DWS Managed Municipal Bond Fund

Class A: SMLAX

Annual Shareholder Report — May 31, 2026

This annual shareholder report contains important information about DWS Managed Municipal Bond Fund (the "Fund") for the period June 1, 2025 to May 31, 2026. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$86	0.83%

Gross expense ratio as of the latest prospectus: 0.81%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class A shares of the Fund returned 6.81% (unadjusted for sales charges) for the period ended May 31, 2026. The Fund's index, the Bloomberg Municipal Bond Index, returned 6.67% for the same period.

While municipal bond market performance continued to be pressured over the period by elevated new issue supply, this was offset by strong demand from tax-free exchange traded funds and separately managed accounts. Yields finished lower along the municipal curve, supporting performance for tax-free bonds broadly.

The Fund was overweight issues rated BBB (the lowest investment grade category) which proved additive as this ratings category led performance within the investment grade municipal market. In sector terms, overweight allocations to senior living, hospital and airport bonds aided performance. In addition, security selection was positive within both longer maturity and below investment grade issues.

On the downside, underweight allocations to utility and general obligation bonds detracted from return. In addition, security selection within the transportation sector weighed on performance.

Fund Performance

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000 Investment

(Adjusted for Maximum Sales Charge)

Table Summary
	Class A	Bloomberg Municipal Bond Index
'16	$9,725	$10,000
'16	$9,888	$10,159
'16	$9,884	$10,165
'16	$9,891	$10,179
'16	$9,836	$10,128
'16	$9,727	$10,022
'16	$9,366	$9,648
'16	$9,471	$9,761
'17	$9,508	$9,826
'17	$9,577	$9,894
'17	$9,582	$9,916
'17	$9,651	$9,987
'17	$9,795	$10,146
'17	$9,778	$10,110
'17	$9,846	$10,191
'17	$9,914	$10,269
'17	$9,885	$10,217
'17	$9,899	$10,242
'17	$9,869	$10,187
'17	$9,974	$10,293
'18	$9,846	$10,172
'18	$9,795	$10,142
'18	$9,831	$10,179
'18	$9,791	$10,143
'18	$9,893	$10,259
'18	$9,896	$10,268
'18	$9,910	$10,293
'18	$9,924	$10,319
'18	$9,861	$10,252
'18	$9,764	$10,189
'18	$9,869	$10,302
'18	$9,963	$10,425
'19	$10,035	$10,504
'19	$10,096	$10,560
'19	$10,269	$10,727
'19	$10,319	$10,768
'19	$10,471	$10,916
'19	$10,510	$10,956
'19	$10,583	$11,045
'19	$10,769	$11,219
'19	$10,682	$11,129
'19	$10,685	$11,149
'19	$10,700	$11,177
'19	$10,734	$11,211
'20	$10,934	$11,412
'20	$11,111	$11,559
'20	$10,462	$11,140
'20	$10,220	$11,000
'20	$10,539	$11,350
'20	$10,741	$11,444
'20	$10,931	$11,636
'20	$10,898	$11,582
'20	$10,865	$11,584
'20	$10,842	$11,549
'20	$11,057	$11,724
'20	$11,169	$11,795
'21	$11,265	$11,870
'21	$11,053	$11,682
'21	$11,126	$11,754
'21	$11,247	$11,852
'21	$11,331	$11,888
'21	$11,380	$11,920
'21	$11,477	$12,019
'21	$11,416	$11,975
'21	$11,306	$11,889
'21	$11,294	$11,854
'21	$11,404	$11,955
'21	$11,430	$11,974
'22	$11,096	$11,646
'22	$11,009	$11,605
'22	$10,637	$11,228
'22	$10,264	$10,918
'22	$10,364	$11,080
'22	$10,128	$10,899
'22	$10,429	$11,187
'22	$10,166	$10,941
'22	$9,715	$10,521
'22	$9,552	$10,434
'22	$10,087	$10,922
'22	$10,046	$10,953
'23	$10,417	$11,268
'23	$10,139	$11,013
'23	$10,346	$11,257
'23	$10,361	$11,232
'23	$10,273	$11,134
'23	$10,392	$11,246
'23	$10,433	$11,290
'23	$10,280	$11,128
'23	$9,984	$10,802
'23	$9,817	$10,710
'23	$10,477	$11,390
'23	$10,786	$11,654
'24	$10,777	$11,595
'24	$10,796	$11,610
'24	$10,826	$11,609
'24	$10,685	$11,466
'24	$10,703	$11,432
'24	$10,895	$11,607
'24	$10,994	$11,713
'24	$11,067	$11,805
'24	$11,208	$11,922
'24	$11,038	$11,748
'24	$11,247	$11,951
'24	$11,062	$11,777
'25	$11,069	$11,836
'25	$11,187	$11,954
'25	$10,989	$11,751
'25	$10,874	$11,656
'25	$10,814	$11,664
'25	$10,891	$11,736
'25	$10,800	$11,713
'25	$10,878	$11,815
'25	$11,195	$12,088
'25	$11,330	$12,238
'25	$11,367	$12,266
'25	$11,347	$12,277
'26	$11,412	$12,392
'26	$11,578	$12,547
'26	$11,344	$12,255
'26	$11,469	$12,396
'26	$11,550	$12,442

Yearly periods ended May 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial investment of $9,725.

Average Annual Total Returns

Table Summary
Class/Index	1-Year	5-Year	10-Year
Class A Unadjusted for Sales Charge	6.81%	0.38%	1.73%
Class A Adjusted for the Maximum Sales Charge (max 2.75% load)	3.87%	-0.17%	1.45%
Bloomberg Municipal Bond Index	6.67%	0.92%	2.21%

Performance shown is historical. The Fund's past performance is not a good predictor or guarantee of the Fund's future performance. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may be lower or higher than the performance data quoted. The performance graph and returns table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Please visit dws.com/en-us/products/mutual-funds for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had reflected sales charges.

Key Fund Statistics

Table Summary
Net Assets ($)	1,624,634,755
Number of Portfolio Holdings	383
Portfolio Turnover Rate (%)	44
Total Net Advisory Fees Paid ($)	5,696,142
Modified Duration to Worst	7.0 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

The quality ratings represent the highest of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Asset Allocation

Table Summary
Asset Type	% of Net Assets
Revenue Bonds	81%
General Obligation Bonds	14%
Lease Obligations	4%
Variable Rate Demand Notes	2%
Escrow to Maturity/Prerefunded Bonds	2%
Other	1%
Other Assets and Liabilities, Net	(4%)
Total	100%

Credit Quality

Table Summary
Credit Rating	% of Net Assets
AAA	12%
AA	31%
A	30%
BBB	12%
BB	2%
B	0%
CCC	0%
CC	0%
Not Rated	12%

Top Five State Allocations

Table Summary
Holdings	% of Net Assets
Texas	19%
New York	12%
Florida	8%
Illinois	7%
Wisconsin	5%

Additional Information

If you wish to view additional information about the Fund, including, but not limited to, its prospectus, quarterly holdings, Board fee evaluation reports, and financial statements and other information, please visit dws.com/mutualreports. For information about the Fund's proxy voting policies and procedures and how the Fund voted proxies related to its portfolio securities, please visit dws.com/en-us/resources/proxy-voting. This additional information is also available free of charge by contacting us at (800) 728-3337.

Householding

In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report and prospectus to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your financial representative or call DWS toll free at (800) 728-3337.

Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. The Fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the Fund's gains or losses. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund’s distributions may be subject to federal, state, and local taxes, including the alternative minimum tax. Please read the prospectus for details.

This report must be preceded or accompanied by a prospectus. We advise you to consider the Fund's objectives, risks, charges, and expenses carefully before investing. The prospectus contains this and other important information about the Fund, which can be requested by calling (800) 728-3337, contacting your financial representative, or visit dws.com/mutualreports to view or download a prospectus. Please read the prospectus carefully before you invest.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DMMBF-TSRA-A

R-101127-3 (07/26)

DWS Managed Municipal Bond Fund

Class C: SMLCX

Annual Shareholder Report — May 31, 2026

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$164	1.59%

Gross expense ratio as of the latest prospectus: 1.61%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class C shares of the Fund returned 6.00% (unadjusted for sales charges) for the period ended May 31, 2026. The Fund's index, the Bloomberg Municipal Bond Index, returned 6.67% for the same period.

On the downside, underweight allocations to utility and general obligation bonds detracted from return. In addition, security selection within the transportation sector weighed on performance.

Fund Performance

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000 Investment

Table Summary
	Class C	Bloomberg Municipal Bond Index
'16	$10,000	$10,000
'16	$10,161	$10,159
'16	$10,140	$10,165
'16	$10,151	$10,179
'16	$10,087	$10,128
'16	$9,969	$10,022
'16	$9,593	$9,648
'16	$9,694	$9,761
'17	$9,725	$9,826
'17	$9,779	$9,894
'17	$9,789	$9,916
'17	$9,853	$9,987
'17	$9,992	$10,146
'17	$9,969	$10,110
'17	$10,032	$10,191
'17	$10,094	$10,269
'17	$10,058	$10,217
'17	$10,065	$10,242
'17	$10,029	$10,187
'17	$10,128	$10,293
'18	$9,992	$10,172
'18	$9,934	$10,142
'18	$9,964	$10,179
'18	$9,916	$10,143
'18	$10,013	$10,259
'18	$10,010	$10,268
'18	$10,018	$10,293
'18	$10,025	$10,319
'18	$9,955	$10,252
'18	$9,851	$10,189
'18	$9,938	$10,302
'18	$10,038	$10,425
'19	$10,103	$10,504
'19	$10,159	$10,560
'19	$10,327	$10,727
'19	$10,370	$10,768
'19	$10,516	$10,916
'19	$10,548	$10,956
'19	$10,613	$11,045
'19	$10,793	$11,219
'19	$10,698	$11,129
'19	$10,695	$11,149
'19	$10,703	$11,177
'19	$10,729	$11,211
'20	$10,921	$11,412
'20	$11,092	$11,559
'20	$10,437	$11,140
'20	$10,189	$11,000
'20	$10,500	$11,350
'20	$10,695	$11,444
'20	$10,877	$11,636
'20	$10,836	$11,582
'20	$10,796	$11,584
'20	$10,766	$11,549
'20	$10,973	$11,724
'20	$11,077	$11,795
'21	$11,165	$11,870
'21	$10,947	$11,682
'21	$11,012	$11,754
'21	$11,125	$11,852
'21	$11,201	$11,888
'21	$11,242	$11,920
'21	$11,330	$12,019
'21	$11,262	$11,975
'21	$11,147	$11,889
'21	$11,127	$11,854
'21	$11,228	$11,955
'21	$11,247	$11,974
'22	$10,911	$11,646
'22	$10,819	$11,605
'22	$10,446	$11,228
'22	$10,074	$10,918
'22	$10,166	$11,080
'22	$9,915	$10,899
'22	$10,217	$11,187
'22	$9,953	$10,941
'22	$9,504	$10,521
'22	$9,340	$10,434
'22	$9,856	$10,922
'22	$9,798	$10,953
'23	$10,166	$11,268
'23	$9,889	$11,013
'23	$10,084	$11,257
'23	$10,093	$11,232
'23	$10,000	$11,134
'23	$10,110	$11,246
'23	$10,143	$11,290
'23	$9,988	$11,128
'23	$9,693	$10,802
'23	$9,526	$10,710
'23	$10,160	$11,390
'23	$10,453	$11,654
'24	$10,438	$11,595
'24	$10,449	$11,610
'24	$10,460	$11,609
'24	$10,329	$11,466
'24	$10,340	$11,432
'24	$10,520	$11,607
'24	$10,609	$11,713
'24	$10,672	$11,805
'24	$10,801	$11,922
'24	$10,630	$11,748
'24	$10,824	$11,951
'24	$10,627	$11,777
'25	$10,640	$11,836
'25	$10,747	$11,954
'25	$10,536	$11,751
'25	$10,432	$11,656
'25	$10,367	$11,664
'25	$10,434	$11,736
'25	$10,341	$11,713
'25	$10,409	$11,815
'25	$10,706	$12,088
'25	$10,827	$12,238
'25	$10,856	$12,266
'25	$10,830	$12,277
'26	$10,885	$12,392
'26	$11,037	$12,547
'26	$10,807	$12,255
'26	$10,919	$12,396
'26	$10,989	$12,442

Yearly periods ended May 31

Average Annual Total Returns

Table Summary
Class/Index	1-Year	5-Year	10-Year
Class C Unadjusted for Sales Charge	6.00%	-0.38%	0.95%
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	5.00%	-0.38%	0.95%
Bloomberg Municipal Bond Index	6.67%	0.92%	2.21%

Key Fund Statistics

Table Summary
Net Assets ($)	1,624,634,755
Number of Portfolio Holdings	383
Portfolio Turnover Rate (%)	44
Total Net Advisory Fees Paid ($)	5,696,142
Modified Duration to Worst	7.0 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Table Summary
Asset Type	% of Net Assets
Revenue Bonds	81%
General Obligation Bonds	14%
Lease Obligations	4%
Variable Rate Demand Notes	2%
Escrow to Maturity/Prerefunded Bonds	2%
Other	1%
Other Assets and Liabilities, Net	(4%)
Total	100%

Credit Quality

Table Summary
Credit Rating	% of Net Assets
AAA	12%
AA	31%
A	30%
BBB	12%
BB	2%
B	0%
CCC	0%
CC	0%
Not Rated	12%

Top Five State Allocations

Table Summary
Holdings	% of Net Assets
Texas	19%
New York	12%
Florida	8%
Illinois	7%
Wisconsin	5%

Additional Information

Householding

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DMMBF-TSRA-C

R-101127-3 (07/26)

DWS Managed Municipal Bond Fund

Class S: SCMBX

Annual Shareholder Report — May 31, 2026

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$61	0.59%

Gross expense ratio as of the latest prospectus: 0.65%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Class S shares of the Fund returned 6.92% for the period ended May 31, 2026. The Fund's index, the Bloomberg Municipal Bond Index, returned 6.67% for the same period.

On the downside, underweight allocations to utility and general obligation bonds detracted from return. In addition, security selection within the transportation sector weighed on performance.

Fund Performance

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $10,000 Investment

Table Summary
	Class S	Bloomberg Municipal Bond Index
'16	$10,000	$10,000
'16	$10,169	$10,159
'16	$10,156	$10,165
'16	$10,176	$10,179
'16	$10,109	$10,128
'16	$10,010	$10,022
'16	$9,631	$9,648
'16	$9,739	$9,761
'17	$9,790	$9,826
'17	$9,852	$9,894
'17	$9,870	$9,916
'17	$9,932	$9,987
'17	$10,081	$10,146
'17	$10,076	$10,110
'17	$10,137	$10,191
'17	$10,219	$10,269
'17	$10,180	$10,217
'17	$10,196	$10,242
'17	$10,168	$10,187
'17	$10,288	$10,293
'18	$10,158	$10,172
'18	$10,108	$10,142
'18	$10,135	$10,179
'18	$10,095	$10,143
'18	$10,213	$10,259
'18	$10,218	$10,268
'18	$10,235	$10,293
'18	$10,240	$10,319
'18	$10,177	$10,252
'18	$10,090	$10,189
'18	$10,188	$10,302
'18	$10,299	$10,425
'19	$10,375	$10,504
'19	$10,428	$10,560
'19	$10,609	$10,727
'19	$10,662	$10,768
'19	$10,833	$10,916
'19	$10,863	$10,956
'19	$10,951	$11,045
'19	$11,134	$11,219
'19	$11,057	$11,129
'19	$11,063	$11,149
'19	$11,080	$11,177
'19	$11,117	$11,211
'20	$11,325	$11,412
'20	$11,510	$11,559
'20	$10,829	$11,140
'20	$10,580	$11,000
'20	$10,912	$11,350
'20	$11,123	$11,444
'20	$11,322	$11,636
'20	$11,289	$11,582
'20	$11,269	$11,584
'20	$11,247	$11,549
'20	$11,459	$11,724
'20	$11,578	$11,795
'21	$11,679	$11,870
'21	$11,461	$11,682
'21	$11,539	$11,754
'21	$11,678	$11,852
'21	$11,755	$11,888
'21	$11,808	$11,920
'21	$11,910	$12,019
'21	$11,862	$11,975
'21	$11,751	$11,889
'21	$11,728	$11,854
'21	$11,856	$11,955
'21	$11,873	$11,974
'22	$11,529	$11,646
'22	$11,454	$11,605
'22	$11,057	$11,228
'22	$10,672	$10,918
'22	$10,791	$11,080
'22	$10,535	$10,899
'22	$10,850	$11,187
'22	$10,592	$10,941
'22	$10,112	$10,521
'22	$9,945	$10,434
'22	$10,503	$10,922
'22	$10,463	$10,953
'23	$10,852	$11,268
'23	$10,578	$11,013
'23	$10,782	$11,257
'23	$10,800	$11,232
'23	$10,723	$11,134
'23	$10,836	$11,246
'23	$10,881	$11,290
'23	$10,737	$11,128
'23	$10,417	$10,802
'23	$10,246	$10,710
'23	$10,936	$11,390
'23	$11,261	$11,654
'24	$11,254	$11,595
'24	$11,275	$11,610
'24	$11,310	$11,609
'24	$11,164	$11,466
'24	$11,186	$11,432
'24	$11,403	$11,607
'24	$11,495	$11,713
'24	$11,573	$11,805
'24	$11,723	$11,922
'24	$11,547	$11,748
'24	$11,768	$11,951
'24	$11,577	$11,777
'25	$11,602	$11,836
'25	$11,713	$11,954
'25	$11,509	$11,751
'25	$11,390	$11,656
'25	$11,343	$11,664
'25	$11,412	$11,736
'25	$11,320	$11,713
'25	$11,404	$11,815
'25	$11,738	$12,088
'25	$11,896	$12,238
'25	$11,922	$12,266
'25	$11,904	$12,277
'26	$11,975	$12,392
'26	$12,151	$12,547
'26	$11,908	$12,255
'26	$12,056	$12,396
'26	$12,128	$12,442

Yearly periods ended May 31

Average Annual Total Returns

Table Summary
Class/Index	1-Year	5-Year	10-Year
Class S No Sales Charge	6.92%	0.63%	1.95%
Bloomberg Municipal Bond Index	6.67%	0.92%	2.21%

Key Fund Statistics

Table Summary
Net Assets ($)	1,624,634,755
Number of Portfolio Holdings	383
Portfolio Turnover Rate (%)	44
Total Net Advisory Fees Paid ($)	5,696,142
Modified Duration to Worst	7.0 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Table Summary
Asset Type	% of Net Assets
Revenue Bonds	81%
General Obligation Bonds	14%
Lease Obligations	4%
Variable Rate Demand Notes	2%
Escrow to Maturity/Prerefunded Bonds	2%
Other	1%
Other Assets and Liabilities, Net	(4%)
Total	100%

Credit Quality

Table Summary
Credit Rating	% of Net Assets
AAA	12%
AA	31%
A	30%
BBB	12%
BB	2%
B	0%
CCC	0%
CC	0%
Not Rated	12%

Top Five State Allocations

Table Summary
Holdings	% of Net Assets
Texas	19%
New York	12%
Florida	8%
Illinois	7%
Wisconsin	5%

Additional Information

Householding

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DMMBF-TSRA-S

R-101127-3 (07/26)

DWS Managed Municipal Bond Fund

Institutional Class: SMLIX

Annual Shareholder Report — May 31, 2026

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$61	0.59%

Gross expense ratio as of the latest prospectus: 0.60%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

How did the Fund perform last year and what affected its performance?

Institutional Class shares of the Fund returned 6.92% for the period ended May 31, 2026. The Fund's index, the Bloomberg Municipal Bond Index, returned 6.67% for the same period.

On the downside, underweight allocations to utility and general obligation bonds detracted from return. In addition, security selection within the transportation sector weighed on performance.

Fund Performance

Bloomberg Municipal Bond Index is a market value-weighted index of investment-grade municipal bonds with maturities of one year or more.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Cumulative Growth of an Assumed $1,000,000 Investment

Table Summary
	Institutional Class	Bloomberg Municipal Bond Index
'16	$1,000,000	$1,000,000
'16	$1,016,946	$1,015,909
'16	$1,015,779	$1,016,529
'16	$1,017,799	$1,017,901
'16	$1,012,260	$1,012,821
'16	$1,001,265	$1,002,195
'16	$964,309	$964,818
'16	$975,175	$976,145
'17	$980,238	$982,580
'17	$986,463	$989,403
'17	$988,254	$991,551
'17	$994,453	$998,746
'17	$1,009,383	$1,014,597
'17	$1,008,954	$1,010,958
'17	$1,015,071	$1,019,137
'17	$1,023,349	$1,026,893
'17	$1,019,485	$1,021,672
'17	$1,021,123	$1,024,166
'17	$1,018,320	$1,018,682
'17	$1,030,388	$1,029,329
'18	$1,017,394	$1,017,211
'18	$1,012,345	$1,014,172
'18	$1,015,077	$1,017,915
'18	$1,011,039	$1,014,282
'18	$1,022,841	$1,025,897
'18	$1,023,371	$1,026,773
'18	$1,025,086	$1,029,264
'18	$1,025,666	$1,031,907
'18	$1,019,347	$1,025,226
'18	$1,010,705	$1,018,913
'18	$1,020,550	$1,030,191
'18	$1,031,673	$1,042,526
'19	$1,039,268	$1,050,407
'19	$1,044,637	$1,056,031
'19	$1,063,932	$1,072,724
'19	$1,068,071	$1,076,755
'19	$1,085,115	$1,091,600
'19	$1,088,161	$1,095,631
'19	$1,097,052	$1,104,461
'19	$1,115,429	$1,121,882
'19	$1,107,742	$1,112,889
'19	$1,108,346	$1,114,883
'19	$1,110,143	$1,117,671
'19	$1,113,829	$1,121,083
'20	$1,134,776	$1,141,225
'20	$1,153,386	$1,155,942
'20	$1,085,041	$1,114,013
'20	$1,060,035	$1,100,032
'20	$1,094,421	$1,135,025
'20	$1,114,374	$1,144,367
'20	$1,134,317	$1,163,641
'20	$1,131,058	$1,158,181
'20	$1,129,042	$1,158,427
'20	$1,126,853	$1,154,947
'20	$1,148,146	$1,172,376
'20	$1,160,057	$1,179,518
'21	$1,170,228	$1,187,034
'21	$1,148,372	$1,168,174
'21	$1,156,206	$1,175,378
'21	$1,170,211	$1,185,237
'21	$1,179,208	$1,188,773
'21	$1,183,285	$1,192,037
'21	$1,193,553	$1,201,923
'21	$1,188,712	$1,197,512
'21	$1,177,564	$1,188,870
'21	$1,175,242	$1,185,394
'21	$1,188,141	$1,195,485
'21	$1,189,847	$1,197,414
'22	$1,155,254	$1,164,637
'22	$1,147,777	$1,160,465
'22	$1,107,901	$1,122,846
'22	$1,070,577	$1,091,789
'22	$1,081,244	$1,108,007
'22	$1,055,519	$1,089,860
'22	$1,087,174	$1,118,656
'22	$1,061,317	$1,094,139
'22	$1,013,125	$1,052,145
'22	$996,409	$1,043,395
'22	$1,052,384	$1,092,198
'22	$1,048,366	$1,095,325
'23	$1,087,349	$1,126,788
'23	$1,059,844	$1,101,309
'23	$1,080,328	$1,125,745
'23	$1,082,096	$1,123,173
'23	$1,074,441	$1,113,440
'23	$1,087,079	$1,124,594
'23	$1,090,260	$1,129,043
'23	$1,075,830	$1,112,789
'23	$1,043,690	$1,080,175
'23	$1,026,520	$1,070,983
'23	$1,095,711	$1,138,970
'23	$1,129,711	$1,165,442
'24	$1,127,632	$1,159,490
'24	$1,131,150	$1,160,979
'24	$1,133,231	$1,160,942
'24	$1,118,650	$1,146,564
'24	$1,120,771	$1,143,201
'24	$1,142,575	$1,160,724
'24	$1,153,190	$1,171,303
'24	$1,161,066	$1,180,541
'24	$1,174,647	$1,192,209
'24	$1,157,007	$1,174,825
'24	$1,179,166	$1,195,119
'24	$1,160,062	$1,177,720
'25	$1,162,521	$1,183,623
'25	$1,173,669	$1,195,359
'25	$1,153,157	$1,175,101
'25	$1,142,741	$1,165,634
'25	$1,136,618	$1,166,382
'25	$1,143,485	$1,173,644
'25	$1,134,225	$1,171,273
'25	$1,144,120	$1,181,453
'25	$1,176,161	$1,208,813
'25	$1,192,009	$1,223,806
'25	$1,194,621	$1,226,613
'25	$1,192,791	$1,227,717
'26	$1,199,915	$1,239,239
'26	$1,217,574	$1,254,683
'26	$1,193,182	$1,225,542
'26	$1,208,068	$1,239,575
'26	$1,215,280	$1,244,203

Yearly periods ended May 31

Average Annual Total Returns

Table Summary
Class/Index	1-Year	5-Year	10-Year
Institutional Class No Sales Charge	6.92%	0.60%	1.97%
Bloomberg Municipal Bond Index	6.67%	0.92%	2.21%

Key Fund Statistics

Table Summary
Net Assets ($)	1,624,634,755
Number of Portfolio Holdings	383
Portfolio Turnover Rate (%)	44
Total Net Advisory Fees Paid ($)	5,696,142
Modified Duration to Worst	7.0 years

Modified duration to worst is the measure of sensitivity of the prices of bonds held by the Fund to a change in interest rates, computed using each bond's nearest call or maturity date.

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Table Summary
Asset Type	% of Net Assets
Revenue Bonds	81%
General Obligation Bonds	14%
Lease Obligations	4%
Variable Rate Demand Notes	2%
Escrow to Maturity/Prerefunded Bonds	2%
Other	1%
Other Assets and Liabilities, Net	(4%)
Total	100%

Credit Quality

Table Summary
Credit Rating	% of Net Assets
AAA	12%
AA	31%
A	30%
BBB	12%
BB	2%
B	0%
CCC	0%
CC	0%
Not Rated	12%

Top Five State Allocations

Table Summary
Holdings	% of Net Assets
Texas	19%
New York	12%
Florida	8%
Illinois	7%
Wisconsin	5%

Additional Information

Householding

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

©2026 DWS Group GmbH&Co. KGaA. All rights reserved

DMMBF-TSRA-I

R-101127-3 (07/26)

May 31, 2026

Annual Financial Statements and Other Information

DWS Managed Municipal Bond Fund

Contents

3	Investment Portfolio
26	Statement of Assets and Liabilities
28	Statement of Operations
29	Statements of Changes in Net Assets
30	Financial Highlights
34	Notes to Financial Statements
45	Report of Independent Registered Public Accounting Firm
47	Tax Information
48	Advisory Agreement Board Considerations and Fee Evaluation

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

DWS Managed Municipal Bond Fund

Investment Portfolioas of May 31, 2026

	Principal Amount ($)		Value ($)
Municipal Investments 97.7%
Alabama 0.8%
Alabama, Black Belt Energy Gas District, Gas Project Revenue, Series D-1, 5.5% (a), 6/1/2049, GTY: Goldman Sachs Group, Inc.		3,000,000	3,148,212
Jefferson County, AL, Sewer Revenue, 5.5%, 10/1/2053		4,170,000	4,358,683
Southeast Alabama, Energy Authority A Cooperative District Revenue, Series A, 4.0% (a), 11/1/2051, GTY: Goldman Sachs Group, Inc.		5,000,000	5,067,790
			12,574,685
Alaska 0.2%
Alaska, Alaska Railroad Corp., Revenue, AMT, 6.0%, 10/1/2050, INS: AG		1,500,000	1,632,481
Alaska, Northern Tobacco Securitization Corp., Tobacco Settlement Revenue, “1” , Series A, 4.0%, 6/1/2050		2,045,000	1,740,665
			3,373,146
Arizona 2.8%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2032, GTY: Citigroup, Inc.		1,600,000	1,694,795
5.0%, 12/1/2037, GTY: Citigroup, Inc.		8,405,000	8,872,234
Arizona, State Industrial Development Authority Revenue, ISF Ativo Portfolio Obligated Group, Series 2025-A, 144A, 6.75%, 3/1/2065		10,430,000	10,822,558
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049		2,830,000	2,552,138
Maricopa County, AZ, Industrial Development Authority Revenue, Grand Canyon University Obligated Group, 144A, 7.375%, 10/1/2029		3,000,000	3,138,464
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049		4,560,000	4,303,090
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue:
Series D, 5.0%, 12/1/2043		2,150,000	2,277,523
Series D, 5.0%, 12/1/2044		2,750,000	2,891,927
Series D, 5.0%, 12/1/2045		2,200,000	2,296,432
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
Series 2022, 144A, 4.0%, 6/15/2057		6,495,000	4,751,237

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
144A, 5.0%, 6/15/2049		1,445,000	1,298,576
144A, 5.0%, 6/15/2052		1,410,000	1,232,982
			46,131,956
California 3.1%
California, Housing Finance Agency, Municipal Certificates:
“A", Series A, 3.25%, 8/20/2036		3,824,482	3,690,883
“A", Series 2021-2, 3.75%, 3/25/2035		2,869,506	2,903,381
California, Morongo Band of Mission Indians Revenue, Series B, 144A, Prerefunded, 5.0%, 10/1/2042		2,395,000	2,530,443
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup, Inc.		15,315,000	18,452,526
California, Public Finance Authority Revenue, ISF Ativo Portfolio Obligated Group, Series 2025-A, 144A, 6.625%, 3/1/2065		6,055,000	6,315,412
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements, 3.875%, 9/1/2049		1,560,000	1,273,653
California, State Municipal Finance Authority Revenue, Catalyst Impact Fund 1 LLC, “II” , 144A, 7.0%, 1/1/2039		4,335,000	4,562,056
California, State Municipal Finance Authority, Barlow Respiratory Hospital Obligated Group, Series A, 4.0%, 9/1/2040		6,975,000	6,404,471
Los Angeles, CA, Department of Water & Power Revenue:
Series B, 5.0%, 7/1/2039		2,255,000	2,455,921
Series C, 5.0%, 7/1/2044		1,935,000	2,051,964
			50,640,710
Colorado 4.3%
Colorado, Bridge & Tunnel Enterprise Revenue, Series A, 5.5%, 12/1/2054, INS: AG		3,000,000	3,206,920
Colorado, Denver Health & Hospital Authority Revenue, Series A, 6.0%, 12/1/2055		1,670,000	1,779,707
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050		3,333,000	3,356,921
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co.		30,000,000	36,057,072
Colorado, State Educational & Cultural Facilities Authority Revenue, Stanley Partnership for Art Culture & Education LLC, Series A-1, 144A, 6.875%, 2/1/2059		3,500,000	3,698,273
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-1, 4.0%, 8/1/2044		4,000,000	3,715,930

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Denver City & County, CO, Airport System Revenue:
Series B, AMT, 5.5%, 11/15/2040		1,835,000	2,042,728
Series B, AMT, 5.5%, 11/15/2042		1,665,000	1,837,302
Series B, AMT, 5.5%, 11/15/2043		1,665,000	1,828,249
Series D, AMT, 5.75%, 11/15/2045		3,280,000	3,563,045
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039		4,420,000	4,433,646
Douglas County, CO, Rampart Range Metropolitan District No. 5:
4.0%, 12/1/2041		940,000	862,419
4.0%, 12/1/2051		3,510,000	2,858,223
			69,240,435
District of Columbia 1.3%
District of Columbia, Airport Authority, Dulles Toll Road Revenue, Series B, 3.0%, 10/1/2050, INS: AG		3,265,000	2,395,535
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050		2,155,000	1,998,013
Metropolitan Washington, DC, Airports Authority System Revenue, Series A, AMT, 5.5%, 10/1/2054		4,750,000	4,989,861
Metropolitan Washington, DC, Area Transit Authority Dedicated Revenue, Series A, 5.5%, 7/15/2060		8,000,000	8,558,950
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue:
Series A, 5.0%, 10/1/2029		1,455,000	1,494,800
Series A, 5.0%, 10/1/2030		1,455,000	1,491,344
			20,928,503
Florida 7.6%
Broward County, FL, Airport System Revenue, Series A, AMT, 4.0%, 10/1/2049		3,425,000	3,086,918
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town & Country Utilities Project:
Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC		4,310,000	3,526,112
AMT, 6.125%, 10/1/2055		5,100,000	5,272,646
Collier County, FL, State Educational Facilities Authority Revenue, Ave Maria University Inc., 5.25%, 6/1/2038		4,685,000	4,804,511
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:
Series A-1, 5.0%, 10/1/2032		540,000	565,523
Series A-1, 5.0%, 10/1/2033		540,000	563,434
Series A-1, 5.0%, 10/1/2034		545,000	566,450
Series A-1, 5.0%, 10/1/2035		270,000	279,503

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Florida, Capital Projects Finance Authority Revenue, Trilogy Community Development Foundation, Inc. Obligated Group:
Series A, 144A, 7.125%, 1/1/2065		3,665,000	3,821,819
Series A, 144A, 7.25%, 1/1/2055		2,200,000	2,334,846
Florida, Capital Trust Agency, Southeastern University Obligated Group Project:
Series A, 144A, 6.25%, 5/1/2048		2,500,000	2,588,633
Series A, 144A, 6.375%, 5/1/2053		1,000,000	1,033,119
Florida, Capital Trust Authority Revenue, Madrone Florida Tech Student Housing I LLC, Series A, 144A, 5.375%, 7/1/2065		1,500,000	1,447,848
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects, Series A, 5.0%, 6/15/2050		5,170,000	4,980,714
Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT, 12.0% (a) (b), 7/15/2032*		2,555,000	715,400
Florida, Development Finance Corp., Brightline Trains Florida LLC, AMT, 5.5%, 7/1/2053		6,000,000	4,260,000
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project:
Series B, 5.0%, 7/1/2042		295,000	294,747
Series B, 5.0%, 7/1/2051		420,000	395,446
Series B, 5.0%, 7/1/2057		440,000	407,101
Florida, Higher Educational Facilities Financing Authority Revenue, Rollins College Project, 4.125%, 12/1/2054		13,690,000	11,926,833
Florida, Jacksonville Aviation Authority, Revenue, AMT, 5.5%, 10/1/2050		1,665,000	1,772,496
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056		16,000,000	11,731,998
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, 4.0%, 10/1/2044		1,000,000	904,815
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038		1,600,000	1,568,730
Florida, Village Community Development District No. 14, Special Assessment Revenue, 5.5%, 5/1/2053		6,170,000	6,268,125
Florida, Village Community Development District No. 15, Special Assessment Revenue, 144A, 5.25%, 5/1/2054		2,080,000	2,093,622
Hillsborough County, FL, Industrial Development Authority Revenue, BayCare Obligated Group, Series C, 5.5%, 11/15/2054		6,000,000	6,386,111

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053		3,250,000	2,956,184
Lee County, FL, Airport Revenue:
Series A-1, AMT, 5.25%, 10/1/2045		1,430,000	1,532,538
Series A-1, AMT, 5.25%, 10/1/2046		1,220,000	1,294,830
Series A-1, AMT, 5.25%, 10/1/2047		2,500,000	2,630,171
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.25%, 4/1/2047		6,250,000	6,676,284
Miami-Dade County, FL, Seaport Revenue, Series B1, AMT, 4.0%, 10/1/2046		6,430,000	5,850,378
Orange County, FL, State Health Facilities Authority Revenue, Orlando Health Obligated Group, Series 2025-A, 5.25%, 10/1/2056		5,335,000	5,550,786
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group:
Series C, 7.5%, 5/15/2053		685,000	758,036
Series C, 7.625%, 5/15/2058		905,000	1,003,491
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050		13,380,000	11,855,076
			123,705,274
Georgia 2.6%
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052		3,825,000	3,410,960
Columbia County, GA, Hospital Authority Revenue, WellStar Health System Obligated Group:
Series A, 5.125%, 4/1/2048		1,875,000	1,940,203
Series A, 5.75%, 4/1/2053		2,000,000	2,158,339
Fulton County, GA, Development Authority Hospital Revenue, Wellstar Health System, Obligated Inc. Project, Series A, 5.0%, 4/1/2042		3,155,000	3,181,685
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054		815,000	683,729
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 4.0% (a), 7/1/2052, GTY: Royal Bank of Canada		10,920,000	11,057,136
Series C, 5.0% (a), 9/1/2053, GTY: Royal Bank of Canada		5,765,000	6,128,981
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co.		5,000,000	5,146,244

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.		5,000,000	5,251,881
Georgia, The Atlanta Development Authority Revenue, Capital Appreciation Convertible Economic Development Certificates, “A” , Series 1, 144A, 0%–6.5%, 12/15/2048 (c)		3,250,000	2,969,929
			41,929,087
Hawaii 0.1%
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.5%, 7/1/2054		2,000,000	2,129,661
Idaho 0.3%
Idaho, State Health Facilities Authority Revenue, St Luke’s Health System Ltd. Obligated Group, Series 2025-A, 5.25%, 3/1/2050		4,855,000	5,067,351
Illinois 6.7%
Chicago, IL, O’Hare International Airport Revenue:
Series C, AMT, 5.25%, 1/1/2044		2,620,000	2,803,736
Series A, AMT, 5.5%, 1/1/2053		9,340,000	9,680,743
Series A, AMT, 5.5%, 1/1/2053, INS: AG		6,395,000	6,583,001
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien:
Series A, 4.0%, 12/1/2050		3,730,000	3,246,345
Series A, 5.0%, 12/1/2041		450,000	492,023
Series A, 5.0%, 12/1/2042		750,000	813,240
Series A, 5.0%, 12/1/2043		700,000	755,045
Series A, 5.0%, 12/1/2044		1,000,000	1,069,192
City of Chicago, IL, General Obligation, Series A, 6.0%, 1/1/2050		2,160,000	2,273,164
City of Chicago, IL, Waterworks Revenue:
Series A, 5.0%, 11/1/2045		2,500,000	2,650,090
Series A, 5.0%, 11/1/2047		2,500,000	2,611,877
Illinois, Housing Development Authority Revenue, Series N, 6.25%, 4/1/2054		5,750,000	6,230,345
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL		12,000,000	7,405,896
Illinois, O’Hare International Airport Revenue, Series E, AMT, 5.5%, 1/1/2055		10,625,000	11,036,484
Illinois, Regional Transportation Authority, Series B, 5.75%, 6/1/2033, INS: NATL		7,000,000	7,723,085
Illinois, State Development Finance Authority Revenue, St. Ignatius College Project, 1.5% (d), 6/7/2026, LOC: PNC Bank NA		800,000	800,000

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Illinois, State Development Finance Authority, YMCA Metropolitan Chicago Project, 1.4% (d), 6/7/2026, LOC: BMO Harris Bank NA		400,000	400,000
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group:
Series A, Prerefunded, 5.0%, 1/1/2036		2,970,000	3,008,624
Series A, Prerefunded, 5.0%, 1/1/2037		3,965,000	4,016,563
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 * (e)		8,761,728	262,852
Illinois, State General Obligation:
5.0%, 11/1/2034		3,500,000	3,521,177
5.0%, 1/1/2035		6,875,000	6,882,449
Series A, 5.0%, 12/1/2042		5,955,000	6,026,469
Series C, 5.25%, 10/1/2046		6,000,000	6,221,452
5.5%, 5/1/2039		7,665,000	8,151,692
5.75%, 5/1/2045		4,205,000	4,433,757
			109,099,301
Indiana 0.9%
Indiana, State Finance Authority, CWA Authority, Inc. Project Revenue:
Series A, 5.0%, 10/1/2042		1,000,000	1,096,394
Series A, 5.0%, 10/1/2043		1,000,000	1,091,877
Series A, 5.0%, 10/1/2044		1,000,000	1,083,848
Series A, 5.0%, 10/1/2045		1,000,000	1,075,427
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project:
Series G-1, 5.25%, 1/1/2048		4,100,000	4,258,510
Series E, 6.0%, 3/1/2053		3,570,000	3,709,123
Series E, 6.125%, 3/1/2057		1,780,000	1,858,695
			14,173,874
Iowa 1.8%
Iowa, PEFA, Inc., Revenue, 5.0% (a), 9/1/2049, GTY: Goldman Sachs Group, Inc.		10,000,000	10,055,569
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group:
Series A, 5.125%, 5/15/2059		5,250,000	4,955,852
Series 2024-B, 7.25%, 5/15/2035		3,120,000	3,149,011
Series B, 7.5%, 5/15/2053		910,000	1,007,025
Iowa, State Higher Education Loan Authority Revenue, Des Moines University Project, 4.0%, 10/1/2050		12,905,000	10,713,032
			29,880,489

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Kansas 0.4%
Kansas, State University of Kansas Hospital Authority Revenue, Health System Obligated Group:
Series A, 5.0%, 3/1/2044		2,000,000	2,147,474
Series A, 5.25%, 3/1/2045		2,000,000	2,178,312
Series A, 5.25%, 3/1/2046		1,510,000	1,629,354
			5,955,140
Louisiana 1.4%
Louisiana, Public Facilities Authority Revenue, CHRISTUS Health Obligated Group, Series B-2, 1.6% (d), 6/7/2026, LOC: TD Bank NA		2,195,000	2,195,000
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project:
Series 2025-A, 5.5%, 5/15/2050		5,000,000	5,364,530
Series 2025-A, 5.5%, 5/15/2055		10,000,000	10,579,222
Louisiana, State Public Facilities Authority Revenue, Calcasieu Bridge Partners LLC, AMT, 5.75%, 9/1/2064		4,000,000	4,141,633
			22,280,385
Maryland 0.5%
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050		1,225,000	1,221,366
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project, Series A, 5.75%, 7/1/2053		1,925,000	2,018,636
Maryland, State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System Obligated Group, Series 2025-A, 5.25%, 7/1/2052		2,145,000	2,241,794
Maryland, State Health & Higher Educational Facilities Authority Revenue, UPMC Obligated Group, Series B, 4.0%, 4/15/2045		3,510,000	3,250,670
			8,732,466
Massachusetts 0.4%
Massachusetts, General Obligation:
Series G, 5.0%, 12/1/2044		1,800,000	1,974,634
Series G, 5.0%, 12/1/2045		500,000	543,767
Massachusetts, State Development Finance Agency Revenue, Children’s Hospital Corp. Obligated Group, Series U-1, 2.8% (d), 6/1/2026, LOC: TD Bank NA		200,000	200,000
Massachusetts, State Development Finance Agency Revenue, Springfield College, Series A, 4.0%, 6/1/2056		1,235,000	922,845

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Massachusetts, State Development Finance Agency Revenue, Trustees of Boston University, Series U-6C, 2.6% (d), 6/1/2026, LOC: TD Bank NA		3,000,000	3,000,000
Massachusetts, State Health & Educational Facilities Authority Revenue, Mass General Brigham, Inc., Series F-3, 1.18% (d), 6/7/2026, LOC: TD Bank NA		560,000	560,000
Massachusetts, State Water Resources Authority, Series A1, 1.57% (d), 6/7/2026, SPA: JPMorgan Chase Bank NA		100,000	100,000
			7,301,246
Minnesota 0.0%
Minnesota, State Agricultural & Economic Development Board Revenue, Fairview Health Services Obligated Group, Series C, 1.6% (d), 6/7/2026, LOC: U.S. Bank NA		400,000	400,000
Missouri 1.1%
Missouri, State Health & Educational Facilities Authority Revenue, Mercy Health, Series C, 4.0%, 11/15/2049		7,000,000	6,348,916
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership Loan Program:
Series B, 4.0%, 5/1/2050		1,375,000	1,384,294
Series C, 6.0%, 5/1/2053		8,710,000	9,548,100
			17,281,310
Nebraska 0.7%
Nebraska, Omaha Public Power District, Revenue:
Series A, 5.0%, 2/1/2045 (f)		7,000,000	7,590,782
Series A, 5.0%, 2/1/2046 (f)		3,700,000	3,971,905
			11,562,687
Nevada 0.7%
Nevada, Department of Business & Industry Revenue, Brightline West Passenger Rail Project, Series B, 144A, AMT, 12.0% (a), 1/1/2065		6,015,000	3,368,400
Nevada, Reno-Tahoe Airport Authority Revenue:
Series A, AMT, 5.25%, 7/1/2049		2,000,000	2,060,875
Series A, AMT, 5.25%, 7/1/2054		1,600,000	1,632,927
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		29,000,000	4,723,961
			11,786,163
New Jersey 3.4%
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2031		1,245,000	1,315,945

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
New Jersey, State Economic Development Authority Revenue:
Series SSS, 5.25%, 6/15/2038		1,600,000	1,805,529
Series BBB, Prerefunded, 5.5%, 6/15/2030		16,440,000	16,700,949
New Jersey, State Higher Education Student Assistance Authority, Revenue:
Series B, AMT, 4.25%, 12/1/2045		4,835,000	4,828,411
Series C, AMT, 5.0%, 12/1/2053		2,520,000	2,465,785
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing Revenue, Series I, 5.0%, 10/1/2053		1,815,000	1,879,793
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series CC, Prerefunded, 5.5%, 6/15/2050		4,500,000	5,260,187
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series AA, 4.0%, 6/15/2050		5,820,000	5,346,084
Series A, 5.0%, 12/15/2034		5,320,000	5,560,021
Series AA, 5.25%, 6/15/2050		3,500,000	3,704,180
Series BB, 5.25%, 6/15/2050		6,855,000	7,202,352
			56,069,236
New Mexico 0.9%
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund, Series A, 4.0%, 6/1/2030		5,795,000	5,941,876
New Mexico, State Mortgage Finance Authority:
Series A, 3.5%, 1/1/2051		1,800,000	1,792,194
“I", Series D, 3.75%, 1/1/2050		1,565,000	1,564,380
“I", Series D, 6.5%, 9/1/2054		5,195,000	5,686,208
			14,984,658
New York 11.2%
New York, Genesee County Funding Corp., Rochester Regional Health Obligation, Series A, 5.25%, 12/1/2052		2,000,000	2,024,812
New York, Metropolitan Transportation Authority Revenue:
Series G-1G, 1.63% (d), 6/7/2026, LOC: TD Bank NA		260,000	260,000
Series 2025-A, 5.25%, 11/15/2045		3,000,000	3,221,672
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A, Prerefunded, 5.0%, 2/15/2039		10,000	10,166
Series A, 5.0%, 3/15/2041		8,000,000	8,854,609
New York, State Dormitory Authority, Sales Tax Revenue:
Series A, 5.0%, 3/15/2036		5,000,000	5,162,644

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Series A, 5.0%, 3/15/2044		2,000,000	2,177,233
Series A, 5.0%, 3/15/2045		1,000,000	1,077,771
New York, State Housing Finance Agency Revenue, Liberty Street Realty LLC, Series A, 1.64% (d), 6/7/2026, LIQ: Freddie Mac, LOC: Freddie Mac		200,000	200,000
New York, State Liberty Development Corp. Revenue, Series A, 3.0%, 11/15/2051		3,500,000	2,552,782
New York, State Transportation Development Corp. Revenue, JFK Millennium Partners LLC, Series A, AMT, 5.5%, 12/31/2060		8,745,000	8,885,219
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment:
Series A, AMT, 5.0%, 1/1/2031		2,050,000	2,102,740
AMT, 5.0%, 10/1/2035		3,705,000	3,865,291
AMT, 5.625%, 4/1/2040		5,160,000	5,482,662
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project:
AMT, 5.375%, 6/30/2060		12,495,000	12,555,185
AMT, 6.0%, 6/30/2054		1,400,000	1,459,675
AMT, 6.0%, 6/30/2059		4,615,000	4,866,838
New York, State Transportation Development Corp., Special Facilities Revenue, Terminal 4 John F. Kennedy, International Project, AMT, 5.0%, 12/1/2041		3,210,000	3,343,848
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels:
Series C, 3.0%, 11/15/2046		5,000,000	3,942,704
Series A, 4.0%, 11/15/2054		5,000,000	4,476,316
Series A, 5.0%, 11/15/2034		1,000,000	1,121,403
Series A, 5.0%, 11/15/2035		1,250,000	1,391,400
Series A, 5.0%, 11/15/2036		1,250,000	1,380,722
New York City, NY, General Obligation:
Series L-4, 2.75% (d), 6/1/2026, LOC: U.S. Bank NA		300,000	300,000
Series G-1, 5.25%, 2/1/2048		20,000,000	21,270,862
New York City, NY, Health & Hospitals Corp. Revenue, Series B, 1.5% (d), 6/7/2026, LOC: TD Bank NA		340,000	340,000
New York City, NY, Municipal Water Finance Authority Revenue, Series CC, 2.8% (d), 6/1/2026, SPA: TD Bank NA		11,700,000	11,700,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue:
Series BB, 1.55% (d), 6/7/2026, SPA: TD Bank NA		1,600,000	1,600,000
Series DD, 5.0%, 6/15/2046		5,000,000	5,371,282

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series F-1, 5.0%, 2/1/2042		9,410,000	10,100,477
Series F-1, 5.0%, 2/1/2044		5,000,000	5,332,994
Series D-1, 5.25%, 11/1/2040		5,000,000	5,492,209
Series D-1, 5.5%, 11/1/2045		15,000,000	16,270,309
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S1, 5.0%, 7/15/2035		2,800,000	2,858,891
New York, NY, General Obligation:
Series E1, 5.0%, 4/1/2040		11,250,000	12,191,434
Series B-1, 5.25%, 10/1/2047		3,000,000	3,151,255
Triborough, NY, Bridge & Tunnel Authority Sales Tax Revenue, Series A, 5.25%, 5/15/2052		5,000,000	5,227,291
			181,622,696
North Carolina 0.4%
North Carolina, Charlotte-Mecklenburg Hospital Authority Revenue, Atrium Health Obligated Group, Series E, 2.8% (d), 6/1/2026, LOC: Royal Bank of Canada		195,000	195,000
North Carolina, Greater Asheville Regional Airport Authority Revenue, AMT, 5.25%, 7/1/2043, INS: AG		1,165,000	1,246,778
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%, 6/1/2043		1,595,000	1,637,252
North Carolina, State Housing Finance Agency, Series 52-A, 6.25%, 1/1/2055		2,705,000	2,907,286
			5,986,316
Ohio 2.1%
Buckeye, OH, Tobacco Settlement Financing Authority, “2” , Series B-2, 5.0%, 6/1/2055		6,000,000	4,797,591
Columbus, OH, State Regional Airport Authority Revenue, Series A, AMT, 5.5%, 1/1/2050		17,740,000	18,779,598
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
5.0%, 1/1/2036		975,000	975,412
5.0%, 1/1/2046		2,790,000	2,789,815
Series A, 5.75%, 1/1/2053		2,860,000	2,953,035
Ohio, State Housing Finance Agency, Residential Mortgage Revenue:
3.75%, 9/1/2050		1,970,000	1,975,396
Series B, 4.5%, 3/1/2050		1,970,000	1,988,676
			34,259,523

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.25%, 8/15/2048		2,670,000	2,678,631
Series A, 5.5%, 8/15/2041		3,020,000	3,099,650
Series A, 5.5%, 8/15/2044		3,205,000	3,286,725
Oklahoma, State Turnpike Authority Revenue:
5.5%, 1/1/2053		3,000,000	3,179,690
Series A, 5.5%, 1/1/2054		1,000,000	1,083,282
			13,327,978
Pennsylvania 3.0%
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project:
5.0%, 12/1/2043		665,000	650,808
5.0%, 12/1/2053		1,780,000	1,567,216
Pennsylvania, Bucks County Water and Sewer Authority, Sewer System Revenue, Series A, 5.25%, 12/1/2047, INS: AG		2,175,000	2,300,554
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
5.0%, 6/1/2027		1,290,000	1,319,320
5.0%, 6/1/2028		1,290,000	1,347,650
5.0%, 6/1/2029		1,290,000	1,344,663
5.0%, 6/1/2030		855,000	889,822
5.0%, 6/1/2031		865,000	896,266
Pennsylvania, Higher Educational Facilities Authority Revenue, Thomas Jefferson University Obligated Group, Series B-1, 5.25%, 11/1/2048, INS: AG		7,200,000	7,607,235
Pennsylvania, State Certificates of Participation, Series A, 5.0%, 7/1/2043		1,115,000	1,136,175
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group:
Series 2025-B, 5.0%, 3/15/2044		2,250,000	2,379,459
Series 2025-B, 5.0%, 3/15/2045		2,000,000	2,097,584
Pennsylvania, State Economic Development Financing Authority Tax-Exempt Private Activity Revenue, Major Bridges Package One Project, AMT, 5.75%, 6/30/2048		10,000,000	10,507,566
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 136, 3.0%, 10/1/2051		2,878,179	2,849,553

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Pennsylvania, State Turnpike Commission Revenue:
Series B-1, 5.0%, 6/1/2042		6,950,000	7,035,321
Series B, 5.25%, 12/1/2052		4,050,000	4,224,048
			48,153,240
South Carolina 2.2%
South Carolina, Public Service Authority Revenue:
Series B, 4.0%, 12/1/2047		7,270,000	6,715,749
Series A, 4.0%, 12/1/2055		4,000,000	3,509,141
Series B, 5.0%, 12/1/2044		2,500,000	2,690,300
Series B, 5.0%, 12/1/2047		5,500,000	5,751,351
Series B, 5.0%, 12/1/2048		1,000,000	1,039,723
Series A, 5.5%, 12/1/2054		1,200,000	1,272,895
South Carolina, State Jobs-Economic Development Authority Revenue, Bon Secours Mercy Health, Inc., Series A, 5.25%, 11/1/2044		3,000,000	3,266,361
South Carolina, State Jobs-Economic Development Authority Revenue, Novant Health Obligated Group, Series A, 5.5%, 11/1/2054		2,500,000	2,652,401
South Carolina, State Transportation Infrastructure Bank Revenue, Series A, 5.0%, 10/1/2038		8,000,000	8,185,060
			35,082,981
Tennessee 2.9%
Metropolitan Nashville, TN, Airport Authority Revenue:
Series B, AMT, 4.0%, 7/1/2049		4,000,000	3,607,592
Series B, AMT, 4.0%, 7/1/2054		8,045,000	7,060,628
Series B, AMT, 5.25%, 7/1/2051		4,800,000	4,990,690
Series B, AMT, 5.5%, 7/1/2052		3,250,000	3,381,874
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2045		1,395,000	1,246,965
Nashville & Davidson County, TN, Metropolitan Government Health & Educational Facilities Board Revenue, Vanderbilt University Medical Center Obligated Group:
Series B, 5.0%, 7/1/2042		3,500,000	3,801,726
Series B, 5.0%, 7/1/2043		2,250,000	2,427,750
Series B, 5.0%, 7/1/2044		4,845,000	5,175,041
Series B, 5.0%, 7/1/2045		9,000,000	9,525,966

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Shelby County, TN, Health & Educational Facilities Board Revenue, Madrone Memphis Student Housing I LLC, Series A1, 144A, 5.25%, 6/1/2056		1,135,000	1,107,437
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs Group, Inc.		5,050,000	5,358,234
			47,683,903
Texas 18.8%
Austin, TX, Independent School District, General Obligation, 5.25%, 8/1/2049		12,500,000	13,284,965
City of Austin, TX, Airport System Revenue:
Series B, AMT, 5.0%, 11/15/2045		5,000,000	5,257,940
Series B, AMT, 5.0%, 11/15/2046		5,000,000	5,210,098
Series B, AMT, 5.0%, 11/15/2047		3,000,000	3,100,384
City of Austin, TX, Water & Wastewater System Revenue:
5.0%, 11/15/2043		4,000,000	4,422,159
5.0%, 11/15/2045		4,000,000	4,316,570
5.0%, 11/15/2048		3,500,000	3,692,323
Clifton, TX, Higher Education Finance Corp., Education Revenue:
Series A, 5.25%, 2/15/2045		750,000	798,956
Series A, 5.25%, 2/15/2049		2,250,000	2,341,009
Harris County, TX, Industrial Development Corp. Revenue, Energy Transfer LP, 4.05% (a), 11/1/2050		5,100,000	5,284,798
Harris County, TX, Toll Road Revenue, Series A, 5.25%, 8/15/2054		10,000,000	10,604,212
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057		15,000,000	12,514,962
Prosper, TX, Independent School District, General Obligation, 5.25%, 2/15/2055		3,750,000	3,965,533
San Antonio, TX, Education Facilities Corp., Higher Education Revenue, Hallmark University Project:
Series A, 5.0%, 10/1/2041		890,000	829,469
Series A, 5.0%, 10/1/2051		1,580,000	1,347,819
San Antonio, TX, Electric & Gas Systems Revenue:
Series A, 5.25%, 2/1/2049		3,000,000	3,181,646
Series D, 5.25%, 2/1/2049		7,215,000	7,673,955
San Antonio, TX, Independent School District Revenue, 5.0%, 8/15/2047		10,000,000	10,406,406
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Scott & White Healthcare, Series D, 5.5%, 11/15/2047		8,550,000	9,101,911

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Texas, Canutillo Independent School District, General Obligation, Series A, 5.25%, 2/15/2054		8,290,000	8,704,527
Texas, Cypress-Fairbanks Independent School District, General Obligation:
5.0%, 2/15/2040		1,000,000	1,163,581
5.0%, 2/15/2041		1,000,000	1,157,614
Texas, Dallas Independent School District, General Obligation, Series A, 5.0%, 2/15/2043		15,000,000	16,503,847
Texas, Fort Worth International Airport Revenue:
Series A-1, AMT, 5.25%, 11/1/2045		7,000,000	7,414,959
Series A-1, AMT, 5.25%, 11/1/2046		9,000,000	9,455,098
Texas, Frisco Independent School District, General Obligation, 4.0%, 2/15/2047		5,000,000	4,657,671
Texas, Lamar Consolidated Independent School District, General Obligation:
5.0%, 2/15/2041		10,930,000	11,738,081
5.0%, 2/15/2042		13,180,000	14,096,784
5.0%, 2/15/2043		11,340,000	12,080,942
5.25%, 2/15/2059		10,000,000	10,480,038
Texas, Lower Colorado River Authority Revenue, LCRA Transmission Services Corp.:
Series A, 5.0%, 5/15/2040		1,000,000	1,083,671
Series A, 5.0%, 5/15/2041		4,450,000	4,810,429
Texas, Lubbock Independent School District, General Obligation, 5.25%, 2/15/2055		7,500,000	7,941,603
Texas, New Hope Cultural Education Facilities Finance Corp. Revenue, Bridgemoor Plano Project, Series A-1, 7.25%, 12/31/2030 * (e)		48,360	4,836
Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050		2,250,000	1,948,818
Texas, Northwest Independent School District, General Obligation, 5.25%, 2/15/2055		4,750,000	4,963,329
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, North Tarrant Express, AMT, 5.5%, 12/31/2058		6,250,000	6,466,943
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments 3 LLC:
AMT, 5.5%, 6/30/2041		2,000,000	2,103,812
AMT, 5.5%, 6/30/2042		1,700,000	1,784,794
AMT, 5.5%, 6/30/2043		2,290,000	2,399,490
Texas, San Angelo Independent School District, General Obligation, 5.25%, 2/15/2055		10,000,000	10,544,451
Texas, State Department of Housing & Community Affairs, Series C, 6.0%, 3/1/2054		7,350,000	8,040,832

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Texas, State General Obligation, 1.5% (d), 6/7/2026, SPA: JPMorgan Chase Bank NA		9,415,000	9,415,000
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.		3,105,000	3,159,856
Texas, State Transportation Finance Corp. Revenue:
Series A, 5.0%, 10/1/2043		3,500,000	3,841,320
Series A, 5.0%, 10/1/2044		4,500,000	4,892,876
Series A, 5.0%, 10/1/2045		4,500,000	4,856,716
Texas, State Water Development Board Revenue, Revolving Fund:
5.0%, 10/15/2042		7,500,000	8,317,706
5.0%, 10/15/2044		3,000,000	3,267,873
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund:
Series B, 4.0%, 10/15/2033		5,000,000	5,091,254
Series B, 4.0%, 10/15/2036		5,000,000	5,055,389
			304,779,255
Utah 2.4%
Salt Lake City, UT, Airport Revenue, Series A, AMT, 4.0%, 7/1/2051		4,000,000	3,574,124
Utah, Black Desert Public Infrastructure District Special Assessment, Public Infrastructure District Black Desert Assessment Area No. 1, 144A, 5.625%, 12/1/2053		2,000,000	2,039,996
Utah, Downtown Revitalization Public Infrastructure District, Sales Tax Revenue, Series A, 5.5%, 6/1/2055, INS: AG		4,000,000	4,265,807
Utah, Mida Mountain Village Public Infrastructure District, Tax Allocation:
Series 1, 144A, 5.125%, 6/15/2054		1,375,000	1,383,069
Series 1, 144A, 5.5%, 6/1/2050		1,350,000	1,377,525
Series 1, 144A, 5.5%, 6/1/2055		4,535,000	4,592,675
Series 1, 144A, 5.75%, 6/1/2060		1,850,000	1,911,034
Series 2, 144A, 6.0%, 6/15/2054		8,425,000	8,690,618
Utah, Point Phase 1 Public Infrastructure District No. 1 Revenue, Series A-1, 6.125%, 3/1/2055		6,485,000	6,764,095
Utah, State Housing Corp. Revenue, Series A, 6.5%, 1/1/2054		2,625,000	2,846,693
Utah, State Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue, 5.5%, 6/1/2040		1,400,000	1,549,700
			38,995,336

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Virginia 0.8%
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation, 144A, 5.0%, 9/1/2045		3,700,000	3,707,262
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project, AMT, 4.0%, 1/1/2039		3,775,000	3,673,457
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2049		3,145,000	3,123,010
Virginia, State College Building Authority, Educational Facilities Revenue, Regent University Project, 4.0%, 6/1/2046		2,420,000	2,099,537
			12,603,266
Washington 3.9%
King County, WA, School District No. 412 Shoreline, 5.0%, 12/1/2031		4,345,000	4,587,570
Port of Seattle, WA, Revenue Bonds:
Series B, AMT, 5.5%, 8/1/2047		1,500,000	1,586,345
Series B, AMT, 5.5%, 10/1/2050		8,000,000	8,526,395
Washington, State Convention Center Public Facilities District:
Series B, 3.0%, 7/1/2048, INS: AG		9,170,000	6,851,427
Series B, 3.0%, 7/1/2058		4,630,000	3,056,549
Washington, State Health Care Facilities Authority Revenue, CommonSpirit Health Obligation Group:
Series A2, 5.0%, 8/1/2044		17,700,000	18,063,958
Series A, 5.5%, 9/1/2055		4,000,000	4,217,878
Washington, State Higher Educational Facilities Authority, Gonzaga University Project, Series A, 3.0%, 4/1/2049		5,000,000	3,706,625
Washington, State Higher Educational Facilities Authority, Seattle University Project, 4.0%, 5/1/2050		4,350,000	3,752,091
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project:
Series A, 144A, 5.0%, 1/1/2051		3,510,000	3,180,900
144A, 5.0%, 1/1/2055		5,500,000	4,906,637
Washington, State Housing Finance Commission, Panorama Project, 1.57% (d), 6/7/2026, LOC: Wells Fargo Bank NA		975,000	975,000
			63,411,375

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
West Virginia 2.0%
West Virginia, Marshall University Revenue, Improvement & Refunding Bonds, Series A, 4.0%, 5/1/2050, INS: AG		9,150,000	8,008,352
West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group:
Series A, 5.0%, 6/1/2042		10,085,000	10,194,962
Series A, 5.5%, 6/1/2050		7,500,000	7,956,971
West Virginia, State Parkways Authority, Senior Lien, Trunpike Toll Revenue, 4.0%, 6/1/2051		6,765,000	6,153,258
			32,313,543
Wisconsin 4.6%
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045		9,725,000	8,653,544
Wisconsin, Public Finance Authority Revenue, Million Air Three Obligated Group:
Series A, 144A, AMT, 6.25%, 9/1/2046		795,000	821,518
Series B, 144A, AMT, 7.0%, 9/1/2054		800,000	844,719
Wisconsin, Public Finance Authority Revenue, Renown Regional Medical Center Obligated Group, Series A, 5.5%, 6/1/2055		10,000,000	10,454,428
Wisconsin, Public Finance Authority Revenue, SR 400 Peach Partners LLC:
Series 2025, AMT, 5.75%, 12/31/2065		8,000,000	8,297,283
Series 2025, AMT, 6.5%, 6/30/2060		3,090,000	3,441,536
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, AMT, 4.0%, 9/30/2051		8,000,000	6,746,762
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project:
144A, 4.0%, 4/1/2042		485,000	441,363
144A, Prerefunded, 4.0%, 4/1/2042		10,000	10,532
144A, Prerefunded, 4.0%, 4/1/2052		25,000	26,329
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		1,235,000	1,056,406
144A, 5.75%, 5/1/2054		3,860,000	2,836,418
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel:
Series A, 5.0%, 2/1/2062		8,750,000	8,515,696
Series B, 144A, 6.0%, 2/1/2062		3,000,000	3,074,166

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc., 144A, 5.0%, 10/1/2048		5,000,000	4,802,487
Wisconsin, State General Obligation, Series 1, 5.0%, 5/1/2035		1,250,000	1,448,916
Wisconsin, State Health & Educational Facilities Authority Revenue, Chiara Housing & Services, Inc. Obligated Group:
5.875%, 7/1/2055		2,650,000	2,665,661
6.0%, 7/1/2060		2,800,000	2,825,746
6.625%, 7/1/2060		7,635,000	8,034,075
			74,997,585
Guam 0.1%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050		1,090,000	1,107,818
Puerto Rico 0.5%
Puerto Rico, General Obligation:
Series A1, 4.0%, 7/1/2037		1,690,325	1,670,933
Series A1, 4.0%, 7/1/2041		2,613,626	2,491,023
Series A1, 4.0%, 7/1/2046		1,097,810	973,668
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, Zero Coupon, 7/1/2046		5,000,000	1,825,081
Series A-1, Zero Coupon, 7/1/2051		4,207,000	1,129,901
			8,090,606
Total Municipal Investments (Cost $1,576,128,655)			1,587,643,184
Underlying Municipal Bonds of Inverse Floaters (g) 3.3%
Georgia 0.6%
Georgia, City of Atlanta Department of Aviation, Series B, 5.5%, 7/1/2055 (h)		10,000,000	10,603,042
Trust: Georgia, City of Atlanta Department of Aviation, Series 2025-XM1317, 144A, 13.36%, 7/1/2032, Leverage Factor at purchase date: 4 to 1

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Indiana 0.7%
Indiana, Finance Authority, Series C, 5.25%, 10/1/2046 (h)		10,000,000	10,708,518
Trust: Indiana, Finance Authority, Series 2025-XM1275, 144A, 12.54%, 4/1/2033, Leverage Factor at purchase date: 4 to 1
New York 1.3%
New York City, NY, Transitional Finance Authority, Series D, 5.5%, 5/1/2052 (h)		10,000,000	10,684,955
Trust: New York City, NY, Transitional Finance Authority, Series 2025-XM1309, 144A, 13.54%, 11/1/2032, Leverage Factor at purchase date: 4 to 1
New York City, NY, Transitional Finance Authority, Series I-1, 5.25%, 5/1/2048 (h)		10,000,000	10,614,436
Trust: New York City, NY, Transitional Finance Authority, Series 2025-XM1261, 144A, 14.88%, 5/1/2033, Leverage Factor at purchase date: 4 to 1
			21,299,391
Texas 0.7%
Texas, Transportation Finance Corp., Series A, 5.25%, 10/1/2050 (h)		10,000,000	10,691,872
Trust: Texas, Transportation Finance Corp., Series 2025-XM1330, 144A, 12.24%, 10/1/2033, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $52,308,794)			53,302,823
Corporate Bonds 0.4%
Consumer Discretionary 0.4%
Grand Canyon University, 5.125%, 10/1/2028		6,386,000	6,326,546
Industrials 0.0%
Brightline East LLC, 144A, 11.0%, 1/31/2030		5,000,000	450,000
Total Corporate Bonds (Cost $11,087,710)			6,776,546

	Shares		Value ($)
Closed-End Investment Companies 0.3%
Nuveen Quality Municipal Income Fund (Cost $3,179,677)		314,188	3,748,263

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

	Shares		Value ($)
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 1.53% (i) (Cost $2,876)		2,875	2,876
Warrants 0.0%
BL Train Holdings West LLC, Expiration Date 11/26/2035* (j) (Cost $0)		50,070	0

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $1,642,707,712)	101.7	1,651,473,692
Floating Rate Notes (g)	(2.3 )	(37,500,000 )
Other Assets and Liabilities, Net	0.6	10,661,063
Net Assets	100.0	1,624,634,755

*	Non-income producing security.
(a)	Variable or floating rate security. These securities are shown at their current rate as of May 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable.
(b)	Interest coupon payment as of July 15, 2025 and January 15, 2026 have been deferred by the issuer.
(c)	Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.
(d)	Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of May 31, 2026. Date shown reflects the earlier of demand date or stated maturity date.
(e)	Defaulted security or security for which income has been deemed uncollectible.
(f)	When-issued or delayed delivery securities included.
(g)	Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.
(h)	Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

(i)	Current yield; not a coupon rate.
(j)	Investment was valued using significant unobservable inputs.

144A: Security exempt from registration under Rule 144A under the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.

AG: Assured Guaranty, Inc.

AMT: Subject to alternative minimum tax.

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury

securities which are held in escrow and used to pay principal and interest on tax-exempt

issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2026 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Municipal Investments (a)	$—	$1,640,946,007	$—	$1,640,946,007
Corporate Bonds (a)	—	6,776,546	—	6,776,546
Closed-End Investment Companies	3,748,263	—	—	3,748,263
Open-End Investment Companies	2,876	—	—	2,876
Warrants	—	—	0	0
Total	$3,751,139	$1,647,722,553	$0	$1,651,473,692

(a)	See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Statement of Assets and Liabilities

as of May 31, 2026

Assets
Investment in securities, at value (cost $1,642,707,712)	$1,651,473,692
Receivable for investments sold	1,537,391
Receivable for Fund shares sold	581,099
Dividends receivable	22,150
Interest receivable	23,025,811
Other assets	37,799
Total assets	1,676,677,942
Liabilities
Payable for investments purchased — when-issued/delayed-delivery securities	11,523,898
Payable for Fund shares redeemed	669,577
Payable for floating rate notes issued	37,500,000
Distributions payable	1,051,879
Accrued management fee	432,073
Accrued Trustees' fees	13,884
Other accrued expenses and payables	851,876
Total liabilities	52,043,187
Net assets, at value	$1,624,634,755
Net Assets Consist of
Distributable earnings (loss)	(149,815,234 )
Paid-in capital	1,774,449,989
Net assets, at value	$1,624,634,755

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Statement of Assets and Liabilities as of May 31, 2026 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($597,773,794 ÷ 74,763,497 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$8.00
Maximum offering price per share (100 ÷ 97.25 of $8.00)	$8.23
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($3,848,165 ÷ 481,288 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$8.00
Class S
Net Asset Value, offering and redemption price per share ($899,876,490 ÷ 112,393,537 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$8.01
Institutional Class
Net Asset Value, offering and redemption price per share ($123,136,306 ÷ 15,394,090 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$8.00

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Statement of Operations

for the year ended May 31, 2026

Investment Income
Income:
Interest	$80,747,974
Dividends	364,107
Total income	81,112,081
Expenses:
Management fee	5,696,142
Administration fee	1,625,464
Services to shareholders	2,064,688
Distribution and service fees	1,512,082
Professional fees	107,464
Reports to shareholders	76,030
Registration fees	75,517
Trustees' fees and expenses	54,751
Interest expense on floating rate notes issued	901,476
Other	97,046
Total expenses before expense reductions	12,210,660
Expense reductions	(723,651 )
Total expenses after expense reductions	11,487,009
Net investment income	69,625,072
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(11,865,831 )
Change in net unrealized appreciation (depreciation) on investments	54,059,925
Net gain (loss)	42,194,094
Net increase (decrease) in net assets resulting from operations	$111,819,166

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Statements of Changes in Net Assets

	Years Ended May 31,
Increase (Decrease) in Net Assets	2026	2025
Operations:
Net investment income	$69,625,072	$73,506,880
Net realized gain (loss)	(11,865,831 )	(15,024,888 )
Change in net unrealized appreciation (depreciation)	54,059,925	(28,309,206 )
Net increase (decrease) in net assets resulting from operations	111,819,166	30,172,786
Distributions to shareholders:
Class A	(24,646,452 )	(26,629,921 )
Class C	(178,431 )	(298,696 )
Class S	(38,126,915 )	(39,273,487 )
Institutional Class	(5,415,486 )	(6,134,033 )
Total distributions	(68,367,284 )	(72,336,137 )
Fund share transactions:
Proceeds from shares sold	64,832,278	102,058,967
Reinvestment of distributions	59,338,296	62,654,142
Payments for shares redeemed	(268,311,589 )	(353,542,031 )
Net increase (decrease) in net assets from Fund share transactions	(144,141,015 )	(188,828,922 )
Increase (decrease) in net assets	(100,689,133 )	(230,992,273 )
Net assets at beginning of period	1,725,323,888	1,956,316,161
Net assets at end of period	$1,624,634,755	$1,725,323,888

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Financial Highlights

DWS Managed Municipal Bond Fund — Class A
	Years Ended May 31,
	2026	2025	2024	2023	2022
Selected Per Share Data
Net asset value, beginning of period	$7.79	$8.00	$7.95	$8.29	$9.39
Income (loss) from investment operations:
Net investment income	.32 a	.30	.27	.26	.24
Net realized and unrealized gain (loss)	.20	(.21 )	.05	(.33 )	(1.02 )
Total from investment operations	.52	.09	.32	(.07 )	(.78 )
Less distributions from:
Net investment income	(.31 )	(.30 )	(.27 )	(.26 )	(.24 )
Net realized gains	—	—	(.00 )*	(.01 )	(.08 )
Total distributions	(.31 )	(.30 )	(.27 )	(.27 )	(.32 )
Net asset value, end of period	$8.00	$7.79	$8.00	$7.95	$8.29
Total Return (%)b	6.81	1.04 c	4.18 c	(.88 )	(8.53 )
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	598	653	752	833	1,008
Ratio of expenses before expense reductions (including interest expense) (%)d	.83	.78	.78	.78	.76
Ratio of expenses after expense reductions (including interest expense) (%)d	.83	.77	.76	.78	.76
Ratio of expenses after expense reductions (excluding interest expense) (%)	.78	.77	.76	.77	.76
Ratio of net investment income (%)	4.01	3.75	3.50	3.25	2.65
Portfolio turnover rate (%)	44	47	40	60	39

a	Based on average shares outstanding during the period.
b	Total return does not reflect the effect of any sales charges.
c	Total return would have been lower had certain expenses not been reduced.
d	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.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

DWS Managed Municipal Bond Fund — Class C
	Years Ended May 31,
	2026	2025	2024	2023	2022
Selected Per Share Data
Net asset value, beginning of period	$7.79	$8.00	$7.95	$8.29	$9.39
Income (loss) from investment operations:
Net investment income	.26 a	.24	.21	.20	.17
Net realized and unrealized gain (loss)	.20	(.21 )	.05	(.33 )	(1.02 )
Total from investment operations	.46	.03	.26	(.13 )	(.85 )
Less distributions from:
Net investment income	(.25 )	(.24 )	(.21 )	(.20 )	(.17 )
Net realized gains	—	—	(.00 )*	(.01 )	(.08 )
Total distributions	(.25 )	(.24 )	(.21 )	(.21 )	(.25 )
Net asset value, end of period	$8.00	$7.79	$8.00	$7.95	$8.29
Total Return (%)b,c	6.00	.26	3.40	(1.63 )	(9.24 )
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	4	7	13	27	43
Ratio of expenses before expense reductions (including interest expense) (%)d	1.64	1.58	1.59	1.58	1.56
Ratio of expenses after expense reductions (including interest expense) (%)d	1.59	1.53	1.52	1.54	1.54
Ratio of expenses after expense reductions (excluding interest expense) (%)	1.54	1.53	1.51	1.53	1.54
Ratio of net investment income (%)	3.24	2.97	2.73	2.48	1.87
Portfolio turnover rate (%)	44	47	40	60	39

a	Based on average shares outstanding during the period.
b	Total return does not reflect the effect of any sales charges.
c	Total return would have been lower had certain expenses not been reduced.
d	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.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

DWS Managed Municipal Bond Fund — Class S
	Years Ended May 31,
	2026	2025	2024	2023	2022
Selected Per Share Data
Net asset value, beginning of period	$7.81	$8.01	$7.97	$8.31	$9.40
Income (loss) from investment operations:
Net investment income	.34 a	.32	.29	.28	.26
Net realized and unrealized gain (loss)	.19	(.20 )	.04	(.33 )	(1.01 )
Total from investment operations	.53	.12	.33	(.05 )	(.75 )
Less distributions from:
Net investment income	(.33 )	(.32 )	(.29 )	(.28 )	(.26 )
Net realized gains	—	—	(.00 )*	(.01 )	(.08 )
Total distributions	(.33 )	(.32 )	(.29 )	(.29 )	(.34 )
Net asset value, end of period	$8.01	$7.81	$8.01	$7.97	$8.31
Total Return (%)b	6.92	1.41	4.31	(.63 )	(8.20 )
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	900	929	1,033	1,133	1,393
Ratio of expenses before expense reductions (including interest expense) (%)c	.67	.62	.61	.62	.61
Ratio of expenses after expense reductions (including interest expense) (%)c	.59	.53	.51	.54	.54
Ratio of expenses after expense reductions (excluding interest expense) (%)	.54	.53	.51	.53	.54
Ratio of net investment income (%)	4.25	3.99	3.75	3.48	2.87
Portfolio turnover rate (%)	44	47	40	60	39

a	Based on average shares outstanding during the period.
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.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

DWS Managed Municipal Bond Fund — Institutional Class
	Years Ended May 31,
	2026	2025	2024	2023	2022
Selected Per Share Data
Net asset value, beginning of period	$7.80	$8.00	$7.96	$8.30	$9.40
Income (loss) from investment operations:
Net investment income	.34 a	.32	.29	.28	.26
Net realized and unrealized gain (loss)	.19	(.20 )	.04	(.33 )	(1.02 )
Total from investment operations	.53	.12	.33	(.05 )	(.76 )
Less distributions from:
Net investment income	(.33 )	(.32 )	(.29 )	(.28 )	(.26 )
Net realized gains	—	—	(.00 )*	(.01 )	(.08 )
Total distributions	(.33 )	(.32 )	(.29 )	(.29 )	(.34 )
Net asset value, end of period	$8.00	$7.80	$8.00	$7.96	$8.30
Total Return (%)b	6.92	1.41	4.31	(.63 )	(8.31 )
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	123	136	158	213	375
Ratio of expenses before expense reductions (including interest expense) (%)c	.62	.57	.56	.56	.55
Ratio of expenses after expense reductions (including interest expense) (%)c	.59	.53	.52	.54	.53
Ratio of expenses after expense reductions (excluding interest expense) (%)	.54	.53	.51	.53	.53
Ratio of net investment income (%)	4.25	3.99	3.74	3.48	2.87
Portfolio turnover rate (%)	44	47	40	60	39

a	Based on average shares outstanding during the period.
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.

The accompanying notes are an integral part of the financial statements.

DWS Managed Municipal Bond Fund

Notes to Financial Statements

Organization and Significant Accounting Policies

DWS Managed Municipal Bond Fund (the “Fund” ) is a diversified series of Deutsche DWS Municipal Trust (the “Trust” ), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 8 years, provided that the Fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 8 years. Class S shares are not subject to initial or contingent deferred sales charges and are available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Operating Segment. The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07” ). ASU 2023-07 impacts

DWS Managed Municipal Bond Fund

financial statement disclosures only and does not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy that is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

DWS Managed Municipal Bond Fund

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Other debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Closed-end investment companies are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Closed-end investment companies for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Closed-end investment companies are generally categorized as Level 1.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is

DWS Managed Municipal Bond Fund

purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.

Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Option Bond trust (the “TOB Trust” ). In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond’s par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying long-term fixed-rate bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.

By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption “Payable for floating rate notes issued” in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense and fees on floating rate notes issued” in the Statement of Operations. For the year ended May 31, 2026, interest expense related to floaters amounted to $901,476. The weighted average outstanding daily balance of the floating rate notes issued during the year ended May 31, 2026 was $29,897,260, with a weighted average interest rate of 3.02%.

DWS Managed Municipal Bond Fund

The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund’s inverse floater investments. In addition, when interest rates increase, the interest payment to the inverse floater will generally decrease and the value of inverse floaters may decrease significantly. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund’s control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

When-Issued and Delayed-Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.

Certain risks may arise upon entering into when-issued and delayed-delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Tax Information. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.

At May 31, 2026, the Fund had net tax basis capital loss carryforwards of $167,383,612, including short-term losses ($55,480,056) and long-term losses ($111,903,556), which may be applied against realized net taxable capital gains indefinitely.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended May 31, 2026, remains subject to examination by taxing authorities.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and,

DWS Managed Municipal Bond Fund

therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in certain securities sold at a loss, premium amortization on debt securities, interest income on defaulted securities and the realized tax character on distributions from certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At May 31, 2026, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Undistributed tax-exempt income	$5,312,361
Undistributed ordinary income*	$108,165
Capital loss carryforwards	$(167,383,612 )
Net unrealized appreciation (depreciation) on investments	$13,764,596

At May 31, 2026, the aggregate cost of investments for federal income tax purposes was $1,637,709,096. The net unrealized appreciation for all investments based on tax cost was $13,764,596. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $62,135,206 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $48,370,610.

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended May 31,
	2026	2025
Distributions from tax-exempt income	$66,623,104	$70,797,426
Distributions from ordinary income*	$1,744,180	$1,538,711

*	For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust based upon the relative net assets or other appropriate measures.

DWS Managed Municipal Bond Fund

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for financial reporting purposes, with the exception of securities in default of principal.

Purchases and Sales of Securities

During the year ended May 31, 2026, purchases and sales of investment securities (excluding short-term investments) aggregated $747,707,746 and $844,667,083, respectively.

Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million of the Fund’s average daily net assets	.365%
Next $750 million of such net assets	.345%
Next $1.5 billion of such net assets	.325%
Next $2.5 billion of such net assets	.315%
Next $2.5 billion of such net assets	.295%
Next $2.5 billion of such net assets	.275%
Next $2.5 billion of such net assets	.255%
Over $12.5 billion of such net assets	.235%

DWS Managed Municipal Bond Fund

Accordingly, for the year ended May 31, 2026, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.34% of the Fund’s average daily net assets.

For the period from June 1, 2025 through September 30, 2026, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A	.79%
Class C	1.54%
Class S	.54%
Institutional Class	.54%

For the year ended May 31, 2026, fees waived and/or expenses reimbursed for certain classes are as follows:

Class C	$2,363
Class S	683,752
Institutional Class	37,536
	$723,651

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended May 31, 2026, the Administration Fee was $1,625,464, of which $133,340 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder

DWS Managed Municipal Bond Fund

servicing fee it receives from the Fund. For the year ended May 31, 2026, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at May 31, 2026
Class A	$77,452	$12,595
Class C	616	96
Class S	168,081	27,375
Institutional Class	597	98
	$246,746	$40,164

In addition, for the year ended May 31, 2026, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$401,931
Class C	5,851
Class S	1,187,223
Institutional Class	132,266
	$1,727,271

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended May 31, 2026, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at May 31, 2026
Class C	$42,252	$2,573

In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder

DWS Managed Municipal Bond Fund

accounts the firms service. For the year ended May 31, 2026, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at May 31, 2026	Annual Rate
Class A	$1,455,746	$237,991	.23%
Class C	14,084	827	.25%
	$1,469,830	$238,818

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended May 31, 2026 aggregated $10,361.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended May 31, 2026, the CDSC for Class C shares aggregated $1,366. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended May 31, 2026, DDI received $3,691 for Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended May 31, 2026, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,045, of which $316 is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the year ended May 31, 2026, the Fund engaged in securities purchases of $88,305,000 and securities sales of $89,320,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of

DWS Managed Municipal Bond Fund

the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at May 31, 2026.

Fund Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Year Ended May 31, 2026		Year Ended May 31, 2025
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	2,992,441	$23,714,827	4,277,732	$34,827,795
Class C	46,096	363,966	66,292	538,922
Class S	1,090,588	8,664,156	1,198,514	9,724,192
Institutional Class	4,049,785	32,089,329	7,058,825	56,968,058
		$64,832,278		$102,058,967
Shares issued to shareholders in reinvestment of distributions
Class A	2,733,849	$21,660,007	2,896,795	$23,387,031
Class C	21,081	166,838	34,572	279,602
Class S	4,108,220	32,600,707	4,135,005	33,423,965
Institutional Class	619,484	4,910,744	688,415	5,563,544
		$59,338,296		$62,654,142
Shares redeemed
Class A	(14,688,020 )	$(116,604,260 )	(17,477,619 )	$(141,682,094 )
Class C	(526,167 )	(4,178,622 )	(834,928 )	(6,773,187 )
Class S	(11,862,261 )	(94,179,040 )	(15,252,179 )	(123,893,734 )
Institutional Class	(6,736,804 )	(53,349,667 )	(10,075,075 )	(81,193,016 )
		$(268,311,589 )		$(353,542,031 )
Net increase (decrease)
Class A	(8,961,730 )	$(71,229,426 )	(10,303,092 )	$(83,467,268 )
Class C	(458,990 )	(3,647,818 )	(734,064 )	(5,954,663 )
Class S	(6,663,453 )	(52,914,177 )	(9,918,660 )	(80,745,577 )
Institutional Class	(2,067,535 )	(16,349,594 )	(2,327,835 )	(18,661,414 )
		$(144,141,015 )		$(188,828,922 )

DWS Managed Municipal Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Municipal Trust and Shareholders of DWS Managed Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Managed Municipal Bond Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Municipal Trust (the “Trust” )), including the investment portfolio, as of May 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Municipal Trust) at May 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB” ) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

DWS Managed Municipal Bond Fund

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

Boston, Massachusetts

July 27, 2026

DWS Managed Municipal Bond Fund

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended May 31, 2026, 97% are designated as exempt interest dividends for federal income tax purposes.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

DWS Managed Municipal Bond Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS Managed Municipal Bond Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2025.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

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During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).

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The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel, including materials containing information on the Fund’s performance, fees and expenses, profitability, economies of scale and fall-out benefits.

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The Board also received extensive information throughout the year regarding performance of the Fund.

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The Independent Trustees regularly met privately with counsel to discuss contract review and other matters.

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In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement, and certain other material service agreements.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group” ). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

As part of the contract review process, the Board carefully considered the fees and expenses of each DWS fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps.

DWS Managed Municipal Bond Fund

While shareholders may focus primarily on fund performance and fees, the Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and administrative support services provided by DIMA, such as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2024, the Fund’s performance (Class A shares) was in the 2nd quartile, 3rd quartile and 4th quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2024.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of

DWS Managed Municipal Bond Fund

December 31, 2024). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2024, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was in line with the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the

DWS Managed Municipal Bond Fund

Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental or “fall-out” benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund, any fees received by an affiliate of DIMA for transfer agency services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities. In addition, the Board considered the incidental public relations benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters; and (iii) ongoing efforts to enhance the compliance program.

Based on all of the information considered and the conclusions reached, the Board determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above and individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present.

DMMBF-BFE2025

DWS Managed Municipal Bond Fund

Date of fiscal year end:	5/31

Date of reporting period:	5/31/2026


	(b) Not applicable

Item 2.	Code of Ethics.

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.	Audit Committee Financial Expert.

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Ms. Catherine Schrand, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4.	Principal Accountant Fees and Services.

Fiscal Year Ended May 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2026	$55,631	$0	$7,629	$0
2025	$53,136	$0	$7,629	$0

Fiscal Year Ended May 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2026	$7,629	$588,231	$0	$595,860
2025	$7,629	$1,369,569	$0	$1,377,198


Item 5.	Audit Committee of Listed Registrants

	Not applicable

Item 6.	Investments.

	Not applicable

Item 7.	Financial Statements and Financial Highlights for Open-End Management Investment Companies.

	(a)

Fiscal Year Ended May 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2026	$0	$588,231	$0
2025	$0	$1,369,569	$0

	(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8.	Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

	Not applicable

Item 9.	Proxy Disclosures for Open-End Management Investment Companies.

	Not applicable

Item 10.	Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	See Item 7(a)

Item 11.	Statement Regarding Basis for Approval of Investment Advisory Contract.

	See Item 7(a)

Item 12.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

	Not applicable

Item 13.	Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable

Item 14.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable

Item 15.	Submission of Matters to a Vote of Security Holders.

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. 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.

Item 16.	Controls and Procedures.

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 17.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

	Not applicable

Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS Managed Municipal Bond Fund, a series of Deutsche DWS Municipal Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	7/30/2026

Item 1.	Reports to Stockholders.

	(a)