Filed electronically with the Securities and Exchange Commission on September 26, 2022
1933 Act File No. 002-57139
1940 Act File No. 811-02671
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | | X | |
Pre-Effective Amendment No. | |__| |
Post-Effective Amendment No. 117 | | X | |
and/or | |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | | X | |
Amendment No. 108 | |
Deutsche DWS Municipal Trust (Exact Name of Registrant as Specified in Charter) |
|
875 Third Avenue, New York, NY 10022-6225 (Address of Principal Executive Offices) |
|
Registrant’s Telephone Number, including Area Code: (212) 454-4500 | |
John Millette Vice President and Secretary Deutsche DWS Municipal Trust 100 Summer Street Boston, MA 02110-2146 (Name and Address of Agent for Service) |
|
Copy to: John S. Marten Vedder Price P.C. 222 N. LaSalle Street Chicago, Illinois 60601-1104 |
It is proposed that this filing will become effective (check appropriate box):
/___/ | Immediately upon filing pursuant to paragraph (b) |
/X / | On October 1, 2022 pursuant to paragraph (b) |
/___/ | 60 days after filing pursuant to paragraph (a) |
/ __ / | On _______________ pursuant to paragraph (a) |
/___/ | 75 days after filing pursuant to paragraph (a)(2) |
/___/ | On _______________ pursuant to paragraph (a) (2) of Rule 485 |
If appropriate, check the following box:
| |
/___/ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
EXPLANATORY NOTE
This Post-Effective Amendment contains the Prospectus and Statement of Additional Information relating to the following series and classes of the Registrant:
This Post-Effective Amendment is not intended to update or amend any other Prospectuses or Statements of Additional Information of the Registrant’s other series or classes.
DWS Strategic High Yield Tax-Free Fund | ||||||||
CLASS/TICKER |
A |
NOTAX |
C |
NOTCX |
INST |
NOTIX |
S |
SHYTX |
|
|
DWS Managed Municipal Bond Fund | ||||||||
CLASS/TICKER |
A |
SMLAX |
C |
SMLCX |
INST |
SMLIX |
S |
SCMBX |
|
|
DWS Intermediate Tax-Free Fund | ||||||||
CLASS/TICKER |
A |
SZMAX |
C |
SZMCX |
INST |
SZMIX |
S |
SCMTX |
| |
1 | |
1 | |
2 | |
3 | |
6 | |
7 | |
7 | |
7 | |
7 | |
| |
8 | |
8 | |
9 | |
9 | |
12 | |
13 | |
13 | |
14 | |
14 | |
| |
15 | |
15 | |
16 | |
16 | |
19 | |
20 | |
20 | |
21 | |
21 |
| |
22 | |
22 | |
27 | |
32 | |
37 | |
38 | |
39 | |
| |
41 | |
47 | |
47 | |
48 | |
49 | |
49 | |
50 | |
51 | |
56 | |
57 | |
57 | |
59 | |
71 | |
71 | |
77 | |
78 | |
78 |
|
A |
C |
INST |
S |
Maximum sales charge (load) imposed on
purchases, as % of offering price |
|
|
|
|
Maximum deferred sales charge (load), as
% of redemption proceeds1
|
|
|
|
|
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions) |
$ |
$ |
|
$ |
|
A |
C |
INST |
S |
Management fee |
|
|
|
|
Distribution/service (12b-1) fees |
|
|
|
|
Interest expense |
|
|
|
|
Other expenses |
|
|
|
|
Total other expenses |
|
|
|
|
Total annual fund operating expenses |
|
|
|
|
Fee waiver/expense reimbursement |
|
|
|
|
Total annual fund operating expenses
after fee waiver/expense reimbursement |
|
|
|
|
Prospectus October 1, 2022 | 1 | DWS Strategic High Yield Tax-Free Fund |
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
Inception |
1
Year |
5
Years |
10
Years |
Class A before tax |
|
|
|
|
After tax on distribu-
tions |
|
|
|
|
After tax on distribu-
tions and sale of fund
shares |
|
|
|
|
Class C before tax |
|
|
|
|
INST Class before tax |
|
|
|
|
Class S before tax |
|
|
|
|
Bloomberg Municipal
Bond Index (reflects no
deduction for fees,
expenses or taxes) |
|
|
|
|
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Mail |
All Requests |
DWS
PO Box 219151
Kansas City, MO 64121-9151 |
Expedited Mail |
DWS
210 West 10th Street
Kansas City, MO 64105-1614 | |
Web Site |
dws.com | |
Telephone |
(800) 728-3337, M – F 8 a.m. – 7 p.m. ET | |
Hearing Impaired |
For hearing impaired assistance, please
call us using a relay service |
|
A |
C |
INST |
S |
Maximum sales charge (load) imposed on
purchases, as % of offering price |
|
|
|
|
Maximum deferred sales charge (load), as
% of redemption proceeds1
|
|
|
|
|
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions) |
$ |
$ |
|
$ |
|
A |
C |
INST |
S |
Management fee |
|
|
|
|
Distribution/service (12b-1) fees |
|
|
|
|
Other expenses |
|
|
|
|
Total annual fund operating expenses |
|
|
|
|
Fee waiver/expense reimbursement |
|
|
|
|
Total annual fund operating expenses
after fee waiver/expense reimbursement |
|
|
|
|
Prospectus October 1, 2022 | 8 | DWS Managed Municipal Bond Fund |
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
Years |
A |
C |
INST |
S |
1 |
$ |
$ |
$ |
$ |
3 |
|
|
|
|
5 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
Inception |
1
Year |
5
Years |
10
Years |
Class A before tax |
|
- |
|
|
After tax on distribu-
tions |
|
- |
|
|
After tax on distribu-
tions and sale of fund
shares |
|
- |
|
|
Class C before tax |
|
|
|
|
Class S before tax |
|
|
|
|
INST Class before tax |
|
|
|
|
Bloomberg Municipal
Bond Index (reflects no
deduction for fees,
expenses or taxes) |
|
|
|
|
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Mail |
All Requests |
DWS
PO Box 219151
Kansas City, MO 64121-9151 |
Expedited Mail |
DWS
210 West 10th Street
Kansas City, MO 64105-1614 | |
Web Site |
dws.com | |
Telephone |
(800) 728-3337, M – F 8 a.m. – 7 p.m. ET | |
Hearing Impaired |
For hearing impaired assistance, please
call us using a relay service |
|
A |
C |
INST |
S |
Maximum sales charge (load) imposed on
purchases, as % of offering price |
2.75 |
None |
None |
None |
Maximum deferred sales charge (load), as
% of redemption proceeds1
|
None |
1.00 |
None |
None |
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions) |
$20 |
$20 |
None |
$20 |
|
A |
C |
INST |
S |
Management fee |
0.32 |
0.32 |
0.32 |
0.32 |
Distribution/service (12b-1) fees |
0.25 |
1.00 |
None |
None |
Other expenses |
0.21 |
0.21 |
0.23 |
0.32 |
Total annual fund operating expenses |
0.78 |
1.53 |
0.55 |
0.64 |
Fee waiver/expense reimbursement |
0.04 |
0.04 |
0.06 |
0.15 |
Total annual fund operating expenses
after fee waiver/expense reimbursement |
0.74 |
1.49 |
0.49 |
0.49 |
Prospectus October 1, 2022 | 15 | DWS Intermediate Tax-Free Fund |
Years |
A |
C |
INST |
S |
1 |
$349 |
$252 |
$50 |
$50 |
3 |
513 |
479 |
170 |
190 |
5 |
693 |
830 |
301 |
342 |
10 |
1,211 |
1,618 |
684 |
784 |
Years |
A |
C |
INST |
S |
1 |
$349 |
$152 |
$50 |
$50 |
3 |
513 |
479 |
170 |
190 |
5 |
693 |
830 |
301 |
342 |
10 |
1,211 |
1,618 |
684 |
784 |
|
Returns |
Period ending |
Best Quarter |
2.61% |
March 31, 2019 |
Worst Quarter |
-3.55% |
June 30, 2013 |
Year-to-Date |
-7.97% |
June 30, 2022 |
|
Class
Inception |
1
Year |
5
Years |
10
Years |
Class A before tax |
6/11/2001 |
-1.45 |
2.64 |
2.44 |
After tax on distribu-
tions |
|
-2.39 |
1.80 |
1.65 |
After tax on distribu-
tions and sale of fund
shares |
|
-0.92 |
1.83 |
1.68 |
Class C before tax |
6/11/2001 |
0.57 |
2.42 |
1.94 |
Class S before tax |
4/12/1983 |
1.59 |
3.45 |
2.96 |
INST Class before tax |
12/17/2004 |
1.50 |
3.44 |
2.97 |
Bloomberg Municipal
Bond 1-15
Year Blend (1-17) Index
(reflects no deduction for
fees, expenses or taxes) |
|
0.86 |
3.57 |
3.05 |
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Mail |
All Requests |
DWS
PO Box 219151
Kansas City, MO 64121-9151 |
Expedited Mail |
DWS
210 West 10th Street
Kansas City, MO 64105-1614 | |
Web Site |
dws.com | |
Telephone |
(800) 728-3337, M – F 8 a.m. – 7 p.m. ET | |
Hearing Impaired |
For hearing impaired assistance, please
call us using a relay service |
Prospectus October 1, 2022 | 22 | Fund Details |
Fund Name |
Fee Paid |
DWS Strategic High Yield
Tax-Free Fund |
0.408% |
DWS Managed Municipal
Bond Fund |
0.329% |
DWS Intermediate Tax-Free
Fund |
0.315% |
Prospectus October 1, 2022 | 41 | Investing in the Funds |
Classes and features |
Points to help you compare |
Class A |
|
◾Sales charge of up to 2.75%
charged when you buy shares
◾In most cases, no charge when
you sell shares
◾Up to 0.25% annual share-
holder servicing fee |
◾Some investors may be able to
reduce or eliminate their sales
charge; see “Class A Shares”
and Appendix B
◾Total annual expenses are
lower than those for Class C
◾Distributions are generally
higher than Class C |
Class C |
|
◾No sales charge when you buy
shares
◾Deferred sales charge of
1.00%, charged when you sell
shares you bought within the
last year
◾0.75% annual distribution fee
and up to 0.25% annual share-
holder servicing fee |
◾Unlike Class A, Class C does
not have a sales charge when
buying shares, but has higher
annual expenses and a one
year deferred sales charge
◾Distributions are generally
lower than Class A
◾Maximum investment applies
◾Class C automatically converts
to Class A after 8 years,
provided that records held by
the fund or your financial inter-
mediary verify Class C shares
have been held for at least
8 years |
Institutional Class |
|
◾No sales charge when you buy
shares and no deferred sales
charge when you sell shares |
◾Only available to certain institu-
tional investors; typically
$1,000,000 minimum initial
investment
◾Distributions are generally
higher than Class A and C, and
may be higher than Class S,
depending on relative expenses |
Class S |
|
◾No sales charge when you buy
shares and no deferred sales
charge when you sell shares |
◾Total annual expenses are
lower than those for Class A
and Class C
◾Distributions are generally
higher than Class A and
Class C, and may be higher
than Institutional Class,
depending on relative expenses |
Your investment |
Front-end sales
charge as a %
of offering price1,2
|
Front-end sales
charge as a % of your
net investment2
|
Under $100,000 |
2.75% |
2.83% |
$100,000–$249,999 |
2.50 |
2.56 |
$250,000 or more |
see below |
see below |
Year after you bought shares |
CDSC on shares you sell |
First year |
1.00% |
Second year and later |
None |
Type |
Address |
Expedited mail |
|
All Requests |
DWS
210 West 10th Street
Kansas City, MO 64105-1614 |
Regular mail |
|
All Requests |
DWS
P.O. Box 219151
Kansas City, MO 64121-9151 |
|
Non-IRA |
IRAs |
UGMAs/
UTMAs |
Automatic
Investment
Plans |
A C |
1,000 |
500 |
1,000 |
500 |
INST |
1,000,000 |
N/A |
N/A |
N/A |
S |
2,500 |
1,000 |
1,000 |
1,000 |
Bank name |
State Street Bank Boston |
Routing Number |
011000028 |
Attention |
DWS |
DDA Number |
9903-5552 |
FBO |
(Account name) (Account number) |
Credit |
(Fund name, Fund number and, if
applicable, class name) |
Class |
Exchanging into Another Fund ($) |
A C |
1,000 minimum into new non-IRA accounts per
fund
500 minimum into new IRA accounts per fund
50 minimum into all existing accounts per fund |
INST |
1,000,000 minimum into new accounts per fund |
S |
2,500 minimum into new non-IRA accounts per
fund
1,000 minimum into new IRA and UTMA/UGMA
accounts per fund
50 minimum into all existing accounts per fund |
Class |
Selling Shares ($) |
A C |
Check redemption:
Up to 100,000. More than 100,000 see
“Signature Guarantee”
Automated Clearing House (ACH) to your bank:
Minimum 50, maximum 250,000
Wire redemption to your bank: Minimum 1,000 |
INST |
Same as Classes A and C |
S |
Same as Classes A and C |
( |
Total
Assets |
− |
Total
Liabilities |
) |
÷ |
Total Number of
Shares Outstanding |
= |
NAV |
Generally taxed at net capital
gain rates: |
Generally taxed at ordinary
income rates: |
Fund distributions |
|
◾gains from the sale of securi-
ties held (or treated as held)
by a fund for more than one
year
◾qualified dividend income |
◾gains from the sale of securi-
ties held (or treated as held)
by a fund for one year or less
◾all other taxable income
(except for tax-exempt
interest income) |
Transactions involving fund
shares |
|
◾gains from selling fund
shares held for more than
one year |
◾gains from selling fund
shares held for one year or
less |
DWS Strategic High Yield Tax-Free Fund — Class A | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.59 |
$11.37 |
$12.13 |
$12.08 |
$12.27 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.39 |
.42 |
.45 |
.46 |
.44 |
Net realized and unrealized gain (loss) |
(1.57) |
1.23 |
(.77) |
.08 |
(.19) |
Total from investment operations |
(1.18) |
1.65 |
(.32) |
.54 |
.25 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.39) |
(.42) |
(.44) |
(.46) |
(.43) |
Net realized gains |
(.00)* |
(.01) |
(.00)* |
(.03) |
(.01) |
Total distributions |
(.39) |
(.43) |
(.44) |
(.49) |
(.44) |
Net asset value, end of period |
$11.02 |
$12.59 |
$11.37 |
$12.13 |
$12.08 |
Total Return (%)a,b |
(9.55) |
14.56 |
(2.74) |
4.62 |
2.11 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
182 |
216 |
181 |
195 |
225 |
Ratio of expenses before expense reductions (including interest expense) (%)c |
.90 |
.90 |
.95 |
.98 |
.95 |
Ratio of expenses after expense reductions (including interest expense) (%)c |
.87 |
.87 |
.91 |
.91 |
.91 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
.84 |
.84 |
.85 |
.86 |
.87 |
Ratio of net investment income (%) |
3.21 |
3.51 |
3.72 |
3.87 |
3.61 |
Portfolio turnover rate (%) |
69 |
59 |
52 |
47 |
34 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Total return would have been lower had certain expenses not been reduced. |
c |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 59 | Financial Highlights |
DWS Strategic High Yield Tax-Free Fund — Class C | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.60 |
$11.38 |
$12.13 |
$12.09 |
$12.28 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.30 |
.33 |
.36 |
.37 |
.35 |
Net realized and unrealized gain (loss) |
(1.57) |
1.22 |
(.76) |
.07 |
(.19) |
Total from investment operations |
(1.27) |
1.55 |
(.40) |
.44 |
.16 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.30) |
(.32) |
(.35) |
(.37) |
(.34) |
Net realized gains |
(.00)* |
(.01) |
(.00)* |
(.03) |
(.01) |
Total distributions |
(.30) |
(.33) |
(.35) |
(.40) |
(.35) |
Net asset value, end of period |
$11.03 |
$12.60 |
$11.38 |
$12.13 |
$12.09 |
Total Return (%)a,b |
(10.22) |
13.68 |
(3.39) |
3.75 |
1.35 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
9 |
14 |
33 |
52 |
88 |
Ratio of expenses before expense reductions (including interest expense) (%)c |
1.66 |
1.66 |
1.71 |
1.75 |
1.71 |
Ratio of expenses after expense reductions (including interest expense) (%)c |
1.62 |
1.62 |
1.66 |
1.66 |
1.66 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
1.59 |
1.59 |
1.60 |
1.61 |
1.62 |
Ratio of net investment income (%) |
2.46 |
2.77 |
2.97 |
3.10 |
2.86 |
Portfolio turnover rate (%) |
69 |
59 |
52 |
47 |
34 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Total return would have been lower had certain expenses not been reduced. |
c |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 60 | Financial Highlights |
DWS Strategic High Yield Tax-Free Fund — Institutional Class | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.60 |
$11.39 |
$12.14 |
$12.10 |
$12.29 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.43 |
.45 |
.49 |
.49 |
.47 |
Net realized and unrealized gain (loss) |
(1.58) |
1.22 |
(.77) |
.07 |
(.18) |
Total from investment operations |
(1.15) |
1.67 |
(.28) |
.56 |
.29 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.42) |
(.45) |
(.47) |
(.49) |
(.47) |
Net realized gains |
(.00)* |
(.01) |
(.00)* |
(.03) |
(.01) |
Total distributions |
(.42) |
(.46) |
(.47) |
(.52) |
(.48) |
Net asset value, end of period |
$11.03 |
$12.60 |
$11.39 |
$12.14 |
$12.10 |
Total Return (%)a |
(9.38) |
14.82 |
(2.41) |
4.80 |
2.37 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
153 |
242 |
207 |
181 |
159 |
Ratio of expenses before expense reductions (including interest expense) (%)b |
.68 |
.68 |
.74 |
.70 |
.70 |
Ratio of expenses after expense reductions (including interest expense) (%)b |
.62 |
.62 |
.66 |
.66 |
.66 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
.59 |
.59 |
.60 |
.61 |
.62 |
Ratio of net investment income (%) |
3.46 |
3.76 |
3.97 |
4.13 |
3.86 |
Portfolio turnover rate (%) |
69 |
59 |
52 |
47 |
34 |
a |
Total return would have been lower had certain expenses not been reduced. |
b |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 61 | Financial Highlights |
DWS Strategic High Yield Tax-Free Fund — Class S | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.60 |
$11.38 |
$12.14 |
$12.09 |
$12.28 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.42 |
.45 |
.47 |
.49 |
.47 |
Net realized and unrealized gain (loss) |
(1.57) |
1.23 |
(.76) |
.08 |
(.18) |
Total from investment operations |
(1.15) |
1.68 |
(.29) |
.57 |
.29 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.42) |
(.45) |
(.47) |
(.49) |
(.47) |
Net realized gains |
(.00)* |
(.01) |
(.00)* |
(.03) |
(.01) |
Total distributions |
(.42) |
(.46) |
(.47) |
(.52) |
(.48) |
Net asset value, end of period |
$11.03 |
$12.60 |
$11.38 |
$12.14 |
$12.09 |
Total Return (%)a |
(9.31) |
14.83 |
(2.49) |
4.88 |
2.37 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
405 |
567 |
576 |
661 |
1,204 |
Ratio of expenses before expense reductions (including interest expense) (%)b |
.74 |
.73 |
.80 |
.84 |
.81 |
Ratio of expenses after expense reductions (including interest expense) (%)b |
.62 |
.62 |
.66 |
.66 |
.66 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
.59 |
.59 |
.60 |
.61 |
.62 |
Ratio of net investment income (%) |
3.46 |
3.76 |
3.97 |
4.07 |
3.86 |
Portfolio turnover rate (%) |
69 |
59 |
52 |
47 |
34 |
a |
Total return would have been lower had certain expenses not been reduced. |
b |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 62 | Financial Highlights |
DWS Managed Municipal Bond Fund — Class A | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$9.39 |
$8.98 |
$9.21 |
$8.98 |
$9.17 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.24 |
.25 |
.28 |
.28 |
.28 |
Net realized and unrealized gain (loss) |
(1.02) |
.41 |
(.21) |
.23 |
(.19) |
Total from investment operations |
(.78) |
.66 |
.07 |
.51 |
.09 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.24) |
(.25) |
(.28) |
(.28) |
(.28) |
Net realized gains |
(.08) |
(.00)* |
(.02) |
(.00)* |
(.00)* |
Total distributions |
(.32) |
(.25) |
(.30) |
(.28) |
(.28) |
Net asset value, end of period |
$8.29 |
$9.39 |
$8.98 |
$9.21 |
$8.98 |
Total Return (%)a |
(8.53) |
7.52 |
.64 |
5.85 |
1.00 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
1,008 |
1,251 |
1,220 |
1,315 |
1,507 |
Ratio of expenses (including interest expense) (%)b |
.76 |
.76 |
.76 |
.77 |
.77 |
Ratio of expenses (excluding interest expense) (%) |
.76 |
.76 |
.76 |
.77 |
.76 |
Ratio of net investment income (%) |
2.65 |
2.77 |
3.02 |
3.18 |
3.08 |
Portfolio turnover rate (%) |
39 |
29 |
35 |
39 |
42 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 63 | Financial Highlights |
DWS Managed Municipal Bond Fund — Class C | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$9.39 |
$8.98 |
$9.21 |
$8.98 |
$9.17 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.17 |
.18 |
.20 |
.21 |
.21 |
Net realized and unrealized gain (loss) |
(1.02) |
.41 |
(.21) |
.23 |
(.19) |
Total from investment operations |
(.85) |
.59 |
(.01) |
.44 |
.02 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.17) |
(.18) |
(.20) |
(.21) |
(.21) |
Net realized gains |
(.08) |
(.00)* |
(.02) |
(.00)* |
(.00)* |
Total distributions |
(.25) |
(.18) |
(.22) |
(.21) |
(.21) |
Net asset value, end of period |
$8.29 |
$9.39 |
$8.98 |
$9.21 |
$8.98 |
Total Return (%)a |
(9.24)b |
6.67 |
(.15) |
5.02b |
.21 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
43 |
65 |
124 |
151 |
208 |
Ratio of expenses before expense reductions (including interest expense) (%)c |
1.56 |
1.55 |
1.55 |
1.57 |
1.56 |
Ratio of expenses after expense reductions (including interest expense) (%)c |
1.54 |
1.55 |
1.55 |
1.56 |
1.56 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
1.54 |
1.55 |
1.55 |
1.56 |
1.55 |
Ratio of net investment income (%) |
1.87 |
1.99 |
2.23 |
2.39 |
2.29 |
Portfolio turnover rate (%) |
39 |
29 |
35 |
39 |
42 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Total return would have been lower had certain expenses not been reduced. |
c |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 64 | Financial Highlights |
DWS Managed Municipal Bond Fund — Institutional Class | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$9.40 |
$8.99 |
$9.22 |
$8.99 |
$9.17 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.26 |
.27 |
.30 |
.30 |
.30 |
Net realized and unrealized gain (loss) |
(1.02) |
.41 |
(.21) |
.23 |
(.18) |
Total from investment operations |
(.76) |
.68 |
.09 |
.53 |
.12 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.26) |
(.27) |
(.30) |
(.30) |
(.30) |
Net realized gains |
(.08) |
(.00)* |
(.02) |
(.00)* |
(.00)* |
Total distributions |
(.34) |
(.27) |
(.32) |
(.30) |
(.30) |
Net asset value, end of period |
$8.30 |
$9.40 |
$8.99 |
$9.22 |
$8.99 |
Total Return (%) |
(8.31)a |
7.75 |
.86 |
6.09 |
1.33 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
375 |
557 |
484 |
340 |
241 |
Ratio of expenses before expense reductions (including interest expense) (%)b |
.55 |
.54 |
.55 |
.55 |
.56 |
Ratio of expenses after expense reductions (including interest expense) (%)b |
.53 |
.54 |
.55 |
.55 |
.56 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
.53 |
.54 |
.55 |
.55 |
.55 |
Ratio of net investment income (%) |
2.87 |
2.99 |
3.22 |
3.41 |
3.29 |
Portfolio turnover rate (%) |
39 |
29 |
35 |
39 |
42 |
a |
Total return would have been lower had certain expenses not been reduced. |
b |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 65 | Financial Highlights |
DWS Managed Municipal Bond Fund — Class S | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$9.40 |
$8.99 |
$9.23 |
$9.00 |
$9.18 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.26 |
.27 |
.29 |
.30 |
.30 |
Net realized and unrealized gain (loss) |
(1.01) |
.41 |
(.22) |
.23 |
(.18) |
Total from investment operations |
(.75) |
.68 |
.07 |
.53 |
.12 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.26) |
(.27) |
(.29) |
(.30) |
(.30) |
Net realized gains |
(.08) |
(.00)* |
(.02) |
(.00)* |
(.00)* |
Total distributions |
(.34) |
(.27) |
(.31) |
(.30) |
(.30) |
Net asset value, end of period |
$8.31 |
$9.40 |
$8.99 |
$9.23 |
$9.00 |
Total Return (%)a |
(8.20) |
7.73 |
.73 |
6.07 |
1.32 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
1,393 |
1,898 |
2,041 |
2,283 |
2,670 |
Ratio of expenses before expense reductions (including interest expense) (%)b |
.61 |
.61 |
.62 |
.61 |
.62 |
Ratio of expenses after expense reductions (including interest expense) (%)b |
.54 |
.55 |
.56 |
.56 |
.58 |
Ratio of expenses after expense reductions (excluding interest expense) (%) |
.54 |
.55 |
.56 |
.56 |
.56 |
Ratio of net investment income (%) |
2.87 |
2.98 |
3.22 |
3.39 |
3.27 |
Portfolio turnover rate (%) |
39 |
29 |
35 |
39 |
42 |
a |
Total return would have been lower had certain expenses not been reduced. |
b |
Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest
income from such transactions is included in income from investment operations. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 66 | Financial Highlights |
DWS Intermediate Tax-Free Fund — Class A | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.02 |
$11.80 |
$11.88 |
$11.60 |
$11.93 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.22 |
.28 |
.30 |
.31 |
.29 |
Net realized and unrealized gain (loss) |
(.98) |
.29 |
.02 |
.28 |
(.33) |
Total from investment operations |
(.76) |
.57 |
.32 |
.59 |
(.04) |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.22) |
(.28) |
(.30) |
(.31) |
(.29) |
Net realized gains |
(.04) |
(.07) |
(.10) |
(.00)* |
(.00)* |
Total distributions |
(.26) |
(.35) |
(.40) |
(.31) |
(.29) |
Net asset value, end of period |
$11.00 |
$12.02 |
$11.80 |
$11.88 |
$11.60 |
Total Return (%)a |
(6.42)b |
4.81b |
2.73b |
5.25b |
(.30) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
123 |
155 |
144 |
154 |
174 |
Ratio of expenses before expense reductions (%) |
.78 |
.78 |
.78 |
.79 |
.78 |
Ratio of expenses after expense reductions (%) |
.73 |
.72 |
.77 |
.78 |
.78 |
Ratio of net investment income (%) |
1.92 |
2.33 |
2.55 |
2.70 |
2.47 |
Portfolio turnover rate (%) |
47 |
38 |
41 |
61 |
44 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Total return would have been lower had certain expenses not been reduced. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 67 | Financial Highlights |
DWS Intermediate Tax-Free Fund — Class C | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.02 |
$11.80 |
$11.88 |
$11.59 |
$11.93 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.14 |
.19 |
.21 |
.23 |
.20 |
Net realized and unrealized gain (loss) |
(.98) |
.29 |
.02 |
.29 |
(.34) |
Total from investment operations |
(.84) |
.48 |
.23 |
.52 |
(.14) |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.14) |
(.19) |
(.21) |
(.23) |
(.20) |
Net realized gains |
(.04) |
(.07) |
(.10) |
(.00)* |
(.00)* |
Total distributions |
(.18) |
(.26) |
(.31) |
(.23) |
(.20) |
Net asset value, end of period |
$11.00 |
$12.02 |
$11.80 |
$11.88 |
$11.59 |
Total Return (%)a,b |
(7.12) |
4.03 |
1.97 |
4.56 |
(1.15) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
4 |
7 |
20 |
28 |
36 |
Ratio of expenses before expense reductions (%) |
1.53 |
1.53 |
1.54 |
1.56 |
1.56 |
Ratio of expenses after expense reductions (%) |
1.48 |
1.48 |
1.52 |
1.53 |
1.55 |
Ratio of net investment income (%) |
1.17 |
1.60 |
1.80 |
1.95 |
1.70 |
Portfolio turnover rate (%) |
47 |
38 |
41 |
61 |
44 |
a |
Total return does not reflect the effect of any sales charges. |
b |
Total return would have been lower had certain expenses not been reduced. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 68 | Financial Highlights |
DWS Intermediate Tax-Free Fund — Institutional Class | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.02 |
$11.80 |
$11.88 |
$11.60 |
$11.93 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.25 |
.31 |
.33 |
.34 |
.32 |
Net realized and unrealized gain (loss) |
(.98) |
.29 |
.02 |
.28 |
(.33) |
Total from investment operations |
(.73) |
.60 |
.35 |
.62 |
(.01) |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.25) |
(.31) |
(.33) |
(.34) |
(.32) |
Net realized gains |
(.04) |
(.07) |
(.10) |
(.00)* |
(.00)* |
Total distributions |
(.29) |
(.38) |
(.43) |
(.34) |
(.32) |
Net asset value, end of period |
$11.00 |
$12.02 |
$11.80 |
$11.88 |
$11.60 |
Total Return (%) |
(6.18)a |
5.07a |
2.99a |
5.52a |
(.06) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
440 |
453 |
356 |
327 |
680 |
Ratio of expenses before expense reductions (%) |
.55 |
.54 |
.55 |
.55 |
.54 |
Ratio of expenses after expense reductions (%) |
.48 |
.47 |
.52 |
.53 |
.54 |
Ratio of net investment income (%) |
2.17 |
2.57 |
2.80 |
2.93 |
2.71 |
Portfolio turnover rate (%) |
47 |
38 |
41 |
61 |
44 |
a |
Total return would have been lower had certain expenses not been reduced. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 69 | Financial Highlights |
DWS Intermediate Tax-Free Fund — Class S | |||||
|
Years Ended May 31, | ||||
|
2022 |
2021 |
2020 |
2019 |
2018 |
Selected Per Share Data | |||||
Net asset value, beginning of period |
$12.03 |
$11.80 |
$11.88 |
$11.60 |
$11.93 |
Income (loss) from investment operations: |
|
|
|
|
|
Net investment income |
.25 |
.31 |
.33 |
.34 |
.32 |
Net realized and unrealized gain (loss) |
(.99) |
.30 |
.02 |
.28 |
(.33) |
Total from investment operations |
(.74) |
.61 |
.35 |
.62 |
(.01) |
Less distributions from: |
|
|
|
|
|
Net investment income |
(.25) |
(.31) |
(.33) |
(.34) |
(.32) |
Net realized gains |
(.04) |
(.07) |
(.10) |
(.00)* |
(.00)* |
Total distributions |
(.29) |
(.38) |
(.43) |
(.34) |
(.32) |
Net asset value, end of period |
$11.00 |
$12.03 |
$11.80 |
$11.88 |
$11.60 |
Total Return (%)a |
(6.26) |
5.16 |
2.99 |
5.51 |
(.07) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) |
320 |
362 |
443 |
543 |
629 |
Ratio of expenses before expense reductions (%) |
.64 |
.61 |
.62 |
.63 |
.62 |
Ratio of expenses after expense reductions (%) |
.48 |
.48 |
.52 |
.53 |
.55 |
Ratio of net investment income (%) |
2.17 |
2.58 |
2.80 |
2.95 |
2.71 |
Portfolio turnover rate (%) |
47 |
38 |
41 |
61 |
44 |
a |
Total return would have been lower had certain expenses not been reduced. |
* |
Amount is less than $.005. |
Prospectus October 1, 2022 | 70 | Financial Highlights |
|
Maximum
Sales Charge:
2.75% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.88% |
1.26% |
$10,125.67 |
$362.34 |
2 |
10.25% |
0.90% |
5.41% |
$10,540.82 |
$93.00 |
3 |
15.76% |
0.90% |
9.73% |
$10,973.00 |
$96.81 |
4 |
21.55% |
0.90% |
14.23% |
$11,422.89 |
$100.78 |
5 |
27.63% |
0.90% |
18.91% |
$11,891.23 |
$104.91 |
6 |
34.01% |
0.90% |
23.79% |
$12,378.77 |
$109.21 |
7 |
40.71% |
0.90% |
28.86% |
$12,886.30 |
$113.69 |
8 |
47.75% |
0.90% |
34.15% |
$13,414.64 |
$118.35 |
9 |
55.13% |
0.90% |
39.65% |
$13,964.64 |
$123.21 |
10 |
62.89% |
0.90% |
45.37% |
$14,537.19 |
$128.26 |
Total |
$1,350.56 |
Prospectus October 1, 2022 | 71 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
1.63% |
3.37% |
$10,337.00 |
$165.75 |
2 |
10.25% |
1.66% |
6.82% |
$10,682.26 |
$174.46 |
3 |
15.76% |
1.66% |
10.39% |
$11,039.04 |
$180.29 |
4 |
21.55% |
1.66% |
14.08% |
$11,407.75 |
$186.31 |
5 |
27.63% |
1.66% |
17.89% |
$11,788.77 |
$192.53 |
6 |
34.01% |
1.66% |
21.83% |
$12,182.51 |
$198.96 |
7 |
40.71% |
1.66% |
25.89% |
$12,589.41 |
$205.61 |
8 |
47.75% |
1.66% |
30.10% |
$13,009.89 |
$212.47 |
9 |
55.13% |
0.90% |
35.43% |
$13,543.30 |
$119.49 |
10 |
62.89% |
0.90% |
40.99% |
$14,098.57 |
$124.39 |
Total |
$1,760.26 |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.63% |
4.37% |
$10,437.00 |
$64.38 |
2 |
10.25% |
0.68% |
8.88% |
$10,887.88 |
$72.50 |
3 |
15.76% |
0.68% |
13.58% |
$11,358.23 |
$75.64 |
4 |
21.55% |
0.68% |
18.49% |
$11,848.91 |
$78.90 |
5 |
27.63% |
0.68% |
23.61% |
$12,360.78 |
$82.31 |
6 |
34.01% |
0.68% |
28.95% |
$12,894.77 |
$85.87 |
7 |
40.71% |
0.68% |
34.52% |
$13,451.82 |
$89.58 |
8 |
47.75% |
0.68% |
40.33% |
$14,032.94 |
$93.45 |
9 |
55.13% |
0.68% |
46.39% |
$14,639.17 |
$97.49 |
10 |
62.89% |
0.68% |
52.72% |
$15,271.58 |
$101.70 |
Total |
$841.82 |
Prospectus October 1, 2022 | 72 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.63% |
4.37% |
$10,437.00 |
$64.38 |
2 |
10.25% |
0.74% |
8.82% |
$10,881.62 |
$78.88 |
3 |
15.76% |
0.74% |
13.45% |
$11,345.17 |
$82.24 |
4 |
21.55% |
0.74% |
18.28% |
$11,828.48 |
$85.74 |
5 |
27.63% |
0.74% |
23.32% |
$12,332.37 |
$89.40 |
6 |
34.01% |
0.74% |
28.58% |
$12,857.73 |
$93.20 |
7 |
40.71% |
0.74% |
34.05% |
$13,405.47 |
$97.17 |
8 |
47.75% |
0.74% |
39.77% |
$13,976.54 |
$101.31 |
9 |
55.13% |
0.74% |
45.72% |
$14,571.94 |
$105.63 |
10 |
62.89% |
0.74% |
51.93% |
$15,192.71 |
$110.13 |
Total |
$908.08 |
|
Maximum
Sales Charge:
2.75% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.76% |
1.37% |
$10,137.34 |
$350.48 |
2 |
10.25% |
0.76% |
5.67% |
$10,567.16 |
$78.68 |
3 |
15.76% |
0.76% |
10.15% |
$11,015.21 |
$82.01 |
4 |
21.55% |
0.76% |
14.82% |
$11,482.26 |
$85.49 |
5 |
27.63% |
0.76% |
19.69% |
$11,969.10 |
$89.12 |
6 |
34.01% |
0.76% |
24.77% |
$12,476.59 |
$92.89 |
7 |
40.71% |
0.76% |
30.06% |
$13,005.60 |
$96.83 |
8 |
47.75% |
0.76% |
35.57% |
$13,557.04 |
$100.94 |
9 |
55.13% |
0.76% |
41.32% |
$14,131.86 |
$105.22 |
10 |
62.89% |
0.76% |
47.31% |
$14,731.05 |
$109.68 |
Total |
$1,191.34 |
Prospectus October 1, 2022 | 73 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
1.53% |
3.47% |
$10,347.00 |
$155.65 |
2 |
10.25% |
1.56% |
7.03% |
$10,702.94 |
$164.19 |
3 |
15.76% |
1.56% |
10.71% |
$11,071.12 |
$169.84 |
4 |
21.55% |
1.56% |
14.52% |
$11,451.96 |
$175.68 |
5 |
27.63% |
1.56% |
18.46% |
$11,845.91 |
$181.72 |
6 |
34.01% |
1.56% |
22.53% |
$12,253.41 |
$187.97 |
7 |
40.71% |
1.56% |
26.75% |
$12,674.93 |
$194.44 |
8 |
47.75% |
1.56% |
31.11% |
$13,110.95 |
$201.13 |
9 |
55.13% |
0.76% |
36.67% |
$13,666.85 |
$101.76 |
10 |
62.89% |
0.76% |
42.46% |
$14,246.32 |
$106.07 |
Total |
$1,638.45 |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.53% |
4.47% |
$10,447.00 |
$54.18 |
2 |
10.25% |
0.55% |
9.12% |
$10,911.89 |
$58.74 |
3 |
15.76% |
0.55% |
13.97% |
$11,397.47 |
$61.35 |
4 |
21.55% |
0.55% |
19.05% |
$11,904.66 |
$64.08 |
5 |
27.63% |
0.55% |
24.34% |
$12,434.42 |
$66.93 |
6 |
34.01% |
0.55% |
29.88% |
$12,987.75 |
$69.91 |
7 |
40.71% |
0.55% |
35.66% |
$13,565.70 |
$73.02 |
8 |
47.75% |
0.55% |
41.69% |
$14,169.38 |
$76.27 |
9 |
55.13% |
0.55% |
48.00% |
$14,799.91 |
$79.67 |
10 |
62.89% |
0.55% |
54.59% |
$15,458.51 |
$83.21 |
Total |
$687.36 |
Prospectus October 1, 2022 | 74 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.53% |
4.47% |
$10,447.00 |
$54.18 |
2 |
10.25% |
0.61% |
9.06% |
$10,905.62 |
$65.13 |
3 |
15.76% |
0.61% |
13.84% |
$11,384.38 |
$67.98 |
4 |
21.55% |
0.61% |
18.84% |
$11,884.15 |
$70.97 |
5 |
27.63% |
0.61% |
24.06% |
$12,405.87 |
$74.08 |
6 |
34.01% |
0.61% |
29.50% |
$12,950.49 |
$77.34 |
7 |
40.71% |
0.61% |
35.19% |
$13,519.01 |
$80.73 |
8 |
47.75% |
0.61% |
41.12% |
$14,112.50 |
$84.28 |
9 |
55.13% |
0.61% |
47.32% |
$14,732.04 |
$87.98 |
10 |
62.89% |
0.61% |
53.79% |
$15,378.77 |
$91.84 |
Total |
$754.51 |
|
Maximum
Sales Charge:
2.75% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.74% |
1.39% |
$10,139.29 |
$348.50 |
2 |
10.25% |
0.78% |
5.67% |
$10,567.16 |
$80.76 |
3 |
15.76% |
0.78% |
10.13% |
$11,013.10 |
$84.16 |
4 |
21.55% |
0.78% |
14.78% |
$11,477.85 |
$87.71 |
5 |
27.63% |
0.78% |
19.62% |
$11,962.22 |
$91.42 |
6 |
34.01% |
0.78% |
24.67% |
$12,467.02 |
$95.27 |
7 |
40.71% |
0.78% |
29.93% |
$12,993.13 |
$99.29 |
8 |
47.75% |
0.78% |
35.41% |
$13,541.44 |
$103.48 |
9 |
55.13% |
0.78% |
41.13% |
$14,112.89 |
$107.85 |
10 |
62.89% |
0.78% |
47.08% |
$14,708.45 |
$112.40 |
Total |
$1,210.84 |
Prospectus October 1, 2022 | 75 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
1.49% |
3.51% |
$10,351.00 |
$151.61 |
2 |
10.25% |
1.53% |
7.10% |
$10,710.18 |
$161.12 |
3 |
15.76% |
1.53% |
10.82% |
$11,081.82 |
$166.71 |
4 |
21.55% |
1.53% |
14.66% |
$11,466.36 |
$172.49 |
5 |
27.63% |
1.53% |
18.64% |
$11,864.24 |
$178.48 |
6 |
34.01% |
1.53% |
22.76% |
$12,275.93 |
$184.67 |
7 |
40.71% |
1.53% |
27.02% |
$12,701.91 |
$191.08 |
8 |
47.75% |
1.53% |
31.43% |
$13,142.67 |
$197.71 |
9 |
55.13% |
0.78% |
36.97% |
$13,697.29 |
$104.68 |
10 |
62.89% |
0.78% |
42.75% |
$14,275.31 |
$109.09 |
Total |
$1,617.64 |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.49% |
4.51% |
$10,451.00 |
$50.10 |
2 |
10.25% |
0.55% |
9.16% |
$10,916.07 |
$58.76 |
3 |
15.76% |
0.55% |
14.02% |
$11,401.83 |
$61.37 |
4 |
21.55% |
0.55% |
19.09% |
$11,909.22 |
$64.11 |
5 |
27.63% |
0.55% |
24.39% |
$12,439.18 |
$66.96 |
6 |
34.01% |
0.55% |
29.93% |
$12,992.72 |
$69.94 |
7 |
40.71% |
0.55% |
35.71% |
$13,570.90 |
$73.05 |
8 |
47.75% |
0.55% |
41.75% |
$14,174.80 |
$76.30 |
9 |
55.13% |
0.55% |
48.06% |
$14,805.58 |
$79.70 |
10 |
62.89% |
0.55% |
54.64% |
$15,464.43 |
$83.24 |
Total |
$683.53 |
Prospectus October 1, 2022 | 76 | Appendix A |
|
Maximum
Sales Charge:
0.00% |
Initial Hypothetical
Investment:
$10,000 |
Assumed Rate
of Return:
5% | ||
Year |
Cumulative
Return Before
Fees &
Expenses |
Annual
Fund
Expense
Ratios |
Cumulative
Return After
Fees &
Expenses |
Hypothetical
Year-End
Balance After
Fees &
Expenses |
Annual Fees
&
Expenses |
1 |
5.00% |
0.49% |
4.51% |
$10,451.00 |
$50.10 |
2 |
10.25% |
0.64% |
9.07% |
$10,906.66 |
$68.34 |
3 |
15.76% |
0.64% |
13.82% |
$11,382.19 |
$71.32 |
4 |
21.55% |
0.64% |
18.78% |
$11,878.46 |
$74.43 |
5 |
27.63% |
0.64% |
23.96% |
$12,396.36 |
$77.68 |
6 |
34.01% |
0.64% |
29.37% |
$12,936.84 |
$81.07 |
7 |
40.71% |
0.64% |
35.01% |
$13,500.89 |
$84.60 |
8 |
47.75% |
0.64% |
40.90% |
$14,089.52 |
$88.29 |
9 |
55.13% |
0.64% |
47.04% |
$14,703.83 |
$92.14 |
10 |
62.89% |
0.64% |
53.45% |
$15,344.91 |
$96.16 |
Total |
$784.13 |
Prospectus October 1, 2022 | 77 | Appendix A |
Prospectus October 1, 2022 | 78 | Appendix B |
Prospectus October 1, 2022 | 79 | Appendix B |
Prospectus October 1, 2022 | 80 | Appendix B |
Prospectus October 1, 2022 | 81 | Appendix B |
Prospectus October 1, 2022 | 82 | Appendix B |
Prospectus October 1, 2022 | 83 | Appendix B |
Prospectus October 1, 2022 | 84 | Appendix B |
Prospectus October 1, 2022 | 85 | Appendix B |
DWS |
PO Box 219151
Kansas City, MO
64121-9151
dws.com |
|
Shareholders:
(800) 728-3337
Investment professionals:
(800) 621-5027 |
Distributor |
DWS Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148 |
SEC File Number |
Deutsche DWS Municipal Trust
DWS Strategic High Yield Tax-Free Fund
811-02671
Deutsche DWS Municipal Trust
DWS Managed Municipal Bond Fund
811-02671
Deutsche DWS Tax Free Trust
DWS Intermediate Tax-Free Fund
811-03632
|
DWS
Strategic High Yield Tax-Free Fund | ||||||||
CLASS/TICKER
|
A
|
NOTAX
|
C
|
NOTCX
|
INST
|
NOTIX
|
S
|
SHYTX
|
|
|
DWS
Managed Municipal Bond Fund | ||||||||
CLASS/TICKER
|
A
|
SMLAX
|
C
|
SMLCX
|
INST
|
SMLIX
|
S
|
SCMBX
|
DWS
Intermediate Tax-Free Fund | ||||||||
CLASS/TICKER
|
A
|
SZMAX
|
C
|
SZMCX
|
INST
|
SZMIX
|
S
|
SCMTX
|
|
Page |
I-1
| |
I-1
| |
I-1
| |
I-2
| |
I-2
| |
I-3
| |
I-3
| |
I-3
| |
I-5
| |
I-5
| |
I-6
| |
I-7
| |
I-17
| |
I-20
| |
I-22
| |
I-26
| |
I-28
| |
I-29
| |
I-30
| |
I-32
| |
I-34
| |
I-35
| |
Part
II |
II-1
|
Detailed
Part II table of contents precedes page II-1 |
|
Fund
and Date of Annual Report to Shareholders |
Board
Member |
DWS
Intermediate
Tax-Free
Fund |
DWS
Managed
Municipal
Bond Fund |
DWS
Strategic High
Yield
Tax-Free Fund |
Independent
Board Member: | |||
John
W. Ballantine |
None
|
Over
$100,000 |
None
|
Dawn-Marie
Driscoll |
$10,001
- $50,000 |
$1
- $10,000 |
$10,001
- $50,000 |
Keith
R. Fox |
None
|
None
|
None
|
Richard
J. Herring |
None
|
None
|
None
|
William
McClayton |
None
|
None
|
None
|
Rebecca
W. Rimel |
None
|
Over
$100,000 |
None
|
William
N. Searcy, Jr. |
None
|
$10,001
- $50,000 |
$10,001
- $50,000 |
|
DWS
Intermediate
Tax-Free
Fund |
DWS
Managed
Municipal
Bond
Fund
|
DWS
Strategic
High
Yield
Tax-Free
Fund |
Independent
Advisory
Board
Member: |
|
|
|
Chad
D. Perry(2)
|
None
|
None
|
None
|
Catherine
Schrand(2)
|
None
|
None
|
None
|
|
Funds
Overseen by
Board
Member in the
DWS
Funds |
Independent
Board Member: | |
John
W. Ballantine |
Over
$100,000 |
Dawn-Marie
Driscoll |
Over
$100,000 |
Keith
R. Fox |
Over
$100,000 |
Richard
J. Herring |
Over
$100,000 |
William
McClayton |
Over
$100,000 |
Rebecca
W. Rimel |
Over
$100,000 |
William
N. Searcy, Jr. |
Over
$100,000 |
Independent
Advisory Board Member: | |
Chad
D. Perry(2)
|
None
|
Catherine
Schrand(2)
|
None
|
Independent
Board
Member |
Owner
and
Relationship
to
Board
Member |
Company
|
Title
of
Class
|
Value
of
Securities
on an
Aggregate
Basis |
Percent
of
Class
on an
Aggregate
Basis |
John
W. Ballantine |
|
None
|
|
|
|
Dawn-Marie
Driscoll |
|
None
|
|
|
|
Keith
R. Fox |
|
None
|
|
|
|
Richard
J. Herring |
|
None
|
|
|
|
William
McClayton |
|
None
|
|
|
|
Rebecca
W. Rimel |
|
None
|
|
|
|
William
N. Searcy, Jr. |
|
None
|
|
|
|
Independent
Advisory
Board
Member
|
Owner
and
Relationship
to
Advisory
Board
Member
|
Company
|
Title
of
Class
|
Value
of
Securities
on an
Aggregate
Basis |
Percent
of
Class
on an
Aggregate
Basis |
Chad
D. Perry |
|
None
|
|
|
|
Catherine
Schrand |
|
None
|
|
|
|
Name
and Address of Investor |
Shares
|
Percentage
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
15,673,778.047
|
25.72%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
2,145,133.562
|
A
|
13.47%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
2,083,783.839
|
A
|
13.08%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
1,897,891.798
|
A
|
11.92%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION XXXXX
4800
DEER LAKE DR EAST 2ND FL
JACKSONVILLE
FL 32246-6484 |
1,652,702.892
|
A
|
10.38%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
1,374,685.157
|
A
|
8.63%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
1,077,722.820
|
A
|
6.77%
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
884,544.534
|
A
|
5.55%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
871,023.867
|
A
|
5.47%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
134,169.559
|
C
|
17.49%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
124,350.246
|
C
|
16.21%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
81,346.594
|
C
|
10.60%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
76,910.821
|
C
|
10.02%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
73,714.613
|
C
|
9.61%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCT FBO CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
63,106.461
|
C
|
8.22%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION XXXXX
4800
DEER LAKE DR EAST 2ND FL
JACKSONVILLE
FL 32246-6484 |
58,403.110
|
C
|
7.61%
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
42,890.716
|
C
|
5.59%
|
SEI
PRIVATE TR CO
C/O
ROCKLAND SWP
1
FREEDOM VALLEY DR
OAKS
PA 19456-9989 |
2,265,777.265
|
Institutional
|
18.67%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
2,202,202.105
|
Institutional
|
18.15%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADM (XXXXX)
4800
DEER LAKE DR E FL 2
JACKSONVILLE
FL 32246-6484 |
1,109,049.269
|
Institutional
|
9.14%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
1,098,808.642
|
Institutional
|
9.05%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
980,502.856
|
Institutional
|
8.08%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
952,962.261
|
Institutional
|
7.85%
|
SEI
PRIVATE TR CO
C/O
TRUST ID XXX
ATTN
MUTUAL FUND ADMINISTRATOR
1
FREEDOM VALLEY DR
OAKS
PA 19456-9989 |
927,756.514
|
Institutional
|
7.64%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
11,249,531.559
|
S
|
35.02%
|
CHARLES
SCHWAB & CO INC
REINVEST
ACCOUNT
ATTN
MUTUAL FUND DEPT
101
MONTGOMERY ST
SAN
FRANCISCO CA 94104-4151 |
1,774,129.492
|
S
|
5.52%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
11,431,287.590
|
A
|
9.74%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
8,604,512.703
|
A
|
7.33%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
7,826,171.202
|
A
|
6.67%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCT FBO CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
7,747,665.790
|
A
|
6.60%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
EDWARD
D JONES & CO
FOR
THE BENEFIT OF CUSTOMERS
12555
MANCHESTER RD
ST
LOUIS MO 63131-3710 |
7,437,884.532
|
A
|
6.34%
|
NATIONAL
FINANCIAL SERVICES LLC FOR
EXCLUSIVE
BENE OF OUR CUSTOMERSATTN
MUTUAL
FUNDS DEPT - 4TH FL 499 WASHINGTON
BLVD
JERSEY CITY NJ 07310-1995 |
7,166,477.658
|
A
|
6.11%
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
7,139,583.908
|
A
|
6.09%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION #XXXXX
4800
DEER LAKE DR EAST 2ND FL
JACKSONVILLE
FL 32246-6484 |
6,985,831.605
|
A
|
5.95%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
6,892,625.060
|
A
|
5.87%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
1,134,991.777
|
C
|
23.45%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
690,779.679
|
C
|
14.28%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
668,517.863
|
C
|
13.82%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
647,850.597
|
C
|
13.39%
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
404,624.702
|
C
|
8.36%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION (XXXXX)
4800
DEER LAKE DR EAST 3RD FL
JACKSONVILLE
FL 32246-6484 |
298,678.283
|
C
|
6.17%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
292,455.993
|
C
|
6.04%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
6,435,634.301
|
Institutional
|
17.30%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
5,789,619.397
|
Institutional
|
15.57%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
3,977,510.768
|
Institutional
|
10.69%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
3,843,443.507
|
Institutional
|
10.33%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCOUNT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMERS
ATTN
MUTUAL FUNDS
101
MONTGOMERY STREET
SAN
FRANCISCO CA 94104-4151 |
3,531,387.470
|
Institutional
|
9.49%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
3,057,697.779
|
Institutional
|
8.22%
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
2,919,688.780
|
Institutional
|
7.85%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADM (XXXXX)
4800
DEER LAKE DR E FL 2
JACKSONVILLE
FL 32246-6484 |
2,827,426.143
|
Institutional
|
7.60%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
2,051,995.390
|
Institutional
|
5.52%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
62,959,672.182
|
S
|
38.92%
|
CHARLES
SCHWAB & CO INC
ATTN
MUTUAL FUNDS DEPARTMENT
101
MONTGOMERY ST
SAN
FRANCISCO CA 94104-4151 |
8,162,086.094
|
S
|
5.05%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION XXXXX
4800
DEER LAKE DR EAST 2ND FL
JACKSONVILLE
FL 32246-6484 |
1,686,148.702
|
A
|
15.25%
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
1,341,338.787
|
A
|
12.13%
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
HOUSE
ACCT FIRM XXXXXXXX
ATTN
COURTNEY WALLER
880
CARILLON PARKWAY
ST
PETERSBURG FL 33716-1100 |
1,150,463.968
|
A
|
10.41%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
1,147,018.191
|
A
|
10.38%
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EXCL BEN CUST UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
1,064,414.143
|
A
|
9.63%
|
MORGAN
STANLEY SMITH BARNEY
HARBORSIDE
FINANCIAL CENTER
PLAZA
II 3RD FLOOR
JERSEY
CITY NJ 07311 |
700,871.633
|
A
|
6.34%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
637,896.922
|
A
|
5.77%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
600,799.455
|
A
|
5.43%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
570,743.222
|
A
|
5.16%
|
LPL
FINANCIAL
9785
TOWNE CENTRE DR
SAN
DIEGO CA 92121-1968 |
57,057.810
|
C
|
20.10%
|
FIRST
CLEARING LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET ST
ST
LOUIS MO 63103-2523 |
46,713.981
|
C
|
16.46%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
46,009.994
|
C
|
16.21%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
34,918.112
|
C
|
12.30%
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
34,236.175
|
C
|
12.06%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION #XXXXX
4800
DEER LAKE DR EAST 2ND FL
JACKSONVILLE
FL 32246-6484 |
31,455.096
|
C
|
11.08%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
10,264,807.102
|
Institutional
|
25.97%
|
SEI
PRIVATE TR CO
C/O
TRUST ID XXX
ATTN
MUTUAL FUND ADMINISTRATOR
1
FREEDOM VALLEY DR
OAKS
PA 19456-9989 |
8,218,036.665
|
Institutional
|
20.79%
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
6,198,703.786
|
Institutional
|
15.68%
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION XXXXX
4800
DEER LAKE DR E FL 2ND
JACKSONVILLE
FL 32246-6484 |
4,579,692.492
|
Institutional
|
11.59%
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCOUNT
MUTUAL
FUNDS DEPARTMENT
101
MONTGOMERY STREET
SAN
FRANCISCO CA 94104-4151 |
1,997,372.889
|
Institutional
|
5.05%
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENE OF OUR CUSTOMERS
ATTN
MUTUAL FUNDS DEPT - 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
7,305,973.862
|
S
|
25.86%
|
CHARLES
SCHWAB & CO INC
ATTN
MUTUAL FUNDS DEPT
101
MONTGOMERY ST
SAN
FRANCISCO CA 94104-4151 |
7,250,820.447
|
S
|
25.66%
|
Name
and Address of Investor |
Shares
|
Class
|
Percentage
|
PERSHING
LLC
1
PERSHING PLZ
JERSEY
CITY NJ 07399-0001 |
2,499,319.025
|
S
|
8.85%
|
Name
of Committee |
Number
of
Meetings
in Last
Calendar
Year |
Functions
|
Current
Members |
AUDIT
COMMITTEE |
5
|
Assists
the Board in fulfilling its responsibility
for
oversight of (1) the integrity of the financial
statements,
(2) a fund’s accounting and
financial
reporting policies and procedures, (3)
a
fund’s compliance with legal and regulatory
requirements
related to accounting and
financial
reporting, (4) valuation of fund assets
and
securities and (5) the qualifications,
independence
and performance of the
independent
registered public accounting firm
for
a fund. Oversees a fund’s valuation
designee,
who is responsible for valuing the
fund’s
securities and other assets. The Audit
Committee
also approves and recommends to
the
Board the appointment, retention or
termination
of the independent registered
public
accounting firm for a fund, reviews the
scope
of audit and internal controls, considers
and
reports to the Board on matters relating to
a
fund’s accounting and financial reporting
practices,
and performs such other tasks as
the
full Board deems necessary or appropriate. |
William
McClayton (Chair),
Richard
J. Herring (Vice
Chair)
and John W.
Ballantine
|
Name
of Committee |
Number
of
Meetings
in Last
Calendar
Year |
Functions
|
Current
Members |
NOMINATING
AND
GOVERNANCE
COMMITTEE
|
6
|
Recommends
individuals for membership on
the
Board, nominates officers, Board and
committee
chairs, vice chairs and committee
members,
and oversees the operations of the
Board.
The Nominating and Governance
Committee
has not established specific,
minimum
qualifications that must be met by an
individual
to be considered by the Nominating
and
Governance Committee for nomination as
a
Board Member. The Nominating and
Governance
Committee may take into account
a
wide variety of factors in considering Board
Member
candidates, including, but not limited
to:
(i) availability and commitment of a
candidate
to attend meetings and perform his
or
her responsibilities to the Board, (ii) relevant
industry
and related experience, (iii)
educational
background, (iv) financial expertise,
(v)
an assessment of the candidate's ability,
judgment
and expertise, and (vi) the current
composition
of the Board. The Committee
generally
believes that the Board benefits from
diversity
of background, experience and views
among
its members, and considers this as a
factor
in evaluating the composition of the
Board,
but has not adopted any specific policy
in
this regard. The Nominating and Governance
Committee
reviews recommendations by
shareholders
for candidates for Board positions
on
the same basis as candidates
recommended
by other sources. Shareholders
may
recommend candidates for Board
positions
by forwarding their correspondence
by
US mail or courier service to Keith R. Fox,
DWS
Funds Board Chair, c/o Thomas R. Hiller,
Ropes
& Gray LLP, Prudential Tower, 800
Boylston
Street, Boston, MA 02199-3600. |
Rebecca
W. Rimel (Chair),
John
W. Ballantine (Vice
Chair)
and William
McClayton
|
OPERATIONS
COMMITTEE
|
5
|
Reviews
the administrative operations and
general
compliance matters of the funds.
Reviews
administrative matters related to the
operations
of the funds, policies and
procedures
relating to portfolio transactions,
custody
arrangements, fidelity bond and
insurance
arrangements and such other tasks
as
the full Board deems necessary or
appropriate.
|
William
N. Searcy, Jr.
(Chair),
Dawn-Marie Driscoll
(Vice
Chair) and Rebecca W.
Rimel
|
DIVIDEND
COMMITTEE |
0
|
Authorizes
dividends and other distributions for
those
funds that are organized as Maryland
corporations
or as series of a Maryland
corporation.
The Committee meets on an as-
needed
basis. The Committee applies only to
the
following corporations: Deutsche DWS
Global/International
Fund, Inc. and Deutsche
DWS
International Fund, Inc. |
Dawn-Marie
Driscoll, Keith
R.
Fox, John W. Ballantine
(Alternate),
Richard J.
Herring
(Alternate), William
McClayton
(Alternate),
Rebecca
W. Rimel
(Alternate)
and William N.
Searcy,
Jr. (Alternate) |
Board
Member |
DWS
Intermediate Tax-
Free
Fund |
DWS
Managed
Municipal
Bond Fund |
DWS
Strategic High
Yield
Tax-Free Fund |
Independent
Board Member: | |||
John
W. Ballantine |
$3,834
|
$13,479
|
$3,941
|
Dawn-Marie
Driscoll |
$3,834
|
$13,479
|
$3,941
|
Keith
R. Fox |
$5,403
|
$19,281
|
$5,557
|
Richard
J. Herring |
$3,834
|
$13,479
|
$3,941
|
William
McClayton |
$4,273
|
$15,104
|
$4,393
|
Rebecca
W. Rimel |
$4,148
|
$14,640
|
$4,264
|
William
N. Searcy, Jr. |
$4,148
|
$14,640
|
$4,264
|
|
DWS
Intermediate Tax-
Free
Fund |
DWS
Managed
Municipal
Bond Fund |
DWS
Strategic High
Yield
Tax-Free Fund |
Independent
Advisory Board Member: |
|
| |
Chad
D. Perry(1)
|
$2,867
|
$9,978
|
$2,930
|
Catherine
Schrand(1)
|
$2,867
|
$9,978
|
$2,930
|
Board
Member |
Total
Compensation
from
each fund and
DWS
Fund Complex(2)
|
Independent
Board Member: | |
John
W. Ballantine |
$295,000
|
Dawn-Marie
Driscoll |
$295,000
|
Keith
R. Fox(3)
|
$420,000
|
Richard
J. Herring |
$295,000
|
William
McClayton(4)
|
$330,000
|
Rebecca
W. Rimel(4)
|
$320,000
|
William
N. Searcy, Jr.(4)
|
$320,000
|
Independent
Advisory Board Member: | |
Chad
D. Perry(1)
|
$73,750
|
Catherine
Schrand (1)
|
$73,750
|
Name
of Portfolio Manager |
Dollar
Range of
Fund
Shares Owned |
Dollar
Range of All DWS
Fund
Shares Owned |
Matthew
J. Caggiano |
$10,001
- $50,000 |
$100,001
- $500,000 |
Chad
H. Farrington |
$100,001
- $500,000 |
$100,001
- $500,000 |
Michael
J. Generazo |
$0
|
$0
|
Name
of Portfolio Manager |
Dollar
Range of
Fund
Shares Owned |
Dollar
Range of All DWS
Fund
Shares Owned |
Matthew
J. Caggiano |
$10,001
- $50,000 |
$100,001
- $500,000 |
Chad
H. Farrington |
$100,001
- $500,000 |
$100,001
- $500,000 |
Michael
J. Generazo |
$0
|
$0
|
Name
of Portfolio Manager |
Dollar
Range of
Fund
Shares Owned |
Dollar
Range of All DWS
Fund
Shares Owned |
Matthew
J. Caggiano |
$50,001
- $100,000 |
$100,001
- $500,000 |
Chad
H. Farrington |
$0
|
$100,001
- $500,000 |
Patrick
Gallagher |
$0
|
$0
|
Allyson
McCann |
$0
|
$1
- $10,000 |
Name
of
Portfolio
Manager |
Number
of
Registered
Investment
Companies
|
Total
Assets of
Registered
Investment
Companies
|
Number
of Investment
Company
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-Based
Fee
Accounts |
Matthew
J. Caggiano |
6
|
$5,035,955,240
|
0
|
$0
|
Chad
H. Farrington |
4
|
$4,286,055,500
|
0
|
$0
|
Michael
J. Generazo |
6
|
$4,456,858,213
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Registered
Investment
Companies
|
Total
Assets of
Registered
Investment
Companies
|
Number
of Investment
Company
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-Based
Fee
Accounts |
Matthew
J. Caggiano |
6
|
$2,941,481,974
|
0
|
$0
|
Chad
H. Farrington |
4
|
$2,191,582,234
|
0
|
$0
|
Michael
J. Generazo |
6
|
$2,362,384,947
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Registered
Investment
Companies
|
Total
Assets of
Registered
Investment
Companies
|
Number
of Investment
Company
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-Based
Fee
Accounts |
Matthew
J. Caggiano |
6
|
$4,901,976,783
|
0
|
$0
|
Chad
H. Farrington |
4
|
$4,152,077,042
|
0
|
$0
|
Patrick
Gallagher |
1
|
$235,604,466
|
0
|
$0
|
Allyson
McCann |
0
|
$0
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Pooled
Investment
Vehicles
|
Total
Assets of
Pooled
Investment
Vehicles
|
Number
of Pooled
Investment
Vehicle
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
0
|
$0
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Michael
J. Generazo |
0
|
$0
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Pooled
Investment
Vehicles
|
Total
Assets of
Pooled
Investment
Vehicles
|
Number
of Pooled
Investment
Vehicle
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
0
|
$0
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Michael
J. Generazo |
0
|
$0
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Pooled
Investment
Vehicles
|
Total
Assets of
Pooled
Investment
Vehicles
|
Number
of Pooled
Investment
Vehicle
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
0
|
$0
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Patrick
Gallagher |
0
|
$0
|
0
|
$0
|
Allyson
McCann |
0
|
$0
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Other
Accounts |
Total
Assets
of
Other
Accounts
|
Number
of Other
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
5
|
$2,254,795,646
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Michael
J. Generazo |
3
|
$68,496,482
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Other
Accounts |
Total
Assets
of
Other
Accounts
|
Number
of Other
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
5
|
$2,254,795,646
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Michael
J. Generazo |
3
|
$68,496,482
|
0
|
$0
|
Name
of
Portfolio
Manager |
Number
of
Other
Accounts |
Total
Assets
of
Other
Accounts
|
Number
of Other
Accounts
with
Performance-
Based
Fee |
Total
Assets of
Performance-
Based
Fee
Accounts
|
Matthew
J. Caggiano |
5
|
$2,254,795,646
|
0
|
$0
|
Chad
H. Farrington |
0
|
$0
|
0
|
$0
|
Patrick
Gallagher |
0
|
$0
|
0
|
$0
|
Allyson
McCann |
0
|
$0
|
0
|
$0
|
Fiscal
Year Ended |
Gross
Amount
Paid
to DIMA
for
Advisory
Services(1)
|
Amount
Waived
by
DIMA for
Advisory
Services
|
Gross
Amount Paid to
DIMA
for General
Administrative
Services(2)
|
Amount
Waived by
DIMA
for General
Administrative
Services
|
2022
|
$3,950,989
|
$0
|
$939,223
|
$0
|
2021
|
$4,141,617
|
$0
|
$988,049
|
$0
|
2020
|
$4,651,285
|
$0
|
$1,090,301
|
$0
|
Fiscal
Year Ended |
Gross
Amount Paid to
DSC
for Transfer
Agency
Services |
Amount
Waived by
DSC
for Transfer
Agency
Services |
2022
|
$68,400
|
$68,400
|
2021
|
$70,583
|
$70,583
|
2020
|
$92,118
|
$92,118
|
Fiscal
Year Ended |
Gross
Amount
Paid
to DIMA
for
Advisory
Services
|
Amount
Waived
by
DIMA for
Advisory
Services
|
Gross
Amount Paid to
DIMA
for General
Administrative
Services(2)
|
Amount
Waived by
DIMA
for General
Administrative
Services
|
2022
|
$11,413,874
|
$0
|
$3,360,780
|
$0
|
2021
|
$12,646,154
|
$0
|
$3,740,244
|
$0
|
2020
|
$13,367,742
|
$0
|
$4,056,025
|
$0
|
Fiscal
Year Ended |
Gross
Amount Paid to
DSC
for Transfer
Agency
Services |
Amount
Waived by
DSC
for Transfer
Agency
Services |
2022
|
$324,440
|
$223,753
|
2021
|
$345,136
|
$235,430
|
2020
|
$409,838
|
$264,911
|
Fiscal
Year Ended |
Gross
Amount
Paid
to DIMA
for
Advisory
Services
|
Amount
Waived
by
DIMA for
Advisory
Services
|
Gross
Amount Paid to
DIMA
for General
Administrative
Services(2)
|
Amount
Waived by
DIMA
for General
Administrative
Services
|
2022
|
$3,029,220
|
$0
|
$932,807
|
$0
|
2021
|
$3,024,651
|
$0
|
$931,400
|
$0
|
2020
|
$3,246,095
|
$0
|
$1,023,221
|
$0
|
Fiscal
Year Ended |
Gross
Amount Paid to
DSC
for Transfer
Agency
Services |
Amount
Waived by
DSC
for Transfer
Agency
Services |
2022
|
$38,380
|
$38,380
|
2021
|
$41,359
|
$41,359
|
2020
|
$62,820
|
$62,820
|
|
Fiscal
Year
|
Aggregate
Sales
Commissions
|
Aggregate
Commissions
Retained
by
DDI |
DWS
Strategic High Yield Tax-Free Fund |
2022
|
$4,899
|
$2,802
|
|
2021
|
$9,293
|
$5,197
|
|
2020
|
$5,630
|
$4,190
|
DWS
Managed Municipal Bond Fund |
2022
|
$25,818
|
$15,027
|
|
2021
|
$27,566
|
$17,158
|
|
2020
|
$32,876
|
$22,855
|
DWS
Intermediate Tax-Free Fund |
2022
|
$2,368
|
$1,652
|
|
2021
|
$2,866
|
$2,150
|
|
2020
|
$2,099
|
$1,883
|
|
Fiscal
Year
|
Class
A Shares |
Class
C Shares |
DWS
Strategic High Yield Tax-Free Fund |
2022
|
$9,186
|
$1,456
|
|
2021
|
$16,311
|
$622
|
|
2020
|
$4,476
|
$1,182
|
DWS
Managed Municipal Bond Fund |
2022
|
$11,766
|
$1,720
|
|
2021
|
$16,002
|
$9,836
|
|
2020
|
$59,393
|
$4,282
|
DWS
Intermediate Tax-Free Fund |
2022
|
$577
|
$270
|
|
2021
|
$95
|
$221
|
|
2020
|
$42
|
$529
|
|
|
12b-1
Distribution
Fees
|
12b-1
Shareholder
Services
Fees |
12b-1
Shareholder
Services
Fees Waived |
DWS
Strategic High Yield Tax-Free Fund |
Class
A |
N/A
|
$521,069
|
$56,844
|
|
Class
C |
$94,740
|
$31,5451
|
$4,779
|
DWS
Managed Municipal Bond Fund |
Class
A |
N/A
|
$2,811,855
|
$0
|
|
Class
C |
$413,791
|
$137,838
|
$8,939
|
DWS
Intermediate Tax-Free Fund |
Class
A |
N/A
|
$355,977
|
$69,286
|
|
Class
C |
$39,874
|
$13,258
|
$2,486
|
Fund
|
2022
|
2021
|
DWS
Strategic High Yield Tax-Free Fund |
69%
|
59%
|
DWS
Managed Municipal Bond Fund |
39%
|
29%
|
DWS
Intermediate Tax-Free Fund |
47%
|
38%
|
|
Fiscal
Year
|
Brokerage
Commissions
Paid
by Fund |
DWS
Strategic High Yield Tax-Free Fund |
2022
|
$1,553
|
|
2021
|
$0
|
|
2020
|
$0
|
DWS
Managed Municipal Bond Fund |
2022
|
$0
|
|
2021
|
$0
|
|
2020
|
$0
|
DWS
Intermediate Tax-Free Fund |
2022
|
$0
|
|
2021
|
$0
|
|
2020
|
$0
|
|
Fiscal
Year
|
Name
of
Affiliated
Broker
|
Affiliation
|
Aggregate
Brokerage
Commissions
Paid
by Fund
to
Affiliated
Brokers
|
%
of the Total
Brokerage
Commissions
|
%
of the
Aggregate
Dollar
Value
of all
Portfolio
Transactions
|
DWS
Strategic High Yield Tax-Free Fund |
2022
|
None
|
—
|
None
|
—
|
—
|
|
2021
|
None
|
—
|
None
|
—
|
—
|
|
2020
|
None
|
—
|
None
|
—
|
—
|
DWS
Managed Municipal Bond Fund |
2022
|
None
|
—
|
None
|
—
|
—
|
|
2021
|
None
|
—
|
None
|
—
|
—
|
|
2020
|
None
|
—
|
None
|
—
|
—
|
DWS
Intermediate Tax-Free Fund |
2022
|
None
|
—
|
None
|
—
|
—
|
|
2021
|
None
|
—
|
None
|
—
|
—
|
|
2020
|
None
|
—
|
None
|
—
|
—
|
Fund
|
Amount
of Transactions
with
Research Firms |
Commissions
Paid
on
Transactions
with
Research Firms |
DWS
Strategic High Yield Tax-Free Fund |
$0
|
$0
|
DWS
Managed Municipal Bond Fund |
$0
|
$0
|
DWS
Intermediate Tax-Free Fund |
$0
|
$0
|
Fund
and its Fiscal Year End |
Class
|
CUSIP
Number |
DWS
Strategic High Yield Tax-Free Fund |
Class
A |
25158T103
|
Fiscal
Year End: 5/31 |
Class
C |
25158T301
|
|
Class
S |
25158T400
|
|
Institutional
Class |
25158T509
|
DWS
Managed Municipal Bond Fund |
Class
A |
25158T608
|
Fiscal
Year End: 5/31 |
Class
C |
25158T822
|
|
Class
S |
25158T848
|
|
Institutional
Class |
25158T855
|
DWS
Intermediate Tax-Free Fund |
Class
A |
25159H108
|
Fiscal
Year End: 5/31 |
Class
C |
25159H306
|
|
Class
S |
25159H405
|
|
Institutional
Class |
25159H504
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
II-143
| |
II-164
|
A+
|
Highest
|
B+
|
Average
|
C
|
Lowest
|
A
|
High
|
B
|
Below
Average |
D
|
In
Reorganization |
A–
|
Above
Average |
B–
|
Low
|
LIQ
|
Liquidation
|
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Keith
R. Fox, CFA (1954)
Chairperson
since 2017,
and
Board Member since
1996
|
Managing
General Partner, Exeter Capital
Partners
(a series of private investment
funds)
(since 1986); Directorships:
Progressive
International Corporation
(kitchen
goods designer and distributor);
former
Chairman, National Association of
Small
Business Investment Companies;
Former
Directorships: ICI Mutual Insurance
Company;
BoxTop Media Inc. (advertising);
Sun
Capital Advisers Trust (mutual funds) |
69
|
-
|
John
W. Ballantine (1946)
Board
Member since 1999 |
Retired;
formerly: Executive Vice President
and
Chief Risk Management Officer, First
Chicago
NBD Corporation/The First National
Bank
of Chicago (1996-1998); Executive Vice
President
and Head of International Banking
(1995-1996);
Not-for-Profit Directorships:
Window
to the World Communications
(public
media); Life Director of Harris Theater
for
Music and Dance (Chicago); Life Director
of
Hubbard Street Dance Chicago; Former
Directorships:
Director and Chairman of the
Board,
Healthways Inc.(2)
(population well-
being
and wellness services) (2003-2014);
Stockwell
Capital Investments PLC (private
equity);
Enron Corporation; FNB Corporation;
Tokheim
Corporation; First Oak Brook
Bancshares,
Inc.; Oak Brook Bank; Portland
General
Electric(2)
(utility company) (2003-
2021);
and Prisma Energy International;
Former
Not-for-Profit Directorships: Public
Radio
International; Palm Beach Civic Assn. |
69
|
-
|
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Dawn-Marie
Driscoll (1946)
Board
Member since 1987 |
Advisory
Board and former Executive Fellow,
Hoffman
Center for Business Ethics, Bentley
University;
formerly: Partner, Palmer &
Dodge
(law firm) (1988-1990); Vice President
of
Corporate Affairs and General Counsel,
Filene’s
(retail) (1978-1988); Directorships:
Trustee
and former Chairman of the Board,
Southwest
Florida Community Foundation
(charitable
organization); Former
Directorships:
ICI Mutual Insurance
Company
(2007-2015); Sun Capital Advisers
Trust
(mutual funds) (2007-2012); Investment
Company
Institute (audit, executive,
nominating
committees) and Independent
Directors
Council (governance, executive
committees)
|
69
|
-
|
Richard
J. Herring (1946)
Board
Member since 1990 |
Jacob
Safra Professor of International
Banking
and Professor of Finance, The
Wharton
School, University of Pennsylvania
(since
July 1972); formerly: Director, The
Wharton
Financial Institutions Center (1994-
2020);
Vice Dean and Director, Wharton
Undergraduate
Division (1995-2000) and
Director,
The Lauder Institute of International
Management
Studies (2000-2006); Member
FDIC
Systemic Risk Advisory Committee
since
2011, member Systemic Risk Council
since
2012 and member of the Advisory
Board
of the Yale Program on Financial
Stability
since 2013; Former Directorships:
Co-Chair
of the Shadow Financial Regulatory
Committee
(2003-2015), Executive Director
of
The Financial Economists Roundtable
(2008-2015),
Director of The Thai Capital
Fund
(2007-2013), Director of The Aberdeen
Singapore
Fund (2007-2018), Director, The
Aberdeen
Japan Fund (2007-2021) and
Nonexecutive
Director of Barclays Bank DE
(2010-2018)
|
69
|
-
|
William
McClayton (1944)
Board
Member since 2004 |
Private
equity investor (since October 2009);
formerly:
Managing Director, Diamond
Management
& Technology Consultants, Inc.
(global
consulting firm) (2001-2009); Senior
Partner,
Arthur Andersen LLP (accounting)
(1966-2001);
Former Directorships: Board of
Managers,
YMCA of Metropolitan Chicago;
Trustee,
Ravinia Festival |
69
|
-
|
Chad
D. Perry (1972) Board
Member
or Advisory Board
Member
since 2021(3)
|
Executive
Vice President, General Counsel
and
Secretary, Tanger Factory Outlet
Centers,
Inc.(2)
(since 2011); formerly
Executive
Vice President and Deputy General
Counsel,
LPL Financial Holdings Inc.(2)(2006-
2011);
Senior Corporate Counsel, EMC
Corporation
(2005-2006); Associate, Ropes &
Gray
LLP (1997-2005) |
21(4)
|
Director,
Great Elm Capital
Corp.
(business development
company)
(since 2022) |
Name,
Year of Birth,
Position
with
the Trust/Corporation
and
Length of Time
Served(1)
|
Business
Experience and
Directorships
During the Past 5 Years |
Number
of
Funds
in
DWS
Fund
Complex
Overseen
|
Other
Directorships
Held
by Board Member/
Advisory
Board Member |
Rebecca
W. Rimel (1951)
Board
Member since 1995 |
Director,
The Bridgespan Group (nonprofit
organization)
(since October 2020); formerly:
Executive
Vice President, The Glenmede
Trust
Company (investment trust and wealth
management)
(1983-2004); Board Member,
Investor
Education (charitable organization)
(2004-2005);
Former Directorships: Trustee,
Executive
Committee, Philadelphia Chamber
of
Commerce (2001-2007); Director, Viasys
Health
Care(2)
(January 2007-June 2007);
Trustee,
Thomas Jefferson Foundation
(charitable
organization) (1994-2012);
President,
Chief Executive Officer and
Director
(1994-2020) and Senior Advisor
(2020-2021),
The Pew Charitable Trusts
(charitable
organization); Director,
BioTelemetry
Inc.(2)
(acquired by Royal
Philips
in 2021) (healthcare) (2009-2021);
Director,
Becton Dickinson and Company(2)
(medical
technology company) (2012-2022) |
69
|
-
|
Catherine
Schrand (1964)
Board
Member or Advisory
Board
Member since
2021(3)
|
Celia
Z. Moh Professor of Accounting (since
2016)
and Professor of Accounting (since
1994),
The Wharton School, University of
Pennsylvania;
formerly Vice Dean, Wharton
Doctoral
Programs (2016-2019) |
21(4)
|
-
|
William
N. Searcy, Jr. (1946)
Board
Member since 1993 |
Private
investor since October 2003;
formerly:
Pension & Savings Trust Officer,
Sprint
Corporation(2)
(telecommunications)
(November
1989-September 2003); Former
Directorships:
Trustee, Sun Capital Advisers
Trust
(mutual funds) (1998-2012) |
69
|
-
|
Name,
Year of Birth, Position
with
the Trust/Corporation
and
Length of Time Served(6)
|
Business
Experience and Directorships During the Past 5 Years |
Hepsen
Uzcan(7)
(1974)
President
and Chief Executive
Officer,
2017-present |
Fund
Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018-
present);
Assistant Secretary, DWS Distributors, Inc.(2018-present); Director and Vice
President,
DWS Service Company (2018-present); Assistant Secretary, DWS
Investment
Management Americas, Inc. (2018-present); Director and President, DB
Investment
Managers, Inc. (2018-present); President and Chief Executive Officer, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (2017-present); formerly: Vice President for the Deutsche funds
(2016-2017);
Assistant Secretary for the DWS funds (2013-2019); Assistant Secretary,
The
European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and
Eastern
Europe Fund, Inc. (2013-2020); Directorships: Interested Director, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October
16,
2020); and Episcopalian Charities of New York (2018-present) |
John
Millette(8)
(1962)
Vice
President and Secretary,
1999-present
|
Legal
(Associate General Counsel), DWS; Chief Legal Officer, DWS Investment
Management
Americas, Inc. (2015-present); Director and Vice President, DWS Trust
Company
(2016-present); Secretary, DBX ETF Trust (2020-present); Vice President, DBX
Advisors
LLC (2021-present); Secretary, The European Equity Fund, Inc., The New
Germany
Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011-present);
formerly:
Secretary, Deutsche Investment Management Americas Inc. (2015-2017);
and
Assistant Secretary, DBX ETF Trust (2019-2020). |
Name,
Year of Birth, Position
with
the Trust/Corporation
and
Length of Time Served(6)
|
Business
Experience and Directorships During the Past 5 Years |
Ciara
Crawford(9)(1984)
Assistant
Secretary, since
February
8, 2019 |
Fund
Administration (Specialist), DWS (2015-present); formerly, Legal Assistant at
Accelerated
Tax Solutions |
Diane
Kenneally(8)
(1966)
Chief
Financial Officer and
Treasurer,
2018 – present |
Fund
Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief
Financial
Officer and Controller, DBX ETF Trust (2019-present); Treasurer and Chief
Financial
Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The
Central
and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for
the
DWS funds (2007-2018) |
Paul
Antosca(8)(1957)
Assistant
Treasurer, 2007-
present
|
Fund
Administration Tax (Head), DWS; Assistant Treasurer, DBX ETF Trust (2019-
present)
|
Sheila
Cadogan(8)(1966)
Assistant
Treasurer, 2017-
present
|
Fund
Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice
President,
DWS Trust Company (2018-present); Assistant Treasurer, DBX ETF Trust
(2019-present);
Assistant Treasurer, The European Equity Fund, Inc., The New Germany
Fund,
Inc. and The Central and Eastern Europe Fund, Inc. (2018-present) |
Scott
D. Hogan(8)
(1970)
Chief
Compliance Officer,
2016-present
|
Anti-Financial
Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance
Officer,
The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central
and
Eastern Europe Fund, Inc. (2016-present) |
Caroline
Pearson(8)
(1962)
Chief
Legal Officer, 2010-
present
|
Legal
(Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020-present);
Chief
Legal Officer, DBX Advisors LLC (2020-present); Chief Legal Officer, The
European
Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern
Europe
Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc.
(2002-2017);
Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal
Officer,
DBX Strategic Advisors LLC (2020-2021) |
Christian
Rijs(7)
(1980)
Anti-Money
Laundering
Compliance
Officer, since
October
6, 2021 |
Senior
Team Lead Anti-Financial Crime and Compliance, DWS; AML Officer, DWS Trust
Company
(since November 2, 2021); AML Officer, DBX ETF Trust (since October 21,
2021);
AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and
The
Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS
UK
& Ireland Head of Anti-Financial Crime and MLRO |
Hepsen
Uzcan: |
Assistant
Secretary |
Christian
Rijs: |
Anti-Money
Laundering Compliance Officer |
Fund
Name |
Management
Fee Rate |
Tax-Free
Income Funds |
|
DWS
California Tax-Free Income Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
Intermediate Tax-Free Fund |
0.315%
|
DWS
Managed Municipal Bond Fund |
First
$250 million 0.365%
Next
$750 million 0.345%
Next
$1.5 billion 0.325%
Next
$2.5 billion 0.315%
Next
$2.5 billion 0.295%
Next
$2.5 billion 0.275%
Next
$2.5 billion 0.255%
Thereafter
0.235% |
DWS
Massachusetts Tax-Free Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
New York Tax-Free Income Fund |
First
$250 million 0.400%
Next
$750 million 0.370%
Next
$1.5 billion 0.350%
Next
$2.5 billion 0.330%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Thereafter
0.250% |
DWS
Short-Term Municipal Bond Fund |
First
$500 million 0.300%
Next
$500 million 0.285%
Next
$1.0 billion 0.270%
Thereafter
0.255% |
DWS
Strategic High Yield Tax-Free Fund |
First
$300 million 0.455%
Next
$200 million 0.405%
Next
$500 million 0.380%
Next
$500 million 0.360%
Next
$500 million 0.350%
Thereafter
0.340% |
Fund
Name |
Management
Fee Rate |
Taxable
Fixed-Income Funds |
|
DWS
Emerging Markets Fixed Income Fund |
0.590%
|
DWS
ESG Global Bond Fund |
0.31%
|
DWS
Floating Rate Fund |
First
$1.0 billion 0.550%
Next
$1.5 billion 0.535%
Next
$2.5 billion 0.510%
Next
$2.5 billion 0.485%
Next
$2.5 billion 0.460%
Thereafter
0.450% |
DWS
Global High Income Fund |
0.40%
|
DWS
GNMA Fund |
First
$1 billion 0.315%
Next
$1.5 billion 0.310%
Next
$2.5 billion 0.300%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.260%
Next
$2.5 billion 0.240%
Thereafter
0.220% |
DWS
High Income Fund |
First
$250 million 0.480%
Next
$750 million 0.450%
Next
$1.5 billion 0.430%
Next
$2.5 billion 0.410%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Next
$2.5 billion 0.340%
Thereafter
0.320% |
DWS
Short Duration Fund |
First
$1.5 billion 0.365%
Next
$500 million 0.340%
Next
$1.0 billion 0.315%
Next
$1.0 billion 0.300%
Next
$1.0 billion 0.285%
Next
$1.0 billion 0.270%
Thereafter
0.255% |
DWS
Total Return Bond Fund |
First
$1.5 billion 0.400%
Next
$1.75 billion 0.385%
Next
$1.75 billion 0.370%
Next
$2.5 billion 0.355%
Next
$2.5 billion 0.345%
Next
$2.5 billion 0.325%
Thereafter
0.315% |
Asset
Allocation Funds |
|
DWS
Global Income Builder Fund |
First
$1.5 billion 0.370%
Next
$500 million 0.345%
Next
$1.5 billion 0.310%
Next
$2.0 billion 0.300%
Next
$2.0 billion 0.290%
Next
$2.5 billion 0.280%
Next
$2.5 billion 0.270%
Thereafter
0.260% |
Fund
Name |
Management
Fee Rate |
DWS
Multi-Asset Conservative Allocation
Fund
|
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.550% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
Multi-Asset Moderate Allocation Fund |
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.550% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
Real
Assets Funds |
|
DWS
Enhanced Commodity Strategy Fund |
First
$500 million 0.850%
Next
$500 million 0.800%
Next
$500 million 0.750%
Next
$1.0 billion 0.725%
Next
$1.0 billion 0.700%
Next
$1.5 billion 0.675%
Thereafter
0.650% |
DWS
RREEF Global Infrastructure Fund |
First
$1.0 billion 0.900%
Next
$1.0 billion 0.875%
Next
$2.0 billion 0.825%
Next
$2.0 billion 0.775%
Thereafter
0.750% |
DWS
RREEF Global Real Estate Securities
Fund
|
First
$1.0 billion 0.700%
Thereafter
0.675% |
DWS
RREEF Real Assets Fund |
First
$500 million 0.800%
Next
$1.5 billion 0.785%
Next
$1.5 billion 0.775%
Next
$3.0 billion 0.750%
Thereafter
0.725% |
DWS
RREEF Real Estate Securities Fund |
First
$100 million 0.565%
Next
$100 million 0.465%
Next
$100 million 0.415%
Thereafter
0.365% |
US
Equity Funds |
|
DWS
Capital Growth Fund |
First
$250 million 0.495%
Next
$750 million 0.465%
Next
$1.5 billion 0.445%
Next
$2.5 billion 0.425%
Next
$2.5 billion 0.395%
Next
$2.5 billion 0.375%
Next
$2.5 billion 0.355%
Thereafter
0.335% |
Fund
Name |
Management
Fee Rate |
DWS
Communications Fund |
First
$100 million 1.000%
Next
$100 million 0.900%
Next
$100 million 0.850%
Next
$200 million 0.800%
Next
$500 million 0.730%
Next
$500 million 0.680%
Thereafter
0.650% |
DWS
Core Equity Fund |
First
$250 million 0.365%
Next
$750 million 0.360%
Next
$1.5 billion 0.355%
Next
$5.0 billion 0.345%
Next
$5.0 billion 0.335%
Next
$5.0 billion 0.325%
Thereafter
0.300% |
DWS
CROCI®
Equity Dividend Fund |
First
$250 million 0.630%
Next
$750 million 0.600%
Next
$1.5 billion 0.580%
Next
$2.5 billion 0.560%
Next
$2.5 billion 0.530%
Next
$2.5 billion 0.520%
Next
$2.5 billion 0.510%
Thereafter
0.500%(2)
|
DWS
CROCI®
U.S. Fund |
First
$1.5 billion 0.425%
Next
$500 million 0.400%
Next
$1.0 billion 0.375%
Next
$1.0 billion 0.350%
Next
$1.0 billion 0.325%
Thereafter
0.300% |
DWS
Equity Sector Strategy Fund |
(a)
0.100% of the Fund’s
average
daily net assets
invested
in exchange
traded
funds and mutual
funds;
and (b) 0.300% of
the
Fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
ESG Core Equity Fund |
First
$250 million 0.465%
Next
$750 million 0.460%
Next
$1.5 billion 0.455%
Next
$5 billion 0.445%
Next
$5 billion 0.435%
Next
$5 billion 0.425%
Thereafter
0.400%(2)
|
DWS
Health and Wellness Fund |
First
$500 million 0.765%
Thereafter
0.715% |
DWS
Large Cap Focus Growth Fund |
First
$1.5 billion 0.615%
Next
$500 million 0.565%
Thereafter
0.515% |
Fund
Name |
Management
Fee Rate |
DWS
Science and Technology Fund |
First
$250 million 0.480%
Next
$750 million 0.450%
Next
$1.5 billion 0.430%
Next
$2.5 billion 0.410%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Next
$2.5 billion 0.340%
Thereafter
0.320% |
DWS
Small Cap Core Fund |
First
$250 million 0.650%
Next
$250 million 0.620%
Next
$500 million 0.615%
Next
$4.0 billion 0.565%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Thereafter
0.520%(2)
|
DWS
Small Cap Growth Fund |
First
$500 million 0.650%
Next
$1 billion 0.600%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Next
$2.5 billion 0.520%
Thereafter
0.510% |
Index-Related
Funds |
|
Deutsche
DWS Equity 500 Index Portfolio |
0.050%
|
DWS
Equity 500 Index Fund |
0.000%(3)
|
DWS
S&P 500 Index Fund |
0.000%(3)
|
International/Global
Equity Funds |
|
DWS
CROCI®
International Fund |
First
$2.5 billion 0.565%
Next
$2.5 billion 0.545%
Next
$5.0 billion 0.525%
Next
$5.0 billion 0.515%
Thereafter
0.465% |
DWS
Emerging Markets Equity Fund |
0.700%
|
DWS
ESG International Core Equity Fund |
0.450%
|
DWS
Global Macro Fund |
First
$2.5 billion 0.600%
Next
$2.5 billion 0.595%
Next
$2.5 billion 0.565%
Next
$2.5 billion 0.555%
Next
$2.5 billion 0.545%
Thereafter
0.535% |
DWS
Global Small Cap Fund |
0.80%
|
DWS
International Growth Fund |
0.62%
|
DWS
Latin America Equity Fund |
First
$400 million 1.000%
Next
$400 million 0.900%
Thereafter
0.800% |
Insurance/Annuity
Funds |
|
Fund
Name |
Management
Fee Rate |
DWS
Alternative Asset Allocation VIP |
(a)
0.100% of the fund’s
average
daily net assets
invested
in exchange-
traded
funds and mutual
funds;
and (b) 1.00% of
the
fund’s average daily
net
assets not covered in
(a)
above(1)
|
DWS
Capital Growth VIP |
First
$250 million 0.390%
Next
$750 million 0.365%
Thereafter
0.340% |
DWS
Core Equity VIP |
First
$250 million 0.390%
Next
$750 million 0.365%
Thereafter
0.340% |
DWS
CROCI®
International VIP |
First
$500 million 0.650%
Thereafter
0.600% |
DWS
CROCI®
U.S. VIP |
First
$250 million 0.600%
Next
$750 million 0.575%
Next
$1.5 billion 0.550%
Next
$2.5 billion 0.525%
Next
$2.5 billion 0.500%
Next
$2.5 billion 0.475%
Next
$2.5 billion 0.450%
Thereafter
0.425% |
DWS
Equity 500 Index VIP |
First
$1 billion 0.150%
Next
$1 billion 0.125%
Thereafter
0.100% |
DWS
Global Income Builder VIP |
First
$250 million 0.370%
Next
$750 million 0.345%
Thereafter
0.310% |
DWS
Global Small Cap VIP |
0.80%
|
DWS
High Income VIP |
First
$250 million 0.500%
Next
$750 million 0.470%
Next
$1.5 billion 0.450%
Next
$2.5 billion 0.430%
Next
$2.5 billion 0.400%
Next
$2.5 billion 0.380%
Next
$2.5 billion 0.360%
Thereafter
0.340% |
DWS
Government Money Market VIP |
First
$500 million 0.235%
Next
$500 million 0.220%
Next
$1.0 billion 0.205%
Thereafter
0.190% |
DWS
International Growth VIP |
0.62%
|
DWS
Small Cap Index VIP |
0.28%
|
DWS
Small Mid Cap Growth VIP |
First
$250 million 0.550%
Next
$750 million 0.525%
Thereafter
0.500% |
Fund
Name |
Management
Fee Rate |
DWS
Small Mid Cap Value VIP |
First
$250 million 0.650%
Next
$750 million 0.620%
Next
$1.5 billion 0.600%
Next
$2.5 billion 0.580%
Next
$2.5 billion 0.550%
Next
$2.5 billion 0.540%
Next
$2.5 billion 0.530%
Thereafter
0.520% |
Money
Market Funds |
|
Cash
Account Trust – DWS Government &
Agency
Securities Portfolio |
First
$500 million 0.120%
Next
$500 million 0.100%
Next
$1.0 billion 0.075%
Next
$1.0 billion 0.060%
Thereafter
0.050%(4)
|
Cash
Account Trust – DWS Tax-Exempt
Portfolio
|
First
$500 million 0.120%
Next
$500 million 0.100%
Next
$1.0 billion 0.075%
Next
$1.0 billion 0.060%
Thereafter
0.050%(4)
|
DWS
ESG Liquidity Fund |
First
$1.0 billion 0.1500%
Next
$3.0 billion 0.1325%
Thereafter
0.1200% |
DWS
Government Money Market Series |
0.000%(5)
|
DWS
Money Market Prime Series |
First
$215 million 0.400%
Next
$335 million 0.275%
Next
$250 million 0.200%
Next
$800 million 0.150%
Next
$800 million 0.140%
Next
$800 million 0.130%
Thereafter
0.120% |
Government
Cash Management Portfolio |
First
$3 billion 0.1200%
Next
$4.5 billion 0.1025%
Thereafter
0.0900% |
Investors
Cash Trust – DWS Treasury
Portfolio
|
0.050%
|
Fund
Name |
Subadvisor
|
Subadvisor
Fee Rate |
Index-Related
Funds |
|
|
Deutsche
DWS Equity 500 Index Portfolio |
NTI
|
First
$2.0 billion 0.015%
Next
$2.0 billion 0.010%
Thereafter
0.005% |
Insurance/Annuity
Funds |
|
|
DWS
Equity 500 Index VIP |
NTI
|
First
$2.0 billion 0.015%
Next
$2.0 billion 0.010%
Thereafter
0.005% |
Fund
Name |
Subadvisor
|
Subadvisor
Fee Rate |
DWS
Small Cap Index VIP |
NTI
|
First
$100 million 0.080%
Next
$400 million 0.040%
Thereafter
0.020% |
International/Global
Equity Funds |
|
|
DWS
Latin America Equity Fund |
IUAM
|
50%,
after the effect of
waivers,
of the
management
fee payable
to
DIMA pursuant to the
Investment
Management
Agreement,
as in effect
from
time to time |
Compensation
Schedule:
Retail
Sales and DWS/Ascensus 403(b) Plan(1)
| |
Amount
of Shares Sold |
As
a Percentage of
Net
Asset Value |
$250,000
to $2,999,999 |
0.75%(2)
|
$250,000
to $49,999,999 |
0.50%(3)
0.75%(4)
|
$250,000
to $4,999,999 |
1.00%(5)
|
$5,000,000
to $9,999,999 |
0.55%(5)(8)
|
$1
million to $2,999,999 |
0.85%(6)
1.00%(7)
|
$1
million to $4,999,999 |
1.00%(8)
|
$3
million to $49,999,999 |
0.50%(9)
|
$10
million to $49,999,999 |
0.50%(5)(8)
|
$50
million and greater |
0.25%(10)
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $50,000 |
5.75%
|
6.10%
|
5.20%
|
$50,000
but less than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
but less than $500,000 |
2.60%
|
2.67%
|
2.25%
|
$500,000
but less than $1 million |
2.00%
|
2.04%
|
1.75%
|
$1
million and over |
.00***
|
.00***
|
.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $50,000 |
5.75%
|
6.10%
|
5.20%
|
$50,000
but less than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
and over |
.00***
|
.00***
|
.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
4.50%
|
4.71%
|
4.00%
|
$100,000
but less than $250,000 |
3.50%
|
3.63%
|
3.00%
|
$250,000
but less than $500,000 |
2.60%
|
2.67%
|
2.25%
|
$500,000
but less than $1 million |
2.00%
|
2.04%
|
1.75%
|
$1
million and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.50%
|
2.56%
|
2.00%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.25%
|
2.30%
|
1.75%
|
$250,000
but less than $500,000 |
1.25%
|
1.27%
|
1.00%
|
$500,000
but less than $1 million |
1.00%
|
1.01%
|
1.00%
|
$1
million and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.75%
|
2.83%
|
2.25%
|
$100,000
but less than $250,000 |
2.50%
|
2.56%
|
2.00%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
|
Sales
Charge | ||
Amount
of Purchase |
As
a Percentage
of
Offering Price* |
As
a Percentage of
Net
Asset Value** |
Allowed
to Dealers as a
Percentage
of Offering Price |
Less
than $100,000 |
2.25%
|
2.30%
|
1.75%
|
$100,000
but less than $250,000 |
1.75%
|
1.78%
|
1.25%
|
$250,000
and over |
0.00***
|
0.00***
|
0.00****
|
Term
|
Definition
|
Committee
|
Decision-making
forum established pursuant to the
“Committee
Governance Policy – Deutsche Bank
Group”
for a specific purpose and an unlimited period
of
time |
CUSIP
|
Council
on Uniform Securities Identification
Procedures
|
Employee
|
Any
individual with an employment contract directly
with
a Legal Entity of DB Group |
ETF
|
Exchange
Traded Funds |
Investment
Company Act |
Investment
Company Act of 1940 |
ISS
|
Institutional
Shareholder Services, Inc. |
PVSC
|
Proxy
Voting Sub-Committee |
Risk
Type Controller (RTC) |
Global
Head of a Risk Control Function; formally
representing
the respective Risk Control Function and
accountable
for designing, implementing and
maintaining
an effective risk type management /
control
and policy framework for all risk types within
their
mandate. |
RTC
Contact |
Individual(s)
authorised by the Risk Type Controller to
fulfil
tasks in relation to the respective RTC mandate
including
authorisation of other Units to issue a Policy
or
Procedure regulating the respective risk type |
SEC
|
Securities
and Exchange Commission |
Unit
|
Refers
to the organisational areas within DB Group,
such
as corporate divisions and infrastructure
functions,
as per the DB Business Allocation Plan. |
|
BOARD OF DIRECTORS
|
|
Independence
|
|
Composition
|
|
Responsiveness
|
|
Accountability
|
|
Voting on Director
Nominees in Contested
Elections
|
|
Vote-No
Campaigns |
|
Proxy
Contests/Proxy Access |
|
Other Board Related
Proposals |
|
Adopt
Anti-Hedging/Pledging/Speculative
Investments
Policy |
|
Board
Refreshment |
|
Term/Tenure
Limits |
|
Age
Limits |
|
Board
Size |
|
Classification/Declassification
of the Board |
|
CEO
Succession Planning |
|
Cumulative
Voting |
|
Director
and Officer Indemnification and Liability
Protection
|
|
Establish/Amend
Nominee Qualifications |
|
Establish
Other Board Committee Proposals |
|
Filling
Vacancies/Removal of Directors |
|
Independent
Board Chair |
|
Majority
of Independent Directors/
Establishment
of Independent Committees |
|
Majority
Vote Standard for the Election of
Directors
|
|
Proxy
Access |
|
Require
More Nominees than Open Seats |
|
Shareholder
Engagement Policy (Shareholder
Advisory
Committee) |
|
AUDIO-RELATED
|
|
Auditor Indemnification
and Limitation of
Liability
|
|
Auditor Ratification
|
|
Shareholder Proposals
Limiting Non-Audit
Services
|
|
Shareholder Proposals
on Audit Firm
Rotation
|
|
SHAREHOLDER RIGHTS
& DEFENCES |
|
Advance Notice
Requirements for
Shareholder Proposals/Nominations
|
|
Amend Bylaws
without Shareholder
Consent
|
|
Control Share
Acquisition Provisions |
|
Control Share
Cash—Out Provisions |
|
Disgorgement
Provisions |
|
Fair Price Provisions
|
|
Freeze-Out Provisions
|
|
Greenmail
|
|
Shareholder Litigation
Rights Federal Forum
Selection Provisions
|
|
Exclusive Forum
Provisions for State Law
Matters
|
|
Fee shifting
|
|
Net Operating
Loss (NOL) Protective
Amendments
|
|
Poison Pills
(Shareholder Rights Plans) |
|
Shareholder
Proposals to Put Pill to a Vote and/
or
Adopt a Pill Policy |
|
Management
Proposals to Ratify a Poison Pill |
|
Management
Proposals to Ratify a Pill to
Preserve
Net Operating Losses (NOLs) |
|
Proxy
Voting Disclosure, Confidentiality, and
Tabulation
|
|
Ratification
Proposals: Management Proposals
to
Ratify Existing Charter or Bylaw Provisions |
|
Reimbursing
Proxy Solicitation Expenses |
|
Reincorporation
Proposals |
|
Shareholder
Ability to Act by Written Consent |
|
Shareholder
Ability to Call Special Meetings |
|
Stakeholder
Provisions |
|
State
Antitakeover Statutes |
|
Supermajority
Vote Requirements |
|
Virtual
Shareholder Meetings |
|
CAPITAL RESTRUCTURING
|
|
Capital
|
|
Adjustments
to Par Value of Common Stock |
|
Common
Stock Authorization |
|
General
Authorization Requests |
|
Specific
Authorization Requests |
|
Dual
Class Structure |
|
Issue
Stock for Use with Rights Plan |
|
Preemptive
Rights |
|
Preferred
Stock Authorization |
|
General
Authorization Requests |
|
Specific
Authorization Requests |
|
Recapitalization
Plans |
|
Reverse
Stock Splits |
|
Share
Repurchase Programs |
|
Share
Repurchase Programs Shareholder
Proposals
|
|
Stock
Distributions: Splits and Dividends |
|
Tracking
Stock |
|
Restructuring
|
|
Appraisal
Rights |
|
Asset
Purchases |
|
Asset
Sales |
|
Bundled
Proposals |
|
Conversion
of Securities |
|
Corporate
Reorganization/Debt Restructuring/
Prepackaged
Bankruptcy Plans/Reverse
Leveraged
Buyouts/Wrap Plans |
|
Formation
of Holding Company |
|
Going
Private and Going Dark Transactions
(LBOs
and Minority Squeeze-outs) |
|
Joint
Ventures |
|
Liquidations
|
|
Mergers
and Acquisitions |
|
Private
Placements/Warrants/Convertible
Debentures
|
|
Reorganization/Restructuring
Plan (Bankruptcy) |
|
Special
Purpose Acquisition Corporations
(SPACs)
|
|
Special
Purpose Acquisition Corporations
(SPACs)
- Proposals for Extensions |
|
Spin-offs
|
|
Value
Maximization Shareholder Proposals |
|
COMPENSATION
|
|
Executive Pay
Evaluation |
|
Advisory
Votes on Executive Compensation—
Management
Proposals (Say-on-Pay) |
|
Frequency
of Advisory Vote on Executive
Compensation
(“Say
When on Pay”)
|
|
Voting
on Golden Parachutes in an Acquisition,
Merger,
Consolidation, or Proposed Sale |
|
Equity-Based
and Other Incentive Plans |
|
Further
Information on certain EPSC Factors: |
|
Egregious
Factors |
|
Liberal
Change in Control Definition |
|
Repricing
Provisions |
|
Problematic
Pay Practices or Significant Pay-for-
Performance
Disconnect |
|
Amending
Cash and Equity Plans (including
Approval
for Tax Deductibility (162(m)) |
|
Specific
Treatment of Certain Award Types in
Equity
Plan Evaluations |
|
Dividend
Equivalent Rights |
|
Operating
Partnership (OP) Units in Equity Plan
Analysis
of Real Estate Investment Trusts
(REITs)
|
|
Other Compensation
Plans |
|
401(k)
Employee Benefit Plans |
|
Employee
Stock Ownership Plans (ESOPs) |
|
Employee
Stock Purchase Plans—Qualified
Plans
|
|
Employee
Stock Purchase Plans—Non-Qualified
Plans
|
|
Option
Exchange Programs/Repricing Options |
|
Stock
Plans in Lieu of Cash |
|
Transfer
Stock Option (TSO) Programs |
|
Director Compensation
|
|
Shareholder
Ratification of Director Pay
Programs
|
|
Equity
Plans for Non-Employee Directors |
|
Non-Employee
Director Retirement Plans |
|
Shareholder Proposals
on Compensation |
|
Bonus
Banking/Bonus Banking “Plus”
|
|
Compensation
Consultants—Disclosure of
Board
or Company’s Utilization |
|
Disclosure/Setting
Levels or Types of
Compensation
for Executives and Directors |
|
Golden
Coffins/Executive Death Benefits |
|
Hold
Equity Past Retirement or for a Significant
Period
of Time |
|
Pay
Disparity |
|
Pay
for Performance/Performance-Based
Awards
|
|
Pay
for Superior Performance |
|
Pre-Arranged
Trading Plans (10b5-1 Plans) |
|
Prohibit
Outside CEOs from Serving on
Compensation
Committees |
|
Recoupment
of Incentive or Stock
Compensation
in Specified Circumstances |
|
Severance
Agreements for Executives/Golden
Parachutes
|
|
Share
Buyback Impact on Incentive Program
Metrics
|
|
Supplemental
Executive Retirement Plans
(SERPs)
|
|
Tax
Gross-Up Proposals |
|
Termination
of Employment Prior to Severance
Payment/Eliminating
Accelerated Vesting of
Unvested
Equity |
|
ROUTINE / MISCELLANEOUS
|
|
Adjourn Meeting
|
|
Amend Quorum
Requirements |
|
Amend Minor Bylaws
|
|
Change Company
Name |
|
Change Date,
Time, or Location of Annual
Meeting
|
|
Other Business
|
|
SOCIAL AND ENVIRONMENTAL
ISSUES |
|
General Approach
|
|
Endorsement of
Principles |
|
Animal Welfare
|
|
Animal
Welfare Policies |
|
Animal
Testing |
|
Animal
Slaughter |
|
Consumer Issues
|
|
Genetically
Modified Ingredients |
|
Reports
on Potentially Controversial Business/
Financial
Practices |
|
Pharmaceutical
Pricing, Access to Medicines,
and
Prescription Drug Reimportation |
|
Product
Safety and Toxic/Hazardous Materials |
|
Tobacco-Related
Proposals |
|
Climate Change
|
|
Climate
(SoC) Management Proposals |
|
Climate
(SoC) Shareholder Proposals |
|
Climate
Change/Greenhouse Gas (GHG)
Emissions
|
|
Energy
Efficiency |
|
Renewable
Energy |
|
Diversity
|
|
Board
Diversity |
|
Equality
of Opportunity |
|
Gender
Identity, Sexual Orientation, and
Domestic
Partner Benefits |
|
Gender,
Race / Ethnicity Pay Gap |
|
Racial
Equity and/or Civil Rights Audit
Guidelines
|
|
Environment and
Sustainability |
|
Facility
and Workplace Safety |
|
General
Environmental Proposals and
Community
Impact Assessments |
|
Hydraulic
Fracturing |
|
Operations
in Protected Areas |
|
Recycling
|
|
Sustainability
Reporting |
|
Water
Issues |
|
General Corporate
Issues |
|
Charitable
Contributions |
|
Data
Security, Privacy, and Internet Issues |
|
Environmental,
Social, and Governance (ESG)
Compensation-Related
Proposals |
|
Human Rights,
Human Capital Management,
and International
Operations |
|
Human
Rights Proposals |
|
Mandatory
Arbitration |
|
Operations
in High Risk Markets |
|
Outsourcing/Offshoring
|
|
Sexual
Harassment |
|
Weapons
and Military Sales |
|
Political Activities
|
|
Lobbying
|
|
Political
Contributions |
|
Political
Ties |
|
REGISTERED INVESTMENT
COMPANY
PROXIES
|
|
Election of Directors
|
|
Closed End Fund
- Unilateral Opt-In to
Control Share
Acquisition Statutes |
|
Converting Closed-end
Fund to Open-end
Fund
|
|
Proxy Contests
|
|
Investment Advisory
Agreements |
|
Approving New
Classes or Series of Shares |
|
Preferred Stock
Proposals |
|
1940 Act Policies
|
|
Changing a Fundamental
Restriction to a
Nonfundamental
Restriction |
|
Change Fundamental
Investment Objective
to Nonfundamental
|
|
Name Change Proposals
|
|
Change in Fund's
Subclassification |
|
Business Development
Companies—
Authorization
to Sell Shares of Common
Stock at a Price
below Net Asset Value |
|
Disposition of
Assets/Termination/
Liquidation
|
|
Changes to the
Charter Document |
|
Changing the
Domicile of a Fund |
|
Authorizing the
Board to Hire and Terminate
Subadvisers Without
Shareholder Approval |
|
Distribution
Agreements |
|
Master-Feeder
Structure |
|
Mergers
|
|
Shareholder Proposals
for Mutual Funds |
|
Establish
Director Ownership Requirement |
|
Reimburse
Shareholder for Expenses Incurred |
|
Terminate
the Investment Advisor |
|
INTERNATIONAL
PROXY VOTING |
|
Appendix I
|
PART C. OTHER INFORMATION
Item 28. | Exhibits | ||
(a) | (1) | Amended and Restated Declaration of Trust, dated June 2, 2008. (Incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on July 25, 2008.) | |
(2) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated January 22, 2009. (Incorporated by reference to Post-Effective Amendment No. 64 to the Registration Statement, as filed on September 28, 2009.) | ||
(3) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated January 12, 2011. (Incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on January 31, 2011.) | ||
(4) | Amendment, Statement of Change of Resident Agent, dated September 7, 2012. (Incorporated by reference to Post-Effective Amendment No. 76 to the Registration Statement, as filed on September 26, 2012.) | ||
(5) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated July 9, 2014. (Incorporated by reference to Post-Effective Amendment No. 84 to the Registration Statement, as filed on September 26, 2014.) | ||
(6) | Amendment of Amended and Restated Declaration of Trust, dated July 9, 2014. (Incorporated by reference to Post-Effective Amendment No. 84 to the Registration Statement, as filed on September 26, 2014.) | ||
(7) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated February 12, 2016. (Incorporated by reference to Post-Effective Amendment No. 92 to the Registration Statement, as filed on September 28, 2016.) | ||
(8) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated December 2, 2016. (Incorporated by reference to Post-Effective Amendment No. 95 to the Registration Statement, as filed on January 31, 2017.) | ||
(9) | Amendment, Statement of Change of Principal Office, dated February 9, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(10) | Amended and Restated Establishment and Designation of Series and Classes of Shares of Beneficial Interest, With $0.01 Par Value, dated May 16, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(11) | Amendment of Amended and Restated Declaration of Trust, dated May 16, 2018. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(12) | Amendment, Statement of Change of Principal Office, dated November 22, 2019. (Incorporated by reference to Post-Effective Amendment No. 110 to the Registration Statement, as filed on January 30, 2020.) | ||
(13) | Amendment, Statement of Change of Principal Office, dated November 20, 2020. (Incorporated by reference to Post-Effective Amendment No. 114 to the Registration Statement, as filed on January 27, 2021.) | ||
(b) | Amended and Restated Bylaws, dated December 1, 2015. (Incorporated by reference to Post-Effective Amendment No. 90 to the Registration Statement, as filed on January 28, 2016.) | ||
(c) | (1) | Instruments defining the rights of shareholders, including the relevant portions of: the Amended and Restated Declaration of Trust, dated June 2, 2008, as amended through November 20, 2020 (see Section 5.2). Referenced in exhibits (a)(1) through (a)(13) to this Item, above. | |
(2) | Instruments defining the rights of shareholders, including the relevant portions of the Amended and Restated Bylaws, dated December 1, 2015 (see Article 9). Referenced in exhibit (b) to this Item, above. | ||
(d) | Amended and Restated Investment Management Agreement between the Registrant, on behalf of DWS Managed Municipal Bond Fund (dated June 1, 2006) and Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.); and between the Registrant, on behalf of DWS Short-Term Municipal Bond Fund (dated February 1, 2011, as amended October 1, 2019) and Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.); and between the Registrant, on behalf of DWS High Yield Tax Free Fund (now known as DWS Strategic High Yield Tax-Free Fund) (dated June 1, 2006, as amended October 1, 2007, October 1, 2013, October 1, 2014, October 1, 2016, and October 1, 2019), and Deutsche Investment Management Americas Inc. (now known as DWS Investment Management Americas, Inc.) (Incorporated by reference to Post-Effective Amendment No. 107 to the Registration Statement, as filed on September 26, 2019.) | ||
(e) | (1) | Master Distribution Agreement between the Registrant and DWS Investments Distributors, Inc. (now known as DWS Distributors, Inc.), dated January 13, 2010. (Incorporated by reference to Post-Effective Amendment No. 66 to the Registration Statement, as filed on August 2, 2010.) | |
(2) | Appendix A, as amended September 30, 2022, to the Master Distribution Agreement dated January 13, 2010. (Filed herein.) | ||
(3) | Form of Selling Group Agreement. (Incorporated by reference to Post-Effective Amendment No. 103 to the Registration Statement, as filed on September 27, 2018.) | ||
(f) | Not applicable. | ||
(g) | (1) | Master Custodian Agreement between the Registrant and State Street Bank and Trust Company, dated November 17, 2008. (Incorporated by reference to Post-Effective Amendment No. 64 to the Registration Statement, as filed on September 28, 2009.) |
Item 29. | Persons Controlled by or under Common Control with the Fund |
None.
Item 30. | Indemnification |
Article IV of the Registrant’s Amended and Restated Declaration of Trust (which is referenced in Exhibit (a)(1) to Item 28, above)(the “Declaration of Trust”) provides in effect that the Registrant will indemnify its officers and trustees under certain circumstances. However, in accordance with Sections 17(h) and 17(i) of the Investment Company Act of 1940, as amended (the “1940 Act”), and its own terms, said Article of the Declaration of Trust does not protect the Registrant’s officers and trustees against any liability to the Registrant or its shareholders to which such officer or trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
Each of the trustees who is not an “interested person” (as defined under the 1940 Act) of the Registrant (a “Non-interested Trustee”) has entered into an indemnification agreement with the Registrant, which agreement provides that the Registrant shall indemnify the Non-interested Trustee against certain liabilities which such Non-interested Trustee may incur while acting in the capacity as a trustee, officer or employee of the Registrant to the fullest extent permitted by law, now or in the future, and requires indemnification and advancement of expenses unless prohibited by law. The indemnification agreement cannot be altered without the consent of the Non-interested Trustee and is not affected by amendments of the Declaration of Trust. In addition, the indemnification agreement adopts certain presumptions and procedures which may make the process of indemnification and advancement of expenses more timely, efficient and certain. In accordance with Section 17(h) of the 1940 Act, the indemnification agreement does not protect a Non-interested Trustee against any liability to the Registrant or its shareholders to which such Non-interested Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
The Registrant has purchased insurance policies insuring its officers and trustees against certain liabilities which such officers and trustees may incur while acting in such capacities and providing reimbursement to the Registrant for sums which it may be permitted or required to pay to its officers and trustees by way of indemnification against such liabilities, subject to certain deductibles.
Item 31. | Business and Other Connections of Investment Advisor |
During the last two fiscal years, no director or officer of DWS Investment Management Americas, Inc., the investment advisor, has engaged in any other business, profession, vocation or employment of a substantial nature other than that of the business of investment management and, through affiliates, investment banking.
Item 32. | Principal Underwriters |
(a)
DWS Distributors, Inc. acts as principal underwriter of the Registrant’s shares and acts as principal underwriter for registered open-end management investment companies and other funds managed by DWS Investment Management Americas, Inc.
(b)
Information on the officers and directors of DWS Distributors, Inc., principal underwriter for the Registrant, is set forth below. The principal business address is 222 South Riverside Plaza, Chicago, Illinois 60606-5808.
(1) | (2) | (3) |
DWS Distributors, Inc. Name and Principal Business Address |
Positions and Offices with DWS Distributors, Inc. |
Positions and Offices with Registrant |
Nicole Grogan 875 Third Avenue New York, NY 10022-6225 |
Chairperson of the Board, Director and Vice President | None |
Michael B. Hughes 222 South Riverside Plaza Chicago, IL 60606-5808 |
Director, President, and Chief Executive Officer | None |
Matthew Hilding 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
Michelle Reuter 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
John Shields 101 California Street San Francisco, CA 94111-5802 |
Vice President | None |
Joel (JJ) Wilczewski 222 South Riverside Plaza Chicago, IL 60606-5808 |
Vice President | None |
Cynthia P. Nestle 875 Third Avenue New York, NY 10022-6225 |
Director, Chief Operating Officer and Vice President | None |
Nancy Tanzil 875 Third Avenue New York, NY 10022-6225 |
Chief Financial Officer and Treasurer | None |
Nicole Chelel 875 Third Avenue New York, NY 10022-6225 |
Chief Compliance Officer | None |
Christian Rijs 875 Third Avenue New York, NY 10022-6225 |
Anti-Money Laundering Compliance Officer | Anti-Money Laundering Compliance Officer |
Anjie LaRocca 875 Third Avenue New York, NY 10022-6225 |
Secretary
|
None
|
(1) | (2) | (3) |
DWS Distributors, Inc. Name and Principal Business Address |
Positions and Offices with DWS Distributors, Inc. |
Positions and Offices with Registrant |
Hepsen Uzcan 875 Third Avenue New York, NY 10022-6225
|
Assistant Secretary | President and Chief Executive Officer |
(c) Not applicable.
Item 33. | Location of Accounts and Records |
The accounts and records of the Registrant are located, in whole or in part, at the office of the Registrant and the following locations:
Advisor and Administrator (Accounting Agent, as applicable) |
DWS Investment Management Americas, Inc. 875 Third Avenue New York, NY 10022-6225 |
DWS Investment Management Americas, Inc. 100 Summer Street Boston, MA 02110-2146 | |
DWS Investment Management Americas, Inc. 5201 Gate Parkway Jacksonville, FL 32256-7284 | |
Custodian and Sub-Administrator (Sub-Accounting Agent, as applicable) |
State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111-2900 |
Sub-Transfer Agent |
DST Systems, Inc. 333 West 11th Street Kansas City, MO 64105-1628 |
Distributor |
DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 |
Storage Vendor |
Iron Mountain Incorporated 12646 NW 115th Avenue Medley, FL 33178-3179 |
Item 34. | Management Services |
Not applicable.
Item 35. | Undertakings |
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York and the State of New York on the 22nd day of September 2022.
DEUTSCHE DWS MUNICIPAL TRUST
By: /s/Hepsen Uzcan
Hepsen Uzcan*
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:
SIGNATURE |
TITLE |
DATE |
/s/Hepsen Uzcan | ||
Hepsen Uzcan* | President | September 22, 2022 |
/s/Diane Kenneally | ||
Diane Kenneally | Chief Financial Officer and Treasurer | September 22, 2022 |
/s/John W. Ballantine | ||
John W. Ballantine* | Trustee | September 22, 2022 |
/s/Dawn-Marie Driscoll | ||
Dawn-Marie Driscoll* | Trustee | September 22, 2022 |
/s/Keith R. Fox | ||
Keith R. Fox* | Chairperson and Trustee | September 22, 2022 |
/s/Richard J. Herring | ||
Richard J. Herring* | Trustee | September 22, 2022 |
/s/William McClayton | ||
William McClayton* | Trustee | September 22, 2022 |
/s/Rebecca W. Rimel | ||
Rebecca W. Rimel* | Trustee | September 22, 2022 |
/s/William N. Searcy, Jr. | ||
William N. Searcy, Jr.* | Trustee | September 22, 2022 |
*By:
/s/ Caroline Pearson
Caroline Pearson**
Chief Legal Officer
** | Attorney-in-fact pursuant to the powers of attorney that are incorporated herein by reference to Post-Effective Amendment No. 103, as filed on September 27, 2018 to the Registration Statement. |
DEUTSCHE DWS MUNICIPAL TRUST
EXHIBIT INDEX
EXHIBIT LIST FOR INTERACTIVE DATA FILES
Ex. Number | Description | |
EX-101.INS | XBRL Instance Document – the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
EX-101.SCH | XBRL Taxonomy Extension Schema Document |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
EX-101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document |