UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSR
Investment Company Act file number: 811-03632
Deutsche DWS Tax Free Trust
(Exact Name of Registrant as Specified in Charter)
875 Third Avenue
New York, NY 10022-6225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (212) 454-4500
Diane Kenneally
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 5/31 |
Date of reporting period: | 5/31/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) |
2 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 3 |
4 | | DWS Intermediate Tax-Free Fund |
Portfolio Management Review | (Unaudited) |
DWS Intermediate Tax-Free Fund | | 5 |
6 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 7 |
8 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 9 |
10 | | DWS Intermediate Tax-Free Fund |
Performance Summary | May 31, 2021 (Unaudited) |
Class A | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
Unadjusted for Sales Charge | 4.81% | 2.64% | 3.23% |
Adjusted for the Maximum Sales Charge (max 2.75% load) | 1.93% | 2.07% | 2.94% |
Bloomberg Barclays Municipal Bond 1-15 Year Blend (1-17) Index† | 3.55% | 3.05% | 3.53% |
Class C | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
Unadjusted for Sales Charge | 4.03% | 1.89% | 2.45% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 4.03% | 1.89% | 2.45% |
Bloomberg Barclays Municipal Bond 1-15 Year Blend (1-17) Index† | 3.55% | 3.05% | 3.53% |
Class S | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
No Sales Charges | 5.16% | 2.91% | 3.46% |
Bloomberg Barclays Municipal Bond 1-15 Year Blend (1-17) Index† | 3.55% | 3.05% | 3.53% |
Institutional Class | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 5/31/21 | |||
No Sales Charges | 5.07% | 2.90% | 3.48% |
Bloomberg Barclays Municipal Bond 1-15 Year Blend (1-17) Index† | 3.55% | 3.05% | 3.53% |
DWS Intermediate Tax-Free Fund | | 11 |
† | Bloomberg Barclays Municipal Bond 1–15 Year Blend (1–17) Index is a sub-index of the Bloomberg Barclays Municipal Bond Index. It is a rules-based market value-weighted index of bonds with maturities of one year to 17 years designed for the tax-exempt bond market. |
12 | | DWS Intermediate Tax-Free Fund |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
5/31/21 | $ 12.02 | $ 12.02 | $ 12.03 | $ 12.02 |
5/31/20 | $ 11.80 | $ 11.80 | $ 11.80 | $ 11.80 |
Distribution Information as of 5/31/21 | ||||
Income Dividends, Twelve Months | $ .28 | $ .19 | $ .31 | $ .31 |
Capital Gain Distributions | $ .0653 | $ .0653 | $ .0653 | $ .0653 |
May Income Dividend | $ .0212 | $ .0133 | $ .0238 | $ .0238 |
SEC 30-day Yield‡‡ | .48% | –.24% | .74% | .74% |
Tax Equivalent Yield‡‡ | .81% | –.24% | 1.25% | 1.25% |
Current Annualized Distribution Rate‡‡ | 2.08% | 1.30% | 2.33% | 2.33% |
‡‡ | The SEC yield is net investment income per share earned over the month ended May 31, 2021, shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yields would have been 0.39%, 0.65% and 0.65% for Class A, Class S and Institutional Class shares, respectively, had certain expenses not been reduced. Tax equivalent yield is based on the Fund’s yield and a marginal income tax rate of 40.8%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on May 31, 2021. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rates would have been 1.99%, 2.24% and 2.24% for Class A, Class S and Institutional Class shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate. |
DWS Intermediate Tax-Free Fund | | 13 |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
Revenue Bonds | 71% | 71% |
General Obligation Bonds | 12% | 13% |
Lease Obligations | 11% | 9% |
Escrow to Maturity/Prerefunded Bonds | 5% | 7% |
Others | 1% | — |
100% | 100% |
Interest Rate Sensitivity | 5/31/21 | 5/31/20 |
Effective Maturity | 5.2 years | 5.4 years |
Modified Duration | 4.5 years | 4.6 years |
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
AAA | 12% | 13% |
AA | 37% | 37% |
A | 33% | 36% |
BBB | 12% | 10% |
BB | 2% | 1% |
B | 0% | — |
Not Rated | 4% | 3% |
100% | 100% |
Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/21 | 5/31/20 |
New York | 17% | 12% |
California | 10% | 9% |
Texas | 9% | 10% |
Pennsylvania | 8% | 7% |
Georgia | 6% | 7% |
14 | | DWS Intermediate Tax-Free Fund |
Investment Portfolio | as of May 31, 2021 |
Principal Amount ($) | Value ($) | ||
Municipal Bonds and Notes 102.9% | |||
Arizona 2.2% | |||
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue: | |||
Series A, 5.0%, 1/1/2028 (a) | 1,160,000 | 1,456,032 | |
Series A, 5.0%, 1/1/2029 (a) | 1,605,000 | 2,061,609 | |
Arizona, State Industrial Development Authority Revenue, “A” , Series 2019-2, 3.625%, 5/20/2033 | 4,866,053 | 5,540,366 | |
Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project, 144A, 4.375%, 7/1/2039 | 1,500,000 | 1,612,101 | |
Chandler, AZ, Industrial Development Authority, AMT, 5.0%, Mandatory Put 6/3/2024 @ 100, 6/1/2049 | 7,235,000 | 8,194,225 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legency Traditional School Project, Series B, 144A, 5.0%, 7/1/2039 | 1,000,000 | 1,177,069 | |
Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A-2, AMT, 2.2%, Mandatory Put 6/3/2024 @ 100, 3/1/2028 | 1,750,000 | 1,845,544 | |
21,886,946 | |||
California 10.5% | |||
California, Bay Area Toll Authority, Toll Bridge Revenue, Series C, MUNIPSA + 0.45%, 0.5% (b), Mandatory Put 4/1/2026 @ 100, 4/1/2056 | 1,000,000 | 1,001,696 | |
California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
Series M-049, 3.05%, 4/15/2034 | 2,465,000 | 2,714,234 | |
Series M-050, AMT, 144A, 3.05%, 6/15/2037 | 7,150,000 | 7,854,764 | |
Series M-050, “A” , 3.35%, 11/25/2033, GTY: Freddie Mac | 599,672 | 680,889 | |
California, Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, 5.0%, 6/1/2032 | 5,000,000 | 6,169,538 | |
California, Infrastructure & Economic Development Bank, California Academy of Science, Series A, MUNIPSA + 0.35%, 0.38% (b), Mandatory Put 8/1/2024 @ 100, 8/1/2047 (a) | 1,430,000 | 1,430,312 | |
California, Metropolitan Water District of Southern California, Series E, MUNIPSA + 0.14%, 0.19% (b), Mandatory Put 5/21/2024 @100, 7/1/2037 | 2,120,000 | 2,120,526 | |
California, Public Finance Authority Revenue, Enso VIillage Project, Series A, 144A, 5.0%, 11/15/2036 (a) | 1,000,000 | 1,147,403 |
DWS Intermediate Tax-Free Fund | | 15 |
Principal Amount ($) | Value ($) | ||
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group, Series C, 0.01% (c), 6/1/2021, LOC: Barclays Bank PLC | 500,000 | 500,000 | |
California, State General Obligation, Various Purposes: | |||
5.0%, 9/1/2031 (a) | 2,800,000 | 3,799,252 | |
5.0%, 4/1/2036 | 7,000,000 | 9,063,214 | |
5.25%, 9/1/2027 | 10,000,000 | 10,128,777 | |
California, State Housing Finance Agency, Multi-Family Green Tax-Exempt Mortgage Backed Bonds, Noble Towers Apartment, Series N, 2.35%, 12/1/2035 | 9,776,825 | 9,993,685 | |
California, State Pollution Control Finance Authority, Solid Waste Disposal Revenue, Waste Management Project, Series A, AMT, 2.5%, Mandatory Put 5/1/2024 @ 100, 11/1/2038 | 5,500,000 | 5,847,467 | |
California, State Public Works Board Lease Revenue, A Various Captial Projects, Series A, 5.0%, 8/1/2031 (a) | 3,500,000 | 4,546,748 | |
California, University Revenues, Limited Project: | |||
Series S, 5.0%, 5/15/2031 (a) | 2,000,000 | 2,620,815 | |
Series S, 5.0%, 5/15/2032 (a) | 2,000,000 | 2,672,093 | |
Riverside, CA, Water Revenue, Series A, MUNIPSA + 0.13%, 0.18% (b), Mandatory Put 1/18/2023 @ 100, 10/1/2035 | 3,000,000 | 2,996,591 | |
San Diego County, CA, Regional Airport Authority, Subordinate Airport Revenue, Series B, 5.0%, 7/1/2037 | 1,800,000 | 2,339,103 | |
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series A, AMT, 5.0%, 5/1/2035 | 7,000,000 | 8,813,629 | |
Santa Barbara County, CA, Solid Waste System Revenue, Certificates of Participation: | |||
Series B, AMT, 5.0%, 12/1/2034 | 5,000,000 | 6,234,806 | |
Series B, AMT, 5.0%, 12/1/2035 | 5,000,000 | 6,222,888 | |
Turlock, CA, Irrigation District Revenue, 5.0%, 1/1/2033 | 2,620,000 | 3,448,130 | |
102,346,560 | |||
Colorado 2.5% | |||
Colorado, General Obligation, Vauxmont Metropolitan District, 3.25%, 12/15/2050, INS: AGMC | 2,000,000 | 2,137,419 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Valley View Hospital Association Project, 2.8%, Mandatory Put 5/15/2023 @ 100, 5/15/2042 | 2,765,000 | 2,860,790 | |
Colorado, State Housing & Finance Authority, Series H, 4.25%, 11/1/2049 | 2,225,000 | 2,497,619 | |
Denver City & County, CO, Airport Revenue System: | |||
Series B, 5.0%, 11/15/2022 | 1,500,000 | 1,605,475 | |
Series A, AMT, 5.0%, 12/1/2034 | 10,000,000 | 12,493,724 |
16 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Denver, CO, Convention Center Hotel Authority Revenue: | |||
5.0%, 12/1/2027 | 500,000 | 600,769 | |
5.0%, 12/1/2033 | 500,000 | 587,299 | |
5.0%, 12/1/2034 | 1,000,000 | 1,171,669 | |
23,954,764 | |||
Connecticut 2.8% | |||
Connecticut, State General Obligation, Series B, 3.0%, 6/1/2037 (a) | 1,075,000 | 1,193,253 | |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 3,040,000 | 3,299,337 | |
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose: | |||
Series A, 5.0%, 1/1/2027 | 8,000,000 | 9,902,995 | |
Series A, 5.0%, 10/1/2027 | 8,000,000 | 8,848,677 | |
Seies C, 5.0%, 1/1/2030 (a) | 1,000,000 | 1,286,496 | |
Seies C, 5.0%, 1/1/2031 (a) | 1,000,000 | 1,311,131 | |
Seies C, 5.0%, 1/1/2032 (a) | 835,000 | 1,111,944 | |
26,953,833 | |||
Florida 4.3% | |||
Escambia County, FL, Housing Finance Authority Single Family Mortgage Revenue, County Program, Series A, 4.75%, 4/1/2050 | 3,740,000 | 4,193,398 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Series A-1, 5.0%, 10/1/2029 | 1,650,000 | 2,074,157 | |
Florida, Capital Trust Agency, Educational Growth Fund, Charter Educational Foundation Project, Seies A-1, 144A, 3.375%, 7/1/2031 | 2,100,000 | 2,251,167 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects, Series A, 5.0%, 6/15/2035 | 1,000,000 | 1,158,241 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375%, Mandatory Put 1/1/2026 @ 100, 1/1/2049 | 2,000,000 | 2,036,259 | |
Series A, 144A, AMT, 6.5%, Mandatory Put 1/1/2029 @ 100, 1/1/2049 | 1,685,000 | 1,712,490 | |
Florida, Reedy Creek Improvement District, Series A, 4.0%, 6/1/2032 | 1,500,000 | 1,740,457 | |
Florida, State Department of Transportation, Florida Right-of-Way Acquisition & Bridge Construction, Series A, 4.0%, 7/1/2034 | 5,000,000 | 6,017,137 | |
Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032 | 2,145,000 | 2,501,949 |
DWS Intermediate Tax-Free Fund | | 17 |
Principal Amount ($) | Value ($) | ||
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2029 | 750,000 | 825,508 | |
Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027 | 4,360,000 | 4,970,198 | |
Miami-Dade County, FL, School Board, Certificates of Participation, Series D, 5.0%, 2/1/2029 | 7,000,000 | 8,307,921 | |
Pasco County, FL, School Board, Certificates of Participations, Series B, MUNIPSA + 0.75%, 0.8% (b), Mandatory Put 8/2/2023 @ 100, 8/1/2032 | 3,075,000 | 3,077,882 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 3.0%, 5/1/2029 | 995,000 | 1,064,600 | |
41,931,364 | |||
Georgia 6.5% | |||
Atlanta, GA, Water & Wastewater Revenue: | |||
Series B, 5.0%, 11/1/2022 | 3,000,000 | 3,208,046 | |
Series B, 5.25%, 11/1/2027, INS: AGMC | 10,000,000 | 12,417,617 | |
Burke County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co., Plant Vogtle Project, 2.25%, Mandatory Put 5/25/2023 @ 100, 10/1/2032 | 1,000,000 | 1,036,158 | |
Burke County, GA, Development Authority, Pollution Control Revenue, Oglethorpe Power Corp., Series E, 3.25%, Mandatory Put 2/3/2025 @ 100, 11/1/2045 | 8,800,000 | 9,571,891 | |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||
Series B, 4.0%, 4/1/2032 | 200,000 | 240,776 | |
Series B, 4.0%, 4/1/2033 | 200,000 | 239,998 | |
Series B, 4.0%, 4/1/2034 | 250,000 | 299,071 | |
Series B, 4.0%, 4/1/2035 | 225,000 | 268,652 | |
Series B, 4.0%, 4/1/2036 | 250,000 | 297,717 | |
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2029 | 10,300,000 | 10,468,514 | |
Georgia, George L Smith II World Congress Center Authority, Convention Center Hotel Second Tier Revenue, Series B, 144A, 5.0%, 1/1/2036 | 1,250,000 | 1,525,809 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 1,705,000 | 1,975,275 | |
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue: | |||
Series C, 4.0%, Mandatory Put 12/1/2023 @ 100, 8/1/2048, LIQ: Royal Bank of Canada | 8,250,000 | 8,955,775 | |
Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, 8/1/2049, GTY: TD Bank NA | 5,000,000 | 5,587,290 | |
Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd. | 1,135,000 | 1,572,109 |
18 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Series A, 5.0%, 5/15/2036, GTY: Macquarie Group Ltd. | 2,000,000 | 2,803,384 | |
Georgia, Municipal Electric Authority, Combined Cycle Project, Series A, 5.0%, 11/1/2022 | 1,000,000 | 1,066,689 | |
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 1st, 2.25%, 7/1/2025 | 2,295,000 | 2,362,438 | |
63,897,209 | |||
Hawaii 0.5% | |||
Hawaii, State General Obligation, Series FK, 4.0%, 5/1/2032 | 4,400,000 | 5,107,643 | |
Illinois 6.2% | |||
Chicago, IL, Board of Education: | |||
Series A, 5.0%, 12/1/2035 | 1,500,000 | 1,888,424 | |
Series A, 5.0%, 12/1/2036 | 1,250,000 | 1,568,688 | |
Series A, 5.0%, 12/1/2037 | 1,000,000 | 1,251,240 | |
Series A, 5.0%, 12/1/2038 | 1,000,000 | 1,247,955 | |
Chicago, IL, O’Hare International Airport Revenue, Series D, 5.0%, 1/1/2023 | 6,540,000 | 7,031,041 | |
Chicago, IL, O’Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2036 | 2,500,000 | 3,105,073 | |
Chicago, IL, Waterworks Revenue: | |||
Series 2017-2, 5.0%, 11/1/2023 | 650,000 | 720,764 | |
Series 2017-2, 5.0%, 11/1/2024 | 1,000,000 | 1,149,369 | |
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL | 5,000,000 | 5,742,974 | |
Illinois, State Finance Authority Revenue: | |||
Series A, 5.0%, 10/1/2031 (a) | 1,000,000 | 1,350,772 | |
Series A, 5.0%, 10/1/2032 (a) | 1,000,000 | 1,370,028 | |
Illinois, State Finance Authority Revenue, The University of Chicago Medical Center: | |||
Series B, 0.01% (c), 6/1/2021, LOC: PNC Bank NA | 4,000,000 | 4,000,000 | |
Series B, 0.01% (c), 6/1/2021, LOC: Wells Fargo Bank NA | 425,000 | 425,000 | |
Illinois, State General Obligation: | |||
5.0%, 8/1/2023 | 7,150,000 | 7,850,778 | |
5.0%, 11/1/2024 | 5,325,000 | 6,115,536 | |
5.5%, 5/1/2024 | 500,000 | 571,915 | |
5.5%, 5/1/2025 | 1,500,000 | 1,779,659 | |
Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028 | 6,500,000 | 7,651,595 |
DWS Intermediate Tax-Free Fund | | 19 |
Principal Amount ($) | Value ($) | ||
Illinois, State Toll Highway Authority Revenue, Series A, 5.0%, 1/1/2028 | 1,250,000 | 1,341,580 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029 | 3,500,000 | 4,054,502 | |
60,216,893 | |||
Indiana 2.0% | |||
Indiana, Rockport Pollution Control Revenue, Michigan Power Co. Project, Series A, 3.05%, 6/1/2025 | 3,700,000 | 4,060,599 | |
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2033 | 2,000,000 | 2,302,766 | |
Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022 | 5,270,000 | 5,659,548 | |
Indiana, Wastewater Utility Revenue, CWA Authority Project, Series A, 5.0%, 10/1/2027 | 1,565,000 | 1,662,433 | |
Indianapolis, IN, Local Public Improvement Bond Bank, Series K, 5.0%, 6/1/2026 | 5,355,000 | 5,355,000 | |
19,040,346 | |||
Iowa 0.3% | |||
Iowa, State Higher Education Loan Authority, Loras College, 0.02% (c), 6/1/2021, LOC: Bank of America NA | 250,000 | 250,000 | |
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,649,127 | |
2,899,127 | |||
Kentucky 0.3% | |||
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.01% (c), 6/1/2021, LOC: PNC Bank NA | 3,000,000 | 3,000,000 | |
Louisiana 0.2% | |||
New Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System, Series A, 5.0%, 10/1/2035, INS: AGMC | 1,250,000 | 1,568,598 | |
Maryland 0.3% | |||
Gaithersburg, MD, Economic Development Revenue, Asbury Obligated Group, Series A, 5.0%, 1/1/2033 | 2,500,000 | 2,807,921 | |
Maryland, State Economic Development Corp. Special Obligation Bonds, Port Covington Project, 4.0%, 9/1/2040 | 250,000 | 291,147 | |
3,099,068 |
20 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Massachusetts 2.3% | |||
Massachusetts, Metropolitan Boston Transit Parking Corp., Systemwide Parking Revenue, Senior Lien, 5.0%, 7/1/2028 | 3,760,000 | 3,774,803 | |
Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group: | |||
Series J-2, 5.0%, 7/1/2033 | 1,000,000 | 1,245,936 | |
Series J-2, 5.0%, 7/1/2034 | 2,000,000 | 2,485,987 | |
Massachusetts, State Development Finance Agency Revenue, College of The Holy Cross, Series A, 0.01% (c), 6/1/2021, LOC: Bank of America NA | 200,000 | 200,000 | |
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 3,000,000 | 3,171,275 | |
Massachusetts, State Port Authority: | |||
Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 6,314,574 | |
Series A, AMT, 5.0%, 7/1/2036 | 4,000,000 | 5,038,751 | |
22,231,326 | |||
Michigan 2.0% | |||
Michigan, State Building Authority Revenue, Facilities Program, Series II-A, Prerefunded 10/15/2021 @ 100, 5.0%, 10/15/2024 | 1,610,000 | 1,639,375 | |
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2031 | 10,700,000 | 13,107,243 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project: | |||
Series I-75, AMT, 5.0%, 6/30/2032 | 1,320,000 | 1,649,484 | |
Series I-75, AMT, 5.0%, 12/31/2032 | 700,000 | 873,495 | |
Series I-75, AMT, 5.0%, 12/31/2033 | 1,600,000 | 1,988,604 | |
19,258,201 | |||
Minnesota 0.3% | |||
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 3,205,000 | 3,274,932 | |
Mississippi 1.1% | |||
Mississippi, State Gaming Tax Revenue: | |||
Series E, 5.0%, 10/15/2028 | 4,755,000 | 5,511,975 | |
Series A, 5.0%, 10/15/2036 | 4,000,000 | 4,942,554 | |
10,454,529 | |||
Missouri 1.8% | |||
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, Series 2021-1, 1.53%, 1/25/2061 | 7,509,254 | 7,506,099 | |
Missouri, Plaza At Noah’s Ark Community Improvement District, 3.0%, 5/1/2030 (a) | 725,000 | 734,519 |
DWS Intermediate Tax-Free Fund | | 21 |
Principal Amount ($) | Value ($) | ||
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B-1, 0.01% (c), 6/1/2021, LOC: Barclays Bank PLC | 4,050,000 | 4,050,000 | |
Missouri, State Public Utilities Commission Revenue, 0.5%, 3/1/2022 | 5,600,000 | 5,605,489 | |
17,896,107 | |||
Nebraska 1.3% | |||
Nebraska, Public Power District Revenue: | |||
5.0%, 1/1/2035 (a) | 1,410,000 | 1,802,387 | |
5.0%, 1/1/2036 (a) | 2,840,000 | 3,624,506 | |
5.0%, 1/1/2037 (a) | 2,750,000 | 3,501,896 | |
5.0%, 1/1/2038 (a) | 3,000,000 | 3,809,945 | |
12,738,734 | |||
Nevada 0.7% | |||
Clark County, NV, General Obligation, 4.0%, 12/1/2035 | 3,000,000 | 3,564,090 | |
Nevada, Director of the State of Department of Business & Industry Solid Waster Disposal Revenue, Republic Services, Inc. Project, AMT, 144A, 0.3% (b), Mandatory Put 12/1/2021 @ 100, 12/1/2026 (a) | 1,500,000 | 1,500,000 | |
Sparks, NV, Tourism Improvement District #1 Revenue, Sales Tax, Series A, 144A, 2.75%, 6/15/2028 | 1,500,000 | 1,555,535 | |
6,619,625 | |||
New Jersey 3.7% | |||
New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
Series A, 4.0%, 6/1/2030 | 1,035,000 | 1,279,440 | |
Series A, 4.0%, 6/1/2031 | 1,035,000 | 1,298,242 | |
Series A, 4.0%, 6/1/2032 | 495,000 | 630,385 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,505,000 | 1,524,436 | |
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 915,000 | 924,449 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 830,000 | 842,843 | |
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,622,892 | |
Series B, AMT, 3.5%, 12/1/2039 | 2,000,000 | 2,202,867 | |
New Jersey, State Transportation Trust Fund Authority: | |||
Series B, 5.25%, 6/15/2025 | 5,000,000 | 5,009,182 | |
Series B, 5.25%, 6/15/2026 | 5,000,000 | 5,009,182 |
22 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2029 | 970,000 | 1,154,623 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series A, 5.0%, 6/15/2033 (a) | 2,500,000 | 3,131,517 | |
Series A, 5.0%, 6/15/2034 (a) | 1,700,000 | 2,118,823 | |
5.0%, 6/15/2036 | 2,000,000 | 2,557,902 | |
5.0%, 6/15/2037 | 2,000,000 | 2,549,993 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2029 | 3,000,000 | 3,798,954 | |
35,655,730 | |||
New Mexico 0.4% | |||
New Mexico, State Mortgage Finance Authority, Series C, 4.0%, 1/1/2050 | 3,370,000 | 3,741,079 | |
New York 17.7% | |||
Broome County, NY, Local Development Corp., Revenue, United Health Services Hospitals, Inc., Project: | |||
3.0%, 4/1/2035, INS: AGMC | 1,820,000 | 1,978,658 | |
3.0%, 4/1/2036, INS: AGMC | 1,750,000 | 1,897,422 | |
Monroe County, NY, Industrial Development Corp. Revenue, State Ann’s Community Project, 4.0%, 1/1/2030 | 3,295,000 | 3,571,751 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series E-1, 0.02% (c), 6/1/2021, LOC: U.S. Bank NA | 4,090,000 | 4,090,000 | |
Series B, 5.0%, 11/15/2028 | 3,170,000 | 4,050,120 | |
Series C-1, 5.0%, 11/15/2028 | 1,200,000 | 1,512,452 | |
Series A-2, 5.0%, Mandatory Put 5/15/2030 @ 100, 11/15/2045 | 5,335,000 | 6,922,394 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 10,300,000 | 10,300,000 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Mount Sinai School of Medicine, Series A, 5.0%, 7/1/2021 | 1,000,000 | 1,003,550 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, North Shore-Long Island Jewish Obligated Group, Series A, 5.0%, 5/1/2028 | 8,820,000 | 10,233,646 | |
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2029 | 10,000,000 | 10,035,055 |
DWS Intermediate Tax-Free Fund | | 23 |
Principal Amount ($) | Value ($) | ||
New York, State Liberty Development Corporation, Second Priority Liberty Revenue, “1” , 2.45%, 9/15/2069 | 5,000,000 | 5,215,350 | |
New York, State Thruway Authority, Series J, 5.0%, 1/1/2028 | 10,000,000 | 11,175,017 | |
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 | 3,970,000 | 4,698,528 | |
New York, State Urban Development Corp., Personal Income Tax Revenue, Series C, 5.0%, 3/15/2036 | 5,000,000 | 6,544,517 | |
New York, Triborough Bridge & Tunnel Authority Revenue: | |||
Series F, 0.01% (c), 6/1/2021, LOC: Citibank NA | 100,000 | 100,000 | |
Series 4-C, 0.02% (c), 6/1/2021, LOC: U.S. Bank NA | 800,000 | 800,000 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2022 | 1,000,000 | 1,047,845 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue: | |||
Series DD-3B, 0.02% (c), 6/1/2021, PA: State Street B&t Co. | 200,000 | 200,000 | |
Series FF-2, 4.0%, 6/15/2036 | 3,000,000 | 3,584,772 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series A, 4.0%, 11/1/2034 | 2,500,000 | 3,065,842 | |
Series B1, 5.0%, 11/1/2027 | 750,000 | 851,424 | |
Series B1, 5.0%, 11/1/2028 | 1,175,000 | 1,333,531 | |
Series D-1, 5.0%, 11/1/2028 | 4,715,000 | 4,808,913 | |
Series E-1, 5.0%, 2/1/2029 | 2,830,000 | 2,920,200 | |
Series E-1, Prerefunded 2/1/2022 @ 100, 5.0%, 2/1/2029 | 225,000 | 232,238 | |
Series B1, 5.0%, 11/1/2029 | 935,000 | 1,060,858 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue: | |||
Series S-2, 5.0%, 7/15/2028 | 6,750,000 | 7,979,974 | |
Series S-3, 5.0%, 7/15/2035 | 5,000,000 | 6,316,048 | |
New York, NY, General Obligation: | |||
Series G-6, 0.01% (c), 6/1/2021, LOC: Mizuho Bank Ltd. | 10,570,000 | 10,570,000 | |
Series D-4, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 2,750,000 | 2,750,000 | |
Series I-4, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 5,585,000 | 5,585,000 | |
Series 2, 0.18% (c), 6/1/2021 | 760,000 | 760,000 | |
Series B-3, 0.18% (c), 6/1/2021 | 2,420,000 | 2,420,000 | |
Series 3, 0.2% (c), 6/7/2021 | 2,040,000 | 2,040,000 | |
Series C, 4.0%, 8/1/2037 | 1,000,000 | 1,204,940 | |
Series F, 5.0%, 8/1/2024 | 9,000,000 | 9,293,620 | |
Series D-1, 5.0%, 8/1/2029 | 8,620,000 | 9,484,657 |
24 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Triborough, NY, Bridge & Tunnel Authority Revenues, Series A, 5.0%, 11/15/2028 | 4,975,000 | 5,418,340 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2030 | 1,345,000 | 1,771,002 | |
Series A, 5.0%, 9/1/2031 | 2,020,000 | 2,652,541 | |
Series A, 5.0%, 9/1/2032 | 1,250,000 | 1,636,392 | |
173,116,597 | |||
North Carolina 0.5% | |||
North Carolina, State Turnpike Authority, Monroe Expressway System: | |||
5.0%, 7/1/2035 | 820,000 | 1,108,660 | |
5.0%, 7/1/2036 | 1,000,000 | 1,347,840 | |
5.0%, 7/1/2037 | 1,000,000 | 1,343,442 | |
5.0%, 7/1/2038 | 500,000 | 669,937 | |
4,469,879 | |||
North Dakota 0.1% | |||
Fargo, ND, Sanford Health Systems Revenue, ETM, 5.5%, 11/1/2021 | 1,250,000 | 1,277,340 | |
Ohio 1.3% | |||
Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded 1/1/2022 @ 100, 5.0%, 1/1/2027 | 3,000,000 | 3,086,009 | |
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series D, Prerefunded 11/15/2021 @ 100, 5.0%, 11/15/2024 | 995,000 | 1,016,787 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Summa Health System, 4.0%, 11/15/2035 | 1,665,000 | 1,984,866 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2028 | 5,000,000 | 5,585,112 | |
Ohio, State Turnpike Commission, Infrastructure Projects, Series A-1, 5.25%, 2/15/2029 | 1,310,000 | 1,417,165 | |
13,089,939 | |||
Oregon 1.9% | |||
Oregon, State Facilities Authority Revenue, Peace Health, Series A, 0.02% (c), 6/1/2021, LOC: U.S. Bank NA | 2,275,000 | 2,275,000 | |
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 4.5%, 1/1/2049 | 4,570,000 | 4,997,334 |
DWS Intermediate Tax-Free Fund | | 25 |
Principal Amount ($) | Value ($) | ||
Port of Portland, OR, Airport Revenue, Passenger Facility Charge, Portland International Airport: | |||
Series A, 5.5%, 7/1/2026 | 4,025,000 | 4,041,924 | |
Series A, 5.5%, 7/1/2029 | 7,000,000 | 7,029,085 | |
18,343,343 | |||
Pennsylvania 7.8% | |||
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2034 | 5,000,000 | 6,191,813 | |
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project, 5.0%, 12/1/2038 | 1,000,000 | 1,090,221 | |
Montgomery County, PA, Higher Education & Health Authority, State Presbyterian Homes, Inc. Project: | |||
5.0%, 12/1/2027 | 2,735,000 | 3,145,996 | |
5.0%, 12/1/2032 | 2,745,000 | 3,113,730 | |
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project, Series A, 5.0%, 12/1/2033 | 8,435,000 | 9,644,868 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue: | |||
Series A, AMT, 2.45%, 6/1/2041 | 4,880,000 | 4,939,838 | |
Series A, AMT, 2.625%, 6/1/2042 (a) | 705,000 | 706,856 | |
Pennsylvania, State Certificates of Participation: | |||
Series A, 5.0%, 7/1/2029 | 300,000 | 375,630 | |
Series A, 5.0%, 7/1/2031 | 850,000 | 1,057,123 | |
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, Series A, 5.0%, 2/1/2028 | 3,000,000 | 3,411,737 | |
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, AMT, 2.15%, Mandatory Put 7/1/2024 @ 100, 7/1/2041, GTY: Waste Management, Inc. | 1,250,000 | 1,318,089 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, 3.5%, 10/1/2041 | 1,950,000 | 2,044,306 | |
3.7%, 10/1/2047 | 5,000,000 | 5,339,606 | |
Series 122, 4.0%, 10/1/2046 | 4,450,000 | 4,796,518 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series C, 5.0%, 12/1/2028 | 2,950,000 | 3,404,094 | |
Series B, 5.0%, 6/1/2029 | 5,000,000 | 6,010,539 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2026 | 2,120,000 | 2,402,599 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2027 | 2,820,000 | 3,195,910 |
26 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2028 | 1,000,000 | 1,133,302 | |
Philadelphia, PA, Authority for Industrial Development Charter School Revenue Bond, 144A, 5.0%, 6/15/2040 | 900,000 | 1,061,503 | |
Philadelphia, PA, School District: | |||
Series F, 5.0%, 9/1/2030 | 8,970,000 | 10,843,592 | |
Series F, Prerefunded 9/1/2026 @ 100, 5.0%, 9/1/2030 | 30,000 | 36,773 | |
Pittsburgh, PA, Water & Sewer System Revenue, First Lien, Series C, MUNIPSA + 0.65%, 0.7% (b), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 1,000,000 | 1,009,730 | |
76,274,373 | |||
South Carolina 0.3% | |||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2025 | 2,755,000 | 2,858,940 | |
South Carolina, State Housing Finance & Development Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050 | 345,000 | 387,379 | |
3,246,319 | |||
Tennessee 0.9% | |||
Greeneville, TN, Health & Educational Facilities Board, Hospital Revenue, Ballad Health Obligation Group, Series A, 5.0%, 7/1/2035 | 2,500,000 | 3,087,816 | |
Shelby County, TN, State General Obligation, Series B, 4.0%, 4/1/2034 | 3,330,000 | 4,022,987 | |
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | 1,050,000 | 1,073,434 | |
Tennessee, State Housing Development Agency, Homeownership Program: | |||
Series 2C, 4.0%, 7/1/2038 | 140,000 | 141,759 | |
Series 1C, 4.5%, 7/1/2037 | 165,000 | 167,771 | |
8,493,767 | |||
Texas 9.3% | |||
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series E, 4.0%, 1/1/2037 | 1,500,000 | 1,785,432 | |
El Paso, TX, Independent School District, 4.0%, 8/15/2035 | 5,000,000 | 5,915,514 | |
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax, Series A, Prerefunded 11/1/2021 @ 100, 5.0%, 11/1/2031 | 2,795,000 | 2,852,130 | |
Houston, TX, Airport Systems Revenue: | |||
Series B, Prerefunded 7/1/2021 @ 100, 5.0%, 7/1/2026 | 4,000,000 | 4,015,748 |
DWS Intermediate Tax-Free Fund | | 27 |
Principal Amount ($) | Value ($) | ||
Series B, Prerefunded 7/1/2022 @ 100, 5.0%, 7/1/2027 | 9,600,000 | 10,103,576 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention And Entertainment Facilities Department: | |||
5.0%, 9/1/2027 | 1,590,000 | 1,946,087 | |
5.0%, 9/1/2028 | 1,350,000 | 1,683,774 | |
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033 | 1,525,000 | 2,039,521 | |
North Texas, Tollway Authority Revenue, Special Projects Systems: | |||
Series D, Prerefunded 9/1/2021 @ 100, 5.25%, 9/1/2027 | 5,080,000 | 5,144,517 | |
Series A, Prerefunded 9/1/2021 @ 100, 5.5%, 9/1/2028 | 1,240,000 | 1,256,514 | |
Northside, TX, Independent School District: | |||
1.6%, Mandatory Put 8/1/2024 @ 100, 8/1/2049 | 2,980,000 | 3,084,383 | |
2.75%, Mandatory Put 8/1/2023 @ 100, 8/1/2048 | 1,540,000 | 1,618,129 | |
San Antonio, TX, Water Systems Revenue, Junior Lien, Series E, 5.0%, 5/15/2027 | 1,900,000 | 2,072,829 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.02% (c), 6/1/2021, LOC: TD Bank NA | 630,000 | 630,000 | |
Texas, Aldine Independent School District, 4.0%, 2/15/2032 | 3,000,000 | 3,492,454 | |
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 6,460,000 | 6,958,896 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2040 | 6,000,000 | 6,557,063 | |
Texas, State Department of Housing & Community Affairs, 2.17%, 5/1/2038 | 6,000,000 | 6,022,390 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 7,935,000 | 9,304,942 | |
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 12/31/2035 | 500,000 | 599,454 | |
Series A, 4.0%, 12/31/2036 | 2,000,000 | 2,388,313 | |
Texas, State Water Development Board, Series A, 4.0%, 10/15/2032 | 5,000,000 | 5,948,466 | |
Texas, State Water Development Board, State Water Implementation Fund, Series A, 4.0%, 10/15/2034 | 4,900,000 | 5,811,014 | |
91,231,146 |
28 | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Utah 0.6% | |||
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 6,156,746 | |
Virginia 3.9% | |||
Hampton Roads, VA, Transportation Accountability Commission Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 7/1/2036 | 2,070,000 | 2,540,083 | |
Series A, 4.0%, 7/1/2038 | 4,370,000 | 5,328,452 | |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series B, 4.0%, 2/1/2029 | 18,755,000 | 21,608,729 | |
Virginia, State Public School Authority, School Financing, Series B, 4.0%, 8/1/2029 | 7,060,000 | 8,209,120 | |
37,686,384 | |||
Washington 4.3% | |||
Washington, State Convention Center Public Facilities District: | |||
4.0%, 7/1/2031 | 3,000,000 | 3,463,917 | |
5.0%, 7/1/2035 | 2,000,000 | 2,395,913 | |
5.0%, 7/1/2036 | 4,350,000 | 5,199,290 | |
Washington, State General Obligation: | |||
Series R-2021A, 5.0%, 6/1/2030 | 1,000,000 | 1,343,323 | |
Series R-2021A, 5.0%, 6/1/2031 | 750,000 | 1,002,843 | |
Series R-2021A, 5.0%, 6/1/2032 | 1,000,000 | 1,332,216 | |
Series A, Prerefunded 8/1/2021 @ 100, 5.0%, 8/1/2032 | 14,000,000 | 14,113,312 | |
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, 5.0%, 8/15/2029 | 2,300,000 | 2,773,162 | |
Washington, State Housing Finance Commission Municipal Certificates, “A” , Series A-1, 3.5%, 12/20/2035 | 1,235,000 | 1,437,578 | |
Washington, State Housing Finance Commission, Horizon House Project: | |||
144A, 5.0%, 1/1/2028 | 750,000 | 885,662 | |
144A, 5.0%, 1/1/2029 | 840,000 | 989,053 | |
144A, 5.0%, 1/1/2031 | 1,030,000 | 1,204,218 | |
144A, 5.0%, 1/1/2033 | 1,050,000 | 1,221,492 | |
Washington, University of Washington Revenue: | |||
Series C, 5.0%, 4/1/2030 | 2,000,000 | 2,678,072 | |
Series C, 5.0%, 4/1/2031 | 1,750,000 | 2,334,736 | |
42,374,787 |
DWS Intermediate Tax-Free Fund | | 29 |
Principal Amount ($) | Value ($) | ||
West Virginia 0.4% | |||
West Virginia, State Economic Development Authority, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045 | 1,250,000 | 1,286,235 | |
West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group, Series A, 5.0%, 6/1/2032 | 2,400,000 | 2,916,923 | |
4,203,158 | |||
Puerto Rico 0.2% | |||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2031 | 3,000,000 | 2,365,023 | |
Other 1.5% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M-024, AMT, 2.304%, 5/15/2027 | 1,862,779 | 1,930,133 | |
“A” , Series M-051, 144A, 2.65%, 6/15/2035 | 7,867,270 | 8,415,407 | |
Freddie Mac Multi-family: | |||
144A, 1.896%, 11/25/2037, GTY: Freddie Mac | 2,806,977 | 2,836,113 | |
Class A, 3.4%, 1/25/2036, GTY: Freddie Mac | 1,447,519 | 1,659,794 | |
14,841,447 | |||
Total Municipal Bonds and Notes (Cost $940,626,450) | 1,004,942,862 | ||
Government & Agency Obligations 0.8% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $8,583,816) | 8,800,000 | 8,258,250 |
Shares | Value ($) | ||
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $262,744) | 262,691 | 262,743 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $949,473,010) | 103.7 | 1,013,463,855 | |
Other Assets and Liabilities, Net | (3.7) | (36,542,048) | |
Net Assets | 100.0 | 976,921,807 |
(a) | When-issued security. |
30 | | DWS Intermediate Tax-Free Fund |
(b) | Variable or floating rate security. These securities are shown at their current rate as of May 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(c) | Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of May 31, 2021. Date shown reflects the earlier of demand date or stated maturity date. |
(d) | Current yield; not a coupon rate. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
AGMC: Assured Guaranty Municipal Corp. |
AMT: Subject to alternative minimum tax. |
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated. |
GTY: Guaranty Agreement |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
MUNIPSA: SIFMA Municipal Swap Index Yield |
NATL: National Public Finance Guarantee Corp. |
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. |
SIFMA: Securities Industry and Financial Markets Association |
DWS Intermediate Tax-Free Fund | | 31 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Bonds and Notes (a) | $ — | $1,004,942,862 | $— | $1,004,942,862 |
Government & Agency Obligations | — | 8,258,250 | — | 8,258,250 |
Open-End Investment Companies | 262,743 | — | — | 262,743 |
Total | $262,743 | $1,013,201,112 | $ — | $1,013,463,855 |
(a) | See Investment Portfolio for additional detailed categorizations. |
32 | | DWS Intermediate Tax-Free Fund |
Assets | |
Investment in securities, at value (cost $949,473,010) | $ 1,013,463,855 |
Receivable for investments sold | 507,191 |
Receivable for Fund shares sold | 1,205,222 |
Interest receivable | 10,768,044 |
Other assets | 40,900 |
Total assets | 1,025,985,212 |
Liabilities | |
Payable for investments purchased — when-issued securities | 47,420,918 |
Payable for Fund shares redeemed | 585,914 |
Distributions payable | 426,570 |
Accrued management fee | 182,164 |
Accrued Trustees' fees | 8,596 |
Other accrued expenses and payables | 439,243 |
Total liabilities | 49,063,405 |
Net assets, at value | $ 976,921,807 |
Net Assets Consist of | |
Distributable earnings (loss) | 67,178,899 |
Paid-in capital | 909,742,908 |
Net assets, at value | $ 976,921,807 |
DWS Intermediate Tax-Free Fund | | 33 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($155,493,855 ÷ 12,932,761 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.02 |
Maximum offering price per share (100 ÷ 97.25 of $12.02) | $ 12.36 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($6,830,081 ÷ 568,148 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.02 |
Class S | |
Net Asset Value, offering and redemption price per share ($362,047,154 ÷ 30,106,360 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.03 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($452,550,717 ÷ 37,642,669 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 12.02 |
34 | | DWS Intermediate Tax-Free Fund |
Investment Income | |
Income: | |
Interest | $ 29,285,907 |
Expenses: | |
Management fee | 3,024,651 |
Administration fee | 931,400 |
Services to shareholders | 1,175,531 |
Distribution and service fees | 514,013 |
Custodian fee | 9,770 |
Professional fees | 76,977 |
Reports to shareholders | 65,118 |
Registration fees | 90,608 |
Trustees' fees and expenses | 31,980 |
Other | 53,430 |
Total expenses before expense reductions | 5,973,478 |
Expense reductions | (903,150) |
Total expenses after expense reductions | 5,070,328 |
Net investment income | 24,215,579 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 4,710,558 |
Change in net unrealized appreciation (depreciation) on investments | 18,256,113 |
Net gain (loss) | 22,966,671 |
Net increase (decrease) in net assets resulting from operations | $ 47,182,250 |
DWS Intermediate Tax-Free Fund | | 35 |
Years Ended May 31, | ||
Increase (Decrease) in Net Assets | 2021 | 2020 |
Operations: | ||
Net investment income | $ 24,215,579 | $ 28,256,635 |
Net realized gain (loss) | 4,710,558 | 7,825,334 |
Change in net unrealized appreciation (depreciation) | 18,256,113 | (7,330,031) |
Net increase (decrease) in net assets resulting from operations | 47,182,250 | 28,751,938 |
Distributions to shareholders: | ||
Class A | (4,416,236) | (5,001,590) |
Class C | (290,831) | (614,870) |
Class S | (12,310,970) | (18,212,955) |
Institutional Class | (12,209,026) | (13,025,494) |
Total distributions | (29,227,063) | (36,854,909) |
Fund share transactions: | ||
Proceeds from shares sold | 256,623,089 | 233,496,121 |
Reinvestment of distributions | 22,696,992 | 29,208,079 |
Payments for shares redeemed | (282,470,044) | (345,098,709) |
Net increase (decrease) in net assets from Fund share transactions | (3,149,963) | (82,394,509) |
Increase (decrease) in net assets | 14,805,224 | (90,497,480) |
Net assets at beginning of period | 962,116,583 | 1,052,614,063 |
Net assets at end of period | $ 976,921,807 | $ 962,116,583 |
36 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund — Class A | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | |||||
Net investment income | .28 | .30 | .31 | .29 | .28 |
Net realized and unrealized gain (loss) | .29 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .57 | .32 | .59 | (.04) | .10 |
Less distributions from: | |||||
Net investment income | (.28) | (.30) | (.31) | (.29) | (.28) |
Net realized gains | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.35) | (.40) | (.31) | (.29) | (.28) |
Net asset value, end of period | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%)a | 4.81 b | 2.73 b | 5.25 b | (.30) | .83 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 155 | 144 | 154 | 174 | 207 |
Ratio of expenses before expense reductions (%) | .78 | .78 | .79 | .78 | .79 |
Ratio of expenses after expense reductions (%) | .72 | .77 | .78 | .78 | .79 |
Ratio of net investment income (%) | 2.33 | 2.55 | 2.70 | 2.47 | 2.33 |
Portfolio turnover rate (%) | 38 | 41 | 61 | 44 | 36 |
a | Total return does not reflect the effect of any sales charges. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
DWS Intermediate Tax-Free Fund | | 37 |
DWS Intermediate Tax-Free Fund — Class C | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.80 | $11.88 | $11.59 | $11.93 | $12.10 |
Income (loss) from investment operations: | |||||
Net investment income | .19 | .21 | .23 | .20 | .19 |
Net realized and unrealized gain (loss) | .29 | .02 | .29 | (.34) | (.17) |
Total from investment operations | .48 | .23 | .52 | (.14) | .02 |
Less distributions from: | |||||
Net investment income | (.19) | (.21) | (.23) | (.20) | (.19) |
Net realized gains | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.26) | (.31) | (.23) | (.20) | (.19) |
Net asset value, end of period | $12.02 | $11.80 | $11.88 | $11.59 | $11.93 |
Total Return (%)a | 4.03 b | 1.97 b | 4.56 b | (1.15) b | .15 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 7 | 20 | 28 | 36 | 47 |
Ratio of expenses before expense reductions (%) | 1.53 | 1.54 | 1.56 | 1.56 | 1.55 |
Ratio of expenses after expense reductions (%) | 1.48 | 1.52 | 1.53 | 1.55 | 1.55 |
Ratio of net investment income (%) | 1.60 | 1.80 | 1.95 | 1.70 | 1.57 |
Portfolio turnover rate (%) | 38 | 41 | 61 | 44 | 36 |
a | Total return does not reflect the effect of any sales charges. |
b | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
38 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund — Class S | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | |||||
Net investment income | .31 | .33 | .34 | .32 | .31 |
Net realized and unrealized gain (loss) | .30 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .61 | .35 | .62 | (.01) | .13 |
Less distributions from: | |||||
Net investment income | (.31) | (.33) | (.34) | (.32) | (.31) |
Net realized gains | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.38) | (.43) | (.34) | (.32) | (.31) |
Net asset value, end of period | $12.03 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%)a | 5.16 | 2.99 | 5.51 | (.07) | 1.07 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 362 | 443 | 543 | 629 | 679 |
Ratio of expenses before expense reductions (%) | .61 | .62 | .63 | .62 | .62 |
Ratio of expenses after expense reductions (%) | .48 | .52 | .53 | .55 | .55 |
Ratio of net investment income (%) | 2.58 | 2.80 | 2.95 | 2.71 | 2.57 |
Portfolio turnover rate (%) | 38 | 41 | 61 | 44 | 36 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
DWS Intermediate Tax-Free Fund | | 39 |
DWS Intermediate Tax-Free Fund — Institutional Class | |||||
Years Ended May 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | |||||
Net asset value, beginning of period | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | |||||
Net investment income | .31 | .33 | .34 | .32 | .31 |
Net realized and unrealized gain (loss) | .29 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .60 | .35 | .62 | (.01) | .13 |
Less distributions from: | |||||
Net investment income | (.31) | (.33) | (.34) | (.32) | (.31) |
Net realized gains | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.38) | (.43) | (.34) | (.32) | (.31) |
Net asset value, end of period | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%) | 5.07 a | 2.99 a | 5.52 a | (.06) | 1.07 |
Ratios to Average Net Assets and Supplemental Data | |||||
Net assets, end of period ($ millions) | 453 | 356 | 327 | 680 | 870 |
Ratio of expenses before expense reductions (%) | .54 | .55 | .55 | .54 | .55 |
Ratio of expenses after expense reductions (%) | .47 | .52 | .53 | .54 | .55 |
Ratio of net investment income (%) | 2.57 | 2.80 | 2.93 | 2.71 | 2.57 |
Portfolio turnover rate (%) | 38 | 41 | 61 | 44 | 36 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
40 | | DWS Intermediate Tax-Free Fund |
A. | Organization and Significant Accounting Policies |
DWS Intermediate Tax-Free Fund | | 41 |
42 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 43 |
Undistributed tax-exempt income | $ 1,286,396 |
Undistributed ordinary income* | $ 536,396 |
Undistributed long-term capital gains | $ 1,716,182 |
Net unrealized appreciation (depreciation) on investments | $ 64,066,495 |
Years Ended May 31, | ||
2021 | 2020 | |
Distributions from tax-exempt income | $ 24,027,012 | $ 28,245,334 |
Distributions from ordinary income* | $ 2,330,445 | $ 1,368,121 |
Distributions from long-term capital gains | $ 2,869,606 | $ 7,241,454 |
* | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
44 | | DWS Intermediate Tax-Free Fund |
B. | Purchases and Sales of Securities |
Purchases | Sales | |
Non-U.S. Treasury Obligations | $380,729,255 | $373,885,474 |
U.S. Treasury Obligations | $ 8,583,816 | $ — |
C. | Related Parties |
Class A | .77% |
Class C | 1.52% |
Class S | .52% |
Institutional Class | .52% |
DWS Intermediate Tax-Free Fund | | 45 |
Class A | .70% | |
Class C | 1.45% | |
Class S | .45% | |
Institutional Class | .45% |
Class A | $ 89,009 |
Class C | 6,403 |
Class S | 541,668 |
Institutional Class | 266,070 |
$ 903,150 |
Services to Shareholders | Total Aggregated | Unpaid at May 31, 2021 |
Class A | $ 3,019 | $ 468 |
Class C | 799 | 125 |
Class S | 35,447 | 5,840 |
Institutional Class | 2,094 | 234 |
$ 41,359 | $ 6,667 |
46 | | DWS Intermediate Tax-Free Fund |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 134,305 |
Class C | 9,833 |
Class S | 615,308 |
Institutional Class | 357,977 |
$ 1,117,423 |
Distribution Fee | Total Aggregated | Unpaid at May 31, 2021 |
Class C | $ 102,759 | $ 5,301 |
Service Fee | Total Aggregated | Unpaid at May 31, 2021 | Annual Rate |
Class A | $ 377,033 | $ 61,572 | .24% |
Class C | 34,221 | 3,582 | .25% |
$ 411,254 | $ 65,154 |
DWS Intermediate Tax-Free Fund | | 47 |
D. | Line of Credit |
48 | | DWS Intermediate Tax-Free Fund |
E. | Fund Share Transactions |
Year Ended May 31, 2021 | Year Ended May 31, 2020 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 2,640,505 | $ 31,657,787 | 1,384,711 | $ 16,409,291 |
Class C | 121,763 | 1,457,367 | 128,802 | 1,515,329 |
Class S | 5,315,761 | 63,651,428 | 7,571,037 | 90,062,820 |
Institutional Class | 13,331,288 | 159,856,507 | 10,575,884 | 125,508,681 |
$ 256,623,089 | $ 233,496,121 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 311,062 | $ 3,728,202 | 362,850 | $ 4,306,440 |
Class C | 21,837 | 261,625 | 36,559 | 433,845 |
Class S | 847,215 | 10,156,777 | 1,237,209 | 14,689,564 |
Institutional Class | 713,512 | 8,550,388 | 824,018 | 9,778,230 |
$ 22,696,992 | $ 29,208,079 | |||
Shares redeemed | ||||
Class A | (2,219,487) | $ (26,572,157) | (2,534,295) | $ (30,115,643) |
Class C | (1,249,635) | (14,994,157) | (819,976) | (9,736,698) |
Class S | (13,567,024) | (162,556,150) | (17,031,521) | (201,990,346) |
Institutional Class | (6,551,209) | (78,347,580) | (8,789,506) | (103,256,022) |
$ (282,470,044) | $ (345,098,709) | |||
Net increase (decrease) | ||||
Class A | 732,080 | $ 8,813,832 | (786,734) | $ (9,399,912) |
Class C | (1,106,035) | (13,275,165) | (654,615) | (7,787,524) |
Class S | (7,404,048) | (88,747,945) | (8,223,275) | (97,237,962) |
Institutional Class | 7,493,591 | 90,059,315 | 2,610,396 | 32,030,889 |
$ (3,149,963) | $ (82,394,509) |
F. | Other — COVID-19 Pandemic |
DWS Intermediate Tax-Free Fund | | 49 |
50 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 51 |
52 | | DWS Intermediate Tax-Free Fund |
— | Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold. |
— | Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. |
DWS Intermediate Tax-Free Fund | | 53 |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 12/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 5/31/21 | $1,015.00 | $1,011.20 | $1,017.10 | $1,016.30 |
Expenses Paid per $1,000* | $ 3.52 | $ 7.27 | $ 2.26 | $ 2.26 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 12/1/20 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 5/31/21 | $1,021.44 | $1,017.70 | $1,022.69 | $1,022.69 |
Expenses Paid per $1,000* | $ 3.53 | $ 7.29 | $ 2.27 | $ 2.27 |
* | Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365. |
Annualized Expense Ratios | Class A | Class C | Class S | Institutional Class |
DWS Intermediate Tax-Free Fund | .70% | 1.45% | .45% | .45% |
Tax Information | (Unaudited) |
54 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 55 |
— | During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ). |
— | The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant” ). |
— | The Board also received extensive information throughout the year regarding performance of the Fund. |
�� | The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations. |
— | In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements. |
56 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 57 |
58 | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | 59 |
60 | | DWS Intermediate Tax-Free Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Keith R. Fox, CFA (1954)Chairperson since 2017, and Board Member since 1996 | Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; Former Directorships: ICI Mutual Insurance Company; BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) | 72 | — |
DWS Intermediate Tax-Free Fund | | 61 |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
John W. Ballantine (1946)Board Member since 1999 | Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); Not-for-Profit Directorships: Palm Beach Civic Assn.; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; Former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population wellbeing and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; Portland General Electric2 (utility company (2003–2021); and Prisma Energy International; Former Not-for-Profit Directorships: Public Radio International | 72 | — |
Dawn-Marie Driscoll (1946)Board Member since 1987 | Advisory Board and former Executive Fellow, Hoffman Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988); Directorships: Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); Former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees) | 72 | — |
62 | | DWS Intermediate Tax-Free Fund |
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1 | Business Experience and Directorships During the Past Five Years | Number of Funds in DWS Fund Complex Overseen | Other Directorships Held by Board Member |
Richard J. Herring (1946)Board Member since 1990 | Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (1994–2020); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Former Directorships: Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018) | 72 | Director, Aberdeen Japan Fund (since 2007) |
William McClayton (1944)Board Member since 2004 | Private equity investor (since October 2009); formerly: Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Former Directorships: Board of Managers, YMCA of Metropolitan Chicago; Trustee, Ravinia Festival | 72 | — |
Rebecca W. Rimel (1951)Board Member since 1995 | Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); Director, The Bridgespan Group (nonprofit organization) (since October 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Former Directorships: Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020); Director, BioTelemetry Inc.2 (acquired by Royal Philips in 2021) (healthcare) (2009–2021) | 72 | Director, Becton Dickinson and Company2 (medical technology company) (2012–present) |
William N. Searcy, Jr. (1946)Board Member since 1993 | Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Former Directorships: Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012) | 72 | — |
DWS Intermediate Tax-Free Fund | | 63 |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Hepsen Uzcan5 (1974)President and Chief Executive Officer, 2017–present | Fund Administration (Head since 2017), DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2017–present); formerly: Vice President for the Deutsche funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020); Directorships: Interested Director, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since June 25, 2020); ICI Mutual Insurance Company (since October 16, 2020); and Episcopalian Charities of New York (2018–present) |
John Millette6 (1962)Vice President and Secretary, 1999–present | Legal (Associate General Counsel), DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Vice President, DBX Advisors LLC (2021–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. 2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); and Assistant Secretary, DBX ETF Trust (2019–2020) |
Ciara Crawford7 (1984)Assistant Secretary, (2019–present) | Fund Administration (Specialist), DWS (2015–present); formerly, Legal Assistant at Accelerated Tax Solutions. |
Diane Kenneally6 (1966)Chief Financial Officer and Treasurer, 2018–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018) |
Paul Antosca6 (1957)Assistant Treasurer, 2007–present | Fund Administration Tax (Head), DWS; and Assistant Treasurer, DBX ETF Trust (2019–present) |
Sheila Cadogan6 (1966)Assistant Treasurer, 2017–present | Fund Administration Treasurer’s Office (Co-Head since 2018), DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present) |
Scott D. Hogan6 (1970)Chief Compliance Officer, 2016–present | Anti-Financial Crime & Compliance US (Senior Team Lead), DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present) |
64 | | DWS Intermediate Tax-Free Fund |
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served4 | Business Experience and Directorships During the Past Five Years |
Caroline Pearson6 (1962)Chief Legal Officer, 2010–present | Legal (Senior Team Lead), DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017) |
Michelle Goveia-Pine5 (1970)Interim Anti-Money Laundering Compliance Officer, since July 10, 2020 | Anti-Financial Crime & Compliance US (Regional Head), DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020) |
1 | The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board. |
2 | A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934. |
3 | As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund. |
4 | The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds. |
5 | Address: 875 Third Avenue, New York, NY 10022. |
6 | Address: 100 Summer Street, Boston, MA 02110. |
7 | Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256. |
DWS Intermediate Tax-Free Fund | | 65 |
For More Information | The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. |
For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337 | |
Web Site | dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. |
Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information. | |
Written Correspondence | DWSPO Box 219151 Kansas City, MO 64121-9151 |
Proxy Voting | The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. |
Portfolio Holdings | Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information. |
Principal Underwriter | If you have questions, comments or complaints, contact:DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148 |
66 | | DWS Intermediate Tax-Free Fund |
Investment Management | DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. |
DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. |
Class A | Class C | Class S | Institutional Class | |
Nasdaq Symbol | SZMAX | SZMCX | SCMTX | SZMIX |
CUSIP Number | 25159H 108 | 25159H 306 | 25159H 405 | 25159H 504 |
Fund Number | 445 | 745 | 2045 | 1445 |
DWS Intermediate Tax-Free Fund | | 67 |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
DWS intermediate tax-free Fund
form n-csr disclosure re: AUDIT FEES
The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended May 31, | Audit Fees Billed to Fund | Audit-Related Fees Billed to Fund | Tax Fees Billed to Fund | All Other Fees Billed to Fund |
2021 | $42,433 | $0 | $7,880 | $0 |
2020 | $42,433 | $0 | $8,565 | $0 |
The above “Tax Fees” were billed for professional services rendered for tax preparation.
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year Ended May 31, | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
2021 | $0 | $57,532 | $0 |
2020 | $0 | $625,431 | $0 |
The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.
Non-Audit Services
The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.
Fiscal Year Ended May 31, | Total Non-Audit Fees Billed to Fund (A) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C) | Total of (A), (B) and (C) |
2021 | $7,880 | $57,532 | $0 | $65,412 |
2020 | $8,565 | $625,431 | $0 | $633,996 |
All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.
Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.
According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
In connection with the audit of the 2020 and 2021 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.
***
Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.
· | EY advised the Fund’s Audit Committee that various covered persons within EY and EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any professionals who were part of the audit engagement team for the Fund or in the position to influence the audit engagement team for the Fund. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS | |
Not applicable | ||
ITEM 6. | SCHEDULE OF INVESTMENTS | |
Not applicable | ||
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES | |
Not applicable | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS | |
Not applicable | ||
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | |
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. | ||
ITEM 11. | CONTROLS AND PROCEDURES | |
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. | |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. | |
ITEM 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies | |
Not applicable | ||
ITEM 13. | EXHIBITS | |
(a)(1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. | |
(a)(2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. | |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust |
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 7/30/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Hepsen Uzcan Hepsen Uzcan President |
Date: | 7/30/2021 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 7/30/2021 |