UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

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:	10/31/2024

Item 1.	Reports to Stockholders.

	(a)

0000203142 dws:DWSIndexBloombergMunicipalBondIndex18839BroadBasedIndexMember 2023-07-31 0000203142 dws:C000096620Member 2022-01-31

DWS Short Term Municipal Bond Fund

Class A: SRMAX

Annual Shareholder Report—October 31, 2024

This annual shareholder report contains important information about DWS Short Term Municipal Bond Fund (the "Fund") for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund on the Fund's website at dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$71	0.69%

Gross expense ratio as of the latest prospectus: 0.87%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class A shares of the Fund returned 5.49% (unadjusted for sales charges) for the period ended October 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index returned 9.70% for the same period, while the Fund's additional, more narrowly based indices, the Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2-4) Municipal Bond Index returned 4.21% and 5.43%, respectively.

Municipal market prices were supported over the period by declining U.S. Treasury yields and flows into tax-free mutual funds that helped offset higher new issue supply. Lower quality issues in the BBB and high yield rating categories led municipal market performance as recession fears eased, supporting credit sentiment broadly. In addition, high yield prices benefited from very low new issuance. In keeping with U.S. Treasuries, the municipal yield curve finished lower along its length for the 12 months, with the most significant declines on shorter-term issues.

The Fund was overweight issues rated BBB and below investment grade, supporting returns as lower quality segments of the municipal market outperformed. An overweight to maturities in the two-to-three-year range also proved beneficial to performance as that segment of the curve experienced the biggest rate declines. In sector terms, overweight allocations to prepaid gas and senior living bonds aided performance. The Fund’s stance with respect to duration and corresponding interest rate sensitivity added to performance vs. the Bloomberg 1-Year General Obligation Index and detracted vs. the Bloomberg 3-Year (2–4) Municipal Bond Index.

While there were few significant detractors from an allocation perspective, the Fund’s overweight to single family housing issues weighed modestly on relative performance.

Fund Performance

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

The Bloomberg Municipal Bond Index is a broad-based index that represents the fund’s overall debt market. It replaces the Bloomberg 1-Year General Obligation Index as the Fund’s broad-based index in compliance with updated regulatory requirements.

Bloomberg 1-Year General Obligation Index 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.

Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the Bloomberg Municipal Bond Index. It includes maturities of two to four years.

The Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2–4) Municipal Bond Index are more narrowly based indices that reflect the market sector in which the Fund invests.

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

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

	Class A	Bloomberg Municipal Bond Index	Bloomberg 1-Year General Obligation Index	Bloomberg 3-Year (2-4) Municipal Bond Index
'14	$9,775	$10,000	$10,000	$10,000
'14	$9,772	$10,017	$10,007	$10,006
'14	$9,760	$10,068	$10,000	$9,977
'15	$9,823	$10,246	$10,021	$10,041
'15	$9,793	$10,141	$10,024	$10,020
'15	$9,780	$10,170	$10,023	$10,017
'15	$9,778	$10,117	$10,025	$10,013
'15	$9,757	$10,089	$10,022	$9,993
'15	$9,755	$10,079	$10,024	$10,016
'15	$9,773	$10,152	$10,039	$10,049
'15	$9,771	$10,172	$10,056	$10,060
'15	$9,799	$10,246	$10,068	$10,096
'15	$9,816	$10,287	$10,079	$10,121
'15	$9,816	$10,328	$10,068	$10,100
'15	$9,815	$10,400	$10,063	$10,095
'16	$9,863	$10,524	$10,098	$10,159
'16	$9,873	$10,541	$10,113	$10,198
'16	$9,863	$10,574	$10,097	$10,172
'16	$9,882	$10,652	$10,110	$10,198
'16	$9,871	$10,681	$10,114	$10,189
'16	$9,909	$10,851	$10,130	$10,242
'16	$9,918	$10,857	$10,148	$10,271
'16	$9,918	$10,872	$10,130	$10,258
'16	$9,899	$10,818	$10,110	$10,216
'16	$9,881	$10,704	$10,115	$10,204
'16	$9,784	$10,305	$10,065	$10,074
'16	$9,802	$10,426	$10,087	$10,102
'17	$9,841	$10,495	$10,127	$10,175
'17	$9,872	$10,568	$10,158	$10,233
'17	$9,871	$10,591	$10,161	$10,231
'17	$9,902	$10,667	$10,178	$10,261
'17	$9,952	$10,837	$10,196	$10,317
'17	$9,934	$10,798	$10,184	$10,285
'17	$9,954	$10,885	$10,214	$10,331
'17	$9,985	$10,968	$10,234	$10,375
'17	$9,956	$10,912	$10,221	$10,340
'17	$9,947	$10,939	$10,223	$10,337
'17	$9,900	$10,880	$10,172	$10,237
'17	$9,911	$10,994	$10,179	$10,260
'18	$9,913	$10,865	$10,210	$10,275
'18	$9,907	$10,832	$10,225	$10,279
'18	$9,910	$10,872	$10,219	$10,272
'18	$9,895	$10,833	$10,209	$10,241
'18	$9,940	$10,957	$10,244	$10,297
'18	$9,955	$10,967	$10,280	$10,338
'18	$9,979	$10,993	$10,303	$10,372
'18	$9,984	$11,022	$10,299	$10,368
'18	$9,960	$10,950	$10,279	$10,326
'18	$9,945	$10,883	$10,287	$10,320
'18	$9,980	$11,003	$10,321	$10,373
'18	$10,025	$11,135	$10,360	$10,441
'19	$10,070	$11,219	$10,394	$10,500
'19	$10,105	$11,279	$10,417	$10,534
'19	$10,158	$11,458	$10,445	$10,580
'19	$10,172	$11,501	$10,452	$10,580
'19	$10,225	$11,659	$10,492	$10,649
'19	$10,258	$11,702	$10,524	$10,698
'19	$10,300	$11,797	$10,555	$10,758
'19	$10,343	$11,983	$10,570	$10,786
'19	$10,304	$11,887	$10,549	$10,731
'19	$10,326	$11,908	$10,580	$10,778
'19	$10,337	$11,938	$10,598	$10,803
'19	$10,355	$11,974	$10,615	$10,824
'20	$10,406	$12,189	$10,655	$10,897
'20	$10,448	$12,346	$10,676	$10,935
'20	$10,265	$11,899	$10,621	$10,785
'20	$10,256	$11,749	$10,637	$10,799
'20	$10,409	$12,123	$10,751	$11,010
'20	$10,462	$12,223	$10,752	$11,031
'20	$10,524	$12,429	$10,778	$11,097
'20	$10,533	$12,370	$10,779	$11,096
'20	$10,543	$12,373	$10,786	$11,109
'20	$10,532	$12,336	$10,777	$11,090
'20	$10,593	$12,522	$10,792	$11,122
'20	$10,617	$12,598	$10,805	$11,146
'21	$10,647	$12,678	$10,826	$11,173
'21	$10,594	$12,477	$10,820	$11,132
'21	$10,602	$12,554	$10,828	$11,162
'21	$10,631	$12,659	$10,837	$11,188
'21	$10,649	$12,697	$10,842	$11,191
'21	$10,657	$12,732	$10,840	$11,192
'21	$10,685	$12,838	$10,854	$11,229
'21	$10,670	$12,790	$10,852	$11,225
'21	$10,634	$12,698	$10,837	$11,201
'21	$10,620	$12,661	$10,835	$11,184
'21	$10,638	$12,769	$10,838	$11,187
'21	$10,639	$12,789	$10,838	$11,191
'22	$10,509	$12,439	$10,764	$11,006
'22	$10,485	$12,395	$10,750	$10,975
'22	$10,346	$11,993	$10,662	$10,793
'22	$10,229	$11,661	$10,622	$10,685
'22	$10,292	$11,834	$10,699	$10,815
'22	$10,261	$11,641	$10,703	$10,804
'22	$10,367	$11,948	$10,763	$10,928
'22	$10,276	$11,686	$10,675	$10,783
'22	$10,122	$11,238	$10,580	$10,590
'22	$10,119	$11,144	$10,597	$10,586
'22	$10,285	$11,666	$10,718	$10,794
'22	$10,305	$11,699	$10,713	$10,811
'23	$10,431	$12,035	$10,807	$10,960
'23	$10,335	$11,763	$10,708	$10,790
'23	$10,441	$12,024	$10,827	$10,957
'23	$10,441	$11,996	$10,794	$10,905
'23	$10,408	$11,892	$10,782	$10,841
'23	$10,462	$12,012	$10,830	$10,908
'23	$10,484	$12,059	$10,851	$10,933
'23	$10,473	$11,885	$10,862	$10,904
'23	$10,409	$11,537	$10,817	$10,796
'23	$10,420	$11,439	$10,845	$10,810
'23	$10,606	$12,165	$11,001	$11,080
'23	$10,716	$12,448	$11,068	$11,185
'24	$10,718	$12,384	$11,060	$11,161
'24	$10,731	$12,400	$11,077	$11,174
'24	$10,744	$12,400	$11,072	$11,154
'24	$10,725	$12,246	$11,071	$11,112
'24	$10,738	$12,210	$11,097	$11,106
'24	$10,818	$12,397	$11,159	$11,195
'24	$10,897	$12,510	$11,230	$11,291
'24	$10,987	$12,609	$11,302	$11,402
'24	$11,034	$12,734	$11,339	$11,462
'24	$10,993	$12,548	$11,302	$11,397

Yearly periods ended October 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.25%. This results in a net initial invesment of $9,775.

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class A Unadjusted for Sales Charge	5.49%	1.26%	1.18%
Class A Adjusted for the Maximum Sales Charge (max 2.25% load)	3.12%	0.80%	0.95%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 1-Year General Obligation Index	4.21%	1.33%	1.23%
Bloomberg 3-Year (2-4) Municipal Bond Index	5.43%	1.12%	1.32%

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

Key Fund Statistics

Net Assets ($)	131,456,192
Number of Portfolio Holdings	130
Portfolio Turnover Rate (%)	85
Total Net Advisory Fees Paid ($)	315,502
Modified Duration to Worst	2.0 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

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

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	11%
Lease Obligations	6%
Variable Rate Demand Notes	2%
Other Assets and Liabilities	(5%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	16%
AA	44%
A	28%
BBB	10%
BB	2%
Not Rated	3%

Top Five State Allocations

Holdings	% of Net Assets
Texas	15.6%
New York	9.2%
Pennsylvania	6.8%
Michigan	6.7%
California	6.1%

Additional Information

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

Householding

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

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

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

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-A

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Class C: SRMCX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$147	1.44%

Gross expense ratio as of the latest prospectus: 1.60%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class C shares of the Fund returned 4.71% (unadjusted for sales charges) for the period ended October 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index returned 9.70% for the same period, while the Fund's additional, more narrowly based indices, the Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2-4) Municipal Bond Index returned 4.21% and 5.43%, respectively.

While there were few significant detractors from an allocation perspective, the Fund’s overweight to single family housing issues weighed modestly on relative performance.

Fund Performance

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

Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the Bloomberg Municipal Bond Index. It includes maturities of two to four years.

The Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2–4) Municipal Bond Index are more narrowly based indices that reflect the market sector in which the Fund invests.

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

Cumulative Growth of an Assumed $10,000Investment

	Class C	Bloomberg Municipal Bond Index	Bloomberg 1-Year General Obligation Index	Bloomberg 3-Year (2-4) Municipal Bond Index
'14	$10,000	$10,000	$10,000	$10,000
'14	$9,991	$10,017	$10,007	$10,006
'14	$9,972	$10,068	$10,000	$9,977
'15	$10,021	$10,246	$10,021	$10,041
'15	$9,984	$10,141	$10,024	$10,020
'15	$9,975	$10,170	$10,023	$10,017
'15	$9,956	$10,117	$10,025	$10,013
'15	$9,928	$10,089	$10,022	$9,993
'15	$9,921	$10,079	$10,024	$10,016
'15	$9,932	$10,152	$10,039	$10,049
'15	$9,934	$10,172	$10,056	$10,060
'15	$9,946	$10,246	$10,068	$10,096
'15	$9,957	$10,287	$10,079	$10,121
'15	$9,951	$10,328	$10,068	$10,100
'15	$9,954	$10,400	$10,063	$10,095
'16	$9,995	$10,524	$10,098	$10,159
'16	$10,000	$10,541	$10,113	$10,198
'16	$9,983	$10,574	$10,097	$10,172
'16	$9,996	$10,652	$10,110	$10,198
'16	$9,979	$10,681	$10,114	$10,189
'16	$10,012	$10,851	$10,130	$10,242
'16	$10,015	$10,857	$10,148	$10,271
'16	$9,998	$10,872	$10,130	$10,258
'16	$9,973	$10,818	$10,110	$10,216
'16	$9,958	$10,704	$10,115	$10,204
'16	$9,854	$10,305	$10,065	$10,074
'16	$9,866	$10,426	$10,087	$10,102
'17	$9,899	$10,495	$10,127	$10,175
'17	$9,914	$10,568	$10,158	$10,233
'17	$9,917	$10,591	$10,161	$10,231
'17	$9,942	$10,667	$10,178	$10,261
'17	$9,976	$10,837	$10,196	$10,317
'17	$9,952	$10,798	$10,184	$10,285
'17	$9,976	$10,885	$10,214	$10,331
'17	$9,990	$10,968	$10,234	$10,375
'17	$9,965	$10,912	$10,221	$10,340
'17	$9,950	$10,939	$10,223	$10,337
'17	$9,896	$10,880	$10,172	$10,237
'17	$9,901	$10,994	$10,179	$10,260
'18	$9,887	$10,865	$10,210	$10,275
'18	$9,885	$10,832	$10,225	$10,279
'18	$9,882	$10,872	$10,219	$10,272
'18	$9,861	$10,833	$10,209	$10,241
'18	$9,899	$10,957	$10,244	$10,297
'18	$9,908	$10,967	$10,280	$10,338
'18	$9,916	$10,993	$10,303	$10,372
'18	$9,915	$11,022	$10,299	$10,368
'18	$9,884	$10,950	$10,279	$10,326
'18	$9,873	$10,883	$10,287	$10,320
'18	$9,902	$11,003	$10,321	$10,373
'18	$9,940	$11,135	$10,360	$10,441
'19	$9,978	$11,219	$10,394	$10,500
'19	$10,007	$11,279	$10,417	$10,534
'19	$10,054	$11,458	$10,445	$10,580
'19	$10,061	$11,501	$10,452	$10,580
'19	$10,107	$11,659	$10,492	$10,649
'19	$10,133	$11,702	$10,524	$10,698
'19	$10,168	$11,797	$10,555	$10,758
'19	$10,193	$11,983	$10,570	$10,786
'19	$10,159	$11,887	$10,549	$10,731
'19	$10,174	$11,908	$10,580	$10,778
'19	$10,179	$11,938	$10,598	$10,803
'19	$10,190	$11,974	$10,615	$10,824
'20	$10,234	$12,189	$10,655	$10,897
'20	$10,269	$12,346	$10,676	$10,935
'20	$10,083	$11,899	$10,621	$10,785
'20	$10,057	$11,749	$10,637	$10,799
'20	$10,202	$12,123	$10,751	$11,010
'20	$10,257	$12,223	$10,752	$11,031
'20	$10,311	$12,429	$10,778	$11,097
'20	$10,304	$12,370	$10,779	$11,096
'20	$10,307	$12,373	$10,786	$11,109
'20	$10,300	$12,336	$10,777	$11,090
'20	$10,353	$12,522	$10,792	$11,122
'20	$10,360	$12,598	$10,805	$11,146
'21	$10,392	$12,678	$10,826	$11,173
'21	$10,325	$12,477	$10,820	$11,132
'21	$10,337	$12,554	$10,828	$11,162
'21	$10,358	$12,659	$10,837	$11,188
'21	$10,369	$12,697	$10,842	$11,191
'21	$10,361	$12,732	$10,840	$11,192
'21	$10,391	$12,838	$10,854	$11,229
'21	$10,371	$12,790	$10,852	$11,225
'21	$10,330	$12,698	$10,837	$11,201
'21	$10,310	$12,661	$10,835	$11,184
'21	$10,321	$12,769	$10,838	$11,187
'21	$10,305	$12,789	$10,838	$11,191
'22	$10,183	$12,439	$10,764	$11,006
'22	$10,144	$12,395	$10,750	$10,975
'22	$10,003	$11,993	$10,662	$10,793
'22	$9,883	$11,661	$10,622	$10,685
'22	$9,938	$11,834	$10,699	$10,815
'22	$9,901	$11,641	$10,703	$10,804
'22	$10,008	$11,948	$10,763	$10,928
'22	$9,903	$11,686	$10,675	$10,783
'22	$9,759	$11,238	$10,580	$10,590
'22	$9,739	$11,144	$10,597	$10,586
'22	$9,894	$11,666	$10,718	$10,794
'22	$9,916	$11,699	$10,713	$10,811
'23	$10,021	$12,035	$10,807	$10,960
'23	$9,933	$11,763	$10,708	$10,790
'23	$10,029	$12,024	$10,827	$10,957
'23	$10,022	$11,996	$10,794	$10,905
'23	$9,985	$11,892	$10,782	$10,841
'23	$10,020	$12,012	$10,830	$10,908
'23	$10,034	$12,059	$10,851	$10,933
'23	$10,018	$11,885	$10,862	$10,904
'23	$9,950	$11,537	$10,817	$10,796
'23	$9,954	$11,439	$10,845	$10,810
'23	$10,136	$12,165	$11,001	$11,080
'23	$10,225	$12,448	$11,068	$11,185
'24	$10,230	$12,384	$11,060	$11,161
'24	$10,237	$12,400	$11,077	$11,174
'24	$10,243	$12,400	$11,072	$11,154
'24	$10,218	$12,246	$11,071	$11,112
'24	$10,224	$12,210	$11,097	$11,106
'24	$10,294	$12,397	$11,159	$11,195
'24	$10,362	$12,510	$11,230	$11,291
'24	$10,442	$12,609	$11,302	$11,402
'24	$10,480	$12,734	$11,339	$11,462
'24	$10,423	$12,548	$11,302	$11,397

Yearly periods ended October 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class C Unadjusted for Sales Charge	4.71%	0.49%	0.42%
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	3.71%	0.49%	0.42%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 1-Year General Obligation Index	4.21%	1.33%	1.23%
Bloomberg 3-Year (2-4) Municipal Bond Index	5.43%	1.12%	1.32%

Key Fund Statistics

Net Assets ($)	131,456,192
Number of Portfolio Holdings	130
Portfolio Turnover Rate (%)	85
Total Net Advisory Fees Paid ($)	315,502
Modified Duration to Worst	2.0 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	11%
Lease Obligations	6%
Variable Rate Demand Notes	2%
Other Assets and Liabilities	(5%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	16%
AA	44%
A	28%
BBB	10%
BB	2%
Not Rated	3%

Top Five State Allocations

Holdings	% of Net Assets
Texas	15.6%
New York	9.2%
Pennsylvania	6.8%
Michigan	6.7%
California	6.1%

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-C

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Class S: SRMSX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$51	0.50%

Gross expense ratio as of the latest prospectus: 0.64%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class S shares of the Fund returned 5.70% for the period ended October 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index returned 9.70% for the same period, while the Fund's additional, more narrowly based indices, the Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2-4) Municipal Bond Index returned 4.21% and 5.43%, respectively.

While there were few significant detractors from an allocation perspective, the Fund’s overweight to single family housing issues weighed modestly on relative performance.

Fund Performance

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

Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the Bloomberg Municipal Bond Index. It includes maturities of two to four years.

The Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2–4) Municipal Bond Index are more narrowly based indices that reflect the market sector in which the Fund invests.

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

Cumulative Growth of an Assumed $10,000Investment

	Class S	Bloomberg Municipal Bond Index	Bloomberg 1-Year General Obligation Index	Bloomberg 3-Year (2-4) Municipal Bond Index
'14	$10,000	$10,000	$10,000	$10,000
'14	$9,998	$10,017	$10,007	$10,006
'14	$9,987	$10,068	$10,000	$9,977
'15	$10,043	$10,246	$10,021	$10,041
'15	$10,013	$10,141	$10,024	$10,020
'15	$10,012	$10,170	$10,023	$10,017
'15	$10,001	$10,117	$10,025	$10,013
'15	$9,980	$10,089	$10,022	$9,993
'15	$9,980	$10,079	$10,024	$10,016
'15	$9,999	$10,152	$10,039	$10,049
'15	$10,009	$10,172	$10,056	$10,060
'15	$10,028	$10,246	$10,068	$10,096
'15	$10,048	$10,287	$10,079	$10,121
'15	$10,048	$10,328	$10,068	$10,100
'15	$10,059	$10,400	$10,063	$10,095
'16	$10,109	$10,524	$10,098	$10,159
'16	$10,120	$10,541	$10,113	$10,198
'16	$10,111	$10,574	$10,097	$10,172
'16	$10,132	$10,652	$10,110	$10,198
'16	$10,123	$10,681	$10,114	$10,189
'16	$10,163	$10,851	$10,130	$10,242
'16	$10,173	$10,857	$10,148	$10,271
'16	$10,165	$10,872	$10,130	$10,258
'16	$10,156	$10,818	$10,110	$10,216
'16	$10,139	$10,704	$10,115	$10,204
'16	$10,040	$10,305	$10,065	$10,074
'16	$10,061	$10,426	$10,087	$10,102
'17	$10,101	$10,495	$10,127	$10,175
'17	$10,134	$10,568	$10,158	$10,233
'17	$10,135	$10,591	$10,161	$10,231
'17	$10,168	$10,667	$10,178	$10,261
'17	$10,211	$10,837	$10,196	$10,317
'17	$10,204	$10,798	$10,184	$10,285
'17	$10,226	$10,885	$10,214	$10,331
'17	$10,248	$10,968	$10,234	$10,375
'17	$10,230	$10,912	$10,221	$10,340
'17	$10,222	$10,939	$10,223	$10,337
'17	$10,175	$10,880	$10,172	$10,237
'17	$10,187	$10,994	$10,179	$10,260
'18	$10,181	$10,865	$10,210	$10,275
'18	$10,186	$10,832	$10,225	$10,279
'18	$10,191	$10,872	$10,219	$10,272
'18	$10,177	$10,833	$10,209	$10,241
'18	$10,223	$10,957	$10,244	$10,297
'18	$10,240	$10,967	$10,280	$10,338
'18	$10,257	$10,993	$10,303	$10,372
'18	$10,263	$11,022	$10,299	$10,368
'18	$10,239	$10,950	$10,279	$10,326
'18	$10,235	$10,883	$10,287	$10,320
'18	$10,273	$11,003	$10,321	$10,373
'18	$10,321	$11,135	$10,360	$10,441
'19	$10,368	$11,219	$10,394	$10,500
'19	$10,405	$11,279	$10,417	$10,534
'19	$10,461	$11,458	$10,445	$10,580
'19	$10,466	$11,501	$10,452	$10,580
'19	$10,533	$11,659	$10,492	$10,649
'19	$10,568	$11,702	$10,524	$10,698
'19	$10,602	$11,797	$10,555	$10,758
'19	$10,647	$11,983	$10,570	$10,786
'19	$10,619	$11,887	$10,549	$10,731
'19	$10,632	$11,908	$10,580	$10,778
'19	$10,655	$11,938	$10,598	$10,803
'19	$10,665	$11,974	$10,615	$10,824
'20	$10,730	$12,189	$10,655	$10,897
'20	$10,774	$12,346	$10,676	$10,935
'20	$10,587	$11,899	$10,621	$10,785
'20	$10,568	$11,749	$10,637	$10,799
'20	$10,728	$12,123	$10,751	$11,010
'20	$10,794	$12,223	$10,752	$11,031
'20	$10,859	$12,429	$10,778	$11,097
'20	$10,860	$12,370	$10,779	$11,096
'20	$10,871	$12,373	$10,786	$11,109
'20	$10,861	$12,336	$10,777	$11,090
'20	$10,925	$12,522	$10,792	$11,122
'20	$10,952	$12,598	$10,805	$11,146
'21	$10,994	$12,678	$10,826	$11,173
'21	$10,931	$12,477	$10,820	$11,132
'21	$10,951	$12,554	$10,828	$11,162
'21	$10,982	$12,659	$10,837	$11,188
'21	$10,991	$12,697	$10,842	$11,191
'21	$11,001	$12,732	$10,840	$11,192
'21	$11,042	$12,838	$10,854	$11,229
'21	$11,028	$12,790	$10,852	$11,225
'21	$10,993	$12,698	$10,837	$11,201
'21	$10,981	$12,661	$10,835	$11,184
'21	$11,000	$12,769	$10,838	$11,187
'21	$10,991	$12,789	$10,838	$11,191
'22	$10,869	$12,439	$10,764	$11,006
'22	$10,835	$12,395	$10,750	$10,975
'22	$10,692	$11,993	$10,662	$10,793
'22	$10,583	$11,661	$10,622	$10,685
'22	$10,650	$11,834	$10,699	$10,815
'22	$10,619	$11,641	$10,703	$10,804
'22	$10,731	$11,948	$10,763	$10,928
'22	$10,638	$11,686	$10,675	$10,783
'22	$10,479	$11,238	$10,580	$10,590
'22	$10,477	$11,144	$10,597	$10,586
'22	$10,651	$11,666	$10,718	$10,794
'22	$10,673	$11,699	$10,713	$10,811
'23	$10,804	$12,035	$10,807	$10,960
'23	$10,706	$11,763	$10,708	$10,790
'23	$10,818	$12,024	$10,827	$10,957
'23	$10,819	$11,996	$10,794	$10,905
'23	$10,786	$11,892	$10,782	$10,841
'23	$10,833	$12,012	$10,830	$10,908
'23	$10,856	$12,059	$10,851	$10,933
'23	$10,846	$11,885	$10,862	$10,904
'23	$10,792	$11,537	$10,817	$10,796
'23	$10,794	$11,439	$10,845	$10,810
'23	$11,000	$12,165	$11,001	$11,080
'23	$11,105	$12,448	$11,068	$11,185
'24	$11,119	$12,384	$11,060	$11,161
'24	$11,135	$12,400	$11,077	$11,174
'24	$11,150	$12,400	$11,072	$11,154
'24	$11,132	$12,246	$11,071	$11,112
'24	$11,148	$12,210	$11,097	$11,106
'24	$11,232	$12,397	$11,159	$11,195
'24	$11,316	$12,510	$11,230	$11,291
'24	$11,412	$12,609	$11,302	$11,402
'24	$11,463	$12,734	$11,339	$11,462
'24	$11,410	$12,548	$11,302	$11,397

Yearly periods ended October 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class S No Sales Charge	5.70%	1.42%	1.33%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 1-Year General Obligation Index	4.21%	1.33%	1.23%
Bloomberg 3-Year (2-4) Municipal Bond Index	5.43%	1.12%	1.32%

Key Fund Statistics

Net Assets ($)	131,456,192
Number of Portfolio Holdings	130
Portfolio Turnover Rate (%)	85
Total Net Advisory Fees Paid ($)	315,502
Modified Duration to Worst	2.0 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	11%
Lease Obligations	6%
Variable Rate Demand Notes	2%
Other Assets and Liabilities	(5%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	16%
AA	44%
A	28%
BBB	10%
BB	2%
Not Rated	3%

Top Five State Allocations

Holdings	% of Net Assets
Texas	15.6%
New York	9.2%
Pennsylvania	6.8%
Michigan	6.7%
California	6.1%

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-S

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Institutional Class: MGSMX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$45	0.44%

Gross expense ratio as of the latest prospectus: 0.62%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Institutional Class shares of the Fund returned 5.76% for the period ended October 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index returned 9.70% for the same period, while the Fund's additional, more narrowly based indices, the Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2-4) Municipal Bond Index returned 4.21% and 5.43%, respectively.

While there were few significant detractors from an allocation perspective, the Fund’s overweight to single family housing issues weighed modestly on relative performance.

Fund Performance

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

Bloomberg 3-Year (2–4) Municipal Bond Index is an unmanaged subset of the Bloomberg Municipal Bond Index. It includes maturities of two to four years.

The Bloomberg 1-Year General Obligation Index and the Bloomberg 3-Year (2–4) Municipal Bond Index are more narrowly based indices that reflect the market sector in which the Fund invests.

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

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

	Institutional Class	Bloomberg Municipal Bond Index	Bloomberg 1-Year General Obligation Index	Bloomberg 3-Year (2-4) Municipal Bond Index
'14	$1,000,000	$1,000,000	$1,000,000	$1,000,000
'14	$999,926	$1,001,730	$1,000,675	$1,000,623
'14	$998,840	$1,006,784	$999,997	$997,688
'15	$1,005,553	$1,024,628	$1,002,083	$1,004,115
'15	$1,002,647	$1,014,059	$1,002,402	$1,001,976
'15	$1,001,588	$1,016,987	$1,002,314	$1,001,748
'15	$1,001,571	$1,011,651	$1,002,485	$1,001,338
'15	$999,598	$1,008,856	$1,002,172	$999,253
'15	$999,657	$1,007,937	$1,002,355	$1,001,573
'15	$1,001,669	$1,015,238	$1,003,933	$1,004,931
'15	$1,001,697	$1,017,232	$1,005,606	$1,006,034
'15	$1,004,714	$1,024,601	$1,006,781	$1,009,607
'15	$1,005,763	$1,028,675	$1,007,861	$1,012,130
'15	$1,005,924	$1,032,765	$1,006,753	$1,010,038
'15	$1,007,051	$1,040,021	$1,006,306	$1,009,475
'16	$1,012,141	$1,052,430	$1,009,775	$1,015,866
'16	$1,013,383	$1,054,085	$1,011,282	$1,019,763
'16	$1,012,572	$1,057,424	$1,009,670	$1,017,214
'16	$1,014,745	$1,065,199	$1,010,971	$1,019,763
'16	$1,013,873	$1,068,080	$1,011,367	$1,018,879
'16	$1,018,026	$1,085,072	$1,012,999	$1,024,178
'16	$1,019,178	$1,085,735	$1,014,831	$1,027,127
'16	$1,019,385	$1,087,200	$1,013,000	$1,025,781
'16	$1,017,634	$1,081,774	$1,010,959	$1,021,569
'16	$1,015,982	$1,070,425	$1,011,501	$1,020,442
'16	$1,006,172	$1,030,503	$1,006,524	$1,007,411
'16	$1,008,330	$1,042,601	$1,008,720	$1,010,245
'17	$1,012,490	$1,049,475	$1,012,657	$1,017,466
'17	$1,015,859	$1,056,762	$1,015,822	$1,023,331
'17	$1,016,050	$1,059,056	$1,016,112	$1,023,054
'17	$1,019,405	$1,066,741	$1,017,754	$1,026,116
'17	$1,024,758	$1,083,671	$1,019,638	$1,031,660
'17	$1,023,136	$1,079,784	$1,018,392	$1,028,540
'17	$1,025,456	$1,088,520	$1,021,387	$1,033,067
'17	$1,028,800	$1,096,804	$1,023,394	$1,037,454
'17	$1,026,088	$1,091,228	$1,022,147	$1,033,991
'17	$1,025,372	$1,093,892	$1,022,270	$1,033,704
'17	$1,020,680	$1,088,035	$1,017,223	$1,023,749
'17	$1,022,049	$1,099,407	$1,017,856	$1,026,029
'18	$1,022,512	$1,086,464	$1,021,016	$1,027,536
'18	$1,022,087	$1,083,218	$1,022,498	$1,027,946
'18	$1,022,642	$1,087,216	$1,021,879	$1,027,186
'18	$1,021,323	$1,083,336	$1,020,903	$1,024,137
'18	$1,026,111	$1,095,741	$1,024,439	$1,029,730
'18	$1,027,866	$1,096,676	$1,027,983	$1,033,807
'18	$1,030,654	$1,099,337	$1,030,263	$1,037,163
'18	$1,031,358	$1,102,160	$1,029,921	$1,036,827
'18	$1,029,023	$1,095,025	$1,027,900	$1,032,611
'18	$1,027,721	$1,088,282	$1,028,676	$1,032,011
'18	$1,031,599	$1,100,327	$1,032,070	$1,037,285
'18	$1,036,491	$1,113,502	$1,036,047	$1,044,091
'19	$1,042,352	$1,121,919	$1,039,358	$1,049,974
'19	$1,045,148	$1,127,926	$1,041,684	$1,053,365
'19	$1,050,846	$1,145,756	$1,044,523	$1,058,019
'19	$1,052,487	$1,150,062	$1,045,232	$1,058,010
'19	$1,058,211	$1,165,917	$1,049,242	$1,064,884
'19	$1,061,850	$1,170,222	$1,052,359	$1,069,773
'19	$1,066,451	$1,179,653	$1,055,512	$1,075,840
'19	$1,071,034	$1,198,260	$1,057,010	$1,078,567
'19	$1,067,277	$1,188,655	$1,054,871	$1,073,071
'19	$1,069,725	$1,190,785	$1,057,997	$1,077,784
'19	$1,071,097	$1,193,763	$1,059,829	$1,080,288
'19	$1,073,195	$1,197,408	$1,061,533	$1,082,436
'20	$1,079,806	$1,218,921	$1,065,456	$1,089,652
'20	$1,083,291	$1,234,640	$1,067,604	$1,093,463
'20	$1,065,646	$1,189,856	$1,062,116	$1,078,471
'20	$1,063,811	$1,174,923	$1,063,737	$1,079,902
'20	$1,079,990	$1,212,299	$1,075,106	$1,100,975
'20	$1,085,651	$1,222,277	$1,075,245	$1,103,114
'20	$1,092,290	$1,242,863	$1,077,779	$1,109,740
'20	$1,093,547	$1,237,032	$1,077,871	$1,109,582
'20	$1,094,798	$1,237,294	$1,078,623	$1,110,936
'20	$1,093,849	$1,233,577	$1,077,654	$1,109,033
'20	$1,100,384	$1,252,193	$1,079,174	$1,112,238
'20	$1,103,151	$1,259,821	$1,080,541	$1,114,551
'21	$1,106,445	$1,267,849	$1,082,619	$1,117,284
'21	$1,101,225	$1,247,705	$1,082,011	$1,113,214
'21	$1,102,300	$1,255,400	$1,082,821	$1,116,189
'21	$1,106,597	$1,265,930	$1,083,727	$1,118,822
'21	$1,107,606	$1,269,707	$1,084,178	$1,119,094
'21	$1,108,688	$1,273,193	$1,083,985	$1,119,171
'21	$1,111,784	$1,283,752	$1,085,434	$1,122,934
'21	$1,110,464	$1,279,041	$1,085,159	$1,122,547
'21	$1,107,009	$1,269,811	$1,083,718	$1,120,138
'21	$1,105,803	$1,266,098	$1,083,502	$1,118,441
'21	$1,107,864	$1,276,876	$1,083,801	$1,118,722
'21	$1,108,174	$1,278,936	$1,083,765	$1,119,064
'22	$1,094,863	$1,243,928	$1,076,378	$1,100,582
'22	$1,092,605	$1,239,471	$1,074,952	$1,097,499
'22	$1,078,336	$1,199,291	$1,066,157	$1,079,256
'22	$1,066,357	$1,166,119	$1,062,173	$1,068,497
'22	$1,073,135	$1,183,442	$1,069,882	$1,081,465
'22	$1,070,139	$1,164,059	$1,070,279	$1,080,416
'22	$1,082,580	$1,194,816	$1,076,315	$1,092,757
'22	$1,072,209	$1,168,630	$1,067,523	$1,078,298
'22	$1,057,445	$1,123,777	$1,058,006	$1,059,006
'22	$1,056,207	$1,114,431	$1,059,705	$1,058,649
'22	$1,073,833	$1,166,557	$1,071,761	$1,079,357
'22	$1,076,109	$1,169,897	$1,071,342	$1,081,079
'23	$1,089,473	$1,203,502	$1,080,695	$1,096,013
'23	$1,079,685	$1,176,288	$1,070,791	$1,079,017
'23	$1,090,998	$1,202,387	$1,082,688	$1,095,706
'23	$1,091,197	$1,199,640	$1,079,387	$1,090,508
'23	$1,088,034	$1,189,244	$1,078,178	$1,084,084
'23	$1,093,921	$1,201,157	$1,082,986	$1,090,773
'23	$1,096,381	$1,205,909	$1,085,140	$1,093,274
'23	$1,095,509	$1,188,548	$1,086,169	$1,090,376
'23	$1,089,007	$1,153,713	$1,081,672	$1,079,589
'23	$1,090,418	$1,143,895	$1,084,488	$1,080,967
'23	$1,111,225	$1,216,511	$1,100,149	$1,107,950
'23	$1,121,877	$1,244,785	$1,106,754	$1,118,532
'24	$1,123,412	$1,238,428	$1,106,043	$1,116,124
'24	$1,125,027	$1,240,019	$1,107,746	$1,117,354
'24	$1,125,479	$1,239,980	$1,107,182	$1,115,449
'24	$1,124,833	$1,224,623	$1,107,059	$1,111,232
'24	$1,125,313	$1,221,031	$1,109,740	$1,110,590
'24	$1,133,893	$1,239,747	$1,115,872	$1,119,465
'24	$1,143,590	$1,251,047	$1,123,034	$1,129,131
'24	$1,152,171	$1,260,914	$1,130,184	$1,140,199
'24	$1,158,523	$1,273,376	$1,133,883	$1,146,180
'24	$1,153,203	$1,254,809	$1,130,196	$1,139,656

Yearly periods ended October 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Institutional Class No Sales Charge	5.76%	1.51%	1.44%
Bloomberg Municipal Bond Index	9.70%	1.05%	2.30%
Bloomberg 1-Year General Obligation Index	4.21%	1.33%	1.23%
Bloomberg 3-Year (2-4) Municipal Bond Index	5.43%	1.12%	1.32%

Key Fund Statistics

Net Assets ($)	131,456,192
Number of Portfolio Holdings	130
Portfolio Turnover Rate (%)	85
Total Net Advisory Fees Paid ($)	315,502
Modified Duration to Worst	2.0 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	11%
Lease Obligations	6%
Variable Rate Demand Notes	2%
Other Assets and Liabilities	(5%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	16%
AA	44%
A	28%
BBB	10%
BB	2%
Not Rated	3%

Top Five State Allocations

Holdings	% of Net Assets
Texas	15.6%
New York	9.2%
Pennsylvania	6.8%
Michigan	6.7%
California	6.1%

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-I

R-103429-1 (12/24)


	(b) Not applicable

Item 2.	Code of Ethics.

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

Item 3.	Audit Committee Financial Expert.

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

Item 4.	Principal Accountant Fees and Services.

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
2024	$39,975	$0	$5,969	$0
2023	$37,936	$0	$5,969	$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
2024	$0	$560,206	$0
2023	$0	$539,907	$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)
2024	$5,969	$560,206	$0	$566,175
2023	$5,969	$539,907	$0	$545,876

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 and (i) and (j) are not applicable.

***

In connection with the audit of the 2023 and 2024 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.

***


Item 5.	Audit Committee of Listed Registrants

	Not applicable

Item 6.	Investments.

	Not applicable

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

	(a)

October 31, 2024

Annual Financial Statements and Other Information

DWS Short-Term Municipal Bond Fund

Contents

3	Investment Portfolio
14	Statement of Assets and Liabilities
16	Statement of Operations
17	Statements of Changes in Net Assets
18	Financial Highlights
22	Notes to Financial Statements
32	Report of Independent Registered Public Accounting Firm
34	Tax Information
35	Advisory Agreement Board Considerations and Fee Evaluation

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

DWS Short-Term Municipal Bond Fund

Investment Portfolioas of October 31, 2024

	Principal Amount ($)		Value ($)
Municipal Investments 103.1%
Alabama 5.0%
Alabama, Black Belt Energy Gas District Gas Project Revenue:
Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, 7/1/2052, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada		665,000	672,287
Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100, 4/1/2053, GTY: Goldman Sachs Group, Inc.		2,885,000	2,899,126
Jefferson, AL, Sewer Revenue, 5.0%, 10/1/2026		1,500,000	1,543,425
Southeast Alabama, Energy Authority A Cooperative District, Series B-1, 5.0%, Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs Group, Inc.		1,365,000	1,424,578
			6,539,416
Alaska 0.8%
Alaska, General Obligation, Series A, 5.0%, 8/1/2027 (a)		1,000,000	1,039,457
Arizona 1.7%
Arizona, Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children Hospital, Series A, 5.0%, 2/1/2027		200,000	209,038
Arizona, Industrial Development Authority, Revenue Bonds, TWG Glendale LP, 5.0%, Mandatory Put 9/1/2026 @ 100, 3/1/2045		550,000	563,837
Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power Co., Series A, AMT, 4.125%, Mandatory Put 3/31/2026 @ 100, 9/1/2032		250,000	249,603
Maricopa County, AZ, Industrial Development Authority, Revenue Bonds, HonorHealth Obligated Group, Series D, 5.0%, 12/1/2027		1,150,000	1,219,218
			2,241,696
California 6.1%
California, Los Angeles Department of Water & Power Power System Revenue Bonds:
Series B-5, 2.35% (b), 11/7/2024, PA: Barclays Bank PLC		100,000	100,000
Series B-6, 3.1% (b), 11/1/2024, PA: Barclays Bank PLC		100,000	100,000
California, Municipal Finance Authority Revenue, PRS-California Obligated Group, Series B-2, 5.5%, 4/1/2029		2,000,000	1,981,612
California, Municipal Finance Authority, Aldersly Project, Series B, 4.0%, 11/15/2028		590,000	590,290

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
California, Municipal Finance Authority, Waste Disposal Revenue, Series A, AMT, 4.125%, Mandatory Put 10/1/2025 @ 100, 10/1/2041, GTY: Waste Management Holdings		320,000	321,187
California, State Housing Finance Agency, Multi Family Housing Revene Bonds, Series V, 5.0%, Mandatory Put 11/1/2026 @ 100, 5/1/2054		300,000	309,502
California, State Infrastructure & Economic Development Bank Revenue, 1.75%, Mandatory Put 8/1/2026 @ 100, 8/1/2055		1,100,000	1,059,866
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, APM Project:
Series A, AMT, 5.0%, 12/31/2025		1,000,000	1,010,874
Series A, AMT, 5.0%, 6/30/2026		500,000	507,242
California State University, University Revenue, Series B-3, 3.125%, Mandatory Put 11/1/2026 @ 100, 11/1/2051		1,000,000	997,696
San Jose City, CA, Multi Family Housing Revenue, Allied 1510 Parkmoor LP, Series F-2, 5.0%, Mandatory Put 6/1/2026 @ 100, 6/1/2027		1,000,000	1,025,709
			8,003,978
Colorado 3.3%
Colorado, Housing and Finance Authority Revenue Bonds, “I” , Series C-2, 3.125%, 10/1/2027		1,830,000	1,824,382
Denver City & County, CO, Airport System Revenue:
Series C, 5.0%, 11/15/2025		500,000	509,155
Series A, AMT, 5.0%, 12/1/2026		2,000,000	2,061,771
			4,395,308
Connecticut 2.2%
Connecticut, State Health & Educational Facilities Authority, Series A, 2.8%, Mandatory Put 2/10/2026 @ 100, 7/1/2048		1,500,000	1,490,604
Connecticut, State Health & Educational Facilities Authority, Yale University, Series A-3, 2.95%, Mandatory Put 7/1/2027 @ 100, 7/1/2049		1,000,000	995,361
Connecticut, State Housing Finance Authority, Housing Finance Mortgage Program, Series C-1, 4.0%, 11/15/2047		255,000	254,700
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047		205,000	204,768
			2,945,433
District of Columbia 0.8%
District of Columbia, Housing Finance Agency, ECD Edgewood Commons 5 LP, 5.0%, Mandatory Put 6/1/2026 @ 100, 6/1/2027		1,000,000	1,016,633

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
Florida 3.3%
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Project Loan Program, Series A-1, 5.0%, 10/1/2026		500,000	509,908
Florida, Duval County Public Schools, Series A, 5.0%, 7/1/2025, INS: AGMC		500,000	505,942
Florida, Village Community Development District No. 15, Special Assessment Revenue, 144A, 3.75%, 5/1/2029		500,000	500,009
Hillsborough County, FL, Solid Waste & Resource Recovery Revenue, Series A, AMT, 5.0%, 9/1/2025		2,250,000	2,275,290
Miami-Dade County, FL, Water & Sewer System Revenue, Series B, 5.0%, 10/1/2027		500,000	531,233
			4,322,382
Georgia 3.2%
Georgia, Geo L Smith II Congress Center Authority, Convention Center Hotel First Tier Revenue, Series A, 2.375%, 1/1/2031		750,000	681,303
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue, Series C, 4.0%, Mandatory Put 9/1/2026 @ 100, 3/1/2050, GTY: Citigroup Global Markets		2,000,000	2,016,278
Georgia, State Road & Tollway Authority, 5.0%, 6/1/2026		1,230,000	1,270,475
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 2, 3.875%, Mandatory Put 3/6/2026 @ 100, 10/1/2048		250,000	251,982
			4,220,038
Illinois 2.0%
Chicago, Midway International Airport Revenue, Series B, 5.0%, 1/1/2026, INS: BAM		500,000	511,178
Illinois, General Obligation, Series D, 5.0%, 11/1/2026		2,000,000	2,067,740
			2,578,918
Indiana 0.5%
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA + 0.3%, 3.54% (c), Mandatory Put 3/1/2027 @ 100, 3/1/2039		675,000	667,203
Kansas 0.3%
Kansas, State Development Finance Authority, Health Facilities, University of Kansas Health System, Series J, 3.95% (b), 11/1/2024, LOC: U.S. Bank NA		400,000	400,000
Kentucky 5.1%
Boone County, KY, Pollution Control Revenue, Duke Energy Kentucky, Inc., Project, Series A, 3.7%, 8/1/2027		750,000	749,263

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
Kentucky, Higher Education Student Loan Corp. Revenue, Taxable Asset Back Notes, “A1A” , Series 2021-1, 1.65%, 3/25/2051		516,868	484,186
Kentucky, State Public Energy Authority, Gas Supply Revenue, Series A-1, 4.0%, Mandatory Put 6/1/2025 @ 100, 12/1/2049, GTY: Morgan Stanley		2,750,000	2,756,404
Louisville & Jefferson County, KY, Metropolitan Government Control Revenue, Louisville Gas & Celectric Co., Series B, AMT, 1.35%, 11/1/2027		3,000,000	2,776,165
			6,766,018
Louisiana 4.6%
Louisiana, Parish of St. John The Baptist LA, Series A-1, 4.05%, Mandatory Put 7/1/2026 @ 100, 6/1/2037		2,000,000	2,014,353
Louisiana, Public Facilities Authority Revenue, CHRISTUS Health Obligated Group, 3.36% (b), 11/7/2024, LOC: TD BANK NA		1,000,000	1,000,000
Louisiana, Public Facilities Authority, ElementUS Minerals LLC, 144A, 5.0%, Mandatory Put 11/1/2025 @ 100, 10/1/2043		3,000,000	3,023,523
			6,037,876
Maryland 0.8%
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	1,037,475
Massachusetts 0.3%
Massachusetts, Educational Financing Authority Education Loan Revenue:
Series B, AMT, 2.0%, 7/1/2037		130,000	111,527
Series B, AMT, 2.625%, 7/1/2036		80,000	79,081
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 3.95% (b), 11/1/2024, LOC: Bank of America NA		135,000	135,000
Massachusetts, State Health & Educational Facilities Authority Revenue, Massachusetts Institute of Technology, Series J-2, 3.25% (b), 11/1/2024		100,000	100,000
			425,608
Michigan 6.7%
Michigan, Great Lakes Water Authority, Sewage Disposal System Revenue, Series A, 5.0%, 7/1/2027		2,250,000	2,375,562
Michigan, State Finance Authority Revenue, “A1A” , Series 2021-1, 1.3%, 7/25/2061		379,933	369,776

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
Michigan, State Finance Authority Revenue, Beaumont-Spectrum, Series C, MUNIPSA + 0.75%, 3.99% (c), Mandatory Put 4/15/2027 @ 100, 4/15/2047		1,750,000	1,740,219
Michigan, State Finance Authority Revenue, Hospital McLaren Health Care Corp., Series D-1, 1.2%, Mandatory Put 4/13/2028 @ 100, 10/15/2038		1,250,000	1,132,083
Michigan, State Finance Authority, Trinity Health Corp. Obligated Group, Series A, 5.0%, 12/1/2026		2,000,000	2,078,943
Michigan, State Housing Development Authority Revenue, Clark Road Family Ltd. Dividend Housing Association LP, 4.5%, Mandatory Put 4/1/2026 @ 100, 12/1/2042		1,150,000	1,162,086
			8,858,669
Minnesota 1.2%
Minnesota, Municipal Gas Agency Commodity Supply Revenue, Series A, 4.0%, Mandatory Put 12/1/2027 @ 100, 12/1/2052, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada		1,500,000	1,515,084
Mississippi 0.4%
Lowndes County, MS, Solid Waste Disposal And Pollution Control Refunding Revenue Bonds, International Company Project, 2.65%, Mandatory Put 4/1/2027 @ 100, 4/1/2037, GTY: International Paper Co.		500,000	491,704
Missouri 0.8%
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, “A1A” , Series 2021-1, 1.53%, 1/25/2061		952,536	874,262
Missouri, Plaza At Noah’s Ark Community Improvement District, 3.0%, 5/1/2025		225,000	223,406
			1,097,668
Nevada 0.4%
Nevada, Department of Business & Industry Revenue, Brightline West Passenger Rail Project, Series A4, AMT, 8.125%, Mandatory Put 8/15/2025 @ 104, 1/1/2050		500,000	515,250
New Hampshire 0.3%
New Hampshire, State Health and Education Facilities Authority Act Revenue, Trustees of Dartmouth College, Series A, 3.3%, Mandatory Put 8/3/2027 @ 100, 6/1/2040		405,000	407,007
New Jersey 4.9%
Camden, NJ, Multi Family Housing Revenue, Northgate I Apartments Project, 5.0%, Mandatory Put 3/1/2026 @ 100, 3/1/2027		1,000,000	1,020,637
New Jersey, State Economic Development Authority, Series SSS, 5.0%, 6/15/2026		1,500,000	1,542,791

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029		195,000	189,489
New Jersey, State Higher Education Assistance:
Series A, AMT, 5.0%, 12/1/2025		575,000	582,650
Series B, AMT, 5.0%, 12/1/2025		1,000,000	1,013,305
New Jersey, State Turnpike Authority Revenue, Series A, 5.0%, 1/1/2027		2,000,000	2,092,919
			6,441,791
New Mexico 0.2%
New Mexico, Mortgage Finance Authority, Single Family Mortgage, “I” , Series A-1, 4.0%, 1/1/2049		315,000	315,939
New York 9.2%
New York, Amherst Industrial Development Agency, Multi Family Housing Revenue, 3.9%, Mandatory Put 4/1/2025 @ 100, 4/1/2026		2,000,000	2,000,432
New York, Metropolitan Transportation Authority Revenue:
Series G-1, 3.29% (b), 11/7/2024, LOC: TD Bank NA		300,000	300,000
Series E-1, 4.0% (b), 11/1/2024, LOC: Barclays Bank PLC		100,000	100,000
New York, Port Authority of New York & New Jersey Revenue, Series 242, AMT, 5.0%, 12/1/2026		1,000,000	1,030,276
New York, State Dormitory Authority Revenue, Series A, 5.0%, 10/1/2027, INS: AGMC		750,000	799,455
New York, State Dormitory Authority Revenue, Northwell Health Obligated Group, Series A, 5.0%, 5/1/2027 (a)		1,000,000	1,042,284
New York, State Dormitory Authority Revenue, NYU Langone Hospitals Obligated Group, Series A, 5.0%, 7/1/2028		500,000	539,152
New York, State Housing Finance Agency Revenue, 160 Madison Ave LLC, Series A, 4.15% (b), 11/1/2024		300,000	300,000
New York, State Transportation Development Corp., Special Facility Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, AMT, 5.0%, 1/1/2026		2,000,000	2,027,698
New York, NY, General Obligation:
Series 2, 4.0% (b), 11/1/2024		200,000	200,000
Series A, 5.0%, 8/1/2027		1,000,000	1,058,715
Oyster Bay, NY, Public Improvement Refunding Bonds, 4.0%, 11/1/2027, INS: BAM		315,000	326,537
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute:
Series A, 5.0%, 9/1/2025		300,000	303,817
Series A, 5.0%, 9/1/2027		500,000	524,298

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
5.0%, 8/1/2028		1,000,000	1,019,832
Series A, 5.0%, 9/1/2028		500,000	532,678
			12,105,174
North Carolina 0.2%
North Carolina, State Housing Finance Agency, Home Ownership Revenue, Series 38-B, 4.0%, 7/1/2047		200,000	199,820
North Dakota 0.3%
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program, Series A, 4.0%, 7/1/2047		335,000	334,539
Ohio 1.7%
Hamilton County, OH, Sewer System Revenue, Series B, 5.0%, 12/1/2027		1,125,000	1,197,845
Ohio, American Municipal Power, Inc., Prairie State Energy Campus Revenue, Series A, 5.0%, 2/15/2026		1,000,000	1,022,761
			2,220,606
Oklahoma 2.1%
Oklahoma, State Industries Authority Revenue, Oklahoma City Public Schools Project, 5.0%, 4/1/2029		2,500,000	2,710,827
Pennsylvania 6.8%
Dauphin County, PA, General Authority, OPMC Obligated Group, Series A, 5.0%, 6/1/2026		650,000	665,195
Geisinger, PA, Authority Health System Revenue, Series B, 5.0%, Mandatory Put 2/15/2027 @ 100, 4/1/2043		1,000,000	1,031,599
Luzerne County, PA, General Obligation, Series A, 5.0%, 12/15/2026, INS: AGMC		1,000,000	1,039,394
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds, 5.0%, 6/1/2026		2,000,000	2,055,161
Pennsylvania, State Economic Development Financing Authority Revenue, Waste Management Inc., Series A-2, 4.6%, Mandatory Put 10/1/2026 @ 100, 10/1/2046, GTY: Waste Management Holdings		2,000,000	2,017,187
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue:
Series 119, AMT, 3.5%, 10/1/2041		160,000	159,707
Series 122, AMT, 4.0%, 10/1/2046		1,100,000	1,098,032
Pittsburgh & Allegheny Counties, PA, Sports & Exhibition Authority Revenue, Series B, 5.0%, 2/1/2029, INS: AGMC		875,000	940,137
			9,006,412

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
South Carolina 0.6%
South Carolina, State Jobs-Economic Development Authority Revenue, International Paper Co., Series A, AMT, 4.0%, Mandatory Put 4/1/2026 @ 100, 4/1/2033, GTY: International Paper Co.		850,000	856,976
South Dakota 0.3%
South Dakota, Housing Development Authority, Homeownership Mortgage, Series B, 4.0%, 11/1/2047		460,000	459,369
Texas 15.6%
Dallas City, TX, General Obligation, Series B, 5.0%, 2/15/2027		2,500,000	2,618,990
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		380,000	372,033
Series B, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2054		2,500,000	2,551,736
Harris County, TX, Toll Road Revenue, Series A, 5.0%, 8/15/2027		1,500,000	1,589,797
Houston, TX, Airport System Revenue:
Series A, AMT, 5.0%, 7/1/2026		1,000,000	1,025,876
Series A, AMT, 5.0%, 7/1/2026, INS: AGMC		865,000	886,252
Series C, AMT, 5.0%, 7/1/2026		2,500,000	2,564,691
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention and Entertainment Facilities Department, 5.0%, 9/1/2026		1,735,000	1,793,373
New Hope, TX, Cultural Education Facilities Finance Corporation, Retirement Facility Revenue, Outlook at Windhaven Project, Series B3, 4.25%, 10/1/2026		1,440,000	1,439,983
North Texas, Tollway Authority Revenue, Series A, 5.0%, 1/1/2026		2,000,000	2,044,015
Texas, Clear Creek Independent School District, General Obligation, Series B, 3.6%, Mandatory Put 8/15/2025 @ 100, 2/15/2035		1,000,000	1,001,360
Texas, Dallas Fort Worth International Airport Revenue, Series B, 5.0%, 11/1/2025		2,000,000	2,039,255
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2029, GTY: Macquarie Group Ltd.		500,000	527,798
			20,455,159
Utah 0.4%
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2026		500,000	511,713

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

DWS Short-Term Municipal Bond Fund

	Principal Amount ($)		Value ($)
Virginia 4.3%
Halifax County, VA, Industrial Development Authority Revenue, Virginia Electric and Power Co., Series A, 3.8%, Mandatory Put 5/28/2027 @ 100, 12/1/2041		3,125,000	3,181,975
Virginia, Small Business Financing Authority Revenue Bond, Series B-1, 4.1%, 12/1/2030 (a)		1,500,000	1,502,296
Virginia, Small Business Financing Authority Revenue, Elizabeth River Crossings OpCo., LLC Project, AMT, 4.0%, 7/1/2029		1,000,000	1,007,811
			5,692,082
Washington 1.3%
Seattle, WA, Seattle Municipal Light & Power Revenue, Series B, MUNIPSA + 0.25%, 3.49% (c), Mandatory Put 11/1/2026 @ 100, 5/1/2045		355,000	348,894
Washington, Energy Northwest Revenue, Bonneville Power Administration, Series B, 5.0%, 7/1/2027		500,000	528,960
Washington, Klickitat County Public Utility District No 1, Revenue Bonds, 5.0%, 12/1/2026, INS: AGC (a)		785,000	809,223
			1,687,077
West Virginia 0.8%
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045		1,000,000	1,000,468
Wisconsin 4.6%
Wisconsin, Public Finance Authority Revenue, Tax-Exempt Pooled Securities, “A” , Series 2024-2, 4.0%, Mandatory Put 8/1/2027 @ 100, 8/1/2059		1,625,000	1,609,547
Wisconsin, State General Obligation, Series 2025-2, 5.0%, 5/1/2027 (a)		2,000,000	2,093,431
Wisconsin, State Health & Educational Facilities Authority Revenue, Advocate Aurora Health Credit Group:
Series B-2, 5.0%, Mandatory Put 6/24/2026 @ 100, 8/15/2054		1,000,000	1,024,871
Series C-3, 5.0%, Mandatory Put 6/24/2026 @ 100, 8/15/2054		1,000,000	1,019,077
Wisconsin, State Housing & Economic Development Authority, Home Ownership Revenue, Series A, AMT, 3.5%, 3/1/2046		260,000	257,756
			6,004,682
Total Municipal Investments (Cost $136,375,335)			135,525,455

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

DWS Short-Term Municipal Bond Fund

	Shares		Value ($)
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 3.24% (d) (Cost $7,539)		7,538	7,539

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $136,382,874)	103.1	135,532,994
Other Assets and Liabilities, Net	(3.1 )	(4,076,802 )
Net Assets	100.0	131,456,192

(a)	When-issued security.
(b)	Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of October 31, 2024. Date shown reflects the earlier of demand date or stated maturity date.
(c)	Variable or floating rate security. These securities are shown at their current rate as of October 31, 2024. 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.

AGC: Assured Guaranty Corp.

AGMC: Assured Guaranty Municipal Corp.

AMT: Subject to alternative minimum tax.

BAM: Build America Mutual

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

SIFMA: Securities Industry and Financial Markets Association

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

DWS Short-Term Municipal Bond Fund

Fair Value Measurements

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

The following is a summary of the inputs used as of October 31, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Municipal Investments (a)	$—	$135,525,455	$—	$135,525,455
Open-End Investment Companies	7,539	—	—	7,539
Total	$7,539	$135,525,455	$—	$135,532,994

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Short-Term Municipal Bond Fund

Statement of Assets and Liabilities

as of October 31, 2024

Assets
Investment in securities, at value (cost $136,382,874)	$135,532,994
Receivable for investments sold	807,909
Receivable for Fund shares sold	239,261
Interest receivable	1,535,637
Other assets	19,042
Total assets	138,134,843
Liabilities
Payable for investments purchased — when-issued securities	6,486,380
Distributions payable	40,384
Accrued management fee	19,663
Accrued Trustees' fees	1,836
Other accrued expenses and payables	130,388
Total liabilities	6,678,651
Net assets, at value	$131,456,192
Net Assets Consist of
Distributable earnings (loss)	(5,312,374 )
Paid-in capital	136,768,566
Net assets, at value	$131,456,192

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

DWS Short-Term Municipal Bond Fund

Statement of Assets and Liabilities as of October 31, 2024 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($51,611,838 ÷ 5,242,322 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$9.85
Maximum offering price per share (100 ÷ 97.75 of $9.85)	$10.08
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,165,758 ÷ 118,456 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$9.84
Class S
Net Asset Value, offering and redemption price per share ($15,058,239 ÷ 1,531,571 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$9.83
Institutional Class
Net Asset Value, offering and redemption price per share ($63,620,357 ÷ 6,460,115 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$9.85

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

DWS Short-Term Municipal Bond Fund

Statement of Operations

for the year ended October 31, 2024

Investment Income
Income:
Interest	$4,629,440
Expenses:
Management fee	431,175
Administration fee	139,413
Services to shareholders	137,121
Distribution and service fees	162,280
Custodian fee	1,793
Professional fees	55,763
Reports to shareholders	27,612
Registration fees	70,743
Trustees' fees and expenses	7,063
Other	17,969
Total expenses before expense reductions	1,050,932
Expense reductions	(242,442 )
Total expenses after expense reductions	808,490
Net investment income	3,820,950
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(238,976 )
Change in net unrealized appreciation (depreciation) on investments	4,487,252
Net gain (loss)	4,248,276
Net increase (decrease) in net assets resulting from operations	$8,069,226

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

DWS Short-Term Municipal Bond Fund

Statements of Changes in Net Assets

	Years Ended October 31,
Increase (Decrease) in Net Assets	2024	2023
Operations:
Net investment income	$3,820,950	$4,099,828
Net realized gain (loss)	(238,976 )	(1,208,363 )
Change in net unrealized appreciation (depreciation)	4,487,252	3,014,648
Net increase (decrease) in net assets resulting from operations	8,069,226	5,906,113
Distributions to shareholders:
Class A	(1,604,586 )	(1,908,304 )
Class C	(24,043 )	(25,079 )
Class S	(444,093 )	(495,107 )
Institutional Class	(1,965,632 )	(1,921,886 )
Total distributions	(4,038,354 )	(4,350,376 )
Fund share transactions:
Proceeds from shares sold	29,069,329	42,489,669
Reinvestment of distributions	3,611,338	3,889,532
Payments for shares redeemed	(58,588,511 )	(90,687,178 )
Net increase (decrease) in net assets from Fund share transactions	(25,907,844 )	(44,307,977 )
Increase (decrease) in net assets	(21,876,972 )	(42,752,240 )
Net assets at beginning of period	153,333,164	196,085,404
Net assets at end of period	$131,456,192	$153,333,164

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

DWS Short-Term Municipal Bond Fund

Financial Highlights

DWS Short-Term Municipal Bond Fund — Class A
	Years Ended October 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$9.59	$9.54	$10.16	$10.21	$10.15
Income (loss) from investment operations:
Net investment incomea	.25	.22	.11	.08	.11
Net realized and unrealized gain (loss)	.27	.06	(.59 )	.01	.09
Total from investment operations	.52	.28	(.48 )	.09	.20
Less distributions from:
Net investment income	(.26 )	(.23 )	(.12 )	(.09 )	(.12 )
Net realized gains	—	—	(.02 )	(.05 )	(.02 )
Total distributions	(.26 )	(.23 )	(.14 )	(.14 )	(.14 )
Net asset value, end of period	$9.85	$9.59	$9.54	$10.16	$10.21
Total Return (%)b,c	5.49	2.98	(4.72 )	.84	2.00
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	52	69	88	126	145
Ratio of expenses before expense reductions (%)	.87	.87	.82	.79	.79
Ratio of expenses after expense reductions (%)	.69	.68	.69	.74	.72
Ratio of net investment income (%)	2.53	2.26	1.07	.79	1.13
Portfolio turnover rate (%)	85	86	112	105	88

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.

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

DWS Short-Term Municipal Bond Fund

DWS Short-Term Municipal Bond Fund — Class C
	Years Ended October 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$9.58	$9.53	$10.16	$10.21	$10.15
Income (loss) from investment operations:
Net investment incomea	.17	.15	.03	.01	.04
Net realized and unrealized gain (loss)	.28	.06	(.60 )	.00 *	.09
Total from investment operations	.45	.21	(.57 )	.01	.13
Less distributions from:
Net investment income	(.19 )	(.16 )	(.04 )	(.01 )	(.05 )
Net realized gains	—	—	(.02 )	(.05 )	(.02 )
Total distributions	(.19 )	(.16 )	(.06 )	(.06 )	(.07 )
Net asset value, end of period	$9.84	$9.58	$9.53	$10.16	$10.21
Total Return (%)b,c	4.71	2.21	(5.54 )	.10	1.24
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	1	1	2	3
Ratio of expenses before expense reductions (%)	1.60	1.60	1.55	1.55	1.55
Ratio of expenses after expense reductions (%)	1.44	1.43	1.44	1.49	1.47
Ratio of net investment income (%)	1.78	1.52	.30	.07	.38
Portfolio turnover rate (%)	85	86	112	105	88

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.

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

DWS Short-Term Municipal Bond Fund

DWS Short-Term Municipal Bond Fund — Class S
	Years Ended October 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$9.57	$9.53	$10.15	$10.19	$10.13
Income (loss) from investment operations:
Net investment incomea	.27	.23	.12	.10	.13
Net realized and unrealized gain (loss)	.27	.06	(.59 )	.02	.09
Total from investment operations	.54	.29	(.47 )	.12	.22
Less distributions from:
Net investment income	(.28 )	(.25 )	(.13 )	(.11 )	(.14 )
Net realized gains	—	—	(.02 )	(.05 )	(.02 )
Total distributions	(.28 )	(.25 )	(.15 )	(.16 )	(.16 )
Net asset value, end of period	$9.83	$9.57	$9.53	$10.15	$10.19
Total Return (%)b	5.70	3.03	(4.59 )	1.10	2.15
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	15	17	24	48	49
Ratio of expenses before expense reductions (%)	.63	.64	.61	.60	.65
Ratio of expenses after expense reductions (%)	.50	.53	.54	.58	.57
Ratio of net investment income (%)	2.72	2.41	1.19	.95	1.27
Portfolio turnover rate (%)	85	86	112	105	88

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

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

DWS Short-Term Municipal Bond Fund

DWS Short-Term Municipal Bond Fund — Institutional Class
	Years Ended October 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$9.59	$9.54	$10.16	$10.21	$10.15
Income (loss) from investment operations:
Net investment incomea	.27	.24	.13	.11	.14
Net realized and unrealized gain (loss)	.28	.07	(.59 )	.01	.09
Total from investment operations	.55	.31	(.46 )	.12	.23
Less distributions from:
Net investment income	(.29 )	(.26 )	(.14 )	(.12 )	(.15 )
Net realized gains	—	—	(.02 )	(.05 )	(.02 )
Total distributions	(.29 )	(.26 )	(.16 )	(.17 )	(.17 )
Net asset value, end of period	$9.85	$9.59	$9.54	$10.16	$10.21
Total Return (%)b	5.76	3.24	(4.49 )	1.09	2.26
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	64	66	82	111	125
Ratio of expenses before expense reductions (%)	.61	.62	.57	.56	.55
Ratio of expenses after expense reductions (%)	.44	.43	.44	.49	.47
Ratio of net investment income (%)	2.78	2.51	1.33	1.04	1.37
Portfolio turnover rate (%)	85	86	112	105	88

a	Based on average shares outstanding during the period.
b	Total return would have been lower had certain expenses not been reduced.

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

DWS Short-Term Municipal Bond Fund

Notes to Financial Statements

Organization and Significant Accounting Policies

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

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

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

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

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

The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund

DWS Short-Term Municipal Bond Fund

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

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

Preferred shares of closed-end investment companies held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

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

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

DWS Short-Term Municipal Bond Fund

the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

At October 31, 2024, the Fund had net tax basis capital loss carryforwards of $3,918,874, including short-term losses ($712,549) and long-term losses ($3,206,325), which may be applied against realized net taxable capital gains indefinitely.

The Fund files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended October 31, 2024, remains subject to examination by taxing authorities.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally

DWS Short-Term Municipal Bond Fund

accepted in the United States of America. These differences primarily relate to premium amortization on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At October 31, 2024, the Fund’s components of distributable earnings (accumulated losses) on a net tax basis were as follows:

Capital loss carryforwards	$(3,918,874 )
Net unrealized appreciation (depreciation) on investments	$(1,353,116 )

At October 31, 2024, the aggregate cost of investments for federal income tax purposes was $136,886,110. The net unrealized depreciation for all investments based on tax cost was $1,353,116. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $1,063,658 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $2,416,774.

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

	Years Ended October 31,
	2024	2023
Distributions from tax-exempt income	$3,927,083	$4,284,337
Distributions from ordinary income*	$111,271	$66,039

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

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

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from

DWS Short-Term Municipal Bond Fund

investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes with the exception of securities in default of principal.

Purchases and Sales of Securities

During the year ended October 31, 2024, purchases and sales of investment securities, excluding short-term investments, were as follows:

	Purchases	Sales
Non-U.S. Treasury Obligations	$122,659,102	$144,111,656
U.S. Treasury Obligations	$1,990,397	$1,963,978

Related Parties

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

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

First $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%

Accordingly, for the year ended October 31, 2024, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.30% of the Fund’s average daily net assets.

For the period from November 1, 2023 through January 31, 2024 (through September 30, 2024 for Class S shares), the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses,

DWS Short-Term Municipal Bond Fund

taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A	.68%
Class C	1.43%
Class S	.50%
Institutional Class	.43%

For the period from February 1, 2024 through September 30, 2024, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of certain classes as follows:

Class A		.70%
Class C		1.45%
Institutional Class		.45%

Effective October 1, 2024 through September 30, 2025, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) of each class as follows:

Class A			.68%
Class C			1.43%
Class S			.48%
Institutional Class			.43%

For the year ended October 31, 2024, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$105,424
Class C	1,986
Class S	20,231
Institutional Class	114,801
	$242,442

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the

DWS Short-Term Municipal Bond Fund

Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2024, the Administration Fee was $139,413, of which $10,741 is unpaid.

Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and SS&C GIDS, Inc. (“SS&C” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the year ended October 31, 2024, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at October 31, 2024
Class A	$1,805	$291
Class C	275	44
Class S	2,073	335
Institutional Class	512	85
	$4,665	$755

In addition, for the year ended October 31, 2024, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$55,084
Class C	709
Class S	14,228
Institutional Class	60,297
	$130,318

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI” ), an affiliate of the Advisor, receives a fee (“Distribution Fee” ) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended October 31, 2024, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at October 31, 2024
Class C	$9,351	$739

DWS Short-Term Municipal Bond Fund

In addition, DDI provides information and administrative services for a fee (“Service Fee” ) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended October 31, 2024, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at October 31, 2024	Annual Rate
Class A	$149,816	$17,842	.25%
Class C	3,113	888	.25%
	$152,929	$18,730

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended October 31, 2024 aggregated $100.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended October 31, 2024, there was no CDSC for Class C Shares. A deferred sales charge of up to 0.75% is assessed on certain redemptions of Class A shares. For the year ended October 31, 2024, DDI received $748 for Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended October 31, 2024, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,315, of which $363 is unpaid.

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

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the year ended October 31, 2024, the Fund engaged in securities purchases of $44,090,000 and securities sales of $50,970,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

DWS Short-Term Municipal Bond Fund

Line of Credit

The Fund and other affiliated funds (the “Participants” ) share in a $345 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at October 31, 2024.

Fund Share Transactions

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

	Year Ended October 31, 2024		Year Ended October 31, 2023
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	305,574	$2,988,636	988,900	$9,550,859
Class C	33,016	322,327	64,379	622,637
Class S	369,553	3,603,317	174,711	1,686,210
Institutional Class	2,263,320	22,155,049	3,160,323	30,629,963
		$29,069,329		$42,489,669
Shares issued to shareholders in reinvestment of distributions
Class A	151,919	$1,488,440	180,966	$1,752,791
Class C	2,463	24,136	2,578	24,963
Class S	42,497	415,979	47,824	462,568
Institutional Class	171,648	1,682,783	170,209	1,649,210
		$3,611,338		$3,889,532
Shares redeemed
Class A	(2,428,518 )	$(23,778,073 )	(3,227,382 )	$(31,336,423 )
Class C	(53,277 )	(521,734 )	(63,912 )	(619,156 )
Class S	(685,939 )	(6,701,073 )	(971,636 )	(9,397,385 )
Institutional Class	(2,815,150 )	(27,587,631 )	(5,089,882 )	(49,334,214 )
		$(58,588,511 )		$(90,687,178 )

DWS Short-Term Municipal Bond Fund

	Year Ended October 31, 2024		Year Ended October 31, 2023
	Shares	Dollars	Shares	Dollars
Net increase (decrease)
Class A	(1,971,025 )	$(19,300,997 )	(2,057,516 )	$(20,032,773 )
Class C	(17,798 )	(175,271 )	3,045	28,444
Class S	(273,889 )	(2,681,777 )	(749,101 )	(7,248,607 )
Institutional Class	(380,182 )	(3,749,799 )	(1,759,350 )	(17,055,041 )
		$(25,907,844 )		$(44,307,977 )

DWS Short-Term Municipal Bond Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Municipal Trust and Shareholders of DWS Short-Term Municipal Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Short-Term Municipal Bond Fund (the “Fund” ) (one of the funds constituting Deutsche DWS Municipal Trust (the “Trust” )), including the investment portfolio, as of October 31, 2024, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements” ). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Municipal Trust) at October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

DWS Short-Term Municipal Bond Fund

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, brokers, and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

December 19, 2024

DWS Short-Term Municipal Bond Fund

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended October 31, 2024, 97% are designated as exempt interest dividends for federal income tax purposes.

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

DWS Short-Term Municipal Bond Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS Short-Term Municipal Bond Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2024.

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

—

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, including materials containing information on the Fund’s performance, fees and expenses, profitability, economies of scale and fall-out benefits.

—

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

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

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

DWS Short-Term Municipal Bond Fund

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2023, the Fund’s performance (Class A shares) was in the 2nd quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the one- and five-year periods and has underperformed its benchmark in the three-year period ended December 31, 2023.

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

DWS Short-Term Municipal Bond Fund

December 31, 2023). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2023, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

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

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

DWS Short-Term Municipal Bond Fund

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

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

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

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

DSTMBF-BFE2024

DWS Short-Term Municipal Bond Fund

DSTMBF-NCSRA

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

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

	Not applicable

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

	Not applicable

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

	See Item 7(a)

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

	See Item 7(a)

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

	Not applicable

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

	Not applicable

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

	Not applicable

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

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

Item 16.	Controls and Procedures.

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

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


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

	Not applicable


Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

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

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

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

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 Principal Executive Officer

Date:	12/30/2024

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 Principal Executive Officer

Date:	12/30/2024



By:	/s/Diane Kenneally Diane Kenneally Principal Financial Officer

Date:	12/30/2024

Deutsche DWS Municipal Trust N-CSRCertified annual shareholder report (management investment company)

DWS Short Term Municipal Bond Fund

Class A: SRMAX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Top Five State Allocations

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-A

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Class C: SRMCX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Top Five State Allocations

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-C

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Class S: SRMSX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Top Five State Allocations

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-S

R-103429-1 (12/24)

DWS Short Term Municipal Bond Fund

Institutional Class: MGSMX

Annual Shareholder Report—October 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

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

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Top Five State Allocations

Additional Information

Householding

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

©2024 DWS Group GmbH&Co. KGaA. All rights reserved

DSTMBF-TSRA-I

R-103429-1 (12/24)