UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-02671
Deutsche DWS Municipal Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 5/31 |
Date of reporting period: | 5/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img2136cc191.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img84f1f6bd2.jpg)
2 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 3 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956imga8ecec1a3.jpg)
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img3550f3474.jpg)
4 | | DWS Managed Municipal Bond Fund |
Portfolio Management Review | (Unaudited) |
DWS Managed Municipal Bond Fund | | 5 |
6 | | DWS Managed Municipal Bond Fund |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img66dbf74e5.jpg)
DWS Managed Municipal Bond Fund | | 7 |
8 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 9 |
10 | | DWS Managed Municipal Bond Fund |
Performance Summary | May 31, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
Unadjusted for Sales Charge | 7.52% | 3.10% | 4.28% |
Adjusted for the Maximum Sales Charge (max 2.75% load) | 4.56% | 2.53% | 3.99% |
Bloomberg Barclays Municipal Bond Index† | 4.74% | 3.52% | 4.29% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
Unadjusted for Sales Charge | 6.67% | 2.29% | 3.48% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 6.67% | 2.29% | 3.48% |
Bloomberg Barclays Municipal Bond Index† | 4.74% | 3.52% | 4.29% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
No Sales Charges | 7.73% | 3.29% | 4.49% |
Bloomberg Barclays Municipal Bond Index† | 4.74% | 3.52% | 4.29% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
No Sales Charges | 7.75% | 3.35% | 4.53% |
Bloomberg Barclays Municipal Bond Index† | 4.74% | 3.52% | 4.29% |
DWS Managed Municipal Bond Fund | | 11 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img2ae9711c6.jpg)
† | Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. |
12 | | DWS Managed Municipal Bond Fund |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
5/31/21 | $ 9.39 | $ 9.39 | $ 9.40 | $ 9.40 |
5/31/20 | $ 8.98 | $ 8.98 | $ 8.99 | $ 8.99 |
Distribution Information as of 5/31/21 | ||||
Income Dividends, Twelve Months | $ .25 | $ .18 | $ .27 | $ .27 |
Capital Gain Distributions | $ .0038 | $ .0038 | $ .0038 | $ .0038 |
May Income Dividend | $ .0200 | $ .0135 | $ .0217 | $ .0219 |
SEC 30-day Yield‡‡ | .79% | .04% | 1.02% | 1.05% |
Tax Equivalent Yield‡‡ | 1.33% | .07% | 1.72% | 1.77% |
Current Annualized Distribution Rate‡‡ | 2.51% | 1.69% | 2.72% | 2.74% |
‡‡ | The SEC yield is net investment income per share earned over the month ended May 31, 2021, shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yield would have been 0.97% for Class S shares, had certain expenses not been reduced. Tax equivalent yield is based on the Fund’s yield and a marginal federal income tax rate of 40.8%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on May 31, 2021. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rate would have been 2.67% for Class S shares, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate. |
DWS Managed Municipal Bond Fund | | 13 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
Revenue Bonds | 76% | 74% |
General Obligation Bonds | 10% | 11% |
Lease Obligations | 9% | 7% |
Escrow to Maturity/Prerefunded Bonds | 5% | 8% |
100% | 100% |
Interest Rate Sensitivity | 5/31/21 | 5/31/20 |
Effective Maturity | 6.4 years | 6.9 years |
Modified Duration | 5.4 years | 5.2 years |
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
AAA | 11% | 10% |
AA | 37% | 37% |
A | 29% | 33% |
BBB | 15% | 12% |
BB | 2% | 2% |
Not Rated | 6% | 6% |
100% | 100% |
Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
New York | 18% | 16% |
Texas | 11% | 12% |
California | 9% | 9% |
Florida | 8% | 7% |
Colorado | 6% | 6% |
14 | | DWS Managed Municipal Bond Fund |
Investment Portfolio | as of May 31, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Bonds and Notes 99.6% | |||
Alaska 0.3% | |||
Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041 | 11,000,000 | 11,168,944 | |
Arizona 1.0% | |||
Arizona, Salt Verde Financial Corp., Gas Revenue: | |||
5.0%, 12/1/2032, GTY: Citigroup Global Markets | 1,600,000 | 2,127,331 | |
5.0%, 12/1/2037, GTY: Citigroup Global Markets | 8,405,000 | 11,848,376 | |
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 5,490,000 | 6,105,694 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 4,560,000 | 5,263,059 | |
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 7,000,000 | 7,613,025 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project: | |||
144A, 5.0%, 6/15/2049 | 1,445,000 | 1,537,375 | |
144A, 5.0%, 6/15/2052 | 2,995,000 | 3,111,565 | |
37,606,425 | |||
California 9.2% | |||
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049 | 9,500,000 | 10,948,097 | |
California, Educational Facilities Authority Revenue, Stanford University, Series V-1, 5.0%, 5/1/2049 | 6,500,000 | 10,286,291 | |
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue: | |||
Series A, 5.0%, 6/1/2040 | 5,285,000 | 6,156,227 | |
Series A, Prerefunded, 5.0%, 6/1/2040 | 6,480,000 | 7,649,529 | |
Series A-1, 5.0%, 6/1/2047 | 1,725,000 | 1,786,458 | |
Series A-2, 5.0%, 6/1/2047 | 7,875,000 | 8,155,571 | |
California, Housing Finance Agency, Municipal Certificates, “A” , Series 2021-1, 3.5%, 11/20/2035 | 5,571,051 | 6,532,025 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 2,395,000 | 2,793,697 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 15,315,000 | 24,231,214 |
DWS Managed Municipal Bond Fund | | 15 |
Principal Amount ($) | Value ($) | ||
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 | 1,647,042 | |
4.0%, 9/1/2046 | 2,905,000 | 3,140,499 | |
California, State General Obligation: | |||
5.0%, 2/1/2032 | 25,000,000 | 25,801,940 | |
5.0%, 2/1/2033 | 8,000,000 | 8,254,435 | |
5.25%, 4/1/2035 | 15,340,000 | 15,986,015 | |
California, State General Obligation, Various Purposes: | |||
5.25%, 9/1/2026 | 18,765,000 | 19,006,650 | |
5.25%, 10/1/2032 | 25,000,000 | 25,423,415 | |
California, State Health Facilities Financing Authority Revenue, Sutter Health Obligated Group, Series A, Prerefunded, 5.0%, 8/15/2043 | 10,000,000 | 11,910,547 | |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047 | 3,200,000 | 3,883,382 | |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 (a) | 675,000 | 754,759 | |
Series A, 144A, 5.0%, 11/15/2051 (a) | 340,000 | 378,855 | |
California, State Public Works Board, Lease Revenue, Series A, 5.0%, 8/1/2033 (a) | 6,250,000 | 8,054,881 | |
California, State University Revenue, Series A, 5.0%, 11/1/2038 | 7,410,000 | 8,776,984 | |
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Kaiser Foundation, Series A, 5.0%, 4/1/2042 | 5,295,000 | 5,492,055 | |
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center: | |||
Series A, 144A, 5.0%, 12/1/2046 | 3,500,000 | 3,932,811 | |
Series A, 5.25%, 12/1/2044 | 7,765,000 | 8,817,484 | |
Series A, 144A, 5.5%, 12/1/2058 | 2,705,000 | 3,214,204 | |
Los Angeles, CA, Department of Airports Revenue: | |||
Series B, AMT, 5.0%, 5/15/2029 | 8,625,000 | 10,927,092 | |
Series B, AMT, 5.0%, 5/15/2030 | 5,715,000 | 7,213,516 | |
Series C, AMT, 5.0%, 5/15/2030 | 3,910,000 | 4,905,599 | |
Series C, AMT, 5.0%, 5/15/2031 | 3,910,000 | 4,901,960 | |
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series D, AMT, 5.0%, 5/15/2048 | 15,000,000 | 18,417,002 | |
Sacramento County, CA, Airport Systems Revenue: | |||
Series C, AMT, 5.0%, 7/1/2029 | 9,455,000 | 11,858,577 |
16 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Series C, AMT, 5.0%, 7/1/2030 | 13,690,000 | 17,068,529 | |
Series C, AMT, 5.0%, 7/1/2031 | 3,500,000 | 4,347,954 | |
Series C, AMT, 5.0%, 7/1/2032 | 3,000,000 | 3,717,924 | |
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 | 12,500,000 | 13,598,899 | |
University of California, State Revenues: | |||
Series O, 4.0%, 5/15/2029 | 4,165,000 | 5,038,176 | |
Series O, 4.0%, 5/15/2030 | 5,000,000 | 6,006,629 | |
Series O, 4.0%, 5/15/2031 | 3,335,000 | 3,978,477 | |
344,995,401 | |||
Colorado 6.2% | |||
Colorado, Certificates of Participation, Series A, 4.0%, 12/15/2035 | 5,000,000 | 5,944,173 | |
Colorado, North Range Metropolitan District No. 3, 5.25%, 12/1/2050 | 3,333,000 | 3,709,744 | |
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co. | 30,000,000 | 46,832,637 | |
Colorado, State Health Facilities Authority Revenue, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044 | 24,700,000 | 30,539,974 | |
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 | 16,250,000 | 18,322,863 | |
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049 | 6,050,000 | 6,854,167 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2043 | 4,890,000 | 5,753,512 | |
Colorado, State Health Facilities Authority, Hospital Revenue, SCL Health System, Series A, 4.0%, 1/1/2037 | 2,615,000 | 3,126,480 | |
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049 | 1,000,000 | 1,077,573 | |
Denver City & County, CO, Airport Revenue: | |||
Series A, AMT, 5.0%, 12/1/2032 | 14,335,000 | 17,993,927 | |
Series A, AMT, 5.5%, 11/15/2028 | 15,000,000 | 16,769,701 | |
Series A, AMT, 5.5%, 11/15/2029 | 14,705,000 | 16,413,127 | |
Series A, AMT, 5.5%, 11/15/2030 | 15,080,000 | 16,812,110 | |
Series A, AMT, 5.5%, 11/15/2031 | 5,000,000 | 5,570,417 | |
Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040 | 2,770,000 | 3,211,749 |
DWS Managed Municipal Bond Fund | | 17 |
Principal Amount ($) | Value ($) | ||
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039 | 5,160,000 | 5,677,579 | |
University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042 | 26,010,000 | 27,591,416 | |
232,201,149 | |||
Connecticut 1.8% | |||
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, 144A, 5.0%, 4/1/2039 | 12,000,000 | 13,885,751 | |
Connecticut, State General Obligation, Series C, 5.0%, 6/15/2029 | 14,690,000 | 18,748,218 | |
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 | 2,610,000 | 3,073,206 | |
Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University, Series K, 4.0%, 7/1/2045 | 5,595,000 | 6,488,621 | |
Connecticut, State Health & Educational Facilities Authority Revenue, Stamford Hospital, Series J, 5.125%, 7/1/2035 | 18,000,000 | 18,742,406 | |
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose: | |||
Seies C, 5.0%, 1/1/2030 (a) | 2,000,000 | 2,572,992 | |
Seies C, 5.0%, 1/1/2031 (a) | 2,000,000 | 2,622,261 | |
Seies C, 5.0%, 1/1/2032 (a) | 1,665,000 | 2,217,229 | |
68,350,684 | |||
Delaware 0.2% | |||
Delaware, State Health Facilities Authority Revenue, BEEBE Medical Center, Inc., 5.0%, 6/1/2050 | 5,250,000 | 6,215,411 | |
District of Columbia 1.5% | |||
District of Columbia, General Obligation, Series A, 5.0%, 6/1/2033 | 10,300,000 | 12,256,679 | |
District of Columbia, International School Revenue: | |||
5.0%, 7/1/2039 | 300,000 | 354,566 | |
5.0%, 7/1/2054 | 2,425,000 | 2,803,273 | |
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 4,810,000 | 5,650,666 | |
District of Columbia, Two Rivers Public Charter School, Inc.: | |||
5.0%, 6/1/2050 | 3,175,000 | 3,712,239 | |
5.0%, 6/1/2055 | 2,665,000 | 3,092,588 |
18 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Metropolitan Washington, DC, Airports Authority System Revenue: | |||
Series A, AMT, 5.0%, 10/1/2031 | 5,355,000 | 6,493,851 | |
Series A, AMT, 5.0%, 10/1/2032 | 5,000,000 | 6,063,304 | |
AMT, 5.0%, 10/1/2042 | 10,805,000 | 13,218,724 | |
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue: | |||
Series A, 5.0%, 10/1/2029 | 1,455,000 | 1,800,409 | |
Series A, 5.0%, 10/1/2030 | 1,455,000 | 1,790,987 | |
57,237,286 | |||
Florida 8.2% | |||
Broward County, FL, Airport Systems Revenue: | |||
Series A, AMT, 4.0%, 10/1/2044 | 2,140,000 | 2,461,652 | |
Series A, AMT, 4.0%, 10/1/2049 | 3,425,000 | 3,916,004 | |
Series Q-1, Prerefunded, 5.0%, 10/1/2037 | 29,000,000 | 30,892,981 | |
AMT, 5.0%, 10/1/2042 | 10,000,000 | 12,132,303 | |
AMT, 5.0%, 10/1/2047 | 8,950,000 | 10,845,357 | |
Davie, FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048 | 7,345,000 | 8,658,536 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program: | |||
Series A-1, 5.0%, 10/1/2032 | 540,000 | 679,869 | |
Series A-1, 5.0%, 10/1/2033 | 540,000 | 677,774 | |
Series A-1, 5.0%, 10/1/2034 | 545,000 | 681,416 | |
Series A-1, 5.0%, 10/1/2035 | 270,000 | 336,284 | |
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 3,570,000 | 4,198,481 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
Series A, 5.0%, 6/15/2050 | 2,755,000 | 3,132,907 | |
Series A, 5.0%, 6/15/2055 | 2,415,000 | 2,730,142 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 3,000,000 | 3,257,211 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375% (b), 1/1/2049 | 3,105,000 | 3,161,292 | |
Series A, 144A, AMT, 6.5% (b), 1/1/2049 | 3,400,000 | 3,455,469 | |
Florida, Higher Educational Facilities Financing Authority Revenue, Ringling College Project: | |||
5.0%, 3/1/2029 | 985,000 | 1,170,565 |
DWS Managed Municipal Bond Fund | | 19 |
Principal Amount ($) | Value ($) | ||
5.0%, 3/1/2032 | 1,105,000 | 1,297,197 | |
5.0%, 3/1/2034 | 1,200,000 | 1,402,783 | |
Florida, Higher Educational Facilities Financing Authority Revenue, Rollins College Project, Series A, 4.0%, 12/1/2050 | 15,000,000 | 17,386,166 | |
Florida, Jacksonville Electric Authority, Electric System Revenue: | |||
Series B, 4.0%, 10/1/2035 | 2,345,000 | 2,727,315 | |
Series B, 4.0%, 10/1/2037 | 1,500,000 | 1,740,070 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044 | 1,000,000 | 1,100,292 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038 | 2,150,000 | 2,552,800 | |
Florida, State Housing Finance Corp., Revenue, Series 1, 3.5%, 7/1/2051 | 2,750,000 | 3,046,025 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
144A, 4.25%, 5/1/2043 | 8,665,000 | 9,668,797 | |
144A, 4.375%, 5/1/2050 | 7,245,000 | 8,082,986 | |
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053 | 3,250,000 | 3,830,252 | |
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032 | 1,750,000 | 1,765,499 | |
Manatee County, FL, Transportation Project, 4.0%, 10/1/2044 | 7,970,000 | 9,361,394 | |
Miami-Dade County, FL, Aviation Revenue, Series A, AMT, Prerefunded, 5.0%, 10/1/2031 | 3,000,000 | 3,189,577 | |
Miami-Dade County, FL, Educational Facilities Authority Revenue, Series A, 5.0%, 4/1/2048 | 8,440,000 | 10,163,245 | |
Miami-Dade County, FL, Transit Sales Surtax Revenue: | |||
Series A, 4.0%, 7/1/2049 | 25,000,000 | 29,542,558 | |
Prerefunded, 5.0%, 7/1/2037 | 5,000,000 | 5,265,084 | |
Miami-Dade County, FL, Water & Sewer System Revenue: | |||
Series A, 4.0%, 10/1/2044 | 6,000,000 | 6,867,646 | |
Series B, 4.0%, 10/1/2049 | 32,500,000 | 38,355,252 | |
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series C, ETM, 6.25%, 10/1/2021, INS: NATL | 1,355,000 | 1,382,394 | |
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033 | 16,610,000 | 20,034,573 |
20 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Pinellas County, FL, Industrial Development Authority Revenue, 2017 Foundation For Global Understanding, Inc. Project, 5.0%, 7/1/2039 | 1,565,000 | 1,877,497 | |
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 | 22,170,000 | 25,295,952 | |
Tampa-Hillsborough County, FL, Expressway Authority, Series A, Prerefunded, 5.0%, 7/1/2037 | 10,000,000 | 10,524,558 | |
308,848,155 | |||
Georgia 2.8% | |||
Atlanta, GA, Airport Revenue, Series B, 5.0%, 1/1/2037 | 720,000 | 739,470 | |
Atlanta, GA, Water & Wastewater Revenue, Series B, Prerefunded, 5.25%, 11/1/2028 | 5,000,000 | 5,616,781 | |
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047 | 18,135,000 | 21,658,368 | |
DeKalb County, GA, Water & Sewer Revenue: | |||
Series A, 5.25%, 10/1/2033 | 3,635,000 | 3,694,471 | |
Series A, 5.25%, 10/1/2036 | 11,115,000 | 11,294,967 | |
Series A, 5.25%, 10/1/2041 | 5,000,000 | 5,080,957 | |
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 3,155,000 | 3,766,122 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 3,505,000 | 4,154,842 | |
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047 | 2,035,000 | 2,391,115 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | |||
Series A, 5.0%, 3/15/2022, GTY: JPMorgan Chase & Co. | 17,340,000 | 17,960,644 | |
Series A, 5.5%, 9/15/2023, GTY: Merrill Lynch & Co. | 5,000,000 | 5,577,708 | |
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co. | 5,000,000 | 6,313,326 | |
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co. | 5,000,000 | 6,429,093 | |
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 | 2,995,000 | 3,407,795 | |
Georgia, State Municipal Electric Authority, Series GG, 5.0%, 1/1/2039 | 5,695,000 | 6,059,278 | |
104,144,937 | |||
Illinois 5.6% | |||
Chicago, IL, Board of Education: | |||
Series A, 5.0%, 12/1/2034 | 810,000 | 996,769 | |
Series H, 5.0%, 12/1/2046 | 5,580,000 | 6,573,127 |
DWS Managed Municipal Bond Fund | | 21 |
Principal Amount ($) | Value ($) | ||
Series E, 6.038%, 12/1/2029 | 1,500,000 | 1,747,457 | |
Chicago, IL, General Obligation: | |||
Series A, 5.0%, 1/1/2044 | 4,500,000 | 5,355,905 | |
Series A, 5.5%, 1/1/2049 | 2,535,000 | 3,086,074 | |
Series A, 6.0%, 1/1/2038 | 2,290,000 | 2,787,578 | |
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 2,630,000 | 3,128,935 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue: | |||
Series A, 4.0%, 12/1/2050 | 3,730,000 | 4,260,155 | |
Series A, 4.0%, 12/1/2055 | 3,705,000 | 4,215,909 | |
Series A, 5.0%, 12/1/2045 | 3,700,000 | 4,580,378 | |
Chicago, IL, Waterworks Revenue, 5.0%, 11/1/2023, INS: AGMC | 2,990,000 | 3,000,393 | |
Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037 | 3,155,000 | 3,302,021 | |
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project, Series B, 5.0%, 6/15/2052 | 11,700,000 | 12,078,859 | |
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL | 17,305,000 | 11,189,422 | |
Illinois, Regional Transportation Authority: | |||
Series B, 5.75%, 6/1/2033, INS: NATL | 7,000,000 | 9,459,539 | |
Series A, 6.7%, 11/1/2021, INS: NATL | 3,395,000 | 3,486,922 | |
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group: | |||
Series A, 5.0%, 1/1/2036 | 2,970,000 | 3,535,470 | |
Series A, 5.0%, 1/1/2037 | 3,965,000 | 4,710,824 | |
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045 | 9,825,000 | 7,276,056 | |
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, Prerefunded, 5.0%, 5/15/2041 | 13,155,000 | 13,766,108 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center, Series B, 0.01% (c), 6/1/2021, LOC: PNC Bank NA | 1,600,000 | 1,600,000 | |
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 12,000,000 | 13,663,919 | |
Illinois, State General Obligation: | |||
5.0%, 11/1/2034 | 3,500,000 | 4,073,047 | |
5.0%, 1/1/2035 | 7,575,000 | 8,634,174 | |
Series A, 5.0%, 5/1/2036 | 7,480,000 | 8,978,198 | |
5.0%, 5/1/2039 | 4,285,000 | 4,677,600 |
22 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Series A, 5.0%, 5/1/2040 | 3,000,000 | 3,571,793 | |
Series A, 5.0%, 12/1/2042 | 5,955,000 | 6,991,640 | |
Series A, 5.0%, 5/1/2043 | 7,000,000 | 8,285,236 | |
Series A, 5.0%, 3/1/2046 | 1,995,000 | 2,480,611 | |
Series A, 5.25%, 12/1/2030 | 6,500,000 | 7,945,613 | |
5.75%, 5/1/2045 | 4,205,000 | 5,430,868 | |
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044 | 17,075,000 | 21,244,654 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 5,805,000 | 6,682,758 | |
212,798,012 | |||
Indiana 1.1% | |||
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 | 20,635,000 | 23,209,402 | |
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031 | 2,595,000 | 3,077,379 | |
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 5,000,000 | 5,984,224 | |
Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038 | 8,000,000 | 8,130,614 | |
40,401,619 | |||
Iowa 0.4% | |||
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: | |||
4.0%, 10/1/2045 | 7,135,000 | 8,106,010 | |
4.0%, 10/1/2050 | 5,770,000 | 6,533,314 | |
Iowa, Tobacco Settlement Authority Revenue, “1” , Series A-2, 4.0%, 6/1/2049 | 1,740,000 | 2,019,698 | |
16,659,022 | |||
Kentucky 0.1% | |||
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
Series A, 5.0%, 6/1/2045 | 1,275,000 | 1,458,302 | |
Series A, 5.25%, 6/1/2041 | 1,915,000 | 2,245,498 | |
3,703,800 |
DWS Managed Municipal Bond Fund | | 23 |
Principal Amount ($) | Value ($) | ||
Louisiana 0.4% | |||
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 | 2,830,000 | 3,375,782 | |
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032 | 9,265,000 | 10,310,000 | |
13,685,782 | |||
Maryland 1.3% | |||
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050 | 3,255,000 | 3,566,130 | |
Maryland, State Economic Development Corp., Port Covington Project, 4.0%, 9/1/2050 | 1,900,000 | 2,177,043 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project: | |||
5.0%, 7/1/2050 | 625,000 | 769,477 | |
5.0%, 7/1/2056 | 1,080,000 | 1,323,672 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 | 20,000,000 | 23,633,080 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group: | |||
Series A, 5.0%, 5/15/2042 | 9,735,000 | 11,935,451 | |
Series A, 5.0%, 5/15/2045 | 5,000,000 | 6,123,957 | |
49,528,810 | |||
Massachusetts 0.5% | |||
Massachusetts, State Development Finance Agency Revenue, Lesley University, Series A, 5.0%, 7/1/2049 | 2,750,000 | 3,323,951 | |
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc.: | |||
Series S-1, 5.0%, 7/1/2028 | 2,700,000 | 3,433,361 | |
Series S-1, 5.0%, 7/1/2033 | 4,000,000 | 4,985,754 | |
Series L, Prerefunded, 5.0%, 7/1/2036 | 70,000 | 70,278 | |
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, Series I, 5.0%, 7/1/2036 | 1,000,000 | 1,190,770 | |
Massachusetts, State General Obligation, Series B, 3.0%, 4/1/2047 | 5,000,000 | 5,404,009 | |
18,408,123 |
24 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Michigan 0.6% | |||
Michigan, State Finance Authority Revenue, Series A, 4.0%, 2/15/2050 | 15,000,000 | 17,161,546 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043 | 4,800,000 | 5,828,312 | |
22,989,858 | |||
Minnesota 1.0% | |||
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||
Series A, 5.0%, 2/15/2048 | 5,000,000 | 5,992,937 | |
Series A, 5.0%, 2/15/2053 | 14,060,000 | 16,787,511 | |
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 | 4,075,000 | 4,915,706 | |
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050 | 3,060,000 | 3,384,126 | |
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032 | 5,000,000 | 6,008,742 | |
37,089,022 | |||
Missouri 0.3% | |||
Missouri, State Development Finance Board Infrastructure Facilities Revenue, St. Louis Convention Center Hotel Garage Project, Series C, 0.02% (c), 6/1/2021, LOC: U.S. Bank NA | 1,300,000 | 1,300,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046 | 2,460,000 | 2,768,310 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 3,285,000 | 3,696,707 | |
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership loan Program, Series B, 4.0%, 5/1/2050 | 3,830,000 | 4,268,608 | |
12,033,625 | |||
Nebraska 0.2% | |||
Douglas County, NE, Hospital Authority No.2, Health Facilities, Children’s Hospital Obligated Group, 5.0%, 11/15/2047 | 5,205,000 | 6,237,356 | |
Nevada 0.0% | |||
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 8,500,000 | 1,424,564 |
DWS Managed Municipal Bond Fund | | 25 |
Principal Amount ($) | Value ($) | ||
New Jersey 3.0% | |||
Hudson County, NJ, Improvement Authority Revenue, Hudson County Courthouse Project, 4.0%, 10/1/2051 | 11,500,000 | 13,621,227 | |
New Jersey, Economic Development Authority, Self Designated Social Bonds: | |||
Series QQQ, 4.0%, 6/15/2046 | 655,000 | 751,367 | |
Series QQQ, 4.0%, 6/15/2050 | 655,000 | 748,164 | |
New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
Series A, 4.0%, 6/1/2030 | 2,590,000 | 3,201,690 | |
Series A, 4.0%, 6/1/2031 | 2,590,000 | 3,248,740 | |
Series A, 4.0%, 6/1/2032 | 1,245,000 | 1,585,515 | |
New Jersey, State Economic Development Authority Revenue: | |||
5.0%, 6/15/2028 | 1,050,000 | 1,086,031 | |
Series BBB, 5.5%, 6/15/2030 | 22,440,000 | 27,540,466 | |
New Jersey, State Economic Development Authority Revenue, Private Activity, The Goethals Bridge Replacement Project, AMT, 5.0%, 1/1/2031, INS: AGMC | 4,000,000 | 4,480,697 | |
New Jersey, State Economic Development Authority, State Government Buildings Project: | |||
Series A, 5.0%, 6/15/2042 | 2,885,000 | 3,471,925 | |
Series A, 5.0%, 6/15/2047 | 3,205,000 | 3,830,695 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series B, AMT, 2.5%, 12/1/2040 | 2,080,000 | 2,112,184 | |
New Jersey, State Transportation Trust Fund Authority: | |||
Series A, 4.0%, 6/15/2039 (a) | 2,335,000 | 2,635,405 | |
Series A, 4.0%, 6/15/2040 (a) | 2,920,000 | 3,288,552 | |
Series A, 4.0%, 6/15/2041 (a) | 2,820,000 | 3,166,630 | |
Series A, 4.0%, 6/15/2042 (a) | 1,790,000 | 2,004,062 | |
Series AA, 4.0%, 6/15/2045 | 3,025,000 | 3,473,958 | |
Series AA, 4.0%, 6/15/2050 | 3,370,000 | 3,836,275 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series A, 5.0%, 12/15/2034 | 9,280,000 | 11,583,730 | |
Series A, 5.0%, 12/15/2036 | 2,385,000 | 2,963,117 | |
New Jersey, Tobacco Settlement Financing Corp.: | |||
Series A, 5.0%, 6/1/2046 | 5,270,000 | 6,297,559 | |
Series A, 5.25%, 6/1/2046 | 2,630,000 | 3,204,717 |
26 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
South Jersey, NJ, Transportation Authority System Revenue: | |||
Series A, 4.0%, 11/1/2050 | 2,000,000 | 2,301,064 | |
Series A, 5.0%, 11/1/2045 | 3,000,000 | 3,766,721 | |
114,200,491 | |||
New Mexico 0.6% | |||
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund: | |||
Series A, 4.0%, 6/1/2029 | 5,765,000 | 6,944,196 | |
Series A, 4.0%, 6/1/2030 | 5,795,000 | 6,932,309 | |
New Mexico, State Mortgage Finance Authority, Series A, 3.5%, 1/1/2051 | 4,065,000 | 4,480,721 | |
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I” , Series D, 3.75%, 1/1/2050 | 3,950,000 | 4,361,721 | |
22,718,947 | |||
New York 17.3% | |||
Dutchess County, NY, Local Development Corp., Bard College Project, Series A, 144A, 5.0%, 7/1/2051 | 820,000 | 1,003,501 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series A-1, 4.0%, 11/15/2041, INS: AGMC | 12,000,000 | 14,117,015 | |
Series D, 5.0%, 11/15/2027, INS: AGMC | 16,500,000 | 17,552,377 | |
Series D, 5.0%, 11/15/2028 | 9,715,000 | 10,304,538 | |
Series D, 5.0%, 11/15/2038 | 13,635,000 | 14,877,795 | |
Series A-1, 5.0%, 11/15/2047 | 5,000,000 | 6,156,903 | |
Series C-1, 5.0%, 11/15/2050 | 3,470,000 | 4,264,788 | |
Series B, 5.25%, 11/15/2044 | 25,000,000 | 27,867,063 | |
Series C-1, 5.25%, 11/15/2055 | 10,415,000 | 12,991,330 | |
New York, Metropolitan Transportation Authority Revenue, Green Bond: | |||
Series D-2, 4.0%, 11/15/2048 | 3,500,000 | 4,015,695 | |
Series D-3, 4.0%, 11/15/2049 | 1,500,000 | 1,719,591 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 1,200,000 | 1,200,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond, Series B-2, 5.0%, 11/15/2034 | 10,940,000 | 13,477,925 | |
New York, State Dormitory Authority Revenue, Non-Supported Debt, Columbia University, Series A, 5.0%, 10/1/2047 | 7,300,000 | 11,480,642 |
DWS Managed Municipal Bond Fund | | 27 |
Principal Amount ($) | Value ($) | ||
New York, State Dormitory Authority, Personal Income Tax Revenue: | |||
Series A, 4.0%, 3/15/2048 | 20,305,000 | 23,922,583 | |
Series A, Prerefunded, 5.0%, 2/15/2035 | 9,305,000 | 10,082,174 | |
Series B, 5.0%, 2/15/2035 | 29,990,000 | 34,787,188 | |
Series B, Prerefunded, 5.0%, 2/15/2035 | 10,000 | 11,701 | |
Series A, 5.0%, 2/15/2039 | 3,950,000 | 4,821,617 | |
Series C, 5.0%, 3/15/2042 | 14,750,000 | 16,505,856 | |
New York, State Dormitory Authority, Sales Tax Revenue, Series B, 5.0%, 3/15/2036 | 5,000,000 | 6,266,157 | |
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 | 45,000,000 | 46,174,171 | |
New York, State Power Authority Revenue, Series A, 4.0%, 11/15/2050 | 20,000,000 | 23,497,276 | |
New York, State Thruway Authority: | |||
Series N, 3.0%, 1/1/2049 | 2,500,000 | 2,641,315 | |
Series N, 4.0%, 1/1/2044 | 16,465,000 | 19,238,248 | |
New York, State Thruway Authority General Revenue, Junior Indebtedness Obligation, Series B, 4.0%, 1/1/2040, INS: AGMC | 40,000,000 | 47,486,488 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment: | |||
AMT, 5.0%, 1/1/2033 | 2,045,000 | 2,487,204 | |
AMT, 5.0%, 10/1/2040 | 4,000,000 | 5,057,384 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Laguardia Gateway Partners LLC, Redevelopment Project: | |||
Series A, AMT, 5.0%, 7/1/2041 | 6,660,000 | 7,546,772 | |
Series A, AMT, 5.0%, 7/1/2046 | 14,190,000 | 16,057,262 | |
New York, State Urban Development Corp. Revenue, Series A, 4.0%, 3/15/2049 | 8,000,000 | 9,412,789 | |
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.0%, 3/15/2031 | 4,600,000 | 5,661,329 | |
New York, State Urban Development Corp., Sales Tax Revenue, Series A, 4.0%, 3/15/2045 | 2,200,000 | 2,572,034 | |
New York, Triborough Bridge & Tunnel Authority Revenue, Series A, 4.0%, 11/15/2054 | 5,000,000 | 5,866,496 | |
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges And Tunnels: | |||
Series A, 5.0%, 11/15/2049 | 4,685,000 | 5,984,746 | |
Series A, 5.0%, 11/15/2054 | 5,155,000 | 6,541,618 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 1,195,000 | 1,397,395 |
28 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
New York, Utility Debt Securitization Authority, Restructuring Revenue: | |||
Series TE, 5.0%, 12/15/2034 | 3,200,000 | 3,579,467 | |
Series TE, 5.0%, 12/15/2035 | 4,000,000 | 4,472,170 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Second Generation Resolution, Series GG-1, 4.0%, 6/15/2050 | 19,255,000 | 22,641,939 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||
Series DD, 5.0%, 6/15/2036 | 6,000,000 | 6,824,843 | |
Series BB-1, 5.0%, 6/15/2049 | 10,000,000 | 12,721,649 | |
New York City, NY, Transitional Finance Authority Revenue: | |||
Series A-3, 4.0%, 5/1/2043 | 10,000,000 | 11,706,855 | |
Series A-3, 4.0%, 5/1/2044 | 5,000,000 | 5,841,557 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series A-1, 4.0%, 5/1/2031 | 5,430,000 | 6,252,455 | |
Series C-1, 4.0%, 5/1/2045 | 9,340,000 | 11,095,595 | |
Series A, 5.0%, 2/1/2031 | 5,000,000 | 6,135,319 | |
Series F-1, 5.0%, 5/1/2031 | 4,900,000 | 6,055,607 | |
Series D-1, 5.0%, 2/1/2038 | 17,655,000 | 19,731,629 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S-3, 5.0%, 7/15/2031 | 4,000,000 | 5,091,744 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S-1, 5.0%, 7/15/2035 | 2,800,000 | 3,481,968 | |
New York, NY, General Obligation: | |||
Series A-3, 0.02% (c), 6/1/2021, LOC: Mizuho Bank Ltd. | 4,600,000 | 4,600,000 | |
Series D-4, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Series I-4, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 1,000,000 | 1,000,000 | |
Series A-1, 4.0%, 8/1/2034 | 5,750,000 | 7,005,560 | |
Series B-1, 5.0%, 12/1/2031 | 2,000,000 | 2,459,019 | |
Series D-1, 5.0%, 10/1/2033 | 16,585,000 | 16,844,338 | |
Series D-1, Prerefunded, 5.0%, 10/1/2033 | 180,000 | 182,914 | |
Port Authority of New York & New Jersey: | |||
Series 207, AMT, 5.0%, 9/15/2029 | 8,000,000 | 10,051,386 | |
Series 207, AMT, 5.0%, 9/15/2030 | 20,000,000 | 24,970,736 | |
Series 207, AMT, 5.0%, 9/15/2032 | 10,000,000 | 12,408,466 | |
650,604,182 |
DWS Managed Municipal Bond Fund | | 29 |
Principal Amount ($) | Value ($) | ||
North Carolina 0.4% | |||
Charlotte-Mecklenberg, NC, Hospital Authority, Health Care System Revenue, Series A, 5.0%, 1/15/2039 | 9,540,000 | 10,169,036 | |
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050 | 5,795,000 | 6,436,565 | |
16,605,601 | |||
Ohio 3.3% | |||
Buckeye, OH, Tobacco Settlement Financing Authority, “2” , Series B-2, 5.0%, 6/1/2055 | 16,850,000 | 19,533,162 | |
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 6,035,000 | 7,216,365 | |
Columbus, OH, Regional Airport Authority, Capital Funding Revenue, Oasbo Expanded Asset, 0.05% (c), 6/4/2021, LOC: U.S. Bank NA | 735,000 | 735,000 | |
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project: | |||
5.0%, 1/1/2036 | 975,000 | 1,098,759 | |
5.0%, 1/1/2046 | 2,790,000 | 3,095,158 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 11,610,000 | 13,700,281 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Children’s Hospital Medical Center of Akron, 5.0%, 11/15/2038 | 15,645,000 | 16,930,454 | |
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037 | 13,090,000 | 13,542,061 | |
Ohio, State Hospital Revenue, Aultman Health Foundation: | |||
144A, 5.0%, 12/1/2038 | 7,750,000 | 8,340,674 | |
144A, 5.0%, 12/1/2048 | 7,500,000 | 7,956,950 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050 | 5,130,000 | 5,777,979 | |
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time Homebuyer Program, Series A, 3.75%, 9/1/2050 | 3,900,000 | 4,371,896 | |
Ohio, State Turnpike Commission, Infrastructure Projects: | |||
Series A-1, 5.25%, 2/15/2030 | 4,620,000 | 4,996,291 | |
Series A-1, 5.25%, 2/15/2031 | 9,375,000 | 10,138,578 | |
Series A-1, 5.25%, 2/15/2032 | 7,500,000 | 8,110,862 | |
125,544,470 |
30 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Oklahoma 0.8% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
Series B, 5.5%, 8/15/2052 | 2,185,000 | 2,697,523 | |
Series B, 5.5%, 8/15/2057 | 9,385,000 | 11,559,581 | |
Oklahoma, State Turnpike Authority Revenue, Series E, 4.0%, 1/1/2031 | 6,375,000 | 7,363,246 | |
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL | 5,760,000 | 6,101,075 | |
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045 | 1,575,000 | 1,779,372 | |
29,500,797 | |||
Pennsylvania 3.8% | |||
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project: | |||
5.0%, 12/1/2043 | 665,000 | 718,010 | |
5.0%, 12/1/2054 | 1,825,000 | 1,954,668 | |
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042 | 2,100,000 | 2,520,364 | |
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 1,115,000 | 1,345,654 | |
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033 | 5,000,000 | 5,841,737 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||
5.0%, 6/1/2027 | 1,290,000 | 1,595,515 | |
5.0%, 6/1/2028 | 1,290,000 | 1,629,866 | |
5.0%, 6/1/2029 | 1,290,000 | 1,616,144 | |
5.0%, 6/1/2030 | 855,000 | 1,063,327 | |
5.0%, 6/1/2031 | 865,000 | 1,071,785 | |
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034 | 3,000,000 | 3,644,631 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.625%, 6/1/2042 (a) | 1,060,000 | 1,062,791 | |
Pennsylvania, State General Obligation: | |||
Series 2, 4.0%, 9/15/2032 | 10,000,000 | 11,556,106 | |
Series D, 5.0%, 8/15/2032 | 5,000,000 | 5,918,145 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 | 2,770,000 | 3,005,011 |
DWS Managed Municipal Bond Fund | | 31 |
Principal Amount ($) | Value ($) | ||
Pennsylvania, State Turnpike Commission Revenue: | |||
Series A, 4.0%, 12/1/2050 | 10,500,000 | 12,327,981 | |
Series B, 5.0%, 6/1/2033 | 12,000,000 | 14,377,314 | |
Series A-1, 5.0%, 12/1/2040 | 15,000,000 | 17,480,943 | |
Series B-1, 5.0%, 6/1/2042 | 6,950,000 | 8,361,423 | |
Series A-1, 5.0%, 12/1/2042 | 5,000,000 | 6,147,127 | |
Series A, 5.0%, 12/1/2044 | 20,335,000 | 25,486,651 | |
Series B, 5.0%, 12/1/2045 | 4,165,000 | 5,387,691 | |
Series A-1, 5.0%, 12/1/2047 | 3,335,000 | 4,056,282 | |
Series B, 5.0%, 12/1/2050 | 4,335,000 | 5,536,633 | |
143,705,799 | |||
South Carolina 2.7% | |||
Charleston County, SC, Airport District System Revenue, Series A, AMT, 5.75%, 7/1/2030 | 5,880,000 | 6,527,967 | |
Lexington County, SC, Health Services District, Lexington Medical Center: | |||
5.0%, 11/1/2041 | 2,500,000 | 2,927,097 | |
5.0%, 11/1/2046 | 7,490,000 | 8,773,492 | |
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047 | 4,715,000 | 5,508,907 | |
South Carolina, State Public Service Authority Revenue: | |||
Series A, 5.0%, 12/1/2033 | 4,400,000 | 5,274,041 | |
Series A, 5.0%, 12/1/2036 | 4,780,000 | 5,709,046 | |
Series C, 5.0%, 12/1/2046 | 6,850,000 | 7,821,908 | |
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 | 35,555,000 | 40,468,036 | |
South Carolina, State Transportation Infrastructure Bank Revenue, 5.0%, 10/1/2038 | 15,130,000 | 18,691,440 | |
101,701,934 | |||
South Dakota 1.1% | |||
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health: | |||
5.0%, 7/1/2044 | 20,475,000 | 22,740,522 | |
5.0%, 7/1/2046 | 16,140,000 | 19,394,058 | |
42,134,580 | |||
Tennessee 0.6% | |||
Metropolitan Government of Nashville & Davidson County, TN, General Obligation, 4.0%, 7/1/2034 | 6,000,000 | 7,170,770 | |
Metropolitan Nashville, TN, Airport Authority Revenue: | |||
Series B, AMT, 4.0%, 7/1/2049 | 4,000,000 | 4,600,346 |
32 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Series B, AMT, 4.0%, 7/1/2054 | 6,000,000 | 6,870,215 | |
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 3,000,000 | 3,204,103 | |
Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2021, GTY: Goldman Sachs Group, Inc. | 2,000,000 | 2,024,776 | |
23,870,210 | |||
Texas 10.8% | |||
Bowie County, TX, Industrial Development Corp., Texarkana Newspapers, Inc., Project, 0.03% (c), 6/1/2021, LOC: JPMorgan Chase Bank NA | 500,000 | 500,000 | |
Central Texas, Regional Mobility Authority Revenue, Senior Lien: | |||
Series E, 4.0%, 1/1/2050 | 8,985,000 | 10,412,416 | |
Series A, 5.0%, 1/1/2040 | 4,730,000 | 5,431,118 | |
Series E, 5.0%, 1/1/2045 | 1,500,000 | 1,879,007 | |
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048 | 11,465,000 | 13,321,651 | |
Houston, TX, Hotel Occupancy Tax & Special Revenue, Convention & Entertainment Facilities Department: | |||
5.0%, 9/1/2029 | 1,000,000 | 1,236,596 | |
5.0%, 9/1/2030 | 1,000,000 | 1,229,022 | |
5.0%, 9/1/2031 | 850,000 | 1,041,715 | |
Houston, TX, Utility Systems Revenue, First Lien: | |||
Series A, 5.0%, 11/15/2032 | 2,320,000 | 3,115,464 | |
Series A, 5.0%, 11/15/2033 | 2,475,000 | 3,310,042 | |
Series B, 5.0%, 11/15/2034 | 5,000,000 | 6,100,968 | |
Lower Colorado River, TX, Transmission Contract Authority Revenue, LCRA Transmission Services Corp., Project: | |||
5.0%, 5/15/2045 | 1,500,000 | 1,868,058 | |
5.0%, 5/15/2050 | 2,500,000 | 3,097,911 | |
North Texas, Tollway Authority Revenue, Series B, 5.0%, 1/1/2040 | 8,825,000 | 9,455,537 | |
North Texas, Tollway Authority Revenue, Second Tier: | |||
Series B, 5.0%, 1/1/2043 | 3,075,000 | 3,704,294 | |
Series B, 5.0%, 1/1/2048 | 8,615,000 | 10,322,527 | |
North Texas, Tollway Authority System Revenue, First Tier, Series A, 4.0%, 1/1/2044 | 13,315,000 | 15,385,598 | |
San Antonio, TX, Electric & Gas Systems Revenue, 4.0%, 2/1/2032 | 7,000,000 | 8,067,917 | |
Socorro, TX, Independent School District, 4.0%, 8/15/2045 | 3,920,000 | 4,682,387 |
DWS Managed Municipal Bond Fund | | 33 |
Principal Amount ($) | Value ($) | ||
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048 | 25,000,000 | 30,482,383 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare: | |||
Prerefunded, 5.0%, 8/15/2036 | 7,000,000 | 7,741,394 | |
Prerefunded, 5.0%, 8/15/2043 | 9,900,000 | 10,948,543 | |
Texas, Grand Parkway Transportation Corp., System Toll Revenue: | |||
First Tier, Series C, 4.0%, 10/1/2049 | 12,250,000 | 14,349,585 | |
Series B, Prerefunded, 5.25%, 10/1/2051 | 20,000,000 | 22,382,066 | |
Texas, Lower Colorado River Authority Revenue, Series A, Prerefunded, 5.0%, 5/15/2036 | 25,000 | 26,137 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 4,250,000 | 4,607,580 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053 | 4,605,000 | 4,169,088 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue, Infrastructure Group LLC, I-635 Managed Lanes Project: | |||
Series A, 4.0%, 6/30/2038 | 1,145,000 | 1,360,510 | |
Series A, 4.0%, 12/31/2038 | 1,145,000 | 1,358,661 | |
Series A, 4.0%, 6/30/2039 | 875,000 | 1,036,103 | |
Series A, 4.0%, 12/31/2039 | 1,010,000 | 1,194,828 | |
Series A, 4.0%, 6/30/2040 | 815,000 | 962,369 | |
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058 | 13,500,000 | 16,565,583 | |
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue: | |||
5.5%, 8/1/2021, GTY: Goldman Sachs Group, Inc. | 5,575,000 | 5,623,065 | |
5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc. | 2,750,000 | 3,263,651 | |
Texas, State College Student Loan, AMT, 5.5%, 8/1/2028 | 5,620,000 | 7,000,551 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 15,190,000 | 17,812,485 | |
Texas, State Transportation Commission, Turnpike Systems Revenue: | |||
Series C, 5.0%, 8/15/2034 | 14,410,000 | 16,174,641 | |
Series C, 5.0%, 8/15/2042 | 5,085,000 | 5,660,097 | |
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund: | |||
4.0%, 10/15/2030 | 8,500,000 | 10,005,982 |
34 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Series B, 4.0%, 10/15/2033 | 20,000,000 | 24,176,086 | |
Series A, 4.0%, 10/15/2036 | 5,000,000 | 5,910,622 | |
Series B, 4.0%, 10/15/2036 | 23,580,000 | 28,301,197 | |
Series B, 4.0%, 10/15/2037 | 7,000,000 | 8,381,354 | |
Series A, 4.0%, 10/15/2049 | 4,685,000 | 5,548,554 | |
Series A, 5.0%, 10/15/2043 | 6,000,000 | 7,507,923 | |
Texas, State Water Development Board, State Water Implementation Fund, Series B, 5.0%, 4/15/2049 | 10,000,000 | 12,594,902 | |
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049 | 16,750,000 | 26,415,125 | |
405,723,293 | |||
Utah 0.8% | |||
Salt Lake City, UT, Airport Revenue: | |||
Series A, AMT, 5.0%, 7/1/2032 | 5,000,000 | 6,196,540 | |
Series A, AMT, 5.0%, 7/1/2043 | 3,850,000 | 4,665,080 | |
Series A, AMT, 5.0%, 7/1/2047 | 13,435,000 | 16,192,786 | |
Series A, AMT, 5.0%, 7/1/2048 | 2,310,000 | 2,797,255 | |
29,851,661 | |||
Virginia 2.9% | |||
Hampton Roads, VA, Transportation Accountability Commission Revenue, Senior Lien, Series A, 4.0%, 7/1/2050 | 20,000,000 | 23,697,854 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project: | |||
AMT, 5.0%, 12/31/2052 | 19,655,000 | 23,649,309 | |
AMT, 5.0%, 12/31/2056 | 5,000,000 | 6,000,018 | |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031 | 15,145,000 | 17,306,026 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education: | |||
Series A, 4.0%, 9/1/2030 | 5,590,000 | 6,563,986 | |
Series A, 4.0%, 9/1/2031 | 4,710,000 | 5,404,257 | |
Virginia, State College Building Authority, Educational Facilities Revenue, Regent University Project, 4.0%, 6/1/2046 | 1,200,000 | 1,387,628 | |
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031 | 5,120,000 | 6,437,185 | |
Virginia, State Public Building Authority, Public Facility Revenue: | |||
Series A, 4.0%, 8/1/2039 | 5,000,000 | 6,020,159 | |
Series B, AMT, 4.0%, 8/1/2039 | 9,700,000 | 11,679,109 | |
108,145,531 |
DWS Managed Municipal Bond Fund | | 35 |
Principal Amount ($) | Value ($) | ||
Washington 5.9% | |||
King County, WA, School District No. 412 Shoreline: | |||
4.0%, 12/1/2035 | 5,505,000 | 6,561,729 | |
4.0%, 12/1/2037 | 15,000,000 | 17,791,708 | |
5.0%, 12/1/2031 | 14,345,000 | 18,407,323 | |
Port of Seattle, WA, Revenue Bonds: | |||
Series A, AMT, 5.0%, 5/1/2029 | 8,280,000 | 10,039,593 | |
Series A, AMT, 5.0%, 5/1/2030 | 6,200,000 | 7,473,662 | |
Series A, AMT, 5.0%, 5/1/2031 | 9,200,000 | 11,069,670 | |
Seattle, WA, Municipal Light & Power Revenue, Series A, 4.0%, 1/1/2038 | 6,875,000 | 7,980,285 | |
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030 | 18,800,000 | 22,390,311 | |
Washington, Central Puget Sound Regional Transit Authority, Green Bond, Series S-1, 5.0%, 11/1/2046 | 15,000,000 | 22,985,884 | |
Washington, Energy Northwest Electric Revenue, Series C, 5.0%, 7/1/2030 | 14,405,000 | 18,464,047 | |
Washington, Port of Seattle Revenue, AMT, 5.0%, 4/1/2044 | 3,000,000 | 3,667,805 | |
Washington, State Convention Center Public Facilities District: | |||
5.0%, 7/1/2043 | 3,800,000 | 4,521,029 | |
5.0%, 7/1/2048 | 11,125,000 | 13,195,292 | |
Washington, State General Obligation, Series C, 5.0%, 2/1/2031 | 16,000,000 | 20,267,752 | |
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation, Series A-2, 5.0%, 8/1/2044 | 8,500,000 | 10,487,976 | |
Washington, State Higher Educational Facilities Authority, Seattle University Project: | |||
4.0%, 5/1/2038 | 4,690,000 | 5,240,687 | |
4.0%, 5/1/2050 | 4,350,000 | 4,968,129 | |
Washington, State Housing Finance Commission Municipal Certificates, “A” , Series A-1, 3.5%, 12/20/2035 | 4,325,000 | 5,034,433 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project: | |||
Series A, 144A, 5.0%, 1/1/2051 | 1,555,000 | 1,740,724 | |
144A, 5.0%, 1/1/2055 | 9,010,000 | 10,069,415 | |
222,357,454 |
36 | | DWS Managed Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
West Virginia 0.9% | |||
West Virginia, Marshall University Revenue, Improvement & Refunding Bonds, Series A, 4.0%, 5/1/2050, INS: AGMC | 9,150,000 | 10,513,994 | |
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047 | 20,120,000 | 24,107,857 | |
34,621,851 | |||
Wisconsin 0.9% | |||
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority: | |||
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC | 455,000 | 471,154 | |
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC | 795,000 | 823,225 | |
Wisconsin, Public Finance Authority Educational Facility Revenue, Noorba College of Osteopathic Media Project, Series B, 144A, 6.5%, 6/1/2045 | 10,000,000 | 9,805,612 | |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 1,235,000 | 1,266,779 | |
144A, 5.75%, 5/1/2054 | 6,215,000 | 6,353,256 | |
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.: | |||
144A, 5.0%, 10/1/2043 | 1,560,000 | 1,724,869 | |
144A, 5.0%, 10/1/2053 | 12,415,000 | 13,652,082 | |
34,096,977 | |||
Guam 0.0% | |||
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 | 1,090,000 | 1,331,148 | |
Puerto Rico 1.1% | |||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||
Series A-1, Zero Coupon, 7/1/2046 | 128,123,000 | 41,713,005 | |
Series A-1, Zero Coupon, 7/1/2051 | 5,026,000 | 1,188,565 | |
42,901,570 | |||
Total Municipal Bonds and Notes (Cost $3,408,175,159) | 3,755,344,481 |
DWS Managed Municipal Bond Fund | | 37 |
Principal Amount ($) | Value ($) | ||
Underlying Municipal Bonds of Inverse Floaters (d) 0.3% | |||
New York | |||
New York, General Obligation, 5.0%, 4/1/2026 (e) (Cost $12,266,143) | 10,000,000 | 12,386,046 | |
Trust: New york, NY, General Obligation, Series 2020-XM0900, 144A, 18.230%, 4/1/2037, Leverage Factor at purchase date: 4 to 1 |
Shares | Value ($) | ||
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (f) (Cost $792,320) | 791,624 | 791,782 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $3,421,233,622) | 99.9 | 3,768,522,309 | |
Floating Rate Notes (d) | (0.2) | (7,500,000) | |
Other Assets and Liabilities, Net | 0.3 | 10,127,558 | |
Net Assets | 100.0 | 3,771,149,867 |
(a) | When-issued security. |
(b) | Variable or floating rate security. These securities are shown at their current rate as of May 31, 2021. 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. |
(c) | 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 at any time, and are shown at their current rates as of May 31, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(d) | Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders. |
(e) | Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability. |
(f) | Current yield; not a coupon rate. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
38 | | DWS Managed Municipal Bond Fund |
AGMC: Assured Guaranty Municipal Corp. |
AMBAC: Ambac Financial Group, Inc. |
AMT: Subject to alternative minimum tax. |
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. |
GTY: Guaranty Agreement |
INS: Insured |
LOC: Letter of Credit |
NATL: National Public Finance Guarantee Corp. |
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $ — | $3,767,730,527 | $— | $3,767,730,527 |
Open-End Investment Companies | 791,782 | — | — | 791,782 |
Total | $791,782 | $3,767,730,527 | $ — | $3,768,522,309 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Managed Municipal Bond Fund | | 39 |
Assets | |
Investment in securities, at value (cost $3,421,233,622) | $ 3,768,522,309 |
Receivable for investments sold | 1,467,397 |
Receivable for Fund shares sold | 3,130,072 |
Interest receivable | 43,838,152 |
Other assets | 77,551 |
Total assets | 3,817,035,481 |
Liabilities | |
Cash overdraft | 1,200,018 |
Payable for investments purchased — when-issued securities | 28,248,795 |
Payable for Fund shares redeemed | 4,158,860 |
Payable for floating rate notes issued | 7,500,000 |
Distributions payable | 1,905,004 |
Accrued management fee | 966,098 |
Accrued Trustees' fees | 32,949 |
Other accrued expenses and payables | 1,873,890 |
Total liabilities | 45,885,614 |
Net assets, at value | $ 3,771,149,867 |
Net Assets Consist of | |
Distributable earnings (loss) | 366,152,702 |
Paid-in capital | 3,404,997,165 |
Net assets, at value | $ 3,771,149,867 |
40 | | DWS Managed Municipal Bond Fund |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($1,251,139,154 ÷ 133,219,178 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.39 |
Maximum offering price per share (100 ÷ 97.25 of $9.39) | $ 9.66 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($64,868,137 ÷ 6,907,869 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.39 |
Class S | |
Net Asset Value, offering and redemption price per share ($1,898,078,429 ÷ 201,833,421 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.40 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($557,064,147 ÷ 59,288,764 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 9.40 |
DWS Managed Municipal Bond Fund | | 41 |
Investment Income | |
Income: | |
Interest | $ 136,166,143 |
Expenses: | |
Management fee | 12,646,154 |
Administration fee | 3,740,244 |
Services to shareholders | 4,679,040 |
Distribution and service fees | 3,989,908 |
Custodian fee | 37,335 |
Professional fees | 138,710 |
Reports to shareholders | 145,735 |
Registration fees | 119,567 |
Trustees' fees and expenses | 122,948 |
Interest expense and fees on floating rate notes issued | 53,183 |
Other | 193,473 |
Total expenses before expense reductions | 25,866,297 |
Expense reductions | (1,013,020) |
Total expenses after expense reductions | 24,853,277 |
Net investment income | 111,312,866 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 34,619,953 |
Payments by affiliates (see Note F) | 37,625 |
34,657,578 | |
Change in net unrealized appreciation (depreciation) on investments | 137,925,860 |
Net gain (loss) | 172,583,438 |
Net increase (decrease) in net assets resulting from operations | $ 283,896,304 |
42 | | DWS Managed Municipal Bond Fund |
Years Ended May 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 111,312,866 | $ 127,492,442 |
Net realized gain (loss) | 34,657,578 | (13,039,906) |
Change in net unrealized appreciation (depreciation) | 137,925,860 | (82,468,144) |
Net increase (decrease) in net assets resulting from operations | 283,896,304 | 31,984,392 |
Distributions to shareholders: | ||
Class A | (34,811,175) | (40,793,993) |
Class C | (2,039,676) | (3,334,197) |
Class S | (59,517,942) | (74,601,025) |
Institutional Class | (15,557,493) | (15,212,672) |
Total distributions | (111,926,286) | (133,941,887) |
Fund share transactions: | ||
Proceeds from shares sold | 566,971,382 | 831,723,250 |
Reinvestment of distributions | 98,318,846 | 116,659,374 |
Payments for shares redeemed | (934,083,518) | (1,067,112,666) |
Net increase (decrease) in net assets from Fund share transactions | (268,793,290) | (118,730,042) |
Increase (decrease) in net assets | (96,823,272) | (220,687,537) |
Net assets at beginning of period | 3,867,973,139 | 4,088,660,676 |
Net assets at end of period | $3,771,149,867 | $ 3,867,973,139 |
DWS Managed Municipal Bond Fund | | 43 |
DWS Managed Municipal Bond Fund — Class A | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.98 | $9.21 | $8.98 | $9.17 | $9.42 |
Income (loss) from investment operations: | |||||
Net investment income | .25 | .28 | .28 | .28 | .31 |
Net realized and unrealized gain (loss) | .41 | (.21) | .23 | (.19) | (.25) |
Total from investment operations | .66 | .07 | .51 | .09 | .06 |
Less distributions from: | |||||
Net investment income | (.25) | (.28) | (.28) | (.28) | (.31) |
Net realized gains | (.00) * | (.02) | (.00) * | (.00) * | (.00) * |
Total distributions | (.25) | (.30) | (.28) | (.28) | (.31) |
Net asset value, end of period | $9.39 | $8.98 | $9.21 | $8.98 | $9.17 |
Total Return (%)a | 7.52 | .64 | 5.85 | 1.00 | .71 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,251 | 1,220 | 1,315 | 1,507 | 1,693 |
Ratio of expenses (including interest expense) (%)b | .76 | .76 | .77 | .77 | .79 |
Ratio of expenses (excluding interest expense) (%) | .76 | .76 | .77 | .76 | .76 |
Ratio of net investment income (%) | 2.77 | 3.02 | 3.18 | 3.08 | 3.40 |
Portfolio turnover rate (%) | 29 | 35 | 39 | 42 | 38 |
a | Total return does not reflect the effect of any sales charges. |
b | Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations. |
* | Amount is less than $.005. |
44 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund — Class C | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.98 | $9.21 | $8.98 | $9.17 | $9.42 |
Income (loss) from investment operations: | |||||
Net investment income | .18 | .20 | .21 | .21 | .24 |
Net realized and unrealized gain (loss) | .41 | (.21) | .23 | (.19) | (.25) |
Total from investment operations | .59 | (.01) | .44 | .02 | (.01) |
Less distributions from: | |||||
Net investment income | (.18) | (.20) | (.21) | (.21) | (.24) |
Net realized gains | (.00) * | (.02) | (.00) * | (.00) * | (.00) * |
Total distributions | (.18) | (.22) | (.21) | (.21) | (.24) |
Net asset value, end of period | $9.39 | $8.98 | $9.21 | $8.98 | $9.17 |
Total Return (%)a | 6.67 | (.15) | 5.02 b | .21 | (.08) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 65 | 124 | 151 | 208 | 259 |
Ratio of expenses before expense reductions (including interest expense) (%)c | 1.55 | 1.55 | 1.57 | 1.56 | 1.58 |
Ratio of expenses after expense reductions (including interest expense) (%)c | 1.55 | 1.55 | 1.56 | 1.56 | 1.58 |
Ratio of expenses after expense reductions (excluding interest expense) (%) | 1.55 | 1.55 | 1.56 | 1.55 | 1.55 |
Ratio of net investment income (%) | 1.99 | 2.23 | 2.39 | 2.29 | 2.61 |
Portfolio turnover rate (%) | 29 | 35 | 39 | 42 | 38 |
a | Total return does not reflect the effect of any sales charges. |
b | Total return would have been lower had certain expenses not been reduced. |
c | Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations. |
* | Amount is less than $.005. |
DWS Managed Municipal Bond Fund | | 45 |
DWS Managed Municipal Bond Fund — Class S | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.99 | $9.23 | $9.00 | $9.18 | $9.44 |
Income (loss) from investment operations: | |||||
Net investment income | .27 | .29 | .30 | .30 | .33 |
Net realized and unrealized gain (loss) | .41 | (.22) | .23 | (.18) | (.26) |
Total from investment operations | .68 | .07 | .53 | .12 | .07 |
Less distributions from: | |||||
Net investment income | (.27) | (.29) | (.30) | (.30) | (.33) |
Net realized gains | (.00) * | (.02) | (.00) * | (.00) * | (.00) * |
Total distributions | (.27) | (.31) | (.30) | (.30) | (.33) |
Net asset value, end of period | $9.40 | $8.99 | $9.23 | $9.00 | $9.18 |
Total Return (%)a | 7.73 | .73 | 6.07 | 1.32 | .81 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 1,898 | 2,041 | 2,283 | 2,670 | 2,918 |
Ratio of expenses before expense reductions (including interest expense) (%)b | .61 | .62 | .61 | .62 | .63 |
Ratio of expenses after expense reductions (including interest expense) (%)b | .55 | .56 | .56 | .58 | .60 |
Ratio of expenses after expense reductions (excluding interest expense) (%) | .55 | .56 | .56 | .56 | .57 |
Ratio of net investment income (%) | 2.98 | 3.22 | 3.39 | 3.27 | 3.59 |
Portfolio turnover rate (%) | 29 | 35 | 39 | 42 | 38 |
a | Total return would have been lower had certain expenses not been reduced. |
b | Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations. |
* | Amount is less than $.005. |
46 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund — Institutional Class | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $8.99 | $9.22 | $8.99 | $9.17 | $9.42 |
Income (loss) from investment operations: | |||||
Net investment income | .27 | .30 | .30 | .30 | .34 |
Net realized and unrealized gain (loss) | .41 | (.21) | .23 | (.18) | (.26) |
Total from investment operations | .68 | .09 | .53 | .12 | .08 |
Less distributions from: | |||||
Net investment income | (.27) | (.30) | (.30) | (.30) | (.33) |
Net realized gains | (.00) * | (.02) | (.00) * | (.00) * | (.00) * |
Total distributions | (.27) | (.32) | (.30) | (.30) | (.33) |
Net asset value, end of period | $9.40 | $8.99 | $9.22 | $8.99 | $9.17 |
Total Return (%) | 7.75 | .86 | 6.09 | 1.33 | .94 a |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 557 | 484 | 340 | 241 | 177 |
Ratio of expenses before expense reductions (including interest expense) (%)b | .54 | .55 | .55 | .56 | .59 |
Ratio of expenses after expense reductions (including interest expense) (%)b | .54 | .55 | .55 | .56 | .56 |
Ratio of expenses after expense reductions (excluding interest expense) (%) | .54 | .55 | .55 | .55 | .53 |
Ratio of net investment income (%) | 2.99 | 3.22 | 3.41 | 3.29 | 3.63 |
Portfolio turnover rate (%) | 29 | 35 | 39 | 42 | 38 |
a | Total return would have been lower had certain expenses not been reduced. |
b | Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations. |
* | Amount is less than $.005. |
DWS Managed Municipal Bond Fund | | 47 |
A. | Organization and Significant Accounting Policies |
48 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 49 |
50 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 51 |
Undistributed tax-exempt income | $ 5,250,110 |
Undistributed ordinary income* | $ 221,674 |
Undistributed long-term capital gains | $ 11,141,492 |
Net unrealized appreciation (depreciation) on investments | $ 351,444,430 |
Years Ended May 31, | ||
2021 | 2020 | |
Distributions from tax-exempt income | $ 110,359,830 | $ 126,719,527 |
Distributions from ordinary income* | $ 1,566,456 | $ 224,893 |
Distributions from long-term capital gains | $ — | $ 6,997,467 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
52 | | DWS Managed Municipal Bond Fund |
B. | Purchases and Sales of Securities |
C. | Related Parties |
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 | | 53 |
Class A | .81% |
Class C | 1.56% |
Class S | .56% |
Institutional Class | .56% |
Class A | .80% | |
Class C | 1.55% | |
Class S | .55% | |
Institutional Class | .55% |
54 | | DWS Managed Municipal Bond Fund |
Services to Shareholders | Total Aggregated | Unpaid at May 31, 2021 |
Class A | $ 106,242 | $ 17,372 |
Class C | 1,789 | 275 |
Class S | 235,430 | 38,663 |
Institutional Class | 1,675 | 137 |
$ 345,136 | $ 56,447 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 769,015 |
Class C | 99,303 |
Class S | 2,878,738 |
Institutional Class | 465,429 |
$ 4,212,485 |
Distribution Fee | Total Aggregated | Unpaid at May 31, 2021 |
Class C | $ 761,063 | $ 46,033 |
DWS Managed Municipal Bond Fund | | 55 |
Service Fee | Total Aggregated | Unpaid at May 31, 2021 | Annual Rate |
Class A | $ 2,975,246 | $ 502,737 | .24% |
Class C | 253,599 | 31,977 | .25% |
$ 3,228,845 | $ 534,714 |
D. | Line of Credit |
56 | | DWS Managed Municipal Bond Fund |
E. | Fund Share Transactions |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 11,375,090 | $ 105,416,471 | 9,411,538 | $ 87,185,439 |
Class C | 603,092 | 5,584,487 | 1,323,227 | 12,226,246 |
Class S | 26,800,410 | 247,844,626 | 44,206,771 | 401,826,257 |
Institutional Class | 22,386,499 | 208,125,798 | 35,888,360 | 330,485,308 |
$ 566,971,382 | $ 831,723,250 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 3,284,552 | $ 30,438,406 | 3,886,973 | $ 35,751,195 |
Class C | 205,430 | 1,902,356 | 314,090 | 2,890,290 |
Class S | 5,596,811 | 51,923,976 | 6,971,265 | 64,227,622 |
Institutional Class | 1,515,480 | 14,054,108 | 1,499,999 | 13,790,267 |
$ 98,318,846 | $ 116,659,374 | |||
Shares redeemed | ||||
Class A | (17,250,661) | $ (159,798,903) | (20,200,209) | $ (185,995,111) |
Class C | (7,656,342) | (71,149,620) | (4,245,224) | (39,061,897) |
Class S | (57,490,998) | (532,464,575) | (71,779,745) | (656,703,760) |
Institutional Class | (18,427,309) | (170,670,420) | (20,437,413) | (185,351,898) |
$ (934,083,518) | $ (1,067,112,666) | |||
Net increase (decrease) | ||||
Class A | (2,591,019) | $ (23,944,026) | (6,901,698) | $ (63,058,477) |
Class C | (6,847,820) | (63,662,777) | (2,607,907) | (23,945,361) |
Class S | (25,093,777) | (232,695,973) | (20,601,709) | (190,649,881) |
Institutional Class | 5,474,670 | 51,509,486 | 16,950,946 | 158,923,677 |
$ (268,793,290) | $ (118,730,042) |
DWS Managed Municipal Bond Fund | | 57 |
F. | Payments by Affiliates |
G. | Other — COVID-19 Pandemic |
58 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 59 |
![](https://capedge.com/proxy/N-CSR/0000088053-21-000647/g201956img32ba1c267.jpg)
60 | | DWS Managed Municipal Bond Fund |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
DWS Managed Municipal Bond Fund | | 61 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 12/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 5/31/21 | $1,024.80 | $1,020.80 | $1,025.80 | $1,027.10 |
Expenses Paid per $1,000* | $ 3.84 | $ 7.76 | $ 2.78 | $ 2.68 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 12/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 5/31/21 | $1,021.14 | $1,017.25 | $1,022.19 | $1,022.29 |
Expenses Paid per $1,000* | $ 3.83 | $ 7.75 | $ 2.77 | $ 2.67 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class S | Institutional Class |
DWS Managed Municipal Bond Fund | .76% | 1.54% | .55% | .53% |
Tax Information | (Unaudited) |
62 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 63 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | 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. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
— | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | 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 other material service agreements. |
64 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 65 |
66 | | DWS Managed Municipal Bond Fund |
DWS Managed Municipal Bond Fund | | 67 |
68 | | DWS Managed Municipal Bond Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Managed Municipal Bond Fund | | 69 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
70 | | DWS Managed Municipal Bond Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Managed Municipal Bond Fund | | 71 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
72 | | DWS Managed Municipal Bond Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Managed Municipal Bond Fund | | 73 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWS PO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
74 | | DWS Managed Municipal Bond Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SMLAX | SMLCX | SCMBX | SMLIX |
CUSIP Number | 25158T 608 | 25158T 822 | 25158T 848 | 25158T 855 |
Fund Number | 466 | 766 | 2066 | 544 |
DWS Managed Municipal Bond Fund | | 75 |
(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 Mr. William McClayton, 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 |
DWS Managed Municipal Bond Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
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 |
2021 | $55,933 | $0 | $7,880 | $0 |
2020 | $55,933 | $0 | $8,565 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
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 |
2021 | $0 | $57,532 | $0 |
2020 | $0 | $625,431 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
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) |
2021 | $7,880 | $57,532 | $0 | $65,412 |
2020 | $8,565 | $625,431 | $0 | $633,996 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | 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 11. | 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 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | 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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Managed Municipal Bond Fund, a series of Deutsche DWS Municipal Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 7/30/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 7/30/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 7/30/2021 |