1/2048			10,110,000				12,619,302
	Series A, AMT, 5.25%, 11/15/2043			2,400,000				2,713,272
Denver, CO, Health & Hospital Authority, Certificates of Participations, 550 Acoma, Inc., 5.0%, 12/1/2048				490,000				598,809
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040				450,000				521,640
								25,305,333
Connecticut 0.1%
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040				435,000				524,314
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				2,061,167
District of Columbia 1.6%
District of Columbia, International School Revenue, 5.0%, 7/1/2039				500,000				628,825
District of Columbia, Metropolitan Airport Authority Systems Revenue:
	Series A, AMT, 5.0%, 10/1/2038			800,000				899,512
	Series A, AMT, 5.0%, 10/1/2043			3,400,000				3,808,986
	AMT, 5.0%, 10/1/2047			1,000,000				1,221,180
District of Columbia, Metropolitan Airport Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2053				1,590,000				1,856,818
								8,415,321
Florida 10.4%
Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049				625,000				723,875
Broward County, FL, Airport Systems Revenue, Series A, AMT, 4.0%, 10/1/2049				345,000				401,797
Davie, FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048				1,665,000				2,002,229
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054				2,500,000				2,796,275
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044				2,525,000				2,896,402
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, Series A, 4.0%, 10/1/2044				1,000,000				1,114,520
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue:
	Series A, AMT, 5.0%, 10/1/2042			1,490,000				1,823,343
	Series A, AMT, 5.0%, 10/1/2047			965,000				1,173,112
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048				2,500,000				3,087,950
Miami-Dade County, FL, Aviation Revenue:
	Series A, AMT, 5.0%, 10/1/2035			5,000,000				5,794,800
	Series B, AMT, 5.0%, 10/1/2040			2,360,000				2,912,948
Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A-1, Prerefunded, 5.375%, 10/1/2035				2,000,000				2,052,980
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC				3,000,000				3,039,420
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children's Hospital, 5.0%, 8/1/2047				3,335,000				4,032,382
Orlando & Orange County, FL, Expressway Authority Revenue, Series A, Prerefunded, 5.0%, 7/1/2040				11,895,000				12,058,480
Osceola County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054				3,000,000				3,433,290
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc., Series A, 5.0%, 11/15/2045				1,750,000				2,064,773
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055				2,045,000				2,353,018
								53,761,594
Georgia 6.8%
Atlanta, GA, Airport Passenger Facilities Charge Revenue, Series D, AMT, 4.0%, 7/1/2039				2,000,000				2,377,480
Atlanta, GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037				1,690,000				1,799,749
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047				875,000				1,046,754
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042				1,055,000				1,270,473
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045				505,000				506,697
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047				465,000				560,813
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
	Series A, 5.0%, 3/15/2020 , GTY: JP Morgan Chase & Co.			7,250,000				7,259,642
	Series A, 5.5%, 9/15/2024 , GTY: Merrill Lynch & Co.			5,000,000				5,923,400
	Series A, 5.5%, 9/15/2028 , GTY: Merrill Lynch & Co.			10,000,000				13,120,600
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035				1,010,000				1,164,803
								35,030,411
Guam 0.2%
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043				535,000				626,260
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048				315,000				385,308
								1,011,568
Hawaii 1.2%
Hawaii, State Airports Systems Revenue:
	Series A, 5.0%, 7/1/2039			4,200,000				4,254,348
	Series A, AMT, 5.0%, 7/1/2041			1,490,000				1,740,573
								5,994,921
Idaho 0.5%
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, Prerefunded, 5.0%, 7/1/2035, INS: AGMC				2,500,000				2,534,525
Illinois 9.4%
Chicago, IL, Airport Revenue, O'Hare International Airport, Series A, Prerefunded, 5.75%, 1/1/2039				4,200,000				4,372,200
Chicago, IL, General Obligation:
	Series A, 5.0%, 1/1/2044			800,000				965,576
	Series A, 5.5%, 1/1/2049			855,000				1,067,014
Chicago, IL, O'Hare International Airport Revenue, Series B, Prerefunded, 6.0%, 1/1/2041				9,000,000				9,386,730
Chicago, IL, O'Hare International Airport Revenue, Senior Lien:
	Series D, AMT, 5.0%, 1/1/2047			2,085,000				2,485,695
	Series A, AMT, 5.0%, 1/1/2053			4,500,000				5,504,715
Chicago, IL, O'Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039				800,000				830,488
Chicago, IL, O'Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048				395,000				475,458
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL				3,500,000				2,417,940
Illinois, Railsplitter Tobacco Settlement Authority, Prerefunded, 6.0%, 6/1/2028				915,000				974,027
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032				730,000				782,042
Illinois, State Finance Authority Revenue, OSF Healthcare Systems:
	Series A, 5.0%, 5/15/2041			1,580,000				1,675,543
	Series A, 5.0%, 11/15/2045			1,745,000				2,027,742
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038				4,445,000				5,225,275
Illinois, State General Obligation:
	Series B, 5.0%, 10/1/2033			1,970,000				2,467,248
	Series A, 5.0%, 5/1/2034			3,500,000				4,338,915
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044				1,825,000				2,329,594
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC				970,000				1,127,518
								48,453,720
Indiana 4.2%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group:
	5.0%, 11/15/2043			245,000				284,905
	5.0%, 11/15/2048			485,000				560,408
	5.0%, 11/15/2053			2,200,000				2,532,178
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041				5,000,000				5,411,550
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051				3,500,000				4,125,485
Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A, 5.0%, 11/1/2043				7,000,000				8,740,480
								21,655,006
Iowa 0.8%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc.:
	Series A, 5.0%, 5/15/2043			645,000				749,587
	Series A, 5.0%, 5/15/2047			1,940,000				2,205,877
	Series A, 5.0%, 5/15/2048			820,000				945,165
								3,900,629
Kentucky 0.2%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
	Series A, 5.0%, 6/1/2045			320,000				375,427
	Series A, 5.25%, 6/1/2041			480,000				577,733
								953,160
Louisiana 3.4%
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048				710,000				840,775
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047				6,000,000				7,151,640
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040				3,000,000				3,017,910
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032				3,540,000				3,925,223
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				1,262,485
	Series A, 5.0%, 10/1/2048 , INS: AGMC			1,140,000				1,403,066
								17,601,099
Maine 0.5%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine Medical Center:
	Series A, 5.0%, 7/1/2043			1,050,000				1,293,579
	Series A, 5.0%, 7/1/2048			1,050,000				1,285,263
								2,578,842
Maryland 1.8%
Gaithersburg, MD, Economic Development Revenue, Asbury Maryland Obligation Group, Series A, 5.0%, 1/1/2036				1,000,000				1,153,930
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046				745,000				907,887
Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead Inc.:
	Series A, 5.0%, 7/1/2043			1,250,000				1,464,900
	Series A, 5.0%, 7/1/2048			3,000,000				3,505,410
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group, Series A, 5.0%, 5/15/2045				2,000,000				2,419,580
								9,451,707
Massachusetts 0.6%
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037				2,500,000				2,911,250
Michigan 3.4%
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039				1,120,000				1,229,144
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041				7,500,000				8,066,775
Michigan, State Finance Authority Revenue, Series A, 4.0%, 12/1/2049				4,000,000				4,698,000
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043				1,200,000				1,482,216
Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034				2,000,000				2,381,420
								17,857,555
Minnesota 3.1%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
	Series A, 5.0%, 2/15/2048			1,800,000				2,226,024
	Series A, 5.0%, 2/15/2053			5,060,000				6,239,992
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049				1,220,000				1,502,454
Rochester, MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%, 11/15/2036				4,200,000				6,311,676
								16,280,146
Missouri 0.3%
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046				335,000				385,062
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village, 5.0%, 9/1/2048				1,060,000				1,218,990
								1,604,052
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				1,585,560
Nevada 1.0%
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037				4,830,000				5,240,888
New Jersey 3.4%
New Jersey, State Economic Development Authority Revenue, Series BBB, 5.5%, 6/15/2030				2,690,000				3,346,710
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC				1,250,000				1,407,975
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033				295,000				358,788
New Jersey, State Economic Development Authority, State Government Buildings Project:
	Series A, 5.0%, 6/15/2042			345,000				415,180
	Series A, 5.0%, 6/15/2047			385,000				460,094
New Jersey, State Transportation Trust Fund Authority, Transportation Program Bonds, Series AA, 5.0%, 6/15/2046				5,600,000				6,831,720
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
	Series A, 5.0%, 12/15/2033			715,000				897,096
	Series A, 5.0%, 12/15/2034			1,145,000				1,434,032
	Series A, 5.0%, 12/15/2036			475,000				592,330
New Jersey, State Turnpike Authority Revenue, Series B, 5.0%, 1/1/2040				65,000				81,914
New Jersey, Tobacco Settlement Financing Corp.:
	Series A, 5.0%, 6/1/2046			875,000				1,066,144
	Series A, 5.25%, 6/1/2046			440,000				546,286
								17,438,269
New York 7.9%
New York, Metropolitan Transportation Authority Revenue:
	Series C, 5.0%, 11/15/2038			6,000,000				6,748,920
	Series D, 5.0%, 11/15/2038			1,090,000				1,246,480
	Series C, 5.0%, 11/15/2042			5,000,000				5,579,850
	Series A-1, 5.25%, 11/15/2039			4,000,000				4,629,400
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2036				2,000,000				2,109,540
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043				8,000,000				8,633,520
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				508,486
	AMT, 5.0%, 1/1/2034			410,000				507,523
	AMT, 5.0%, 1/1/2036			410,000				505,698
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041				150,000				174,056
New York, Utility Debt Securitization Authority, Restructuring Revenue:
	Series TE, 5.0%, 12/15/2034			800,000				923,024
	Series TE, 5.0%, 12/15/2035			1,000,000				1,152,590
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution:
	Series EE, 5.375%, 6/15/2043			1,270,000				1,314,552
	Series EE, Prerefunded, 5.375%, 6/15/2043			2,480,000				2,570,396
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth:
	5.0%, 9/1/2036			205,000				240,354
	5.0%, 9/1/2039			510,000				596,047
Port Authority of New York & New Jersey, One Hundred Ninety-Third, AMT, 5.0%, 10/15/2035				800,000				958,176
Port Authority of New York & New Jersey, Two Hundred Seven, AMT, 5.0%, 9/15/2048				1,875,000				2,320,069
								40,718,681
North Dakota 0.7%
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031				3,240,000				3,525,736
Ohio 2.7%
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047				1,785,000				2,148,979
Franklin County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046				2,950,000				3,623,131
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037				1,500,000				1,642,980
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046				2,320,000				2,788,130
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039				3,520,000				3,925,398
								14,128,618
Oregon 0.8%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049				3,335,000				4,163,948
Pennsylvania 7.6%
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2047				3,090,000				3,788,433
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, Prerefunded, 5.375%, 7/1/2042				7,000,000				7,104,090
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project:
	Series A, 5.0%, 12/1/2038			335,000				390,148
	Series A, 5.0%, 12/1/2048			865,000				992,760
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043				460,000				564,388
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035				1,560,000				1,839,302
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
	5.0%, 6/1/2034			750,000				943,755
	5.0%, 6/1/2035			375,000				470,381
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045				20,000				24,124
Pennsylvania, State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, 4.0%, 8/15/2049				5,000,000				5,870,950
Pennsylvania, State Turnpike Commission Revenue:
	Series A, 5.0%, 12/1/2038			2,030,000				2,399,521
	Series B-1, 5.0%, 6/1/2042			2,000,000				2,419,760
	Series C, 5.0%, 12/1/2043			960,000				1,088,698
	Series C, Prerefunded, 5.0%, 12/1/2043			3,040,000				3,505,181
	Series A, 5.0%, 12/1/2044			1,665,000				2,089,675
Philadelphia, PA, Airport Revenue:
	Series A, 5.0%, 6/15/2035			2,835,000				2,865,391
	Series B, AMT, 5.0%, 7/1/2047			915,000				1,101,632
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043				1,500,000				1,851,120
								39,309,309
South Carolina 6.1%
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032				6,560,000				7,547,870
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031				1,000,000				1,073,490
South Carolina, State Jobs-Economic Development Authority, Acts Retirement Life Communities, Inc., Series C, 5.0%, 11/15/2047				1,350,000				1,590,462
South Carolina, State Ports Authority Revenue:
	Series B, AMT, 4.0%, 7/1/2049			6,000,000				6,842,340
	Prerefunded, 5.25%, 7/1/2040			2,550,000				2,587,715
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055				4,000,000				4,777,680
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043				6,220,000				7,343,332
								31,762,889
Tennessee 0.7%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group:
	Series A, 5.0%, 7/1/2037			1,200,000				1,475,748
	Series A, 5.0%, 7/1/2044			1,600,000				1,941,424
								3,417,172
Texas 18.0%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040				1,155,000				1,364,563
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041				2,250,000				2,785,410
North Texas, Tollway Authority Revenue:
	Series B, 5.0%, 1/1/2040			2,060,000				2,283,139
	5.0%, 1/1/2048			6,145,000				7,513,983
	First Tier, Prerefunded, 6.0%, 1/1/2043			5,000,000				5,214,850
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, Prerefunded, 5.0%, 9/1/2032				2,000,000				2,123,920
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group:
	Series B, 5.0%, 7/1/2034			3,000,000				3,839,670
	Series B, 5.0%, 7/1/2048			5,000,000				6,218,200
Texas, Dallas/Fort Worth International Airport Revenue:
	Series H, AMT, 5.0%, 11/1/2042			5,425,000				5,761,187
	Series F, 5.25%, 11/1/2033			3,500,000				4,026,330
	Series A, Prerefunded, 5.25%, 11/1/2038			4,000,000				4,117,880
Texas, Grand Parkway Transportation Corp., System Toll Revenue:
	First Tier, Series C, 4.0%, 10/1/2049			1,000,000				1,185,330
	Series B, Prerefunded, 5.0%, 4/1/2053			3,500,000				4,005,435
	Series B, Prerefunded, 5.25%, 10/1/2051			5,000,000				5,765,950
Texas, Lower Colorado River Authority, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2048				6,250,000				7,759,500
Texas, Municipal Gas Acquisition & Supply Corp., I, Gas Supply Revenue, Series B, 67% of 3-month USD-LIBOR + 0.700% , 1.969% *, 12/15/2026, GTY: Merrill Lynch & Co.				1,250,000				1,254,038
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
	5.5%, 8/1/2021 , GTY: Goldman Sachs Group, Inc.			1,155,000				1,227,141
	5.5%, 8/1/2025 , GTY: Goldman Sachs Group, Inc.			7,250,000				8,786,710
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, Prerefunded, 5.0%, 10/1/2035				1,600,000				1,638,928
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.				4,250,000				5,060,220
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue:
	5.0%, 12/15/2030 , GTY: Macquarie Group Ltd.			250,000				275,230
	5.0%, 12/15/2031 , GTY: Macquarie Group Ltd.			3,165,000				3,480,709
	5.0%, 12/15/2032 , GTY: Macquarie Group Ltd.			2,000,000				2,197,160
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034				1,235,000				1,440,566
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049				2,250,000				3,795,728
								93,121,777
Utah 0.4%
Salt Lake City, UT, Airport Revenue:
	Series A, AMT, 5.0%, 7/1/2043			960,000				1,190,189
	Series A, AMT, 5.0%, 7/1/2048			575,000				708,285
								1,898,474
Virginia 0.9%
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036				400,000				480,336
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052				3,645,000				4,337,295
								4,817,631
Washington 4.0%
Washington, Port of Seattle Revenue, Series A, AMT, 5.0%, 5/1/2043				1,935,000				2,334,616
Washington, State Convention Center Public Facilities District, 5.0%, 7/1/2048				6,000,000				7,427,160
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041				2,985,000				3,096,609
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041				1,825,000				1,953,480
Washington, State Health Care Facilities Authority, Virginia Mason Medical Center:
	5.0%, 8/15/2034			275,000				334,343
	5.0%, 8/15/2035			235,000				284,855
	5.0%, 8/15/2036			155,000				187,522
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031				5,000,000				5,264,600
								20,883,185
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				4,825,613
Wisconsin 0.8%
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044				2,925,000				3,653,179
Wisconsin, State Health & Educational Facilities Authority, St. John's Communities, Inc. Project:
	Series A, 5.0%, 9/15/2040			70,000				75,636
	Series A, 5.0%, 9/15/2045			95,000				102,216
	Series A, 5.0%, 9/15/2050			380,000				407,405
								4,238,436
Total Municipal Bonds and Notes (Cost $596,097,599)						668,439,988
Underlying Municipal Bonds of Inverse Floaters (a) 18.9%
Florida 2.4%
Orange County, FL, School Board, Certificates of Participations, Series C, 5.0%, 8/1/2034 (b)				10,000,000				12,255,100
	Trust: Florida, School Board, Series 2016-XM0182, 144A, 14.36%, 2/1/2024, Leverage Factor at purchase date: 4 to 1
Massachusetts 6.9%
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series A, 4.0%, 7/15/2036 (b)				10,000,000				11,721,125
	Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0400, 144A, 10.57%, 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				12,761,107
	Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 14.552%, 1/1/2024, Leverage Factor at purchase date: 4 to 1
Massachusetts, State General Obligation, Series E, 4.0%, 4/1/2038 (b)				10,000,000				11,306,325
	Trust: Massachusetts, State General Obligation, Series 2016-XM0335, 144A, 10.57%, 4/1/2023, Leverage Factor at purchase date: 4 to 1
								35,788,557
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				12,531,275
	Trust: New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0580, 144A, 15.005%, 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				9,256,911
	Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2017-XM0620, 144A, 14.887%, 1/15/2026, Leverage Factor at purchase date: 4 to 1
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A, 5.0%, 7/15/2038 (b)				2,685,000				3,431,239
	Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2017-XM0620, 144A, 14.94%, 1/15/2026, Leverage Factor at purchase date: 4 to 1
								25,219,425
Texas 2.3%
Texas, State Transportation Commission- Highway Improvement, Series A, 5.0%, 4/1/2038 (b)				10,000,000				12,171,425
	Trust: Texas, State Transportation Commission, Series 2016-XM0404, 144A,14.57%, 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				12,475,625
	Trust: Washington, State General Obligation, Series 2017-XM0477, 144A, 14.57%, 8/1/2024, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $89,930,428)						97,910,132
			Shares					Value ($)
Open-End Investment Companies 0.5%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.953% ** (Cost $2,661,457)				2,660,634				2,661,166
			% of Net Assets					Value ($)
Total Investment Portfolio (Cost $688,689,484)		148.6					769,011,286
Floating Rate Notes (a)		(11.6)					(60,200,000)
Series 2018 MTPS, net of deferred offering costs		(38.4)					(198,744,973)
Other Assets and Liabilities, Net		1.4					7,431,845
Net Assets Applicable to Common Shareholders		100.0					517,498,158

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.
*	Variable or floating rate security. These securities are shown at their current rate as of February 29, 2020. 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.
**	Current yield; not a coupon rate.
(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.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
GTY: Guaranty Agreement
INS: Insured
LIBOR: London Interbank Offered Rate
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 February 29, 2020 in valuing the Fund's investments.

Assets		Level 1		Level 2		Level 3		Total
Municipal Investments (c)	$	—	$	766,350,120	$	—	$	766,350,120
Open-End Investment Companies		2,661,166		—		—		2,661,166
Total	$	2,661,166	$	766,350,120	$	—	$	769,011,286

(c) See Investment Portfolio for additional detailed categorizations.