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: | 10/31 |
Date of reporting period: | 10/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
2 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 3 |
4 | | | DWS Short-Term Municipal Bond Fund |
Portfolio Management Review | (Unaudited) |
DWS Short-Term Municipal Bond Fund | | | 5 |
6 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 7 |
— | Joined DWS in 1986. |
— | Head of Municipal Bond Department; Portfolio Manager, Municipal Bond Mutual Funds: Boston. |
— | BA, Duke University. |
— | Joined DWS in 1989. |
— | Co-Head of Municipal Bond Department. |
— | BS, Pennsylvania State University; MS, Boston College. |
— | Joined DWS in 2003. Prior to his current role, he served as an Insurance Reporting Supervisor in the Insurance Asset Management business and as Investment Accountant in the PrivateWealth Management Division. |
— | BA, Colby College. |
— | Joined DWS in 2010 with five years of industry experience; previously, served as an Associate at Banc of America Securities. |
— | BA and MBA, Boston College. |
8 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 9 |
Performance Summary | October 31, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
Unadjusted for Sales Charge | 0.84% | 1.45% | 1.17% |
Adjusted for the Maximum Sales Charge (max 2.25% load) | –1.43% | 0.99% | 0.94% |
Bloomberg 1-Year G.O. Index† | 0.54% | 1.38% | 1.03% |
Bloomberg 3-Year (2–4) Municipal Bond Index†† | 0.85% | 1.85% | 1.66% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
Unadjusted for Sales Charge | 0.10% | 0.70% | 0.42% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 0.10% | 0.70% | 0.42% |
Bloomberg 1-Year G.O. Index† | 0.54% | 1.38% | 1.03% |
Bloomberg 3-Year (2–4) Municipal Bond Index†† | 0.85% | 1.85% | 1.66% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
No Sales Charges | 1.10% | 1.61% | 1.33% |
Bloomberg 1-Year G.O. Index† | 0.54% | 1.38% | 1.03% |
Bloomberg 3-Year (2–4) Municipal Bond Index†† | 0.85% | 1.85% | 1.66% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 10/31/21 | |||
No Sales Charges | 1.09% | 1.71% | 1.43% |
Bloomberg 1-Year G.O. Index† | 0.54% | 1.38% | 1.03% |
Bloomberg 3-Year (2–4) Municipal Bond Index†† | 0.85% | 1.85% | 1.66% |
10 | | | DWS Short-Term Municipal Bond Fund |
† | The Bloomberg 1-Year General Obligation Index (name changed from Bloomberg Barclays 1-Year General Obligation Index, effective August 24, 2021) is an unmanaged index including bonds with a minimum credit rating of Baa3, issued as part of a deal of at least $50 million, having an amount outstanding of at least $5 million, a maturity of one to two years, backed by the full faith and credit of an issuer with taxing power. |
DWS Short-Term Municipal Bond Fund | | | 11 |
†† | The Bloomberg 3-Year (2–4) Municipal Bond Index (name changed from Bloomberg Barclays 3-Year (2–4) Municipal Bond Index, effective August 24, 2021) is an unmanaged subset of the Bloomberg Barclays Municipal Bond Index. It includes maturities of two to four years. |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
10/31/21 | $10.16 | $ 10.16 | $ 10.15 | $ 10.16 |
10/31/20 | $10.21 | $ 10.21 | $ 10.19 | $ 10.21 |
Distribution Information as of 10/31/21 | ||||
Income Dividends, Twelve Months | $ .09 | $ .01 | $ .11 | $ .12 |
Capital Gain Distributions | $.0457 | $ .0457 | $ .0457 | $ .0457 |
October Income Dividend | $.0068 | $ .0003 | $ .0086 | $ .0089 |
SEC 30-day Yield‡‡ | .03% | –.69% | .25% | .28% |
Tax Equivalent Yield‡‡ | .05% | –.69% | .42% | .47% |
Current Annualized Distribution Rate‡‡ | .79% | .03% | 1.00% | 1.03% |
‡‡ | The SEC yield is net investment income per share earned over the month ended October 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 yields would have been –0.07% and 0.11% for Class A and Institutional Class shares, respectively, had certain expenses not been reduced. Tax equivalent yield is based on the Fund’s yield and a marginal 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 October 31, 2021. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rates would have been 0.69% and 0.86% for Class A and Institutional Class shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate. |
12 | | | DWS Short-Term Municipal Bond Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies) | 10/31/21 | 10/31/20 |
Revenue Bonds | 64% | 63% |
Variable Rate Demand Notes | 17% | 7% |
General Obligation Bonds | 13% | 22% |
Lease Obligations | 3% | 6% |
Escrow to Maturity/Prerefunded Bonds | 2% | 1% |
Variable Rate Demand Preferred Shares | 1% | 1% |
100% | 100% |
Interest Rate Sensitivity | 10/31/21 | 10/31/20 |
Effective Maturity | 2.4 years | 2.6 years |
Modified Duration | 2.0 years | 2.2 years |
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies) | 10/31/21 | 10/31/20 |
AAA | 27% | 23% |
AA | 35% | 40% |
A | 16% | 19% |
BBB | 11% | 13% |
BB | 2% | 1% |
B | 0% | — |
Not Rated | 9% | 4% |
100% | 100% |
Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies) | 10/31/21 | 10/31/20 |
New York | 20% | 11% |
California | 19% | 21% |
Texas | 9% | 10% |
New Jersey | 4% | 3% |
Arizona | 3% | 2% |
DWS Short-Term Municipal Bond Fund | | | 13 |
Investment Portfolio | as of October 31, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Investments 107.2% | |||
Alabama 1.3% | |||
Alabama, Black Belt Energy Gas District Prepay Revenue, Series A, 4.0%, Mandatory Put 12/1/2023 @ 100, 12/1/2048, GTY: Goldman Sachs Group, Inc. | 2,200,000 | 2,345,316 | |
Southeast Alabama, State Gas Supply District Revenue Project, Series A, 4.0%, Mandatory Put 6/1/2024 @ 100, 6/1/2049, GTY: Morgan Stanley | 1,200,000 | 1,296,176 | |
3,641,492 | |||
Alaska 0.2% | |||
Alaska, Northern Tobacco Securitization Corp. Tobacco settlement Revenue, “2” , Series B-1, 0.5%, 6/1/2031 | 500,000 | 488,921 | |
Arizona 3.4% | |||
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital: | |||
Series A, 0.03% (a), 11/1/2021, LOC: JPMorgan Chase Bank NA | 700,000 | 700,000 | |
Series A, 5.0%, 2/1/2027 | 200,000 | 242,426 | |
Series A, 5.0%, 2/1/2028 (b) | 1,300,000 | 1,600,745 | |
Series A, 5.0%, 2/1/2029 (b) | 1,300,000 | 1,633,490 | |
Arizona, State Certificates of Participation, Series A, 5.0%, 10/1/2026 | 1,500,000 | 1,815,409 | |
Arizona, State Health Facilities Authority Revenue, Banner Health, Series B, MUNIPSA + 0.25%, 0.29% (c), Mandatory Put 11/4/2026 @ 100, 1/1/2046 (b) | 810,000 | 810,317 | |
Arizona, Tempe Industrial Development Authority, Tempe Life Care Village Inc., Series C-2, 1.125%, 12/1/2026 | 2,000,000 | 1,975,054 | |
Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A, AMT, 1.875%, Mandatory Put 3/31/2023 @ 100, 9/1/2032 | 1,000,000 | 1,018,465 | |
9,795,906 | |||
California 20.0% | |||
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area: | |||
Series B-1, MUNIPSA + 1.1%, 1.15% (c), Mandatory Put 4/1/2024 @ 100, 4/1/2045 | 1,900,000 | 1,933,367 | |
Series A, MUNIPSA + 1.25%, 1.3% (c), Mandatory Put 4/1/2027 @ 100, 4/1/2036 | 3,940,000 | 4,143,824 |
14 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
California, California Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project: | |||
Series A, AMT, 144A, 0.18%, Mandatory Put 11/1/2021 @ 100, 8/1/2023 (b) | 2,265,000 | 2,265,000 | |
Series A-1, AMT, 144A, 0.18%, Mandatory Put 1/18/2022 @ 100,11/1/2042 | 665,000 | 664,964 | |
California, Infrastructure & Economic Development Bank Revenue, Brightline West Passenger Rail Project, Series A, AMT, 144A, 0.2%, Mandatory Put 2/1/2022 @ 100, 1/1/2050 | 1,880,000 | 1,879,782 | |
California, Metropolitan Water District Revenue, Series E, MUNIPSA + 0.14%, 0.19% (c), Mandatory Put 5/21/2024 @100, 7/1/2037 | 880,000 | 880,297 | |
California, Municipal Finance Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project: | |||
Series A, AMT, 0.3%, Mandatory Put 4/1/2022 @ 100,7/1/2041 | 750,000 | 750,261 | |
Series B, AMT, 0.3%, Mandatory Put 1/18/2022 @ 100, 7/1/2051 | 810,000 | 810,159 | |
California, Nuveen AMT-Free Quality Municipal Income Fund, Series D, 0.25% (a), 11/5/2021 | 3,500,000 | 3,500,000 | |
California, Public Finance Authority Revenue, Enso Village Project, Series B-3, 144A, 2.125%, 11/15/2027 | 1,500,000 | 1,510,076 | |
California, San Diego Association of Governments, Capital Grant Receipts Revenue, Mid-Coast Corridor Transit Project, Series B, 1.8%, 11/15/2027 | 2,500,000 | 2,600,375 | |
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, MUNIPSA + 0.37%, 0.42% (c), Mandatory Put 12/1/2022 @ 100, 12/1/2035 | 4,000,000 | 4,005,924 | |
California, State General Obligation: | |||
Series E-REMK, MUNIPSA + 0.43%, 0.48% (c), Mandatory Put 12/1/2023 @ 100, 12/1/2029 | 1,250,000 | 1,252,660 | |
5.0%, 9/1/2030 | 1,500,000 | 1,975,929 | |
California, State Infrastructure & Economic Development Bank Revenue: | |||
Series A, MUNIPSA + 0.35%, 0.4% (c), Mandatory Put 8/1/2024 @ 100, 8/1/2047 | 570,000 | 572,072 | |
1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055 | 1,100,000 | 1,139,519 | |
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project: | |||
Series A, AMT, 5.0%, 12/31/2025 | 1,000,000 | 1,168,300 | |
Series A, AMT, 5.0%, 6/30/2026 | 500,000 | 591,054 | |
California, State Public Works Board, Lease Revenue Refunding Bonds, Various Capital Project, Series A, 5.0%, 8/1/2029 (b) | 1,905,000 | 2,406,425 |
DWS Short-Term Municipal Bond Fund | | | 15 |
Principal Amount ($) | Value ($) | ||
California, State University Revenue, Series A, 5.0%, 11/1/2021 | 3,000,000 | 3,000,000 | |
California, Statewide Communities Development Authority Revenue, Viamonte Senior Living Project, Series B, 3.0%, 7/1/2025 | 470,000 | 470,854 | |
California, Tobacco Securitization Agency, Tobacco Settlement, Series B-1, 1.75%, 6/1/2030 | 75,000 | 75,372 | |
California, Transbay Joint Powers Authority, Series B, 2.4%, 10/1/2049 | 550,000 | 547,223 | |
California, University of California Revenue: | |||
Series S, 5.0%, 5/15/2028 (b) | 2,000,000 | 2,467,417 | |
Series S, 5.0%, 5/15/2029 (b) | 1,000,000 | 1,264,216 | |
California, Water & Waste Water Revenue, Series B, MUNIPSA + 0.1%, 0.15% (c), Mandatory Put 7/1/2024 @ 100, 7/1/2046 | 1,630,000 | 1,630,387 | |
Glendale, CA, Unified School District: | |||
5.0%, 9/1/2025 | 500,000 | 585,764 | |
5.0%, 9/1/2026 | 500,000 | 603,676 | |
Long Beach, CA, Harbor Revenue, Private Activity, Series B, AMT, 4.0%, 5/15/2022 | 5,000,000 | 5,100,868 | |
Los Angeles County, CA, Public Works Financing Authority, Lease Revenue Refunding Bond, Series G, 5.0%, 12/1/2029 (b) | 750,000 | 933,720 | |
Mount Diablo, CA, Mount Diablo Unified School District, Refunding General Obligation, Series B, 4.0%, 8/1/2027 (b) | 2,300,000 | 2,637,793 | |
Port Oakland, CA, Intermediate Lien Revenue Bonds: | |||
Series H, AMT, 5.0%, 5/1/2028 | 500,000 | 617,951 | |
Series H, AMT, 5.0%, 11/1/2029 | 250,000 | 317,408 | |
San Francisco City & County, CA, Multi Family Housing Revenue, Eastern Park Apartments, Series K, 1.3%, Mandatory Put 1/1/2023 @ 100, 7/1/2023 | 1,250,000 | 1,259,788 | |
Stockton, CA, Public Financing Authority, Wastewater Revenue, 1.4%, 6/1/2022 | 1,500,000 | 1,502,509 | |
Tobacco Securitization Authority of Northern California, Tobacco Settlement Revenue, Sacramento County Tobacco Securitization Corp., Series B-1, 0.45%, 6/1/2030 | 80,000 | 79,685 | |
57,144,619 | |||
Colorado 2.4% | |||
Cherry Creek, CO, School District No. 5, Series C, 5.0%, 12/15/2031 | 2,000,000 | 2,462,300 |
16 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Denver City & County, CO, Airport System Revenue: | |||
Series A, AMT, 5.0%, 12/1/2026 | 2,000,000 | 2,395,289 | |
Series D, 5.0%, Mandatory Put 11/15/2022 @ 100, 11/15/2031 | 2,000,000 | 2,096,003 | |
6,953,592 | |||
Connecticut 2.2% | |||
Connecticut, Special Tax Obligation Revenue, Transport Infrastructure Purposes, Series C, 5.0%, 1/1/2029 | 1,000,000 | 1,271,066 | |
Connecticut, State General Obligation, Series A, 5.0%, 3/15/2029 | 2,000,000 | 2,283,315 | |
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program: | |||
Series E-E3, 1.625%, Mandatory Put 11/15/2022 @ 100, 11/15/2059 | 540,000 | 540,505 | |
Series C-1, 4.0%, 11/15/2047 | 870,000 | 930,029 | |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 665,000 | 711,382 | |
Connecticut, State Special Tax Obligation Revenue, Series A, 5.0%, 5/1/2024 | 500,000 | 557,857 | |
6,294,154 | |||
Florida 2.6% | |||
Atlantic Beach, FL, Healthcare Facilities Revenue Fleet Landing Project, Series B-2, 3.0%, 11/15/2023 | 1,250,000 | 1,251,824 | |
Clay County, FL, Sales Surtax Revenue, 5.0%, 10/1/2022 | 650,000 | 677,938 | |
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project Loan Program, Series A-1, 5.0%, 10/1/2026 | 500,000 | 580,279 | |
Florida, Development Finance Corp., Transportation Facility Revenue, Virgin Trains U.S.A. Passanger Rail Project, Series A, AMT, 144A, 6.375%, Mandatory Put 1/1/2026 @ 100, 1/1/2049 | 1,000,000 | 1,015,152 | |
Florida, Florida Development Finance Corp., The Mayflower Retirement Community Project, Series B, 144A, 1.75%, 6/1/2026 | 1,020,000 | 1,011,982 | |
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center of Florida, Inc., 5.0%, 11/15/2021 | 1,000,000 | 1,001,676 | |
Miami-dade County, FL, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management Inc., Project: | |||
0.32%, Mandatory Put 11/1/2023 @ 100,9/1/2027 (b) | 575,000 | 575,000 |
DWS Short-Term Municipal Bond Fund | | | 17 |
Principal Amount ($) | Value ($) | ||
AMT, 0.4%, Mandatory Put 11/1/2023 @ 100,11/1/2041 (b) | 925,000 | 925,000 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 2.625%, 5/1/2024 | 375,000 | 381,699 | |
7,420,550 | |||
Georgia 1.7% | |||
Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | 1,200,000 | 1,297,324 | |
Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier Revenue, Series A, 2.375%, 1/1/2031 | 750,000 | 776,832 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |||
Series A, 4.0%, Mandatory Put 9/1/2023 @ 100, 4/1/2048, LIQ: Royal Bank of Canada | 1,865,000 | 1,978,090 | |
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 750,000 | 801,350 | |
4,853,596 | |||
Hawaii 0.2% | |||
Honolulu County, HI, General Obligation, Series A, 5.0%, 11/1/2029 (b) | 500,000 | 614,596 | |
Illinois 3.1% | |||
Illinois, Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2028 | 1,000,000 | 1,266,505 | |
Illinois, State Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A, AMT, 0.55%, Mandatory Put 11/1/2022 @ 100,11/1/2044, GTY: Waste Management Holdings (b) | 1,155,000 | 1,155,000 | |
Illinois, State General Obligation: | |||
5.0%, 8/1/2023 | 1,000,000 | 1,078,127 | |
Series A, 5.0%, 3/1/2028 | 750,000 | 904,048 | |
5.375%, 5/1/2023 | 1,000,000 | 1,073,342 | |
Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022 | 1,500,000 | 1,544,034 | |
Will County, IL, Community Unit School District No. 210, Lincoln-Way, ETM, Zero Coupon, 1/1/2022, INS: AGMC | 1,815,000 | 1,813,814 | |
8,834,870 | |||
Indiana 1.2% | |||
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA + 0.3%, 0.34% (c), Mandatory Put 3/1/2027 @ 100, 3/1/2039 | 765,000 | 765,000 |
18 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Indiana, State Finance Authority, Economic Development Revenue, Republic Sevices, Inc., Project: | |||
Series B, 0.15%, Mandatory Put 1/12/2021 @ 100,5/1/2028 | 820,000 | 819,980 | |
Series A, AMT, 0.15%, Mandatory Put 1/12/2021 @ 100,5/1/2034 | 885,000 | 884,964 | |
Indiana, State Finance Authority, Hospital Revenue, Indiana University Health Obligated Group, Series 2015B, Prerefunded 1/1/2022 @ 100, 1.65%, Mandatory Put 9/1/2023 @ 100,12/1/2042 | 1,000,000 | 1,002,351 | |
3,472,295 | |||
Iowa 1.1% | |||
Iowa, Finance Authority, Educational Facility Revenue, Holy Family Catholic School Project, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 390,000 | 390,000 | |
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Series A-2, 2.875%, 5/15/2049 | 50,000 | 50,203 | |
Iowa, State Finance Authority, Midwestern Disaster Area Revenue, Fertilizer Co. Project, 3.125%, 12/1/2022 | 250,000 | 253,446 | |
Iowa, State Higher Education Loan Authority Revenue, Loras College, 0.03% (a), 11/1/2021, LOC: Bank of America NA | 2,130,000 | 2,130,000 | |
Iowa, Tobacco Settlement Authority Settlement Revenue, Series B, 0.375%, 6/1/2030 | 285,000 | 284,794 | |
3,108,443 | |||
Kansas 0.5% | |||
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 1,530,000 | 1,530,000 | |
Kentucky 1.9% | |||
Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes, “A1A” , Series 2021-1, 1.65%, 3/25/2051 | 964,817 | 956,074 | |
Kentucky, State Public Energy Authority, Gas Supply Revenue, Series B, 4.0%, Mandatory Put 1/1/2025 @ 100, 1/1/2049, GTY: BP Corp. North America, Inc. | 1,435,000 | 1,575,175 | |
Louisville & Jefferson County, KY, Metropolitan Government Control Revenue, Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027 | 3,000,000 | 2,998,937 | |
5,530,186 | |||
Louisiana 0.4% | |||
Louisiana, Stadium & Exposition District, Bond Anticipation Notes, 5.0%, 7/3/2023 | 1,000,000 | 1,052,142 |
DWS Short-Term Municipal Bond Fund | | | 19 |
Principal Amount ($) | Value ($) | ||
Maine 0.0% | |||
Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028 | 90,000 | 90,179 | |
Maryland 2.2% | |||
Maryland, State Department of Transportation, Series A, 5.0%, 12/1/2028 (b) | 1,250,000 | 1,555,885 | |
Maryland, State General Obligation, Series D, 4.0%, 8/1/2028 (b) | 1,000,000 | 1,167,842 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, University of Maryland Medical System Obligated Group, Series B-2, 5.0%, Mandatory Put 7/1/2027 @ 100, 7/1/2045 | 1,000,000 | 1,197,827 | |
Montgomery County, MD, Public Improvements Project, Series A, 5.0%, 11/1/2021 | 2,215,000 | 2,215,000 | |
6,136,554 | |||
Massachusetts 1.0% | |||
Massachusetts, Educational Financing Authority Education Loan Revenue: | |||
Series B, AMT, 2.0%, 7/1/2037 | 170,000 | 167,653 | |
Series B, AMT, 2.625%, 7/1/2036 | 1,400,000 | 1,431,340 | |
Massachusetts, State General Obligation, 1.25%, 9/1/2022 | 1,000,000 | 1,008,168 | |
Massachusetts, State Health & Educational Facilities Authority Revenue, Northeastern University Issue, Series T, 5.0%, 10/1/2025 | 245,000 | 255,600 | |
2,862,761 | |||
Michigan 1.7% | |||
Michigan, State Finance Authority Revenue, “A1A” , Series A, 1.3%, 7/25/2061 | 1,866,867 | 1,847,160 | |
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., Series D-2, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038 | 1,250,000 | 1,244,766 | |
Michigan, State Finance Authority, Hospital Revenue Bond, Trinity Health Credit Group, MUNIPSA + 0.48%, 0.53% (c), Mandatory Put 2/1/2022 @ 100, 3/1/2051 | 1,335,000 | 1,335,184 | |
Michigan, State Housing Development Authority, Series A-1, 1.5%, 10/1/2022 | 530,000 | 530,513 | |
4,957,623 | |||
Minnesota 1.8% | |||
Minnesota, State Housing Finance Agency, Residential Holding Finance, Series H, MUNIPSA + 0.55%, 0.6% (c), Mandatory Put 12/12/2023 @ 100, 7/1/2041 | 5,000,000 | 5,024,801 |
20 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Missouri 1.8% | |||
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, Series 2021-1, 1.53%, 1/25/2061 | 2,185,004 | 2,160,871 | |
Missouri, Plaza At Noah’s Ark Community Improvement District: | |||
3.0%, 5/1/2023 | 150,000 | 152,113 | |
3.0%, 5/1/2024 | 200,000 | 203,867 | |
3.0%, 5/1/2025 | 225,000 | 230,035 | |
Missouri, State Development Finance Board Infrastructure Facilities Revenue, St. Louis Convention Center Hotel Garage Project, Series C, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 1,630,000 | 1,630,000 | |
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 890,000 | 890,000 | |
5,266,886 | |||
Nevada 0.3% | |||
Nevada, State Department of Business & Industry Solid Waster Disposal Revenue, Republic Services, Inc., Project, AMT, 144A, 0.25%, Mandatory Put 12/1/2021 @ 100, 12/1/2026 | 500,000 | 500,019 | |
Sparks, NV, Tourism Improvement District No. 1 Revenue, Sales Tax Revenue, Series A, 144A, 2.5%, 6/15/2024 | 345,000 | 349,704 | |
849,723 | |||
New Hampshire 0.7% | |||
New Hampshire, National Finance Authority, Solid Waste Disposal Refunding Revenue, Waste Management Inc., Project, Series A-3, AMT, 0.15%, Mandatory Put 12/1/2021 @ 100,4/1/2024 | 2,000,000 | 2,000,175 | |
New Jersey 4.2% | |||
Burlington County, NJ, General Improvement Water Sewer Utility Revenue, Series A, 1.5%, 5/25/2022 | 4,803,000 | 4,837,302 | |
New Jersey, General Obligation, 1.5%, 5/20/2022 | 3,000,000 | 3,021,234 | |
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 195,000 | 197,891 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series A, 2.375%, 12/1/2029 | 535,000 | 554,615 |
DWS Short-Term Municipal Bond Fund | | | 21 |
Principal Amount ($) | Value ($) | ||
New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2024 | 1,000,000 | 1,116,278 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2025 | 1,955,000 | 2,238,358 | |
11,965,678 | |||
New Mexico 0.6% | |||
New Mexico, Mortgage Finance Authority, Single Family Mortgage, “I” , Series A-1, 4.0%, 1/1/2049 | 650,000 | 709,906 | |
Santa Fe, NM, Retirement Facility Revenue, El Castillo Retirement Project, Series B-1, 2.625%, 5/15/2025 | 1,000,000 | 1,000,898 | |
1,710,804 | |||
New York 20.8% | |||
Chautauqua County, NY, Capital Resource Corp., Exempt Facilities Revenue, NRG Energy, Inc. Project, 1.3%, Mandatory Put 3/4/2023 @ 100,4/1/2042 | 2,000,000 | 2,011,361 | |
New York, Housing Development Corp., Multi-Family Mortgage Revenue, Series H, 0.12%, Mandatory Put 3/15/2022 @100, 11/1/2051 | 705,000 | 704,809 | |
New York, Metropolitan Transportation Authority, Series F, 5.0%, 11/15/2022 | ���5,390,000 | 5,650,710 | |
New York, Metropolitan Transportation Authority Revenue, Series E-1, 0.04% (a), 11/1/2021, LOC: Barclays Bank PLC | 7,425,000 | 7,425,000 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.03% (a), 11/1/2021, LOC: TD Bank NA | 3,600,000 | 3,600,000 | |
New York, State Dormitory Authority Revenue, Non-Supported Debt, Northwell Healthcare, Inc., Series B-1, 5.0%, Mandatory Put 5/1/2022 @ 100, 5/1/2048 | 2,000,000 | 2,007,007 | |
New York, State Environmental Facilities Corp., Solid Waste Disposal Revenue, Waste Management, Inc., AMT, 0.2%, Mandatory Put 2/1/2022 @100, 5/1/2030 | 335,000 | 335,000 | |
New York, State Housing Finance Agency Revenue, Series K, 1.45%, 5/1/2023 | 2,500,000 | 2,504,712 | |
New York, State Housing Finance Agency Revenue, 160 Madison Avenue LLC, Series B, 0.07% (a), 11/1/2021, LOC: Landesbank Hessen-thrgn | 200,000 | 200,000 | |
New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 195, 4.0%, 10/1/2046 | 1,350,000 | 1,433,927 | |
New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment, AMT, 5.0%, 1/1/2024 | 2,500,000 | 2,726,124 |
22 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series B-1, 0.02% (a), 11/1/2021, LOC: Bank of America NA | 215,000 | 215,000 | |
Series B-4C, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 1,570,000 | 1,570,000 | |
New York & New Jersey, Port Authority: | |||
Series 226, AMT, 5.0%, 10/15/2027 | 750,000 | 916,181 | |
Series 226, AMT, 5.0%, 10/15/2028 | 660,000 | 822,561 | |
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Series A, 1.125%, Mandatory Put 11/1/2024 @ 100, 5/1/2060 | 1,000,000 | 1,003,147 | |
New York, NY, General Obligation: | |||
Series I-4, 0.03% (a), 11/1/2021, LOC: TD Bank NA | 8,200,000 | 8,200,000 | |
Series G, 0.04% (a), 11/1/2021, LOC: Mizuho Bank Ltd. | 10,895,000 | 10,894,656 | |
Series 2-REM, 0.11% (a), 11/1/2021 | 1,000,000 | 1,000,000 | |
Series 3-REM, 0.11% (a), 11/7/2021 | 635,000 | 635,000 | |
Series I-A, 5.0%, 4/1/2029 | 2,000,000 | 2,552,098 | |
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: Build America Mutual | 315,000 | 368,551 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2025 | 300,000 | 347,983 | |
Series A, 5.0%, 9/1/2027 | 500,000 | 607,625 | |
5.0%, 8/1/2028 | 1,000,000 | 1,158,147 | |
Series A, 5.0%, 9/1/2028 | 500,000 | 619,751 | |
59,509,350 | |||
North Carolina 1.6% | |||
North Carolina, Charlotte-Mecklenburg Hospital Health Care Authorirty Revenue: | |||
Series E, 0.04% (a), 11/1/2021, LOC: Royal Bank of Canada | 1,600,000 | 1,600,000 | |
Series C, 5.0%, Mandatory Put 12/1/2028 @ 100, 1/15/2050 | 1,000,000 | 1,271,168 | |
North Carolina, State Housing Finance Agency, Home Ownership Revenue: | |||
Series 38-B, 4.0%, 7/1/2047 | 490,000 | 524,874 | |
Series 41, 4.0%, 1/1/2050 | 1,195,000 | 1,299,948 | |
4,695,990 | |||
North Dakota 0.3% | |||
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047 | 785,000 | 839,752 |
DWS Short-Term Municipal Bond Fund | | | 23 |
Principal Amount ($) | Value ($) | ||
Ohio 3.4% | |||
Allen Country, OH, Hospital Facilities Revenue: | |||
Series C, 0.03% (a), 11/1/2021, LOC: Bank of Montreal | 1,800,000 | 1,800,000 | |
Series A, 5.0%, 12/1/2022 | 600,000 | 630,549 | |
Series A, 5.0%, 12/1/2023 | 1,000,000 | 1,095,810 | |
City of Akron, OH, Community Learning Centers Income Tax Revenue, 4.0%, 12/1/2028 (b) | 1,380,000 | 1,608,159 | |
Cleveland, OH, Airport System Revenue: | |||
Series A, 5.0%, 1/1/2023, INS: AGMC | 1,810,000 | 1,910,211 | |
Series A, AMT, 5.0%, 1/1/2025 | 1,000,000 | 1,135,066 | |
Ohio, Port of Greater Cincinnati Development Authority Revenue, Convention Center Hotel Acquisition And Demolition Project, Series A, 3.0%, 5/1/2023 | 1,500,000 | 1,507,473 | |
9,687,268 | |||
Oklahoma 0.9% | |||
Oklahoma, State Development Finance Authority, Gilcrease Expressway West Project, Series A, AMT, 1.625%, 7/6/2023 | 2,000,000 | 2,013,747 | |
Oklahoma, State Municipal Power Authority, SIFMA Index, Series A, MUNIPSA + 0.39%, 0.44% (c), 1/1/2023 | 430,000 | 430,017 | |
2,443,764 | |||
Oregon 1.6% | |||
Clackamas County, OR, Hospital Facility Authority, Senior Living Revenue, Rose Villa Project, Series B-2, 2.75%, 11/15/2025 | 1,250,000 | 1,250,810 | |
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series B, 0.03% (a), 11/1/2021, LOC: TD Bank NA | 1,000,000 | 1,000,000 | |
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 3.5%, 7/1/2036 | 950,000 | 990,845 | |
Washington Multnomah & Yamhill Counties, OR, Hillsboro School District No. 1J, 5.0%, 6/15/2031 | 1,180,000 | 1,441,539 | |
4,683,194 | |||
Pennsylvania 3.1% | |||
Geisinger, PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043 | 1,000,000 | 1,194,291 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026 | 2,000,000 | 2,373,988 | |
Pennsylvania, Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Project, AMT, 0.2%, Mandatory Put 11/1/2021 @ 100, 8/1/2045, GTY: Waste Management, Inc. | 735,000 | 735,000 |
24 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, AMT, 3.5%, 10/1/2041 | 640,000 | 667,422 | |
Series 122, AMT, 4.0%, 10/1/2046 | 2,215,000 | 2,364,608 | |
Philadelphia, PA, School District, Series 2020, 5.0%, 9/1/2022 | 1,000,000 | 1,039,683 | |
Pittsburgh, PA, Water & Sewer Authority Systems Revenue, Series C, MUNIPSA + 0.65%, 0.7% (c), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 500,000 | 503,862 | |
8,878,854 | |||
Rhode Island 0.4% | |||
Rhode Island, State Housing & Mortgage Finance Corp., Revenue, Multi Family Development Sustainability Bonds, Series 1-A, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2049 | 980,000 | 980,559 | |
South Carolina 0.1% | |||
South Carolina, State Jobs Economic Development Authority, Hospital Revenue, Prisma Healthcare Obligated Group, Series B, 0.03% (a), 11/1/2021, LOC: U.S. Bank NA | 400,000 | 400,000 | |
South Dakota 0.6% | |||
South Dakota, Housing Development Authority, Homeownership Mortgage: | |||
Series B, 4.0%, 11/1/2047 | 1,360,000 | 1,461,487 | |
Series A, AMT, 4.5%, 5/1/2031 | 140,000 | 160,720 | |
1,622,207 | |||
Tennessee 1.2% | |||
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, AMT, 3.0%, 7/1/2038 | 230,000 | 234,148 | |
Tennessee, New Memphis Arena Public Building Authority, Local Government Public Improvement Bond, Zero Coupon, 4/1/2027 | 325,000 | 320,548 | |
Tennessee, Solid Waste Disposal Refunding Revenue, Waste Management, Inc., Project, AMT, 0.2%, Mandatory Put 11/1/2021 @ 100, 7/2/2035, GTY: Waste Management, Inc. | 500,000 | 500,000 | |
Tennessee, State Energy Acquisition Corp., Gas Revenue, Series A, 4.0%, Mandatory Put 5/1/2023 @ 100, 5/1/2048, GTY: Goldman Sachs Group, Inc. | 2,250,000 | 2,356,398 |
DWS Short-Term Municipal Bond Fund | | | 25 |
Principal Amount ($) | Value ($) | ||
Tennessee, State Housing Development Agency, Homeownership Program: | |||
Series 2C, AMT, 4.0%, 7/1/2038 | 5,000 | 5,028 | |
Series 1A, AMT, 4.5%, 1/1/2038 | 15,000 | 15,092 | |
3,431,214 | |||
Texas 9.8% | |||
Bowie County, TX, Industrial Development Corp. Revenue, 0.05% (a), 11/1/2021, LOC: JPMorgan Chase Bank NA | 2,400,000 | 2,400,000 | |
Fort Bend, TX, Independent School District Variable Rate, Unlimited Tax Building and Refunding Bonds, Series B, 0.875%, Mandatory Put 8/1/2025 @ 100, 8/1/2050 | 395,000 | 398,399 | |
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B-1, 5.0%, Mandatory Put 12/1/2022 @ 100, 7/1/2049 | 1,500,000 | 1,572,112 | |
Houston, TX, Airport Systems Revenue: | |||
Series A, AMT, 5.0%, 7/1/2025 | 500,000 | 576,874 | |
Series A, AMT, 5.0%, 7/1/2026 | 1,000,000 | 1,184,723 | |
Series C, AMT, 5.0%, 7/1/2026 | 2,500,000 | 2,961,809 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and Entertainment Facilities Department, 5.0%, 9/1/2026 | 1,735,000 | 2,071,914 | |
Houston, TX, Independent School District: | |||
Series A-2, 2.25%, Mandatory Put 6/1/2022 @ 100, 6/1/2039 | 1,000,000 | 1,011,390 | |
4.0%, Mandatory Put 6/1/2023 @ 100, 6/1/2029 | 1,000,000 | 1,057,248 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series C, 0.03% (a), 11/1/2021, LOC: TD Bank NA | 850,000 | 850,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.03% (a), 11/1/2021, LOC: TD Bank NA | 1,095,000 | 1,095,000 | |
Texas, Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Waste Treatment Facility Revenue, Jefferson Enterprise Energy LLC Project, Series B, AMT, 0.45%, Mandatory Put 6/30/2022 @ 100, 12/1/2045 | 1,335,000 | 1,334,295 | |
Texas, Clifton Higher Education Finance Corp. Revenue, Taxable Variable Rate, Idea Public Schools, Series T, 144A, 0.75%, Mandatory Put 2/15/2022 @ 100, 8/15/2050 | 6,000,000 | 6,007,899 | |
Texas, Deer Park Independent School District, 0.16%, Mandatory Put 10/03/2022 @ 100,10/1/2042 | 775,000 | 774,449 |
26 | | | DWS Short-Term Municipal Bond Fund |
Principal Amount ($) | Value ($) | ||
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 1,040,000 | 1,099,054 | |
Texas, Love Field Airport Modernization Corp., General Airport Revenue, AMT, 5.0%, 11/1/2021 | 500,000 | 500,000 | |
Texas, Lower Colorado River Authority Revenue, 5.0%, 5/15/2029, INS: AGMC (b) | 1,000,000 | 1,242,830 | |
Texas, Mission Economic Development Corp., Solid Waste Disposal Revenue, Republic Services, Inc., Project, AMT, 0.2%, Mandatory Put 2/1/2022 @100, 1/1/2026 | 335,000 | 335,000 | |
Texas, Mission Economic Development Corp., Solid Waste Disposal Revenue, Waste management Inc., Project, Series B, AMT, 0.15%, Mandatory Put 12/1/2021 @ 100,7/1/2040 | 1,000,000 | 1,000,087 | |
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2029, GTY: Macquarie Group Ltd. | 500,000 | 627,512 | |
28,100,595 | |||
Virginia 1.2% | |||
Chesapeake Bay, VA, Bridge & Tunnel District Revenue, First Tier General Resolution, 5.0%, 11/1/2023 | 1,250,000 | 1,362,832 | |
Lynchburg, VA, Economic Development Authority, Hospital Revenue, Centra Health Obligated Group, Series B, 0.04% (a), 11/1/2021, LOC: Truist Bank | 500,000 | 500,000 | |
Peninsula, VA, Ports Authority, Coal Terminal Revenue, Dominion Terminal Associates Project, Series 2003, 1.7%, Mandatory Put 10/1/2022 @ 100, 10/1/2033 | 1,410,000 | 1,425,782 | |
3,288,614 | |||
Washington 2.4% | |||
Seattle, WA, Municipal Light & Power Revenue: | |||
Series B, MUNIPSA + 0.25%, 0.3% (c), Mandatory Put 11/1/2021 @ 100, 5/1/2045 | 355,000 | 358,253 | |
Series C-1, MUNIPSA + 0.49%, 0.54% (c), Mandatory Put 11/1/2023 @ 100, 11/1/2046 | 2,000,000 | 2,008,075 | |
Washington, Central Puget Sound Regional Transit Authority Sales & Use Taxes Revenue, Motor Vehicle Excise Tax Improvement, Green Bond, Series 2A, MUNIPSA + 0.2%, 0.25% (c), Mandatory Put 11/1/2026 @ 100, 11/1/2045 | 1,615,000 | 1,631,652 | |
Washington, State General Obligation: | |||
5.0%, 6/1/2026 | 500,000 | 598,228 | |
5.0%, 6/1/2027 | 300,000 | 368,265 | |
Washington, State Housing Finance Commission, Transforming Age Projects, Series B, 144A, 2.375%, 1/1/2026 | 2,000,000 | 2,001,379 | |
6,965,852 |
DWS Short-Term Municipal Bond Fund | | | 27 |
Principal Amount ($) | Value ($) | ||
West Virginia 0.9% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045 | 250,000 | 263,135 | |
West Virginia, State Economic Development Authority, Solid Waste Disposal Facilities Revenue, Wheeling Power Co., Mitchell Project, Series A, AMT, 3.0%, Mandatory Put 4/1/2022 @ 100, 6/1/2037 | 2,250,000 | 2,275,431 | |
2,538,566 | |||
Wisconsin 1.6% | |||
City of Racine County, WI, General Obligation, 2.0%, 4/1/2022 | 305,000 | 305,717 | |
Wisconsin, Public Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc., Project, Series A-3, AMT, 0.2%, Mandatory Put 11/1/2021 @ 100, 9/1/2027, GTY: Waste Management Holdings | 335,000 | 335,000 | |
Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group, Series C-4, MUNIPSA + 0.65%, 0.7% (c), Mandatory Put 7/31/2024 @ 100, 8/15/2054 | 1,000,000 | 1,009,223 | |
Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046 | 1,320,000 | �� 1,384,194 | |
Wisconsin, Waukesha Note Anticipation Notes, Series A, 2.0%, 7/1/2022 | 1,500,000 | 1,514,387 | |
4,548,521 | |||
Guam 0.6% | |||
Guam, International Airport Authority Revenue, Series A, AMT, 5.0%, 10/1/2022 | 1,500,000 | 1,562,874 | |
Other 0.2% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A” , Series M024, AMT, 2.304%, 5/15/2027 | 572,917 | 587,721 | |
Total Municipal Investments (Cost $301,734,954) | 306,365,441 |
Shares | Value ($) | ||
Open-End Investment Companies 0.1% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $428,948) | 428,693 | 428,736 |
28 | | | DWS Short-Term Municipal Bond Fund |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $302,163,902) | 107.3 | 306,794,177 | |
Other Assets and Liabilities, Net | (7.3) | (20,940,143) | |
Net Assets | 100.0 | 285,854,034 |
(a) | Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature and are shown at their current rates as of October 31, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(b) | When-issued security. |
(c) | Variable or floating rate security. These securities are shown at their current rate as of October 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. |
(d) | 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. |
AGMC: Assured Guaranty Municipal Corp. |
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 |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
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. |
SIFMA: Securities Industry and Financial Markets Association |
DWS Short-Term Municipal Bond Fund | | | 29 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $ — | $306,365,441 | $— | $306,365,441 |
Open-End Investment Companies | 428,736 | — | — | 428,736 |
Total | $428,736 | $306,365,441 | $ — | $306,794,177 |
(a) | See Investment Portfolio for additional detailed categorizations. |
30 | | | DWS Short-Term Municipal Bond Fund |
Assets | |
Investment in securities, at value (cost $302,163,902) | $ 306,794,177 |
Cash | 1 |
Receivable for investments sold | 668,260 |
Receivable for Fund shares sold | 697,965 |
Interest receivable | 2,049,595 |
Other assets | 21,569 |
Total assets | 310,231,567 |
Liabilities | |
Payable for investments purchased — when-issued securities | 23,835,601 |
Payable for Fund shares redeemed | 236,217 |
Distributions payable | 42,691 |
Accrued management fee | 45,812 |
Accrued Trustees' fees | 2,968 |
Other accrued expenses and payables | 214,244 |
Total liabilities | 24,377,533 |
Net assets, at value | $ 285,854,034 |
Net Assets Consist of | |
Distributable earnings (loss) | 4,669,098 |
Paid-in capital | 281,184,936 |
Net assets, at value | $ 285,854,034 |
DWS Short-Term Municipal Bond Fund | | | 31 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($125,587,226 ÷ 12,361,024 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.16 |
Maximum offering price per share (100 ÷ 97.75 of $10.16) | $ 10.39 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,938,961 ÷ 190,911 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.16 |
Class S | |
Net Asset Value, offering and redemption price per share ($47,773,341 ÷ 4,708,477 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.15 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($110,554,506 ÷ 10,878,905 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 10.16 |
32 | | | DWS Short-Term Municipal Bond Fund |
Investment Income | |
Income: | |
Interest | $ 4,756,580 |
Expenses: | |
Management fee | 928,836 |
Administration fee | 300,324 |
Services to shareholders | 301,014 |
Distribution and service fees | 357,220 |
Custodian fee | 2,789 |
Professional fees | 74,048 |
Reports to shareholders | 30,965 |
Registration fees | 74,631 |
Trustees' fees and expenses | 10,990 |
Other | 18,941 |
Total expenses before expense reductions | 2,099,758 |
Expense reductions | (160,032) |
Total expenses after expense reductions | 1,939,726 |
Net investment income | 2,816,854 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 687,189 |
Change in net unrealized appreciation (depreciation) on investments | (273,233) |
Net gain (loss) | 413,956 |
Net increase (decrease) in net assets resulting from operations | $ 3,230,810 |
DWS Short-Term Municipal Bond Fund | | | 33 |
Years Ended October 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 2,816,854 | $ 3,943,892 |
Net realized gain (loss) | 687,189 | 1,450,750 |
Change in net unrealized appreciation (depreciation) | (273,233) | 765,052 |
Net increase (decrease) in net assets resulting from operations | 3,230,810 | 6,159,694 |
Distributions to shareholders: | ||
Class A | (1,847,945) | (2,262,008) |
Class C | (19,191) | (25,033) |
Class S | (747,681) | (722,026) |
Institutional Class | (1,924,198) | (1,801,121) |
Total distributions | (4,539,015) | (4,810,188) |
Fund share transactions: | ||
Proceeds from shares sold | 122,168,999 | 197,757,493 |
Reinvestment of distributions | 4,235,656 | 4,466,589 |
Payments for shares redeemed | (161,369,078) | (211,370,541) |
Net increase (decrease) in net assets from Fund share transactions | (34,964,423) | (9,146,459) |
Increase (decrease) in net assets | (36,272,628) | (7,796,953) |
Net assets at beginning of period | 322,126,662 | 329,923,615 |
Net assets at end of period | $ 285,854,034 | $ 322,126,662 |
34 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund — Class A | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.21 | $10.15 | $9.93 | $10.10 | $10.16 |
Income (loss) from investment operations: | |||||
Net investment incomea | .08 | .11 | .15 | .17 | .13 |
Net realized and unrealized gain (loss) | .01 | .09 | .23 | (.17) | (.06) |
Total from investment operations | .09 | .20 | .38 | — | .07 |
Less distributions from: | |||||
Net investment income | (.09) | (.12) | (.16) | (.17) | (.13) |
Net realized gains | (.05) | (.02) | — | — | — |
Total distributions | (.14) | (.14) | (.16) | (.17) | (.13) |
Net asset value, end of period | $10.16 | $10.21 | $10.15 | $9.93 | $10.10 |
Total Return (%)b,c | .84 | 2.00 | 3.83 | (.02) | .67 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 126 | 145 | 180 | 104 | 121 |
Ratio of expenses before expense reductions (%) | .79 | .79 | .91 | .94 | .91 |
Ratio of expenses after expense reductions (%) | .74 | .72 | .72 | .71 | .73 |
Ratio of net investment income (%) | .79 | 1.13 | 1.54 | 1.67 | 1.26 |
Portfolio turnover rate (%) | 105 | 88 | 109 | 117 | 89 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
DWS Short-Term Municipal Bond Fund | | | 35 |
DWS Short-Term Municipal Bond Fund — Class C | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.21 | $10.15 | $9.93 | $10.10 | $10.16 |
Income (loss) from investment operations: | |||||
Net investment incomea | .01 | .04 | .08 | .09 | .05 |
Net realized and unrealized gain (loss) | .00 * | .09 | .22 | (.17) | (.06) |
Total from investment operations | .01 | .13 | .30 | (.08) | (.01) |
Less distributions from: | |||||
Net investment income | (.01) | (.05) | (.08) | (.09) | (.05) |
Net realized gains | (.05) | (.02) | — | — | — |
Total distributions | (.06) | (.07) | (.08) | (.09) | (.05) |
Net asset value, end of period | $10.16 | $10.21 | $10.15 | $9.93 | $10.10 |
Total Return (%)b,c | .10 | 1.24 | 3.05 | (.77) | (.08) |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 2 | 3 | 5 | 8 | 14 |
Ratio of expenses before expense reductions (%) | 1.55 | 1.55 | 1.70 | 1.70 | 1.68 |
Ratio of expenses after expense reductions (%) | 1.49 | 1.47 | 1.47 | 1.46 | 1.48 |
Ratio of net investment income (%) | .07 | .38 | .85 | .90 | .51 |
Portfolio turnover rate (%) | 105 | 88 | 109 | 117 | 89 |
a | Based on average shares outstanding during the period. |
b | Total return does not reflect the effect of any sales charges. |
c | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
36 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund — Class S | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.19 | $10.13 | $9.92 | $10.09 | $10.15 |
Income (loss) from investment operations: | |||||
Net investment incomea | .10 | .13 | .17 | .18 | .14 |
Net realized and unrealized gain (loss) | .02 | .09 | .21 | (.17) | (.06) |
Total from investment operations | .12 | .22 | .38 | .01 | .08 |
Less distributions from: | |||||
Net investment income | (.11) | (.14) | (.17) | (.18) | (.14) |
Net realized gains | (.05) | (.02) | — | — | — |
Total distributions | (.16) | (.16) | (.17) | (.18) | (.14) |
Net asset value, end of period | $10.15 | $10.19 | $10.13 | $9.92 | $10.09 |
Total Return (%)b | 1.10 | 2.15 | 3.88 | .12 | .82 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 48 | 49 | 51 | 46 | 113 |
Ratio of expenses before expense reductions (%) | .60 | .65 | .75 | .81 | .81 |
Ratio of expenses after expense reductions (%) | .58 | .57 | .57 | .56 | .58 |
Ratio of net investment income (%) | .95 | 1.27 | 1.72 | 1.78 | 1.41 |
Portfolio turnover rate (%) | 105 | 88 | 109 | 117 | 89 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
DWS Short-Term Municipal Bond Fund | | | 37 |
DWS Short-Term Municipal Bond Fund — Institutional Class | |||||
Years Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $10.21 | $10.15 | $9.93 | $10.10 | $10.16 |
Income (loss) from investment operations: | |||||
Net investment incomea | .11 | .14 | .18 | .19 | .15 |
Net realized and unrealized gain (loss) | .01 | .09 | .22 | (.17) | (.06) |
Total from investment operations | .12 | .23 | .40 | .02 | .09 |
Less distributions from: | |||||
Net investment income | (.12) | (.15) | (.18) | (.19) | (.15) |
Net realized gains | (.05) | (.02) | — | — | — |
Total distributions | (.17) | (.17) | (.18) | (.19) | (.15) |
Net asset value, end of period | $10.16 | $10.21 | $10.15 | $9.93 | $10.10 |
Total Return (%)b | 1.09 | 2.26 | 4.09 | .23 | .92 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 111 | 125 | 94 | 67 | 45 |
Ratio of expenses before expense reductions (%) | .56 | .55 | .69 | .72 | .66 |
Ratio of expenses after expense reductions (%) | .49 | .47 | .48 | .46 | .48 |
Ratio of net investment income (%) | 1.04 | 1.37 | 1.79 | 1.95 | 1.51 |
Portfolio turnover rate (%) | 105 | 88 | 109 | 117 | 89 |
a | Based on average shares outstanding during the period. |
b | Total return would have been lower had certain expenses not been reduced. |
38 | | | DWS Short-Term Municipal Bond Fund |
A. | Organization and Significant Accounting Policies |
DWS Short-Term Municipal Bond Fund | | | 39 |
40 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 41 |
Undistributed ordinary income* | $ 475,347 |
Undistributed long-term capital gains | $ 199,470 |
Net unrealized appreciation (depreciation) on investments | $ 4,036,971 |
Years Ended October 31, | ||
2021 | 2020 | |
Distributions from tax-exempt income | $ 3,028,439 | $ 4,258,120 |
Distributions from ordinary income* | $ 634,409 | $ 404,075 |
Distributions from long-term capital gains | $ 876,167 | $ 147,993 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
42 | | | DWS Short-Term Municipal Bond Fund |
B. | Purchases and Sales of Securities |
C. | Related Parties |
First $500 million of the Fund’s average daily net assets | .300% |
Next $500 million of such net assets | .285% |
Next $1.0 billion of such net assets | .270% |
Over $2.0 billion of such net assets | .255% |
Class A | .72% |
Class C | 1.47% |
Class S | .57% |
Institutional Class | .47% |
DWS Short-Term Municipal Bond Fund | | | 43 |
Class A | .76% | |
Class C | 1.51% | |
Class S | .61% | |
Institutional Class | .51% |
Class A | .69% | ||
Class C | 1.44% | ||
Class S | .54% | ||
Institutional Class | .44% |
Class A | $ 68,752 |
Class C | 1,432 |
Class S | 7,381 |
Institutional Class | 82,467 |
$ 160,032 |
44 | | | DWS Short-Term Municipal Bond Fund |
Services to Shareholders | Total Aggregated | Unpaid at October 31, 2021 |
Class A | $ 2,045 | $ 326 |
Class C | 333 | 46 |
Class S | 2,362 | 389 |
Institutional Class | 515 | 86 |
$ 5,255 | $ 847 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 111,391 |
Class C | 2,194 |
Class S | 63,293 |
Institutional Class | 116,368 |
$ 293,246 |
Distribution Fee | Total Aggregated | Unpaid at October 31, 2021 |
Class C | $ 19,314 | $ 1,239 |
DWS Short-Term Municipal Bond Fund | | | 45 |
Service Fee | Total Aggregated | Unpaid at October 31, 2021 | Annual Rate |
Class A | $ 331,931 | $ 48,389 | .24% |
Class C | 5,975 | 1,169 | .23% |
$ 337,906 | $ 49,558 |
D. | Line of Credit |
46 | | | DWS Short-Term Municipal Bond Fund |
E. | Fund Share Transactions |
Year Ended October 31, 2021 | Year Ended October 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 2,025,918 | $ 20,696,345 | 7,376,750 | $ 74,890,290 |
Class C | 32,778 | 335,111 | 89,300 | 904,406 |
Class S | 2,913,141 | 29,727,568 | 2,450,057 | 24,719,648 |
Institutional Class | 6,986,762 | 71,409,975 | 9,593,317 | 97,243,149 |
$ 122,168,999 | $ 197,757,493 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 169,935 | $ 1,736,458 | 210,893 | $ 2,139,312 |
Class C | 1,824 | 18,633 | 2,118 | 21,468 |
Class S | 68,905 | 703,106 | 66,030 | 668,976 |
Institutional Class | 173,926 | 1,777,459 | 161,251 | 1,636,833 |
$ 4,235,656 | $ 4,466,589 | |||
Shares redeemed | ||||
Class A | (4,074,253) | $ (41,636,421) | (11,090,190) | $ (112,076,188) |
Class C | (174,620) | (1,784,245) | (233,645) | (2,372,670) |
Class S | (3,038,152) | (31,012,850) | (2,815,972) | (28,428,212) |
Institutional Class | (8,509,616) | (86,935,562) | (6,763,093) | (68,493,471) |
$ (161,369,078) | $ (211,370,541) | |||
Net increase (decrease) | ||||
Class A | (1,878,400) | $ (19,203,618) | (3,502,547) | $ (35,046,586) |
Class C | (140,018) | (1,430,501) | (142,227) | (1,446,796) |
Class S | (56,106) | (582,176) | (299,885) | (3,039,588) |
Institutional Class | (1,348,928) | (13,748,128) | 2,991,475 | 30,386,511 |
$ (34,964,423) | $ (9,146,459) |
DWS Short-Term Municipal Bond Fund | | | 47 |
F. | Other — COVID-19 Pandemic |
48 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 49 |
50 | | | DWS Short-Term 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 Short-Term Municipal Bond Fund | | | 51 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 5/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/21 | $ 999.00 | $ 995.40 | $ 999.80 | $ 999.30 |
Expenses Paid per $1,000* | $ 3.78 | $ 7.54 | $ 2.92 | $ 2.52 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 5/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 10/31/21 | $1,021.42 | $1,017.64 | $1,022.28 | $1,022.68 |
Expenses Paid per $1,000* | $ 3.82 | $ 7.63 | $ 2.96 | $ 2.55 |
* | 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 184 (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 Short-Term Municipal Bond Fund | .75% | 1.50% | .58% | .50% |
Tax Information | (Unaudited) |
52 | | | DWS Short-Term Municipal Bond Fund |
— | 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. |
DWS Short-Term Municipal Bond Fund | | | 53 |
54 | | | DWS Short-Term Municipal Bond Fund |
DWS Short-Term Municipal Bond Fund | | | 55 |
56 | | | DWS Short-Term 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) | 70 | — |
DWS Short-Term Municipal Bond Fund | | | 57 |
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 | 70 | — |
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) | 70 | — |
58 | | | DWS Short-Term 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) | 70 | 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 | 70 | — |
Chad D. Perry (1972)Board Member or Advisory Board Member since 20213 | Executive Vice President, General Counsel and Secretary, Tanger Factory Outlet Centers, Inc.2 (since 2011); formerly Executive Vice President and Deputy General Counsel, LPL Financial Holdings Inc.2 (2006–2011); Senior Corporate Counsel, EMC Corporation (2005–2006); Associate, Ropes & Gray LLP (1997–2005) | 21 4 | — |
DWS Short-Term Municipal Bond Fund | | | 59 |
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 |
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) | 70 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
Catherine Schrand (1964)Board Member or Advisory Board Member since 20213 | Celia Z. Moh Professor of Accounting (since 2016) and Professor of Accounting (since 1994), The Wharton School, University of Pennsylvania; formerly Vice Dean, Wharton Doctoral Programs (2016–2019) | 21 4 | — |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 70 | — |
60 | | | DWS Short-Term Municipal Bond Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan7 (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 Millette8 (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 Crawford9 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally8 (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 Antosca8 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan8 (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. Hogan8 (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) |
DWS Short-Term Municipal Bond Fund | | | 61 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served6 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson8 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); Secretary, Deutsche AM Service Company (2010–2017); and Chief Legal Officer, DBX Strategic Advisors LLC (2020–2021) |
Christian Rijs7 (1980)Anti-Money Laundering Compliance Officer, since October 6, 2021 | DWS Americas Head of Anti-Financial Crime and AML Officer, DWS; AML Officer, DWS Trust Company (since October 6, 2021); AML Officer, DBX ETF Trust (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since October 6, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO |
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 | Mr. Perry and Ms. Schrand are Advisory Board Members of Deutsche DWS Asset Allocation Trust, Deutsche DWS Equity 500 Index Portfolio, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Investments VIT Funds, Deutsche DWS Money Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS Tax Free Trust, Deutsche DWS Variable Series I and Government Cash Management Portfolio. Mr. Perry and Ms. Schrand are Board Members of each other Trust. |
4 | Mr. Perry and Ms. Schrand oversee 21 funds in the DWS Fund Complex as Board Members of various Trusts. Mr. Perry and Ms. Schrand are Advisory Board Members of various Trusts/Corporations comprised of 49 funds in the DWS Fund Complex. |
5 | 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. |
6 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
7 | Address: 875 Third Avenue, New York, NY 10022. |
8 | Address: 100 Summer Street, Boston, MA 02110. |
9 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
62 | | | DWS Short-Term Municipal Bond Fund |
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 | DWSPO 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 |
DWS Short-Term Municipal Bond Fund | | | 63 |
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 | SRMAX | SRMCX | SRMSX | MGSMX |
CUSIP Number | 25158T 863 | 25158T 889 | 25158T 806 | 25158T 830 |
Fund Number | 436 | 736 | 2336 | 536 |
64 | | | DWS Short-Term Municipal Bond Fund |
(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 short term 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 October 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $39,933 | $0 | $7,879 | $0 |
2020 | $39,933 | $0 | $7,879 | $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 October 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 | $487,049 | $0 |
2020 | $0 | $650,763 | $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 October 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 | $7,879 | $487,049 | $0 | $494,928 |
2020 | $7,879 | $650,763 | $0 | $658,642 |
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 to 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 | |
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 Short-Term Municipal Bond Fund, a series of Deutsche DWS Municipal Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 12/30/2021 |
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: | 12/30/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 12/30/2021 |