# EDGAR Filing Document

**Accession Number:** 0000714287
**File Stem:** 0001410368-26-005853
**Filing Date:** 2026-1
**Character Count:** 117081
**Document Hash:** e5c7849443c26c87458327ea15c9ac82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-005853.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001410368-26-005853

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS STATE TAX-FREE INCOME SERIES
- **CENTRAL INDEX KEY:** 0000714287

**ORGANIZATION NAME:**
- **EIN:** 363221104
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03657
- **FILM NUMBER:** 26548495

**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 STATE TAX-FREE INCOME SERIES
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS STATE TAX-FREE INCOME SERIES
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER STATE TAX-FREE INCOME SERIES
- **DATE OF NAME CHANGE:** 20010625

## Series and Classes Contracts Data

### DWS California Tax-Free Income Fund (Series ID: S000006111)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016814 | Class A             | KCTAX           |
| C000016816 | Class C             | KCTCX           |
| C000016817 | Class S             | SDCSX           |
| C000223770 | Institutional Class | DCLIX           |

## Nport-Ex

Investment Portfolio**as of November 30, 2025 (Unaudited)** 

**DWS California Tax-Free Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)**<br>| **Value ($)** |
| **Municipal Investments 97.8%** | **Municipal Investments 97.8%** |  |
| **California 93.7%** | **California 93.7%** |  |
| &nbsp;&nbsp;&nbsp; California, Alameda Corridor Transportation Authority, Series C, 5.0%, 10/1/2052, <br> INS: AG <br>| 2000000 | &nbsp;&nbsp; 2072710 |
| &nbsp;&nbsp;&nbsp; California, Antelope Valley Community College District, General Obligation, 5.0%, <br> 8/1/2043 (a)<br>| 2000000 | &nbsp;&nbsp; 2147528 |
| &nbsp;&nbsp;&nbsp; California, Bay Area Toll Authority Revenue, Series A, 2.4% (b), 12/1/2025, <br> LOC: Barclays Bank PLC <br>| 1800000 | &nbsp;&nbsp; 1800000 |
| &nbsp;&nbsp;&nbsp; California, Burbank-Glendale-Pasadena Airport Authority Brick Campaign Revenue, <br> Series B, AMT, 5.25%, 7/1/2054 <br>| 1500000 | &nbsp;&nbsp; 1563131 |
| California, Chabot-Las Positas Community College District, Series C, 5.25%, 8/1/2048  | 750000 | &nbsp;&nbsp; 809769 |
| &nbsp;&nbsp;&nbsp; California, City of San Jose Financing Authority Wastewater Revenue, Series B, 5.0%, <br> 11/1/2052 <br>| 5000000 | &nbsp;&nbsp; 5290529 |
| &nbsp;&nbsp;&nbsp; California, Colton Joint Unified School District, Election of 2024, Series A, 5.0%, <br> 8/1/2055, INS: BAM <br>| 5000000 | &nbsp;&nbsp; 5299272 |
| California, Community Choice Financing Authority, Clean Energy Project Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.0% (c), 7/1/2053, GTY: Morgan Stanley  | 5500000 | &nbsp;&nbsp; 5778162 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0% (c), 12/1/2053, GTY: Goldman Sachs Group, Inc.  | 1500000 | &nbsp;&nbsp; 1584791 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.0% (c), 5/1/2054, GTY: Morgan Stanley  | 1500000 | &nbsp;&nbsp; 1607021 |
| &nbsp;&nbsp;&nbsp; Series 2024-H, 5.0% (c), 1/1/2056, GTY: New York Life Insurance Co.  | 2000000 | &nbsp;&nbsp; 2208059 |
| California, County Tobacco Securitization Agency, Tobacco Settlement Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, Zero Coupon, 6/1/2055  | 12375000 | &nbsp;&nbsp; 2540386 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.0%, 6/1/2049  | 130000 | &nbsp;&nbsp; 130151 |
| California, CSCDA Community Improvement Authority, Essential Housing Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 144A, 3.5%, 10/1/2046  | 1495000 | &nbsp;&nbsp; 1294419 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2051  | 3500000 | &nbsp;&nbsp; 3315710 |
| &nbsp;&nbsp;&nbsp; California, Department of Veterans Affairs, Veteran's Farm Home Purchase Program, <br> Series A, 5.5%, 12/1/2052 <br>| 730000 | &nbsp;&nbsp; 766489 |
| &nbsp;&nbsp;&nbsp; California, Downey Unified School District, General Obligation, Series A, 4.0%, <br> 8/1/2052 <br>| 3000000 | &nbsp;&nbsp; 2844514 |
| California, El Rancho Unified School District, Series D, 5.75%, 8/1/2048, INS: BAM  | 1000000 | &nbsp;&nbsp; 1136269 |
| &nbsp;&nbsp;&nbsp; California, Enterprise Development Authority Revenue, Rocklin Academy Obligated <br> Group, 144A, 5.0%, 6/1/2054 <br>| 600000 | &nbsp;&nbsp; 564122 |
| &nbsp;&nbsp;&nbsp; California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate <br> Certificates:<br>|  |  |
| &nbsp;&nbsp;&nbsp; "A", Series M-054, 2.35%, 12/15/2035  | 9240000 | &nbsp;&nbsp; 7994607 |
| &nbsp;&nbsp;&nbsp; Series M-049, 3.05%, 4/15/2034  | 2195000 | &nbsp;&nbsp; 2041835 |
| &nbsp;&nbsp;&nbsp; California, Folsom Ranch Financing Authority, Special Tax Revenue, Community <br> Facility District No. 20, 5.0%, 9/1/2048 <br>| 1000000 | &nbsp;&nbsp; 1006802 |
| &nbsp;&nbsp;&nbsp; California, Fontana Public Facilities Financing Authority Revenue, Series A, 5.0%, <br> 11/1/2055 <br>| 2000000 | &nbsp;&nbsp; 2125409 |
| California, Foothill-Eastern Transportation Corridor Agency, Toll Road Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, 3.5%, 1/15/2053  | 1070000 | &nbsp;&nbsp; 904960 |
| &nbsp;&nbsp;&nbsp; Series C, 4.0%, 1/15/2043  | 2500000 | &nbsp;&nbsp; 2501694 |
| &nbsp;&nbsp;&nbsp; California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, <br> Series A-1, 5.0%, 6/1/2051 <br>| 3000000 | &nbsp;&nbsp; 3005923 |
| &nbsp;&nbsp;&nbsp; California, Hayward Unified School District, General Obligation, Series A, 5.25%, <br> 8/1/2054, INS: AG <br>| 3000000 | &nbsp;&nbsp; 3193190 |
| California, Housing Finance Agency, Municipal Certificates: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series A, 3.25%, 8/20/2036  | 1249483 | &nbsp;&nbsp; 1205906 |
| &nbsp;&nbsp;&nbsp; "A", Series 2021-2, 3.75%, 3/25/2035  | 870862 | &nbsp;&nbsp; 880233 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California, Imperial Community College District, General Obligation, Series A, 5.25%, <br> 8/1/2053, INS: AG <br>| 1000000 | &nbsp;&nbsp; 1068237 |
| &nbsp;&nbsp;&nbsp; California, Infrastructure & Economic Development Bank Revenue, Brightline West <br> Passenger Rail Project, Series B, 12.0% (c), 1/1/2065 <br>| 1445000 | &nbsp;&nbsp; 1228250 |
| &nbsp;&nbsp;&nbsp; California, Infrastructure & Economic Development Bank Revenue, Equitable School <br> Revolving Fund LLC Obligated Group, Series B, 5.0%, 11/1/2049 <br>| 1000000 | &nbsp;&nbsp; 1019735 |
| &nbsp;&nbsp;&nbsp; California, Manteca Unified School District, General Obligation, Series C, 5.25%, <br> 8/1/2050 <br>| 5000000 | &nbsp;&nbsp; 5426052 |
| California, Moreland School District, General Obligation, Series B, 5.0%, 8/1/2040  | 2000000 | &nbsp;&nbsp; 2303171 |
| California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup, Inc.  | 6820000 | &nbsp;&nbsp; 8326987 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority Revenue, Eskaton Properties, Inc. Obligated <br> Group, 5.0%, 11/15/2044 <br>| 1250000 | &nbsp;&nbsp; 1274130 |
| California, Municipal Finance Authority Revenue, PRS-California Obligated Group: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 4/1/2044  | 1000000 | &nbsp;&nbsp; 1030565 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 4/1/2049  | 1000000 | &nbsp;&nbsp; 1014910 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 4/1/2054  | 1000000 | &nbsp;&nbsp; 1007921 |
| California, Municipal Finance Authority Revenue, Scripps College, 5.5%, 7/1/2060  | 3000000 | &nbsp;&nbsp; 3176407 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority, Community Facilities District No. 2021-11, <br> 5.0%, 9/1/2057 <br>| 3000000 | &nbsp;&nbsp; 3034161 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority, Community Facilities District No. 2023-7, <br> Area No. 1, 5.0%, 9/1/2054 <br>| 700000 | &nbsp;&nbsp; 709411 |
| &nbsp;&nbsp;&nbsp; California, Municipal Finance Authority, Multi-Family Housing, Series A, 144A, 4.0%, <br> 11/1/2036 <br>| 3500000 | &nbsp;&nbsp; 3341533 |
| California, Pajaro Valley Unified School District, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/1/2049  | 1500000 | &nbsp;&nbsp; 1606069 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/1/2052  | 3500000 | &nbsp;&nbsp; 3709180 |
| California, Peralta Community College District, General Obligation, 5.0%, 8/1/2039  | 2000000 | &nbsp;&nbsp; 2330876 |
| California, Pomona Unified School District, Series F, 3.0%, 8/1/2048, INS: BAM  | 2500000 | &nbsp;&nbsp; 1956623 |
| &nbsp;&nbsp;&nbsp; California, Public Finance Authority Revenue, ISF Ativo Portfolio Obligated Group, <br> Series 2025-A, 144A, 6.625%, 3/1/2065 <br>| 1500000 | &nbsp;&nbsp; 1510695 |
| &nbsp;&nbsp;&nbsp; California, Public Finance Authority Revenue, QSH/LB LLC, Series A, 144A, 6.625%, <br> 6/1/2065 <br>| 1750000 | &nbsp;&nbsp; 1812677 |
| &nbsp;&nbsp;&nbsp; California, Public Finance Authority, Educational Facilities Revenue, Trinity Classical <br> Academy:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2044  | 375000 | &nbsp;&nbsp; 337942 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2054  | 1000000 | &nbsp;&nbsp; 862225 |
| &nbsp;&nbsp;&nbsp; California, Redwoods Community College District, General Obligation, 5.25%, <br> 8/1/2054, INS: BAM <br>| 1250000 | &nbsp;&nbsp; 1358939 |
| &nbsp;&nbsp;&nbsp; California, Regents of the University of California Medical Center Pooled Revenue, <br> Series P, 3.5%, 5/15/2054 <br>| 2000000 | &nbsp;&nbsp; 1681087 |
| &nbsp;&nbsp;&nbsp; California, Rio Hondo Community College District, General Obligation, Series A, <br> 5.25%, 8/1/2055 <br>| 2500000 | &nbsp;&nbsp; 2721326 |
| &nbsp;&nbsp;&nbsp; California, River Islands Public Financing Authority, Special Tax, Community Facilities <br> District No. 2003-1, Public Improvements, Series B-2, 5.0%, 9/1/2052 <br>| 2000000 | &nbsp;&nbsp; 2003338 |
| &nbsp;&nbsp;&nbsp; California, River Islands Public Financing Authority, Special Tax, Community Facilities <br> District No. 2016-1, Phase 2 Public Improvements, 5.25%, 9/1/2052, INS: AG <br>| 500000 | &nbsp;&nbsp; 529509 |
| &nbsp;&nbsp;&nbsp; California, River Islands Public Financing Authority, Special Tax, Community Facilities <br> District No. 2019-1, Phase 2 Public Improvements:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 9/1/2049  | 1310000 | &nbsp;&nbsp; 1066160 |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2046  | 1910000 | &nbsp;&nbsp; 1651853 |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2051  | 1000000 | &nbsp;&nbsp; 866542 |
| California, San Mateo Union High School District, Series C, 4.0%, 9/1/2043  | 2000000 | &nbsp;&nbsp; 2025014 |
| California, Santa Barbara Community College District, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Zero Coupon, 8/1/2048  | 2400000 | &nbsp;&nbsp; 786058 |
| &nbsp;&nbsp;&nbsp; Series A, Zero Coupon, 8/1/2049  | 3430000 | &nbsp;&nbsp; 1058248 |
| &nbsp;&nbsp;&nbsp; Series A, Zero Coupon, 8/1/2050  | 3500000 | &nbsp;&nbsp; 1019592 |
| &nbsp;&nbsp;&nbsp; California, School Finance Authority, Charter School Revenue, Aspire Public School <br> Obligated Group, Series A, 144A, 4.0%, 8/1/2051 <br>| 750000 | &nbsp;&nbsp; 630790 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California, School Finance Authority, Charter School Revenue, Classical Academies <br> Oceanside Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 10/1/2042  | 500000 | &nbsp;&nbsp; 507670 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 10/1/2052  | 1000000 | &nbsp;&nbsp; 985507 |
| &nbsp;&nbsp;&nbsp; California, School Finance Authority, School Facilities Revenue, Green Dot Public <br> Schools Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 8/1/2038  | 1000000 | &nbsp;&nbsp; 1021626 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 8/1/2048  | 1750000 | &nbsp;&nbsp; 1753322 |
| &nbsp;&nbsp;&nbsp; California, South Bayside Waste Management Authority, Solid Waste Enterprise <br> Revenue:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2040, INS: AG  | 610000 | &nbsp;&nbsp; 642323 |
| &nbsp;&nbsp;&nbsp; Series A, ETM, 5.0%, 9/1/2040, INS: AG  | 20000 | &nbsp;&nbsp; 21571 |
| &nbsp;&nbsp;&nbsp; Series A, ETM, 5.0%, 9/1/2042, INS: AG  | 45000 | &nbsp;&nbsp; 48534 |
| California, State Educational Facilities Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 12/1/2050  | 1000000 | &nbsp;&nbsp; 854474 |
| &nbsp;&nbsp;&nbsp; 5.125%, 8/1/2055  | 2000000 | &nbsp;&nbsp; 1962702 |
| &nbsp;&nbsp;&nbsp; California, State Educational Facilities Authority Revenue, University of the Pacific, <br> Series 2025-A, 5.0%, 11/1/2055 <br>| 1645000 | &nbsp;&nbsp; 1732236 |
| &nbsp;&nbsp;&nbsp; California, State Enterprise Development Authority Revenue, Campbell Hall Episcopal, <br> Series C, 5.0%, 8/1/2040 <br>| 5000000 | &nbsp;&nbsp; 5629520 |
| California, State General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 10/1/2042  | 1000000 | &nbsp;&nbsp; 1095994 |
| &nbsp;&nbsp;&nbsp; Series C, 5.0%, 11/1/2042  | 4000000 | &nbsp;&nbsp; 4364744 |
| &nbsp;&nbsp;&nbsp; 5.0%, 10/1/2045  | 750000 | &nbsp;&nbsp; 805417 |
| &nbsp;&nbsp;&nbsp; Series CU, 5.5%, 12/1/2052  | 1480000 | &nbsp;&nbsp; 1555410 |
| &nbsp;&nbsp;&nbsp; California, State Health Facilities Financing Authority Revenue, Adventist Health <br> System/West Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/1/2041  | 1250000 | &nbsp;&nbsp; 1357307 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/1/2042  | 1830000 | &nbsp;&nbsp; 1967046 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 12/1/2043  | 1500000 | &nbsp;&nbsp; 1597877 |
| &nbsp;&nbsp;&nbsp; California, State Health Facilities Financing Authority Revenue, Cedars-Sinai Medical <br> Center Obligated Group, Series A, 3.0%, 8/15/2051 <br>| 4110000 | &nbsp;&nbsp; 3065397 |
| &nbsp;&nbsp;&nbsp; California, State Health Facilities Financing Authority Revenue, Children's Hospital of <br> Orange County Obligated Group, Series B, 5.0% (c), 11/1/2054 <br>| 1000000 | &nbsp;&nbsp; 1119164 |
| &nbsp;&nbsp;&nbsp; California, State Health Facilities Financing Authority Revenue, EL Camino Healthcare <br> Obligated Group, Series A, 5.25%, 2/1/2048 <br>| 1200000 | &nbsp;&nbsp; 1291151 |
| &nbsp;&nbsp;&nbsp; California, State Housing Finance Agency, Multi Family Housing Revene Bonds, <br> Series V, 5.0% (c), 5/1/2054 <br>| 1200000 | &nbsp;&nbsp; 1215988 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Baptist University, Series A, <br> 144A, 5.625%, 11/1/2054 <br>| 500000 | &nbsp;&nbsp; 509682 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Barlow Respiratory Hospital, <br> Series A, 4.0%, 9/1/2050 <br>| 2000000 | &nbsp;&nbsp; 1687765 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Caritas Corp. CMFA Mobile <br> Home Park Financing 2024 Portfolio:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2049  | 1000000 | &nbsp;&nbsp; 1029399 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2054  | 1000000 | &nbsp;&nbsp; 1023377 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 8/15/2059  | 1000000 | &nbsp;&nbsp; 1019071 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC, <br> "II", 144A, 7.0%, 1/1/2039 <br>| 1250000 | &nbsp;&nbsp; 1306698 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, HumanGood California <br> Obligated Group:<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 10/1/2046  | 3000000 | &nbsp;&nbsp; 2719448 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/1/2044  | 1000000 | &nbsp;&nbsp; 1040254 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Ignatian Corp., Series A, 5.0%, <br> 9/1/2049 <br>| 1000000 | &nbsp;&nbsp; 1053842 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Republic Service, Inc., Series A, <br> AMT, 3.875% (c), 3/1/2054 <br>| 1000000 | &nbsp;&nbsp; 1005028 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority Revenue, Samuel Merritt University, <br> 5.25%, 6/1/2053 <br>| 3000000 | &nbsp;&nbsp; 3103090 |

---

------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority, Charter School Revenue, Palmdale <br> Aeroscope Academy Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2038  | 2050000 | &nbsp;&nbsp; 2046060 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 7/1/2049  | 1500000 | &nbsp;&nbsp; 1367308 |
| &nbsp;&nbsp;&nbsp; California, State Municipal Finance Authority, Charter School Revenue, Santa Rose <br> Academy Project, 5.0%, 7/1/2052 <br>| 1235000 | &nbsp;&nbsp; 1158186 |
| &nbsp;&nbsp;&nbsp; California, State School Finance Authority, Charter School Revenue, Bright Star Schools <br> Obligated Group, 144A, 5.0%, 6/1/2054 <br>| 2000000 | &nbsp;&nbsp; 1789934 |
| &nbsp;&nbsp;&nbsp; California, State School Finance Authority, Charter School Revenue, Teaching Public <br> Schools:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 6/1/2049  | 1875000 | &nbsp;&nbsp; 1737446 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 6/1/2058  | 1400000 | &nbsp;&nbsp; 1255894 |
| &nbsp;&nbsp;&nbsp; California, State School Finance Authority, Educational Facilities Revenue, New <br> Designs Charter School Adams Campus Project:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 6/1/2040  | 750000 | &nbsp;&nbsp; 752572 |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.0%, 6/1/2050  | 1060000 | &nbsp;&nbsp; 996914 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, Emanate Health, <br> Series A, 4.0%, 4/1/2040 <br>| 650000 | &nbsp;&nbsp; 654665 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, Front Porch <br> Communities & Services:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.0%, 4/1/2051  | 1500000 | &nbsp;&nbsp; 1099618 |
| &nbsp;&nbsp;&nbsp; Series A, 4.0%, 4/1/2046  | 3780000 | &nbsp;&nbsp; 3408630 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, John Muir Health <br> Obligated Group, Series A, 5.25%, 12/1/2054 <br>| 2000000 | &nbsp;&nbsp; 2120761 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, Loma Linda <br> University Medical Center, Series A, 5.5%, 12/1/2054 <br>| 1000000 | &nbsp;&nbsp; 1002288 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority Revenue, Moldaw <br> Residences, 5.0%, 11/1/2049 <br>| 1000000 | &nbsp;&nbsp; 1058667 |
| &nbsp;&nbsp;&nbsp; California, Statewide Communities Development Authority, Multi-Family Housing <br> Revenue, Foxwood Apartments Project, Series J, 2.56% (b), 12/7/2025, LOC: Wells <br> Fargo Bank NA <br>| 850000 | &nbsp;&nbsp; 850000 |
| California, University of California Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series AL-2, 2.4% (b), 12/1/2025  | 1400000 | &nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;&nbsp; Series CC, 4.0%, 5/15/2055  | 2000000 | &nbsp;&nbsp; 1900536 |
| &nbsp;&nbsp;&nbsp; Series Z-2, 4.05% (b), 12/7/2025  | 1300000 | &nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp; California, Val Verde Unified School District, General Obligation, Series C, 4.0%, <br> 8/1/2049, INS: AG <br>| 2000000 | &nbsp;&nbsp; 1909216 |
| Fontana, CA, Special Tax, The Meadows: |  |  |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2040  | 625000 | &nbsp;&nbsp; 615597 |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2045  | 750000 | &nbsp;&nbsp; 690716 |
| &nbsp;&nbsp;&nbsp; 4.0%, 9/1/2050  | 900000 | &nbsp;&nbsp; 810894 |
| Fresno, CA, Airport Revenue, Series A, AMT, 5.0%, 7/1/2053, INS: BAM  | 2000000 | &nbsp;&nbsp; 2045656 |
| &nbsp;&nbsp;&nbsp; Inglewood, CA, Redevelopment Agency Successor Tax Allocation, Merged <br> Redevelopment Project, Series A, 5.0%, 5/1/2032, INS: BAM <br>| 1000000 | &nbsp;&nbsp; 1032980 |
| &nbsp;&nbsp;&nbsp; Irvine, CA, Community Facilities District No. 2013-3, Improvement Area No. 11, <br> Special Tax, 5.0%, 9/1/2055, INS: AG <br>| 5000000 | &nbsp;&nbsp; 5265124 |
| Irvine, CA, Improvement Bond Act 1915, 5.0%, 9/2/2044  | 2500000 | &nbsp;&nbsp; 2567155 |
| Irvine, CA, Unified School District Special Tax, Community Facilities District No. 09: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 9/1/2042  | 695000 | &nbsp;&nbsp; 701279 |
| &nbsp;&nbsp;&nbsp; Series D, 5.0%, 9/1/2049  | 745000 | &nbsp;&nbsp; 750207 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 9/1/2056, INS: BAM  | 3000000 | &nbsp;&nbsp; 3042972 |
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Community College District, General Obligation, Series E, 5.0%, <br> 8/1/2052 <br>| 500000 | &nbsp;&nbsp; 534796 |
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Marina System Revenue, Alamitos Bay Marina Project, 5.0%, <br> 5/15/2043 <br>| 1000000 | &nbsp;&nbsp; 1067155 |
| Los Angeles, CA, Community Facilities District No. 2021-01, Special Tax: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 9/1/2047  | 1200000 | &nbsp;&nbsp; 1232081 |
| &nbsp;&nbsp;&nbsp; 5.0%, 9/1/2052  | 1000000 | &nbsp;&nbsp; 1021213 |

---

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---

| | | |
|:---|:---|:---|
| Los Angeles, CA, Department of Airports Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 5/15/2028  | 1000000 | &nbsp;&nbsp; 1050841 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.0%, 5/15/2038  | 2000000 | &nbsp;&nbsp; 2192379 |
| Los Angeles, CA, Department of Water & Power Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2039  | 1000000 | &nbsp;&nbsp; 1102805 |
| &nbsp;&nbsp;&nbsp; Series B, 5.0%, 7/1/2052  | 1000000 | &nbsp;&nbsp; 1031095 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2053, INS: BAM  | 1185000 | &nbsp;&nbsp; 1236923 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2055, INS: BAM  | 1000000 | &nbsp;&nbsp; 1042269 |
| Los Angeles, CA, Municipal Improvement Corp. Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 5/1/2042  | 1000000 | &nbsp;&nbsp; 1091813 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 5/1/2043  | 1000000 | &nbsp;&nbsp; 1082454 |
| &nbsp;&nbsp;&nbsp; Series A, 5.5%, 5/1/2055  | 1000000 | &nbsp;&nbsp; 1086960 |
| Los Angeles, CA, Unified School District, 5.25%, 7/1/2048  | 1345000 | &nbsp;&nbsp; 1459089 |
| Modesto, CA, State Irrigation District, Series A, 5.0%, 10/1/2042  | 2500000 | &nbsp;&nbsp; 2742546 |
| &nbsp;&nbsp;&nbsp; Moreno Valley, CA, Unified School District, General Obligation, Series D, 5.25%, <br> 8/1/2052, INS: AG <br>| 3500000 | &nbsp;&nbsp; 3720080 |
| &nbsp;&nbsp;&nbsp; Orange County, CA, Water District, Certificate of Participation, Series A, 2.0% (b), <br> 12/7/2025, LOC: Bank of America NA <br>| 150000 | &nbsp;&nbsp; 150000 |
| Rio Vista, CA, Community Facilities District, Special Tax, 5.0%, 9/1/2048  | 1000000 | &nbsp;&nbsp; 1010655 |
| &nbsp;&nbsp;&nbsp; Riverside County, CA, Transportation Commission, Series B-2, 3.0%, 6/1/2048, <br> INS: BAM <br>| 5447000 | &nbsp;&nbsp; 4271955 |
| Sacramento County, CA, Airport System Revenue, Series C, AMT, 5.0%, 7/1/2029  | 2000000 | &nbsp;&nbsp; 2097129 |
| &nbsp;&nbsp;&nbsp; Sacramento County, CA, Special Tax, Community Facilities District No. 2004-1, <br> McClellan Park, 5.0%, 9/1/2040 <br>| 2665000 | &nbsp;&nbsp; 2705533 |
| San Diego, CA, Public Facilities Financing Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/15/2039  | 500000 | &nbsp;&nbsp; 566330 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/15/2041  | 1000000 | &nbsp;&nbsp; 1113427 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/15/2042  | 500000 | &nbsp;&nbsp; 551983 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/15/2043  | 585000 | &nbsp;&nbsp; 640192 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 10/15/2055  | 5000000 | &nbsp;&nbsp; 5420793 |
| San Francisco City & County, CA, Airports Commission, International Airport Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series 2ND, AMT, 5.0%, 5/1/2048  | 3700000 | &nbsp;&nbsp; 3731621 |
| &nbsp;&nbsp;&nbsp; Series D, Prerefunded, AMT, 5.0%, 5/1/2048  | 5000 | &nbsp;&nbsp; 5173 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 5/1/2044  | 250000 | &nbsp;&nbsp; 266493 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 5/1/2049  | 500000 | &nbsp;&nbsp; 525454 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.75%, 5/1/2048  | 4000000 | &nbsp;&nbsp; 4330399 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Airports Commission, International Airport Revenue, <br> Special Facility Lease- SFO Fuel Co. LLC, Series A, AMT, 5.0%, 1/1/2047 <br>| 2000000 | &nbsp;&nbsp; 2025853 |
| San Francisco City & County, CA, Public Utilities Commission Wastewater Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2039  | 375000 | &nbsp;&nbsp; 425269 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2041  | 200000 | &nbsp;&nbsp; 221719 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Redevelopment Agency, Successor Agency Tax, <br> Transbay Infrastructure Projects, Series B, 5.0%, 8/1/2046, INS: AG <br>| 4000000 | &nbsp;&nbsp; 4056702 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Special Tax District No. 2020-1, Mission Rock <br> Facilities & Services, Series A, 144A, 4.0%, 9/1/2051 <br>| 500000 | &nbsp;&nbsp; 433929 |
| &nbsp;&nbsp;&nbsp; Santa Cruz County, CA, County General Obligation Lease, Capital Facilities Project, <br> 5.65%, 9/1/2026, INS: NATL <br>| 1605000 | &nbsp;&nbsp; 1641051 |
| &nbsp;&nbsp;&nbsp; Santa Monica, CA, Redevelopment Agency Tax Allocation, Earthquake Recovery <br> Redevelopment, 5.875%, 7/1/2036 <br>| 2125000 | &nbsp;&nbsp; 2130513 |
| &nbsp;&nbsp;&nbsp; Southern California, Public Power Authority, Southern Transmission System Revenue, <br> 5.0%, 7/1/2044 <br>| 3165000 | &nbsp;&nbsp; 3372394 |
| Stockton, CA, Public Financing Authority, Water Revenue, Green Bond: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2034, INS: BAM  | 750000 | &nbsp;&nbsp; 795659 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2035, INS: BAM  | 1500000 | &nbsp;&nbsp; 1586678 |
| &nbsp;&nbsp;&nbsp; West Sacramento, CA, Enhanced Infrastructure Financing District No. 1, Tax Allocation, <br> 5.0%, 9/1/2055, INS: AG <br>| 2000000 | &nbsp;&nbsp; 2121999 |
|  |  | &nbsp;&nbsp; **297417115** |

---

------

---

| | | |
|:---|:---|:---|
| **Guam 1.8%** | **Guam 1.8%** |  |
| Guam, Government Waterworks Authority, Water & Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2041  | 650000 | &nbsp;&nbsp; 685632 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 7/1/2043  | 975000 | &nbsp;&nbsp; 1013094 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2046  | 885000 | &nbsp;&nbsp; 906069 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 1/1/2050  | 360000 | &nbsp;&nbsp; 363082 |
| Guam, Power Authority Revenue: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2037  | 1050000 | &nbsp;&nbsp; 1072534 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2038  | 960000 | &nbsp;&nbsp; 979341 |
| &nbsp;&nbsp;&nbsp; Series A, 5.0%, 10/1/2040  | 665000 | &nbsp;&nbsp; 676190 |
|  |  | &nbsp;&nbsp; **5695942** |
| **Puerto Rico 1.4%** | **Puerto Rico 1.4%** |  |
| Puerto Rico, General Obligation: |  |  |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2041  | 830269 | &nbsp;&nbsp; 767752 |
| &nbsp;&nbsp;&nbsp; Series A1, 4.0%, 7/1/2046  | 1030435 | &nbsp;&nbsp; 916867 |
| &nbsp;&nbsp;&nbsp; Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, 4.75%, <br> 7/1/2053<br>| 3045000 | &nbsp;&nbsp; 2898844 |
|  |  | &nbsp;&nbsp; **4583463** |
| **Other 0.9%** | **Other 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multi-Family ML Certificates, "A-CA", Series 2019-ML05, 3.35%, <br> 11/25/2033, GTY: Freddie Mac<br>| 2770186 | &nbsp;&nbsp; **2690030** |
| **Total Municipal Investments** (Cost $313,413,661) | **Total Municipal Investments** (Cost $313,413,661) | &nbsp;&nbsp; **310386550** |
| **Underlying Municipal Bonds of Inverse Floaters (d) 5.1%** | **Underlying Municipal Bonds of Inverse Floaters (d) 5.1%** |  |
| **California**  | **California**  |  |
| California, Public Works Board, Lease Revenue, Series C, 5.0%, 11/1/2050 (e) | 5000000 | &nbsp;&nbsp; **5346998** |
| *Trust: California, CA, Public Works Board, Lease Revenue, Series 2025-XM1334,* <br> *144A, 10.94%, 11/1/2033, Leverage Factor at purchase date: 4 to 1*<br>|  |  |
| &nbsp;&nbsp;&nbsp; Los Angleles County, CA, Public Works Financing Authority, Series J, 5.25%, <br> 12/1/2050 (e)<br>| 5000000 | &nbsp;&nbsp; **5444446** |
| *Trust: Los Angleles County, CA, Public Works Financing Authority, Series 2025-*<br> *XM1313, 144A, 12.18%, 6/1/2033, Leverage Factor at purchase date: 4 to 1*<br>|  |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Public Utilities Commission, Water Revenue, <br> Series E, 5.25%, 11/1/2055 (e)<br>| 5000000 | &nbsp;&nbsp; **5397819** |
| *Trust: San Francisco City & County, CA, Public Utilities Commission, Water* <br> *Revenue, Series 2025-XM1276, 144A, 11.94%, 5/1/2033, Leverage Factor at* <br> *purchase date: 4 to 1*<br>|  |  |
|  |  | &nbsp;&nbsp; **16189263** |
| **Total Underlying Municipal Bonds of Inverse Floaters** (Cost $15,730,122) | **Total Underlying Municipal Bonds of Inverse Floaters** (Cost $15,730,122) | &nbsp;&nbsp; **16189263** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| BL Train Holdings West LLC , Expiration Date 11/26/2035\* (f) (Cost $0) | 12000 | &nbsp;&nbsp; **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $329,143,783) | 102.9 | &nbsp;&nbsp; **326575813** |
| **Floating Rate Notes (d)** | (3.5)<br>| &nbsp;&nbsp; **(11250000)**<br>|
| **Other Assets and Liabilities, Net**  | 0.6 | &nbsp;&nbsp; **2091651** |
| **Net Assets** | 100.0 | &nbsp;&nbsp; **317417464** |

---

------

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.* 

*\** *Non-income producing security.* 

*(a)* *When-issued or delayed delivery securities included.*

*(b)* *Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by* *remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities* *may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of November 30,* *2025. Date shown reflects the earlier of demand date or stated maturity date.* 

*(c)* *Variable or floating rate security. These securities are shown at their current rate as of November 30, 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.* 

*(d)* *Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate* *Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.* 

*(e)* *Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by* *reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as* *a liability.* 

*(f)* *Investment was valued using significant unobservable inputs.*

&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* |
| *ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held* <br> *in escrow and used to pay principal and interest on bonds so designated.*<br>|
| *GTY: Guaranty Agreement* |
| *INS: Insured* |
| *LOC: Letter of Credit* |
| *NATL: National Public Finance Guarantee Corp.* |
| *Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used* <br> *to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.*<br>|

---

------

***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 November 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Investments (a) | $— | &nbsp;&nbsp; $326575813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $326575813 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Total** | **$—** | &nbsp;&nbsp; **$326575813** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$326575813** |

---

&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.

DCATF-PH1

------

## 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 STATE TAX-FREE INCOME SERIES

- **b. Investment Company Act file number:** 811-03657

- **c. CIK number of Registrant:** 0000714287

- **d. LEI of Registrant:** A0OY3S0CZH04WSJCJM64

- **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 California Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006111

- **c. LEI of Series:** DKBCOPT8QRU2FF79ZQ17

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $331173685.76

**Total Liabilities:** $13852542.41

**Net Assets:** $317321143.35

**Delayed Delivery Securities:** $2089280.00

**Cash Not Reported:** $31329.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -304.32000000 | **1-Year:** -8163.68000000 | **5-Year:** -40055.54000000 | **10-Year:** -112137.61000000 | **30-Year:** -51427.51000000

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

- **3-Month:** -75.65000000 | **1-Year:** -2456.14000000 | **5-Year:** -8886.31000000 | **10-Year:** -23304.31000000 | **30-Year:** -15408.75000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016814 | 2.79%                | 1.50%                | 0.43%                |
| Class ID C000016816 | 2.74%                | 1.44%                | 0.37%                |
| Class ID C000016817 | 2.98%                | 1.52%                | 0.45%                |
| Class ID C000223770 | 2.98%                | 1.37%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5075.34                 | $7833984.66                                |
| Month 2  | $-404608.77              | $4007665.85                                |
| Month 3  | $-54105.89               | $664846.58                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alameda Corridor Transportation Authority                                    | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072709.80   | 0.65%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley Community College District                                   | ANTELOPE VLY CA CMNTY CLG DIST                               | CUSIP: 03667PLP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2147527.60   | 0.68%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.57%             | 2055-04-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | BURBANK GLENDALE PASADENA CA ARPT AUTH ARPT REVENUE          | CUSIP: 120827EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563130.65   | 0.49%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3315710.30   | 1.04%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                        | CSCDA CMNTY IMPT AUTH CA ESSENTIAL HSG REVENUE               | CUSIP: 126292AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1294418.84   | 0.41%             | 2046-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584790.95   | 0.50%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5778161.95   | 1.82%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607020.65   | 0.51%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208059.00   | 0.70%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130150.83    | 0.04%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12375000 | PA      | $2540385.79   | 0.80%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179UM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $854474.20    | 0.27%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179XP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1732235.67   | 0.55%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                  | CALIFORNIA ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 130179YR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1962702.00   | 0.62%             | 2055-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032U3C0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1291151.04   | 0.41%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UB31<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4110000 | PA      | $3065397.06   | 0.97%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119163.90   | 0.35%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UU48<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1357307.50   | 0.43%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UU55<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1967046.14   | 0.62%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | CUSIP: 13032UU63<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597876.65   | 0.50%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    870863 | PA      | $880233.10    | 0.28%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                            | CALIFORNIA HSG FIN AGY MUNI CTFS                             | CUSIP: 13033DAJ4<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1249483 | PA      | $1205906.13   | 0.38%             | 2036-08-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1700000.00   | 0.54%             | 2065-01-01      | Floating      | 9.50%                 | 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        |   1200000 | PA      | $1215988.08   | 0.38%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK NATIONAL CHARTR | CUSIP: 13035ADV8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019734.80   | 0.32%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MF HSG REVENUE                   | CUSIP: 130483ES5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3341533.30   | 1.05%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE           | CUSIP: 130486BE2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1158185.59   | 0.36%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2046060.31   | 0.64%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH CHARTER SCH REVENUE              | CUSIP: 13048DCQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1367308.20   | 0.43%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SOL WST DISP REVENUE             | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005028.40   | 0.32%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V2S6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030565.40   | 0.32%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V2T4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014909.90   | 0.32%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V2U1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007920.80   | 0.32%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V3G1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509682.45    | 0.16%             | 2054-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048V3X4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040254.40   | 0.33%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VF37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3103090.20   | 0.98%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VQ35<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1306698.50   | 0.41%             | 2039-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VUP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1687764.60   | 0.53%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VV21<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053841.50   | 0.33%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VXH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2719448.40   | 0.86%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH REVENUE                          | CUSIP: 13048VZ92<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1274130.50   | 0.40%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH ACADEMIC FACS REVENUE            | CUSIP: 130491AU7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3176406.90   | 1.00%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SGB4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029398.50   | 0.32%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SGC2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023377.20   | 0.32%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE         | CUSIP: 13049SGD0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019070.90   | 0.32%             | 2059-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AEK0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3034161.30   | 0.96%             | 2057-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | CALIFORNIA ST MUNI FIN AUTH SPL TAX REVENUE                  | CUSIP: 13051AHH4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    700000 | PA      | $709411.36    | 0.22%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE             | CUSIP: 13057GAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510695.00   | 0.48%             | 2065-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 13057KAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $337942.31    | 0.11%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA PUBLIC FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 13057KAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862225.10    | 0.27%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | CALIFORNIA ST MUNI FIN AUTH SENIOR LIVING RENTAL HOUSING REV | CUSIP: 13057TAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1812677.13   | 0.57%             | 2065-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TGF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1789934.40   | 0.56%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058THL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1737446.25   | 0.55%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058THM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1255894.22   | 0.40%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TNA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $630789.98    | 0.20%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TQA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507669.70    | 0.16%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH CHRT SCH REVENUE                  | CUSIP: 13058TQB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985507.20    | 0.31%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752571.90    | 0.24%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA ST SCH FIN AUTH EDUCTNL FACS REVENUE              | CUSIP: 130591BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $996914.21    | 0.31%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021626.10   | 0.32%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                          | CALIFORNIA SCH FIN AUTH SCH FAC REVENUE                      | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753321.85   | 0.55%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063D2G2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4364743.60   | 1.38%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063D4D7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    750000 | PA      | $805417.28    | 0.25%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063D4T2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095994.10   | 0.35%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | CALIFORNIA ST                                                | CUSIP: 13063DZ43<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1555409.70   | 0.49%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program        | CALIFORNIA ST DEPT OF VETERANS AFFAIRS HOME PURCHASE REVENUE | CUSIP: 130658ST5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $766489.12    | 0.24%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RFU2<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5629520.50   | 1.77%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | CALIFORNIA ST ENTERPRISE DEV AUTH CHRT SCH REVENUE           | CUSIP: 13069AAZ1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    600000 | PA      | $564121.98    | 0.18%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA ST STWD CMNTYS DEV AUTH MF                        | CUSIP: 13077VRC8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850000.00    | 0.27%             | 2029-09-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SC77<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3408630.50   | 1.07%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SC85<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1099618.35   | 0.35%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002288.30   | 0.32%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080ST79<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120760.60   | 0.67%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SX33<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058666.60   | 0.33%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE                      | CUSIP: 13080SYW8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $654665.12    | 0.21%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chabot-Las Positas Community College District                                | CHABOT-LAS POSITAS CA CMNTY CLG DIST                         | CUSIP: 15722TKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $809769.00    | 0.26%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | COLTON CA JT UNIF SCH DIST                                   | CUSIP: 197036RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5299272.50   | 1.67%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downey Unified School District                                               | DOWNEY CA UNIF SCH DIST                                      | CUSIP: 261005SS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2844514.50   | 0.90%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Rancho Unified School District                                            | EL RANCHO CA UNIF SCH DIST                                   | CUSIP: 283839F60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136269.30   | 0.36%             | 2048-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML05 TRUST                                                        | Freddie Mac Multifamily ML Certificates                      | CUSIP: 30309HAA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | MUN               | US        |   2770186 | PA      | $2690030.34   | 0.85%             | 2033-11-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                           | FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS            | CUSIP: 31350ACJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2041835.31   | 0.64%             | 2034-04-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily VRD Certificates                                           | FEDERAL HOME LOAN MTGE CORP MF VARIABLE RATE CTFS            | CUSIP: 31350ACU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9240000 | PA      | $7994606.93   | 2.52%             | 2035-12-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Folsom Ranch Financing Authority                                             | FOLSOM RANCH CA FING AUTH SPL TAX REVENUE                    | CUSIP: 344414BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006802.20   | 0.32%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fontana Public Facilities Financing Authority                                | FONTANA CA PUBLIC FIN AUTH LEASE REVENUE                     | CUSIP: 34461BCP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2125408.60   | 0.67%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                           | FONTANA CA SPL TAX                                           | CUSIP: 344630WX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $615597.38    | 0.19%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                           | FONTANA CA SPL TAX                                           | CUSIP: 344630WY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $690715.58    | 0.22%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fontana CA                                                           | FONTANA CA SPL TAX                                           | CUSIP: 344630WZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $810893.88    | 0.26%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                              | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $904960.31    | 0.29%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                              | FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE   | CUSIP: 345105JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501694.00   | 0.79%             | 2043-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inglewood Redevelopment Agency Successor Agency                              | INGLEWOOD CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION          | CUSIP: 34637QAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032979.90   | 0.33%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fresno CA Airport Revenue                                            | FRESNO CA ARPT REVENUE                                       | CUSIP: 358100FS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045655.60   | 0.64%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                     | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005923.20   | 0.95%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JJ1<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1072534.37   | 0.34%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JK8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    960000 | PA      | $979341.22    | 0.31%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                         | GUAM PWR AUTH REVENUE                                        | CUSIP: 400653JL6<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    665000 | PA      | $676189.62    | 0.21%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $363082.14    | 0.11%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FEB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $685631.44    | 0.22%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1013093.74   | 0.32%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                         | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE               | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $906069.28    | 0.29%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hayward Unified School District                                              | HAYWARD CA UNIF SCH DIST                                     | CUSIP: 421295AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3193190.40   | 1.01%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Imperial Community College District                                          | IMPERIAL CA CMNTY CLG DIST                                   | CUSIP: 452641LM3<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068237.00   | 0.34%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                            | IRVINE CA IMPT BOND ACT 1915                                 | CUSIP: 46360RF28<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567154.75   | 0.81%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irvine CA                                                            | IRVINE CA SPL TAX                                            | CUSIP: 46360TJP9<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5265124.50   | 1.66%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Unified School District                                               | IRVINE CA UNIF SCH DIST SPL TAX                              | CUSIP: 463612JY8<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    695000 | PA      | $701278.91    | 0.22%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Unified School District                                               | IRVINE CA UNIF SCH DIST SPL TAX                              | CUSIP: 463612LR0<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    745000 | PA      | $750206.51    | 0.24%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Unified School District                                               | IRVINE CA UNIF SCH DIST SPL TAX                              | CUSIP: 463612MJ7<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3042972.30   | 0.96%             | 2056-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Community College District                                        | LONG BEACH CA CMNTY CLG DIST                                 | CUSIP: 542411QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534796.30    | 0.17%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Marina System Revenue                                  | LONG BEACH CA MARINA REVENUE                                 | CUSIP: 542426DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067154.60   | 0.34%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445JA8<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050840.60   | 0.33%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445X95<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2192379.00   | 0.69%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532EY6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031095.20   | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532LW2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102804.90   | 0.35%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532PV0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1236922.67   | 0.39%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | LOS ANGELES CA DEPT OF WTR & PWR REVENUE                     | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042268.70   | 0.33%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                   | CUSIP: 5445874X3<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091812.80   | 0.34%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                   | CUSIP: 5445874Y1<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082453.70   | 0.34%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp of Los Angeles                                    | LOS ANGELES CA MUNI IMPT CORPLEASE REVENUE                   | CUSIP: 5445875X2<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086960.00   | 0.34%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                       | LOS ANGELES CA UNIF SCH DIST                                 | CUSIP: 544647HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1459088.68   | 0.46%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Los Angeles CA Community Facilities District No 2021-01            | LOS ANGELES CNTY CA CMNTY FACS DIST #2021-01 SPL TAX         | CUSIP: 54531MAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1232080.56   | 0.39%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Los Angeles CA Community Facilities District No 2021-01            | LOS ANGELES CNTY CA CMNTY FACS DIST #2021-01 SPL TAX         | CUSIP: 54531MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021212.70   | 0.32%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                       | M-S-R CA ENERGY AUTH GAS REVENUE                             | CUSIP: 55374SAB6<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   6820000 | PA      | $8326986.76   | 2.62%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Manteca Unified School District                                              | MANTECA CA UNIF SCH DIST                                     | CUSIP: 564538JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5426052.50   | 1.71%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District                                                  | MODESTO CA IRR DIST FING AUTH ELEC SYS REVENUE               | CUSIP: 607767DF4<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2742546.00   | 0.86%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moreland School District                                                     | MORELAND CA SCH DIST                                         | CUSIP: 616794YC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2303171.20   | 0.73%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Moreno Valley Unified School District/CA                                     | MORENO VLY CA UNIF SCH DIST                                  | CUSIP: 616871ML0<br>LEI: 549300G4WBO7HSZKUD51 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3720080.00   | 1.17%             | 2052-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Water District Of Orange County Water Facilities Corp              | ORANGE CNTY CA WTR DIST COPS                                 | CUSIP: 684421CB4<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.05%             | 2042-08-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Unified School District                                        | PAJARO VLY CA UNIF SCH DIST                                  | CUSIP: 695802SE9<br>LEI: 549300WHZ2OWRXQ3OY05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606068.90   | 0.51%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pajaro Valley Unified School District                                        | PAJARO VLY CA UNIF SCH DIST                                  | CUSIP: 695802SF6<br>LEI: 549300WHZ2OWRXQ3OY05 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3709179.60   | 1.17%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                           | PERALTA CA CMNTY CLG DIST                                    | CUSIP: 713575ZR2<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2330875.60   | 0.73%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pomona Unified School District                                               | POMONA CA UNIF SCH DIST                                      | CUSIP: 732098RB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1956622.75   | 0.62%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    830269 | PA      | $767751.90    | 0.24%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1030435 | PA      | $916866.64    | 0.29%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $2898843.96   | 0.91%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Redwoods Community College District                                          | REDWOODS CA CMNTY CLG DIST                                   | CUSIP: 758084EK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1358939.00   | 0.43%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rio Hondo Community College District/CA                                      | RIO HONDO CA CMNTY CLG DIST                                  | CUSIP: 767121FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2721325.75   | 0.86%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Rio Vista Community Facilities District                                      | RIO VISTA CA CMNTY FACS DIST SPL TAX                         | CUSIP: 767236BN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010655.30   | 0.32%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                     | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QEN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1651852.61   | 0.52%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                     | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QEP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1066159.88   | 0.34%             | 2049-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                     | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QFZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866541.50    | 0.27%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                     | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QHF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003337.60   | 0.63%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                     | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX                    | CUSIP: 76827QJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529509.45    | 0.17%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                   | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DCN6<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   5447000 | PA      | $4271954.64   | 1.35%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                               | SACRAMENTO CNTY CA ARPT SYS REVENUE                          | CUSIP: 786107RN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097129.20   | 0.66%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA                                                      | SACRAMENTO CNTY CA SPL TAX                                   | CUSIP: 786153PP5<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2705533.32   | 0.85%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299PR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566330.30    | 0.18%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299PT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113426.90   | 0.35%             | 2041-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299PU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551983.15    | 0.17%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299PV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $640191.65    | 0.20%             | 2043-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | SAN DIEGO CA PUBLIC FACS FING AUTH LEASE REVENUE             | CUSIP: 797299SC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5420793.00   | 1.71%             | 2055-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DNT2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025853.40   | 0.64%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DVY2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4330399.20   | 1.36%             | 2048-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWA3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5173.17      | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWD7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3731621.31   | 1.18%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWW5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266492.88    | 0.08%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV     | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525453.60    | 0.17%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HHK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $425268.83    | 0.13%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILS COMMISSION WSTWTR  | CUSIP: 79768HHM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221719.08    | 0.07%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Redevelopment Agency Successor Agency            | SAN FRANCISCO CITY & CNTY CA REDEV AGY SUCCESSOR AGY TAX     | CUSIP: 79770GGJ9<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4056701.60   | 1.28%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Special Tax District No 2020-1             | SAN FRANCISCO CA CITY & CNTY DEV SPL TAX DIST NO             | CUSIP: 79771HAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433928.70    | 0.14%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Financing Authority                                                 | SAN JOSE CA FING AUTH WSTWTR REVENUE                         | CUSIP: 79816NBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5290529.00   | 1.67%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                         | SAN MATEO CA UNION HIGH SCH DIST                             | CUSIP: 799017ZB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025014.00   | 0.64%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Barbara Community College District                                     | SANTA BARBARA CA CMNTY CLG DIST                              | CUSIP: 801283HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $786057.84    | 0.25%             | 2048-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Barbara Community College District                                     | SANTA BARBARA CA CMNTY CLG DIST                              | CUSIP: 801283HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3430000 | PA      | $1058247.61   | 0.33%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Barbara Community College District                                     | SANTA BARBARA CA CMNTY CLG DIST                              | CUSIP: 801283HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $1019592.35   | 0.32%             | 2050-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Cruz CA                                                      | SANTA CRUZ CNTY CA COPS                                      | CUSIP: 801820DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1641051.35   | 0.52%             | 2026-09-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Santa Monica Redevelopment Agency                                            | SANTA MONICA CA REDEV AGY                                    | CUSIP: 802447FC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2130513.31   | 0.67%             | 2036-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| South Bayside Waste Management Authority                                     | S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE        | CUSIP: 83646ABW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21570.51     | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bayside Waste Management Authority                                     | S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE        | CUSIP: 83646ABX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48533.65     | 0.02%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Bayside Waste Management Authority                                     | S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE        | CUSIP: 83646ACH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $642323.05    | 0.20%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | STHRN CALIFORNIA ST PUBLIC PWR AUTH STHRN TRANSMISSION SYSTE | CUSIP: 842469CF3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3372393.59   | 1.06%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795659.40    | 0.25%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                          | STOCKTON CA PUBLIC FING AUTH WTR REVENUE                     | CUSIP: 861398CA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586677.65   | 0.50%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | SAN FRANCISCO CA CITY & CNTY PUB UTILS COMMN WTR REVENUE     | CUSIP: 79771FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5397819.18   | 1.70%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 13068XRR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5346998.50   | 1.69%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | LOS ANGELES CNTY CA PUBLIC WKS FING AUTH LEASE REVENUE       | CUSIP: 54473EZP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5444445.51   | 1.72%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366KU3<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1681086.60   | 0.53%             | 2054-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GEY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.41%             | 2041-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA REVENUES                                  | CUSIP: 91412GSG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400000.00   | 0.44%             | 2048-05-15      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | UNIV OF CALIFORNIA CA REVENUES                               | CUSIP: 91412HVZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1900535.80   | 0.60%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Val Verde Unified School District                                            | VAL VERDE CA UNIF SCH DIST                                   | CUSIP: 91882RKM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1909216.20   | 0.60%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of West Sacramento CA Enhanced Infrastructure Financing District No 1   | WEST SACARAMENTO CA ENHANCED INFRASTRUCTURE FING DIST 1 TAX  | CUSIP: 955636AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121999.20   | 0.67%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-22

**Name of Applicant:** DEUTSCHE DWS STATE TAX-FREE INCOME SERIES

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer