# EDGAR Filing Document

**Accession Number:** 0000203142
**File Stem:** 0001410368-25-008270
**Filing Date:** 2025-9
**Character Count:** 89946
**Document Hash:** a7c40b58691c4a1c5b1aa16f9a683584
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-008270.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001410368-25-008270

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000203142

**ORGANIZATION NAME:**
- **EIN:** 046396607
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02671
- **FILM NUMBER:** 251332221

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER MUNICIPAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### DWS Short-Term Municipal Bond Fund (Series ID: S000031144)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000096616 | Class A             | SRMAX           |
| C000096618 | Class C             | SRMCX           |
| C000096619 | Class S             | SRMSX           |
| C000096620 | Institutional Class | MGSMX           |

## Nport-Ex

Investment Portfolio**as of July 31, 2025 (Unaudited)** 

**DWS Short-Term Municipal Bond Fund** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)**<br>| **Value ($)** |
| **Municipal Investments 100.6%** | **Municipal Investments 100.6%** |  |
| **Alabama 5.0%** | **Alabama 5.0%** |  |
| Alabama, Black Belt Energy Gas District Gas Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, 7/1/2052, GTY: Royal Bank of <br> Canada, LIQ: Royal Bank of Canada <br>| 665000 | &nbsp;&nbsp; 672026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100, 4/1/2053, GTY: Goldman Sachs <br> Group, Inc. <br>| 2885000 | &nbsp;&nbsp; 2904514 |
| Jefferson County, AL, Sewer Revenue, 5.0%, 10/1/2026  | 1500000 | &nbsp;&nbsp; 1538127 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama, Energy Authority A Cooperative District, Series B-1, 5.0%, <br> Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs Group, Inc. <br>| 1365000 | &nbsp;&nbsp; 1411406 |
|  |  | &nbsp;&nbsp; **6526073** |
| **Alaska 2.5%** | **Alaska 2.5%** |  |
| Alaska, General Obligation, Series A, 5.0%, 8/1/2027  | 1000000 | &nbsp;&nbsp; 1049609 |
| &nbsp;&nbsp;&nbsp; Alaska, State Borough of Matanuska-Susitna AK Revenue, Department of <br> Administration, Series 2025-A, 5.0%, 9/1/2032 <br>| 2000000 | &nbsp;&nbsp; 2220738 |
|  |  | &nbsp;&nbsp; **3270347** |
| **Arizona 1.7%** | **Arizona 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children <br> Hospital, Series A, 5.0%, 2/1/2027 <br>| 200000 | &nbsp;&nbsp; 207033 |
| &nbsp;&nbsp;&nbsp; Arizona, Industrial Development Authority, Revenue Bonds, TWG Glendale LP, 5.0%, <br> Mandatory Put 9/1/2026 @ 100, 3/1/2045 <br>| 550000 | &nbsp;&nbsp; 558506 |
| &nbsp;&nbsp;&nbsp; Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A, <br> AMT, 4.125%, Mandatory Put 3/31/2026 @ 100, 9/1/2032 <br>| 250000 | &nbsp;&nbsp; 250482 |
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, Industrial Development Authority, Revenue Bonds, HonorHealth <br> Obligated Group, Series D, 5.0%, 12/1/2027 <br>| 1150000 | &nbsp;&nbsp; 1208615 |
|  |  | &nbsp;&nbsp; **2224636** |
| **California 7.2%** | **California 7.2%** |  |
| &nbsp;&nbsp;&nbsp; California, Los Angeles Department of Water & Power Power System Revenue, Series E, <br> 5.0%, 7/1/2029 <br>| 1455000 | &nbsp;&nbsp; 1576020 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority Revenue, PRS-California Obligated Group, <br> Series B-2, 5.5%, 4/1/2029 <br>| 2000000 | &nbsp;&nbsp; 2002189 |
| California, Municipal Finance Authority, Aldersly Project, Series B, 4.0%, 11/15/2028  | 590000 | &nbsp;&nbsp; 595292 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority, Waste Disposal Revenue, Series A, AMT, <br> 4.125%, Mandatory Put 10/1/2025 @ 100, 10/1/2041, GTY: Waste Management <br> Holdings <br>| 320000 | &nbsp;&nbsp; 320017 |
| &nbsp;&nbsp;&nbsp; California, State Housing Finance Agency, Multi Family Housing Revene Bonds, <br> Series V, 5.0%, Mandatory Put 11/1/2026 @ 100, 5/1/2054 <br>| 300000 | &nbsp;&nbsp; 306057 |
| &nbsp;&nbsp;&nbsp; California, State Infrastructure & Economic Development Bank Revenue, 1.75%, <br> Mandatory Put 8/1/2026 @ 100, 8/1/2055 <br>| 1100000 | &nbsp;&nbsp; 1080332 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, LAX Integrated Express <br> Solutions LLC, APM Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 12/31/2025  | 1000000 | &nbsp;&nbsp; 1005712 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 6/30/2026  | 500000 | &nbsp;&nbsp; 505753 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California State University, University Revenue, Series B-3, 3.125%, Mandatory Put <br> 11/1/2026 @ 100, 11/1/2051 <br>| 1000000 | &nbsp;&nbsp; 1002428 |
| &nbsp;&nbsp;&nbsp; San Jose City, CA, Multi Family Housing Revenue, Allied 1510 Parkmoor LP, <br> Series F-2, 5.0%, Mandatory Put 6/1/2026 @ 100, 6/1/2027 <br>| 1000000 | &nbsp;&nbsp; 1016856 |
|  |  | &nbsp;&nbsp; **9410656** |
| **Colorado 3.0%** | **Colorado 3.0%** |  |
| &nbsp;&nbsp;&nbsp; Colorado, Housing and Finance Authority Revenue Bonds, "I", Series C-2, 3.125%, <br> 10/1/2027 <br>| 1830000 | &nbsp;&nbsp; 1844064 |
| Denver City & County, CO, Airport System Revenue, Series A, AMT, 5.0%, 12/1/2026  | 2000000 | &nbsp;&nbsp; 2047015 |
|  |  | &nbsp;&nbsp; **3891079** |
| **Connecticut 2.2%** | **Connecticut 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut, State Health & Educational Facilities Authority, Series A, 2.8%, Mandatory <br> Put 2/10/2026 @ 100, 7/1/2048 <br>| 1500000 | &nbsp;&nbsp; 1494587 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Health & Educational Facilities Authority Revenue, Yale University, <br> Series A, 2.05% (a), 8/1/2025 <br>| 100000 | &nbsp;&nbsp; 100000 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Health & Educational Facilities Authority, Yale University, <br> Series A-3, 2.95%, Mandatory Put 7/1/2027 @ 100, 7/1/2049 <br>| 1000000 | &nbsp;&nbsp; 1000786 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program, <br> Series C-1, 4.0%, 11/15/2047 <br>| 180000 | &nbsp;&nbsp; 180548 |
| &nbsp;&nbsp;&nbsp; Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, <br> 11/15/2047 <br>| 145000 | &nbsp;&nbsp; 145455 |
|  |  | &nbsp;&nbsp; **2921376** |
| **District of Columbia 0.8%** | **District of Columbia 0.8%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, Housing Finance Agency, ECD Edgewood Commons 5 LP, 5.0%, <br> Mandatory Put 6/1/2026 @ 100, 6/1/2027 <br>| 1000000 | &nbsp;&nbsp; **1004500** |
| **Florida 3.3%** | **Florida 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project <br> Loan Program, Series A-1, 5.0%, 10/1/2026 <br>| 500000 | &nbsp;&nbsp; 509230 |
| &nbsp;&nbsp;&nbsp; Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT, <br> 14.0%, Mandatory Put 7/15/2028 @ 109, 7/15/2032 <br>| 500000 | &nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp; Florida, Village Community Development District No. 15, Special Assessment Revenue, <br> 144A, 3.75%, 5/1/2029 <br>| 500000 | &nbsp;&nbsp; 501489 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Housing Finance Authority, Rainbow Village Project, Series B, <br> 3.55%, Mandatory Put 3/1/2028 @ 100, 3/1/2029 <br>| 250000 | &nbsp;&nbsp; 253994 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, School Board of Miami-Dade County, Certificates of <br> Participation, Series A, 5.0%, 5/1/2029 <br>| 1235000 | &nbsp;&nbsp; 1331635 |
| Miami-Dade County, FL, Water & Sewer System Revenue, Series B, 5.0%, 10/1/2027  | 500000 | &nbsp;&nbsp; 527097 |
| &nbsp;&nbsp;&nbsp; Venice City, FL, Southwest Florida Retirement Center, Inc. Obligated Group, Series B-3, <br> 144A, 4.25%, 1/1/2030 <br>| 900000 | &nbsp;&nbsp; 902405 |
|  |  | &nbsp;&nbsp; **4325850** |
| **Georgia 2.8%** | **Georgia 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe <br> Power Corp., Series E, 3.6%, Mandatory Put 2/1/2030 @ 100, 11/1/2045 <br>| 750000 | &nbsp;&nbsp; 759636 |
| &nbsp;&nbsp;&nbsp; Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier <br> Revenue, Series A, 2.375%, 1/1/2031 <br>| 750000 | &nbsp;&nbsp; 699156 |
| &nbsp;&nbsp;&nbsp; Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series C, 4.0%, <br> Mandatory Put 9/1/2026 @ 100, 3/1/2050, GTY: Citigroup Global Markets <br>| 2000000 | &nbsp;&nbsp; 2004708 |
| &nbsp;&nbsp;&nbsp; Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power <br> Co. Plant Scherer Project, Series 2, 3.875%, Mandatory Put 3/6/2026 @ 100, <br> 10/1/2048 <br>| 250000 | &nbsp;&nbsp; 250985 |
|  |  | &nbsp;&nbsp; **3714485** |

---

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| | | |
|:---|:---|:---|
| **Illinois 2.5%** | **Illinois 2.5%** |  |
| Chicago, Midway International Airport Revenue, Series B, 5.0%, 1/1/2026, INS: BAM  | 500000 | &nbsp;&nbsp; 504999 |
| Illinois, General Obligation, Series D, 5.0%, 11/1/2026  | 2000000 | &nbsp;&nbsp; 2053662 |
| &nbsp;&nbsp;&nbsp; Illinois, State Finance Authority Revenue, Water Revolving Fund - Clean Water <br> Program, Series C, 5.0%, 7/1/2030 (b)<br>| 640000 | &nbsp;&nbsp; 702536 |
|  |  | &nbsp;&nbsp; **3261197** |
| **Indiana 0.5%** | **Indiana 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Indiana, Finance Authority Revenue, Deaconess Health System, Series B, SIFMA <br> Municipal Swap Index + 0.3%, 2.59% (c), Mandatory Put 3/1/2027 @ 100, 3/1/2039 <br>| 640000 | &nbsp;&nbsp; **634024** |
| **Kentucky 3.1%** | **Kentucky 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., Project, <br> Series A, 3.7%, 8/1/2027 <br>| 750000 | &nbsp;&nbsp; 756676 |
| &nbsp;&nbsp;&nbsp; Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes, <br> "A1A", Series 2021-1, 1.65%, 3/25/2051 <br>| 478161 | &nbsp;&nbsp; 459475 |
| &nbsp;&nbsp;&nbsp; Louisville & Jefferson County, KY, Metropolitan Government Control Revenue, <br> Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027 <br>| 3000000 | &nbsp;&nbsp; 2854412 |
|  |  | &nbsp;&nbsp; **4070563** |
| **Louisiana 3.8%** | **Louisiana 3.8%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana, Parish of St. John The Baptist LA, Series A-1, 4.05%, Mandatory Put <br> 7/1/2026 @ 100, 6/1/2037, GTY: ConocoPhillips <br>| 2000000 | &nbsp;&nbsp; 2016975 |
| &nbsp;&nbsp;&nbsp; Louisiana, Public Facilities Authority, ElementUS Minerals LLC, 144A, 5.0%, <br> Mandatory Put 11/1/2025 @ 100, 10/1/2043 <br>| 3000000 | &nbsp;&nbsp; 3009276 |
|  |  | &nbsp;&nbsp; **5026251** |
| **Maryland 0.8%** | **Maryland 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Maryland, State Health & Higher Educational Facilities Authority Revenue, University <br> of Maryland Medical System Obligated Group, Series 2025B, 5.0%, Mandatory Put <br> 7/1/2031 @ 100, 7/1/2045 <br>| 1000000 | &nbsp;&nbsp; **1096825** |
| **Massachusetts 0.9%** | **Massachusetts 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts, Educational Financing Authority Education Loan Revenue, Series B, <br> AMT, 2.625%, 7/1/2036 <br>| 25000 | &nbsp;&nbsp; 24461 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Finance Agency, GingerCare Living, Inc. Obligated <br> Group, Series B-3, 144A, 4.75%, 12/1/2029 <br>| 1000000 | &nbsp;&nbsp; 1001891 |
| &nbsp;&nbsp;&nbsp; Massachusetts, State Development Financing Agency, College of the Holy Cross, <br> Series A, 2.65% (a), 8/1/2025, LOC: Bank of America NA <br>| 200000 | &nbsp;&nbsp; 200000 |
|  |  | &nbsp;&nbsp; **1226352** |
| **Michigan 7.5%** | **Michigan 7.5%** |  |
| &nbsp;&nbsp;&nbsp; Michigan, Great Lakes Water Authority, Sewage Disposal System Revenue, Series A, <br> 5.0%, 7/1/2027 <br>| 2250000 | &nbsp;&nbsp; 2356019 |
| Michigan, State Finance Authority Revenue, "A1A", Series 2021-1, 1.3%, 7/25/2061  | 219500 | &nbsp;&nbsp; 215906 |
| &nbsp;&nbsp;&nbsp; Michigan, State Finance Authority Revenue, Beaumont-Spectrum, Series C, SIFMA <br> Municipal Swap Index + 0.75%, 3.04% (c), Mandatory Put 4/15/2027 @ 100, <br> 4/15/2047 <br>| 1750000 | &nbsp;&nbsp; 1744364 |
| &nbsp;&nbsp;&nbsp; Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., <br> Series D-1, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038 <br>| 1250000 | &nbsp;&nbsp; 1180699 |
| &nbsp;&nbsp;&nbsp; Michigan, State Finance Authority, Trinity Health Corp. Obligated Group, Series A, <br> 5.0%, 12/1/2026 <br>| 2000000 | &nbsp;&nbsp; 2060253 |
| &nbsp;&nbsp;&nbsp; Michigan, State Hospital Finance Authority Revenue, Corewell Health Obligated Group, <br> Series B, 5.0%, Mandatory Put 6/1/2032 @ 100, 8/15/2055 <br>| 1000000 | &nbsp;&nbsp; 1081016 |
| &nbsp;&nbsp;&nbsp; Michigan, State Housing Development Authority Revenue, Clark Road Family Ltd. <br> Dividend Housing Association LP, 4.5%, Mandatory Put 4/1/2026 @ 100, 12/1/2042 <br>| 1150000 | &nbsp;&nbsp; 1159878 |
|  |  | &nbsp;&nbsp; **9798135** |

---

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| | | |
|:---|:---|:---|
| **Mississippi 0.4%** | **Mississippi 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Lowndes County, MS, Solid Waste Disposal And Pollution Control Refunding Revenue <br> Bonds, International Company Project, 2.65%, Mandatory Put 4/1/2027 @ 100, <br> 4/1/2037, GTY: International Paper Co. <br>| 500000 | &nbsp;&nbsp; **493508** |
| **Missouri 0.6%** | **Missouri 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back <br> Notes, "A1A", Series 2021-1, 1.53%, 1/25/2061 <br>| 881513 | &nbsp;&nbsp; **822262** |
| **Nebraska 0.9%** | **Nebraska 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Douglas County, NE, State Hospital Authority No. 2 Revenue, Children's Hospital <br> Obligated Group, Series A, 2.7% (a), 8/1/2025, LOC: U.S. Bank NA <br>| 130000 | &nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp; Nebraska, Central Plains Energy Project Revenue, Series A-1, 5.0%, Mandatory Put <br> 8/1/2031 @ 100, 8/1/2055, GTY: Royal Bank of Canada <br>| 1000000 | &nbsp;&nbsp; 1062063 |
|  |  | &nbsp;&nbsp; **1192063** |
| **New Hampshire 0.3%** | **New Hampshire 0.3%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire, State Health and Education Facilities Authority Act Revenue, Trustees <br> of Dartmouth College, Series A, 3.3%, Mandatory Put 8/3/2027 @ 100, 6/1/2040 <br>| 405000 | &nbsp;&nbsp; **407223** |
| **New Jersey 4.1%** | **New Jersey 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Camden County, NJ, Multi Family Housing Revenue, Northgate I Apartments Project, <br> 5.0%, Mandatory Put 3/1/2026 @ 100, 3/1/2027 <br>| 1000000 | &nbsp;&nbsp; 1011679 |
| New Jersey, State Economic Development Authority, Series SSS, 5.0%, 6/15/2026  | 1500000 | &nbsp;&nbsp; 1532394 |
| &nbsp;&nbsp;&nbsp; New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, <br> Series A, 3.125%, 7/1/2029 <br>| 195000 | &nbsp;&nbsp; 190902 |
| New Jersey, State Higher Education Assistance: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 12/1/2025  | 575000 | &nbsp;&nbsp; 578815 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.0%, 12/1/2025  | 1000000 | &nbsp;&nbsp; 1006635 |
| New Jersey, State Turnpike Authority Revenue, Series C, 5.0%, 1/1/2031 (b) | 1000000 | &nbsp;&nbsp; 1099331 |
|  |  | &nbsp;&nbsp; **5419756** |
| **New Mexico 0.2%** | **New Mexico 0.2%** |  |
| &nbsp;&nbsp;&nbsp; New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series A-1, <br> 4.0%, 1/1/2049 <br>| 250000 | &nbsp;&nbsp; **251717** |
| **New York 7.8%** | **New York 7.8%** |  |
| &nbsp;&nbsp;&nbsp; New York, Port Authority of New York & New Jersey Revenue, Series 242, AMT, 5.0%, <br> 12/1/2026 <br>| 1000000 | &nbsp;&nbsp; 1025884 |
| New York, State Dormitory Authority Revenue, Series A, 5.0%, 10/1/2027, INS: AG  | 750000 | &nbsp;&nbsp; 791134 |
| &nbsp;&nbsp;&nbsp; New York, State Dormitory Authority Revenue, Northwell Health Obligated Group, <br> Series A, 5.0%, 5/1/2027 <br>| 1000000 | &nbsp;&nbsp; 1039644 |
| &nbsp;&nbsp;&nbsp; New York, State Dormitory Authority Revenue, NYU Langone Hospitals Obligated <br> Group, Series A, 5.0%, 7/1/2028 <br>| 500000 | &nbsp;&nbsp; 534673 |
| &nbsp;&nbsp;&nbsp; New York, State Housing Finance Agency Revenue, Series B-2, 3.6%, Mandatory Put <br> 5/1/2029 @ 100, 11/1/2064 <br>| 1000000 | &nbsp;&nbsp; 1008216 |
| &nbsp;&nbsp;&nbsp; New York, State Transportation Development Corp., Special Facility Revenue, Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.0%, <br> 1/1/2026 <br>| 2000000 | &nbsp;&nbsp; 2009477 |
| New York City, NY, General Obligation, Series A, 5.0%, 8/1/2027  | 1000000 | &nbsp;&nbsp; 1051412 |
| &nbsp;&nbsp;&nbsp; New York City, NY, Transitional Finance Authority Future Tax Secured Revenue, <br> Series A4, 2.75% (a), 8/1/2025, SPA: JPMorgan Chase Bank NA <br>| 100000 | &nbsp;&nbsp; 100000 |
| Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM  | 315000 | &nbsp;&nbsp; 327108 |

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| | | |
|:---|:---|:---|
| Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2025  | 300000 | &nbsp;&nbsp; 300443 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2027  | 500000 | &nbsp;&nbsp; 519784 |
| &nbsp;&nbsp;&nbsp; 5.0%, 8/1/2028  | 1000000 | &nbsp;&nbsp; 1010002 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2028  | 500000 | &nbsp;&nbsp; 528716 |
|  |  | &nbsp;&nbsp; **10246493** |
| **North Carolina 0.1%** | **North Carolina 0.1%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina, State Housing Finance Agency, Home Ownership Revenue, Series 38-B, <br> 4.0%, 7/1/2047 <br>| 105000 | &nbsp;&nbsp; **105369** |
| **North Dakota 0.2%** | **North Dakota 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance <br> Program, Series A, 4.0%, 7/1/2047 <br>| 215000 | &nbsp;&nbsp; **215491** |
| **Ohio 0.9%** | **Ohio 0.9%** |  |
| Hamilton County, OH, Sewer System Revenue, Series B, 5.0%, 12/1/2027  | 1125000 | &nbsp;&nbsp; **1190722** |
| **Oklahoma 2.4%** | **Oklahoma 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma, State Industries Authority Revenue, Oklahoma City Public Schools Project, <br> 5.0%, 4/1/2029 <br>| 2500000 | &nbsp;&nbsp; 2686446 |
| Oklahoma, State Turnpike Authority Revenue, Series B, 5.0%, 1/1/2032 (b) | 400000 | &nbsp;&nbsp; 438147 |
|  |  | &nbsp;&nbsp; **3124593** |
| **Pennsylvania 7.2%** | **Pennsylvania 7.2%** |  |
| &nbsp;&nbsp;&nbsp; Dauphin County, PA, General Authority, OPMC Obligated Group, Series A, 5.0%, <br> 6/1/2026 <br>| 650000 | &nbsp;&nbsp; 660202 |
| Luzerne County, PA, General Obligation, Series A, 5.0%, 12/15/2026, INS: AG  | 1000000 | &nbsp;&nbsp; 1032389 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment <br> Revenue Bonds, 5.0%, 6/1/2026 <br>| 2000000 | &nbsp;&nbsp; 2033877 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Economic Development Financing Authority Revenue, UPMC <br> Obligated Group, Series 2025-A, 5.0%, Mandatory Put 3/15/2032 @ 100, 3/15/2060 <br>| 1500000 | &nbsp;&nbsp; 1596304 |
| &nbsp;&nbsp;&nbsp; Pennsylvania, State Economic Development Financing Authority Revenue, Waste <br> Management Inc., Series A-2, 4.6%, Mandatory Put 10/1/2026 @ 100, 10/1/2046, <br> GTY: Waste Management Holdings <br>| 2000000 | &nbsp;&nbsp; 2007072 |
| Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series 119, AMT, 3.5%, 10/1/2041  | 85000 | &nbsp;&nbsp; 84973 |
| &nbsp;&nbsp;&nbsp; Series 122, AMT, 4.0%, 10/1/2046  | 1035000 | &nbsp;&nbsp; 1036210 |
| &nbsp;&nbsp;&nbsp; Pittsburgh & Allegheny Counties, PA, Sports & Exhibition Authority Revenue, Series B, <br> 5.0%, 2/1/2029, INS: AG <br>| 875000 | &nbsp;&nbsp; 937414 |
|  |  | &nbsp;&nbsp; **9388441** |
| **South Carolina 1.1%** | **South Carolina 1.1%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina, State Jobs-Economic Development Authority Revenue, Bon Secours <br> Mercy Health, Inc., Series B-2, 5.0%, Mandatory Put 11/1/2032 @ 100, 11/1/2049 <br>| 500000 | &nbsp;&nbsp; 541951 |
| &nbsp;&nbsp;&nbsp; South Carolina, State Jobs-Economic Development Authority Revenue, International <br> Paper Co., Series A, AMT, 4.0%, Mandatory Put 4/1/2026 @ 100, 4/1/2033, <br> GTY: International Paper Co. <br>| 850000 | &nbsp;&nbsp; 852770 |
|  |  | &nbsp;&nbsp; **1394721** |
| **South Dakota 0.3%** | **South Dakota 0.3%** |  |
| &nbsp;&nbsp;&nbsp; South Dakota, Housing Development Authority, Homeownership Mortgage, Series B, <br> 4.0%, 11/1/2047 <br>| 325000 | &nbsp;&nbsp; **325805** |
| **Texas 15.8%** | **Texas 15.8%** |  |
| Dallas City, TX, General Obligation, Series B, 5.0%, 2/15/2027  | 2500000 | &nbsp;&nbsp; 2592107 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fort Bend, TX, Independent School District Variable Rate, Unlimited Tax Building and <br> Refunding Bonds:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.875%, Mandatory Put 8/1/2025 @ 100, 8/1/2050  | 375000 | &nbsp;&nbsp; 375000 |
| &nbsp;&nbsp;&nbsp; Series B, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2054  | 2500000 | &nbsp;&nbsp; 2552412 |
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Baylor College <br> of Medicine Obligated Group, Series A, 5.0%, Mandatory Put 5/15/2032 @ 100, <br> 11/15/2054 <br>| 1500000 | &nbsp;&nbsp; 1610443 |
| Harris County, TX, Toll Road Revenue, Series A, 5.0%, 8/15/2027  | 1500000 | &nbsp;&nbsp; 1573648 |
| Houston, TX, Airport System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 7/1/2026  | 1000000 | &nbsp;&nbsp; 1020168 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 7/1/2026, INS: AG  | 865000 | &nbsp;&nbsp; 881498 |
| &nbsp;&nbsp;&nbsp; Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and <br> Entertainment Facilities Department, 5.0%, 9/1/2026 <br>| 1735000 | &nbsp;&nbsp; 1780236 |
| &nbsp;&nbsp;&nbsp; New Hope, TX, Cultural Education Facilities Finance Corp. Revenue, Bella Vida <br> Forefront Living Obligated Group, Series 2025-B3, 4.25%, 10/1/2030 <br>| 1000000 | &nbsp;&nbsp; 1002061 |
| North Texas, Tollway Authority Revenue, Series A, 5.0%, 1/1/2026  | 2000000 | &nbsp;&nbsp; 2020583 |
| Texas, Dallas Independent School District, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 2/15/2030  | 1000000 | &nbsp;&nbsp; 1101847 |
| &nbsp;&nbsp;&nbsp; Series A-4, 5.0%, Mandatory Put 2/15/2029 @ 100, 2/15/2055  | 1000000 | &nbsp;&nbsp; 1073040 |
| &nbsp;&nbsp;&nbsp; Texas, Denton Independent School District, General Obligation, Series B2, 4.0%, <br> Mandatory Put 8/15/2030 @ 100, 8/15/2055 <br>| 700000 | &nbsp;&nbsp; 722784 |
| &nbsp;&nbsp;&nbsp; Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, <br> 12/15/2029, GTY: Macquarie Group Ltd. <br>| 500000 | &nbsp;&nbsp; 528167 |
| Texas, University of Texas Revenue, Financing System, Series A, 5.0%, 8/15/2028  | 1750000 | &nbsp;&nbsp; 1879809 |
|  |  | &nbsp;&nbsp; **20713803** |
| **Utah 1.3%** | **Utah 1.3%** |  |
| Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2026  | 500000 | &nbsp;&nbsp; 509034 |
| Utah, State Housing Corp. Revenue, Series C, 6.5%, 7/1/2055  | 1000000 | &nbsp;&nbsp; 1137240 |
|  |  | &nbsp;&nbsp; **1646274** |
| **Virginia 4.4%** | **Virginia 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Halifax County, VA, Industrial Development Authority Revenue, Virginia Electric and <br> Power Co., Series A, 3.8%, Mandatory Put 5/28/2027 @ 100, 12/1/2041 <br>| 3125000 | &nbsp;&nbsp; 3172836 |
| &nbsp;&nbsp;&nbsp; Virginia, Small Business Financing Authority Revenue Bond, Series B-1, 4.1%, <br> 12/1/2030 <br>| 1500000 | &nbsp;&nbsp; 1527686 |
| &nbsp;&nbsp;&nbsp; Virginia, Small Business Financing Authority Revenue, Elizabeth River Crossings <br> OpCo., LLC Project, AMT, 4.0%, 7/1/2029 <br>| 1000000 | &nbsp;&nbsp; 1019414 |
|  |  | &nbsp;&nbsp; **5719936** |
| **Washington 1.3%** | **Washington 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Seattle, WA, Seattle Municipal Light & Power Revenue, Series B, SIFMA Municipal <br> Swap Index + 0.25%, 2.54% (c), Mandatory Put 11/1/2026 @ 100, 5/1/2045 <br>| 355000 | &nbsp;&nbsp; 351370 |
| &nbsp;&nbsp;&nbsp; Washington, Energy Northwest Revenue, Bonneville Power Administration, Series B, <br> 5.0%, 7/1/2027 <br>| 500000 | &nbsp;&nbsp; 523944 |
| &nbsp;&nbsp;&nbsp; Washington, Klickitat County Public Utility District No 1, Revenue Bonds, 5.0%, <br> 12/1/2026, INS: AG <br>| 785000 | &nbsp;&nbsp; 808128 |
|  |  | &nbsp;&nbsp; **1683442** |
| **West Virginia 0.8%** | **West Virginia 0.8%** |  |
| &nbsp;&nbsp;&nbsp; West Virginia, Economic Development Authority Revenue, Commercial Metals Co., <br> AMT, 4.625%, Mandatory Put 5/15/2032 @ 100, 4/15/2055 <br>| 1000000 | &nbsp;&nbsp; **975189** |
| **Wisconsin 2.9%** | **Wisconsin 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin, Public Finance Authority Revenue, Tax-Exempt Pooled Securities, "A", <br> Series 2024-2, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2059 <br>| 1624796 | &nbsp;&nbsp; 1631517 |

---

------

---

| | | |
|:---|:---|:---|
| Wisconsin, State General Obligation, Series 2025-2, 5.0%, 5/1/2027  | 2000000 | &nbsp;&nbsp; 2091544 |
| &nbsp;&nbsp;&nbsp; Wisconsin, State Housing & Economic Development Authority, Home Ownership <br> Revenue, Series A, AMT, 3.5%, 3/1/2046 <br>| 60000 | &nbsp;&nbsp; 59931 |
|  |  | &nbsp;&nbsp; **3782992** |
| **Total Municipal Investments** (Cost $131,620,180) | **Total Municipal Investments** (Cost $131,620,180) | &nbsp;&nbsp; **131502149** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Open-End Investment Companies 0.0%** | **Open-End Investment Companies 0.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 2.4% (d) <br> (Cost $39,496)<br>| 39492 | &nbsp;&nbsp; **39496** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $131,659,676) | 100.6 | &nbsp;&nbsp; **131541645** |
| **Other Assets and Liabilities, Net**  | (0.6)<br>| &nbsp;&nbsp; **(751007)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **130790638** |

---

*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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *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 July 31, 2025.* *Date shown reflects the earlier of demand date or stated maturity date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *When-issued security.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Variable or floating rate security. These securities are shown at their current rate as of July 31, 2025. 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Current yield; not a coupon rate.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *AG: Assured Guaranty, Inc.* |
| *AMT: Subject to alternative minimum tax.* |
| *BAM: Build America Mutual* |
| *GTY: Guaranty Agreement* |
| *INS: Insured* |
| *LIQ: Liquidity Facility* |
| *LOC: Letter of Credit* |
| *SIFMA: Securities Industry and Financial Markets Association* |
| *SPA: Standby Bond Purchase Agreement* |

---

------

***Fair Value Measurements***

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.*

*The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | $— | &nbsp;&nbsp; $131502149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $131502149 |
| Open-End Investment Companies  | 39496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39496 |
| **Total** | **$39496** | &nbsp;&nbsp; **$131502149** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$131541645** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *See Investment Portfolio for additional detailed categorizations.* 

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.

DSTMBF-PH3

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DEUTSCHE DWS MUNICIPAL TRUST

- **b. Investment Company Act file number:** 811-02671

- **c. CIK number of Registrant:** 0000203142

- **d. LEI of Registrant:** PXMELE24BHVOU00K5462

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** DWS Short-Term Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000031144

- **c. LEI of Series:** HQI7L66EK0KEA7WU8D48

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $133198896.68

**Total Liabilities:** $2403597.18

**Net Assets:** $130795299.50

**Delayed Delivery Securities:** $2207521.60

**Cash Not Reported:** $208.54

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -774.86000000 | **1-Year:** -10998.31000000 | **5-Year:** -12120.52000000 | **10-Year:** -4933.24000000 | **30-Year:** -1716.15000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -74.96000000 | **1-Year:** -413.07000000 | **5-Year:** -713.90000000 | **10-Year:** -189.65000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000096619 | 0.45%                | 0.66%                | 0.35%                |
| Class ID C000096618 | 0.37%                | 0.58%                | 0.27%                |
| Class ID C000096616 | 0.43%                | 0.64%                | 0.33%                |
| Class ID C000096620 | 0.56%                | 0.66%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-347893.40              | $683788.42                                 |
| Month 2  | $-120537.71              | $654539.82                                 |
| Month 3  | $345.47                  | $111241.42                                 |

### Schedule of Portfolio Investments

| Name                                                                      | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Harris TX Toll Road Revenue                                     | HARRIS CNTY TX TOLL ROAD REVENUE                                   | CUSIP: 41423PDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573648.20   | 1.20%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | NEW YORK NY                                                        | CUSIP: 64966SFQ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051412.50   | 0.80%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                       | CUSIP: 59447TV83<br>LEI: 54930022O46HOX5J1D14 | Long             |  | MUN               | US        |    219500 | PA      | $215906.13    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048VBF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505753.35    | 0.39%             | 2026-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | LOUISIANA ST PUBLIC FACS AUTHSOL WST DISP FAC REVENUE              | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009276.00   | 2.30%             | 2043-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | ILLINOIS ST                                                        | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053661.80   | 1.57%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                   | PORT AUTH OF NEW YORK & NEW JERSEY NY                              | CUSIP: 73358XJU7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025883.70   | 0.78%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                           | MATANUSKA-SUSITNA BORO AK LEASE REVENUE                            | CUSIP: 576553CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2220737.80   | 1.70%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                         | DALLAS TX                                                          | CUSIP: 235219XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2592107.25   | 1.98%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                        | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE             | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541951.20    | 0.41%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County/The                                | MONROE CNTY GA DEV AUTH POLL CONTROL REVENUE                       | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250985.28    | 0.19%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                 | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE                   | CUSIP: 57421CHV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096824.60   | 0.84%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp III                         | TEXAS ST MUNI GAS ACQUISITION& SPLY CORP III GAS SPLY REVEN        | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528167.30    | 0.40%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57583RUZ6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.15%             | 2037-09-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT               | CUSIP: 65000B6P8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039644.00   | 0.79%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Higher Education Loan Authority                                  | MISSOURI ST HGR EDU LOAN AUTH                                      | CUSIP: 606072LC8<br>LEI: 549300MTJ0T46T0MPL41 | Long             |  | MUN               | US        |    881513 | PA      | $822261.60    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                     | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE                | CUSIP: 658207TZ8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105368.66    | 0.08%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                     | MIAMI-DADE CNTY FL SCH BRD COPS                                    | CUSIP: 59333MW92<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1331635.05   | 1.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                          | ENERGY N W WA ELEC REVENUE                                         | CUSIP: 29270C6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523943.55    | 0.40%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                     | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM                   | CUSIP: 20775CQB3<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145455.20    | 0.11%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                 | BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE                        | CUSIP: 121342PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759635.70    | 0.58%             | 2045-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE                  | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2904514.14   | 2.22%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                | TROY NY CAPITAL RESOURCE CORP REVENUE                              | CUSIP: 897579BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519783.70    | 0.40%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                  | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080XA4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006635.50   | 0.77%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Hotel Occupancy Tax & Special Revenue                  | HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE                       | CUSIP: 44237NKT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1780235.61   | 1.36%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp                               | KENTUCKY ST HGR EDU STUDENT LOAN CORP                              | CUSIP: 49130NFB0<br>LEI: N/A                  | Long             |  | MUN               | US        |    478161 | PA      | $459474.83    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA INDL DEV AUTH HOSP REVENUE                                 | CUSIP: 04052EAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207032.62    | 0.16%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                               | MIAMI-DADE CNTY FL HSG FIN AUTH MF HSG REVENUE                     | CUSIP: 593344CA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253994.35    | 0.19%             | 2029-03-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                             | N TX TOLLWAY AUTH REVENUE                                          | CUSIP: 66285WM60<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020582.60   | 1.54%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                       | LOUISVILLE & JEFFERSON CNTY KY MET GOVT POLL CONTROL REVENUE       | CUSIP: 546749AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2854412.40   | 2.18%             | 2027-11-01      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                        | DALLAS TX INDEP SCH DIST                                           | CUSIP: 235308Q63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073040.20   | 0.82%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | MASSACHUSETTS ST DEV FIN AGY REVENUE                               | CUSIP: 57585BDA3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001891.00   | 0.77%             | 2029-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                             | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                       | CUSIP: 646140JX2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099330.80   | 0.84%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE                | CUSIP: 39081HFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2356019.33   | 1.80%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                       | CUSIP: 59447TU68<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1180698.88   | 0.90%             | 2038-10-15      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                      | JEFFERSON CNTY AL SWR REVENUE WARRANTS                             | CUSIP: 472682YV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538127.15   | 1.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | CAPITAL PROJS FL FIN AUTH STUDENT HSG REVENUE                      | CUSIP: 140427BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509229.70    | 0.39%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                        | SEATTLE WA MUNI LIGHT & PWR REVENUE                                | CUSIP: 812643WU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $351370.16    | 0.27%             | 2045-05-01      | Floating      | 2.54%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                     | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE                     | CUSIP: 64987J4L2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008215.60   | 0.77%             | 2064-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                               | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE                        | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004500.30   | 0.77%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Luzerne PA                                                      | LUZERNE CNTY PA                                                    | CUSIP: 550697VZ6<br>LEI: 5493001Z1Y4QDISEER29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032389.20   | 0.79%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                     | FORT BEND TX INDEP SCH DIST                                        | CUSIP: 346843RY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.29%             | 2050-08-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                | TROY NY CAPITAL RESOURCE CORP REVENUE                              | CUSIP: 897579BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300442.89    | 0.23%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lowndes MS                                                      | LOWNDES CNTY MS SOL WST DISP & POLL CONTROL REVENUE                | CUSIP: 54877EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493508.05    | 0.38%             | 2037-04-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                       | CUSIP: 59447T3W1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1744363.78   | 1.33%             | 2047-04-15      | Floating      | 3.04%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares        | BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |     39492 | NS      | $39495.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                  | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP MED FACS REVENUE         | CUSIP: 414008CZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610443.35   | 1.23%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Klickitat County Public Utility District No 1                             | KLICKITAT CNTY WA PUBLIC UTILITY DIST #1                           | CUSIP: 498622LE7<br>LEI: 549300D4CB0RTDWA5V46 | Long             | DBT              | MUN               | US        |    785000 | PA      | $808127.83    | 0.62%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE                   | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320016.58    | 0.24%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                    | COLORADO ST HSG & FIN AUTH                                         | CUSIP: 19648GPB2<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1844063.55   | 1.41%             | 2027-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| City of Venice FL                                                         | VENICE FL                                                          | CUSIP: 922687AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $902404.98    | 0.69%             | 2030-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT               | CUSIP: 65000B5X2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534673.55    | 0.41%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                               | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE                  | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004708.00   | 1.53%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH MTR VEHCL SURCHARGE REVENUE            | CUSIP: 64578JBA3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    195000 | PA      | $190901.78    | 0.15%             | 2029-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                               | OKLAHOMA ST TURNPIKE AUTH                                          | CUSIP: 679111F33<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    400000 | PA      | $438146.68    | 0.33%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                     | NEW MEXICO ST MTGE FIN AUTH                                        | CUSIP: 6472007V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251717.03    | 0.19%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                     | FORT BEND TX INDEP SCH DIST                                        | CUSIP: 346843VT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2552412.00   | 1.95%             | 2054-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                              | WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS                   | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975189.40    | 0.75%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                        | UNIV OF TEXAS TX UNIV REVENUES                                     | CUSIP: 91514AMU6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1879808.70   | 1.44%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE                    | CUSIP: 70870JGY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596304.05   | 1.22%             | 2060-03-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                | TROY NY CAPITAL RESOURCE CORP REVENUE                              | CUSIP: 897579BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528716.35    | 0.40%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh & Allegheny County            | PITTSBURGH & ALLEGHENY CNTY PA SPORTS & EXHIBITION AUTH HOTE       | CUSIP: 724791CF3<br>LEI: 254900JJT7A9Y409G258 | Long             | DBT              | MUN               | US        |    875000 | PA      | $937413.58    | 0.72%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                        | WISCONSIN ST                                                       | CUSIP: 97705MM51<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091544.20   | 1.60%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048VBE7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005712.00   | 0.77%             | 2025-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No 2                                    | DOUGLAS CNTY NE HOSP AUTH #2                                       | CUSIP: 259230KT6<br>LEI: ZI8Q1A8EI8LQFJNM0D94 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.10%             | 2032-08-15      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                               | VIRGINIA ST SMALL BUSINESS FING AUTH RSDL FAC CARE REVENUE         | CUSIP: 928103BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527686.10   | 1.17%             | 2030-12-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act               | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                      | CUSIP: 64461XJX4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    405000 | PA      | $407223.45    | 0.31%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                        | SOUTH CAROLINA JOBS-ECON DEV AUTH ENVRNMNTL IMPT REVENUE           | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    850000 | PA      | $852769.98    | 0.65%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | PUBLIC FIN AUTH WI TAX EXEMPT POOLED SECURITIES                    | CUSIP: 74448HAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1624796 | PA      | $1631516.64   | 1.25%             | 2059-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                      | MIAMI-DADE CNTY FL WTR & SWR REVENUE                               | CUSIP: 59334DNY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527097.00    | 0.40%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | HOUSTON TX ARPT SYS REVENUE                                        | CUSIP: 442349AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020168.20   | 0.78%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coconino County Pollution Control Corp                                    | COCONINO CNTY AZ POLL CONTROLCORP                                  | CUSIP: 191855BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250481.78    | 0.19%             | 2032-09-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | HOUSTON TX ARPT SYS REVENUE                                        | CUSIP: 442349GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $881497.54    | 0.67%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                        | DALLAS TX INDEP SCH DIST                                           | CUSIP: 235308R54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101846.80   | 0.84%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                        | BOONE CNTY KY POLL CONTROL REVENUE                                 | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756676.05    | 0.58%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority               | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE                    | CUSIP: 20775DTS1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2042-07-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                      | CHICAGO IL MIDWAY ARPT REVENUE                                     | CUSIP: 167562SK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504999.30    | 0.39%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                     | PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV        | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007072.20   | 1.53%             | 2046-10-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                 | SALT LAKE CITY UT ARPT REVENUE                                     | CUSIP: 795576LH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509034.65    | 0.39%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp                       | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE       | CUSIP: 64542UHK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002060.60   | 0.77%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                   | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                           | CUSIP: 544532NM2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1576020.21   | 1.20%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                  | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE         | CUSIP: 646080WR8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    575000 | PA      | $578815.41    | 0.44%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                       | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                        | CUSIP: 7087964R5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1036209.71   | 0.79%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                 | INDIANA ST FIN AUTH REVENUE                                        | CUSIP: 45506EDH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    640000 | PA      | $634024.45    | 0.48%             | 2039-03-01      | Floating      | 2.59%                 | No            |                  2 | On Loan: No      |
| Oklahoma Industries Authority                                             | OKLAHOMA ST INDUSTRIES AUTH EDL FACS LEASE REVENUE                 | CUSIP: 67910FAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2686446.00   | 2.05%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                               | CALIFORNIA ST UNIV REVENUE                                         | CUSIP: 13077DSZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002428.10   | 0.77%             | 2051-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                     | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM                   | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    180000 | PA      | $180547.78    | 0.14%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority/The                                   | CAMDEN CNTY NJ IMPT AUTH MF REVENUE                                | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011679.30   | 0.77%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | WISCONSIN ST HSG & ECON DEV AUTH HOME OWNERSHIP REVENUE            | CUSIP: 97689QDD5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59931.00     | 0.05%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dauphin County General Authority                                          | DAUPHIN CNTY PA GEN AUTH HLTHSYS REVENUE                           | CUSIP: 23825EDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660201.69    | 0.50%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                         | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE                    | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1411405.77   | 1.08%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048VL71<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    590000 | PA      | $595292.01    | 0.46%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                     | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE               | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1080331.56   | 0.83%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                           | HALIFAX CNTY VA INDL DEV AUTH REVENUE                              | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3172836.56   | 2.43%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                       | NORTH DAKOTA ST HSG FIN AGY                                        | CUSIP: 658909MA1<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215490.54    | 0.16%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                         | CALIFORNIA HSG FIN AGY LTD OBLIG MF HSG REVENUE                    | CUSIP: 13034DAC8<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306057.21    | 0.23%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                     | CUSIP: 64971XFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.08%             | 2045-08-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                       | SAN JOSE CA MF HSG REVENUE                                         | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016855.50   | 0.78%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Denton Independent School District                                        | DENTON TX INDEP SCH DIST                                           | CUSIP: 249002NL6<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    700000 | PA      | $722784.37    | 0.55%             | 2055-08-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No 15                              | VILLAGE CDD NO 15 SPL ASSMNT REVENUE                               | CUSIP: 92708KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501488.50    | 0.38%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                       | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE                        | CUSIP: 7087962J5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |     85000 | PA      | $84973.39     | 0.06%             | 2041-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | SOUTH DAKOTA ST HSG DEV AUTH                                       | CUSIP: 83756CQM0<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325804.73    | 0.25%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                         | UTAH HSG CORP SF MTGE REVENUE                                      | CUSIP: 917437TB1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137239.70   | 0.87%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                           | ALASKA ST                                                          | CUSIP: 0117706C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049609.40   | 0.80%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | ARIZONA ST INDL DEV AUTH MF HSG REVENUE                            | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558506.41    | 0.43%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority               | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE                    | CUSIP: 20775DXK3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000786.10   | 0.77%             | 2049-07-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                             | MASSACHUSETTS ST EDUCTNL FING AUTH                                 | CUSIP: 57563RRP6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24460.65     | 0.02%             | 2036-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | DENVER CITY & CNTY CO ARPT REVENUE                                 | CUSIP: 249182KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047015.20   | 1.57%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                               | GEO L SMITH II GA CONGRESS CTR AUTH                                | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $699155.70    | 0.53%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                 | MICHIGAN ST HOSP FIN AUTH                                          | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081015.80   | 0.83%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                              | MICHIGAN ST HSG DEV AUTH MF REVENUE                                | CUSIP: 594650UC5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1159877.81   | 0.89%             | 2042-12-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp                                                | TROY NY CAPITAL RESOURCE CORP REVENUE                              | CUSIP: 897579BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010001.60   | 0.77%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                          | FLORIDA ST DEV FIN CORP                                            | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $300000.00    | 0.23%             | 2032-07-15      | Variable      | 14.00%                | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                  | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE                     | CUSIP: 650116CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009476.80   | 1.54%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | ILLINOIS ST FIN AUTH REVENUE                                       | CUSIP: 45204FG90<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    640000 | PA      | $702536.32    | 0.54%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority               | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE                    | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1494586.95   | 1.14%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | CALIFORNIA ST MUNI FIN AUTH REVENUE                                | CUSIP: 13048V2W7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002189.40   | 1.53%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                | MICHIGAN ST FIN AUTH REVENUE                                       | CUSIP: 59447TQE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060253.60   | 1.58%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                          | SAINT JOHN THE BAPTIST PARISH LA REVENUE                           | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016974.60   | 1.54%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT               | CUSIP: 65000BW61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791134.13    | 0.60%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                     | OYSTER BAY NY                                                      | CUSIP: 692160RT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $327108.51    | 0.25%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | NEW JERSEY ST ECON DEV AUTH REV                                    | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532393.55   | 1.17%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                          | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV          | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033877.00   | 1.56%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE                     | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    665000 | PA      | $672026.32    | 0.51%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                | HAMILTON CNTY OH SWR SYS REVENUE                                   | CUSIP: 407288H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1190722.28   | 0.91%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | CENTRL PLAINS ENERGY PROJ NE GAS SPLY REVENUE                      | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062063.40   | 0.81%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                               | VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE                       | CUSIP: 928104NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019413.80   | 0.78%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | MARICOPA CNTY AZ INDL DEV AUTH HOSP REVENUE                        | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1208615.39   | 0.92%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** DEUTSCHE DWS MUNICIPAL TRUST

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer