UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
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: | 11/30/2021 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
![](https://capedge.com/proxy/N-CSRS/0000088053-22-000079/g268101imged8ac8681.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-22-000079/g268101img29011b702.jpg)
2 | | | DWS Intermediate Tax-Free Fund |
![](https://capedge.com/proxy/N-CSRS/0000088053-22-000079/g268101img9788ca243.jpg)
![](https://capedge.com/proxy/N-CSRS/0000088053-22-000079/g268101img830fba034.jpg)
DWS Intermediate Tax-Free Fund | | | 3 |
Performance Summary | November 30, 2021 (Unaudited) |
Class A | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 11/30/21 | ||||
Unadjusted for Sales Charge | 0.36% | 1.87% | 3.35% | 2.91% |
Adjusted for the Maximum Sales Charge (max 2.75% load) | –2.40% | –0.93% | 2.78% | 2.62% |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 0.27% | 1.20% | 3.74% | 3.21% |
Average Annual Total Returns as of 9/30/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 2.56% | 2.45% | 2.89% | |
Adjusted for the Maximum Sales Charge (max 2.75% load) | –0.26% | 1.88% | 2.60% | |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 1.82% | 2.85% | 3.22% |
Class C | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 11/30/21 | ||||
Unadjusted for Sales Charge | –0.01% | 1.10% | 2.60% | 2.14% |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | –1.01% | 1.10% | 2.60% | 2.14% |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 0.27% | 1.20% | 3.74% | 3.21% |
Average Annual Total Returns as of 9/30/21 (most recent calendar quarter end) | ||||
Unadjusted for Sales Charge | 1.79% | 1.70% | 2.11% | |
Adjusted for the Maximum Sales Charge (max 1.00% CDSC) | 1.79% | 1.70% | 2.11% | |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 1.82% | 2.85% | 3.22% |
Class S | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 11/30/21 | ||||
No Sales Charges | 0.41% | 2.12% | 3.61% | 3.15% |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 0.27% | 1.20% | 3.74% | 3.21% |
Average Annual Total Returns as of 9/30/21 (most recent calendar quarter end) | ||||
No Sales Charges | 2.82% | 2.70% | 3.11% | |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 1.82% | 2.85% | 3.22% |
4 | | | DWS Intermediate Tax-Free Fund |
Institutional Class | 6-Month ‡ | 1-Year | 5-Year | 10-Year |
Average Annual Total Returns as of 11/30/21 | ||||
No Sales Charges | 0.49% | 2.12% | 3.61% | 3.17% |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 0.27% | 1.20% | 3.74% | 3.21% |
Average Annual Total Returns as of 9/30/21 (most recent calendar quarter end) | ||||
No Sales Charges | 2.82% | 2.71% | 3.14% | |
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index† | 1.82% | 2.85% | 3.22% |
DWS Intermediate Tax-Free Fund | | | 5 |
![](https://capedge.com/proxy/N-CSRS/0000088053-22-000079/g268101imgdb98dfea5.jpg)
† | Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index (name changed from Bloomberg Barclays Municipal Bond 1–15 Year Blend (1–17) Index, effective August 24, 2021) is a sub-index of the Bloomberg Municipal Bond Index (name changed from Bloomberg Barclays Municipal Bond Index, effective August 24, 2021). 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. |
‡ | Total returns shown for periods less than one year are not annualized. |
6 | | | DWS Intermediate Tax-Free Fund |
Class A | Class C | Class S | Institutional Class | |
Net Asset Value | ||||
11/30/21 | $ 11.95 | $ 11.95 | $ 11.95 | $ 11.95 |
5/31/21 | $ 12.02 | $ 12.02 | $ 12.03 | $ 12.02 |
Distribution Information as of 11/30/21 | ||||
Income Dividends, Six Months | $ .11 | $ .07 | $ .13 | $ .13 |
November Income Dividend | $ .0180 | $ .0106 | $ .0205 | $ .0205 |
SEC 30-day Yield‡‡ | .49% | –.23% | .75% | .75% |
Tax Equivalent Yield‡‡ | .83% | –.23% | 1.27% | 1.27% |
Current Annualized Distribution Rate‡‡ | 1.83% | 1.08% | 2.09% | 2.09% |
‡‡ | The SEC yield is net investment income per share earned over the month ended November 30, 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 0.47%, –0.30%, 0.62% and 0.71% for Class A, Class C, 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 November 30, 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 1.81%, 1.01%, 1.96% and 2.05% for Class A, Class C, 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 | | | 7 |
— | Joined DWS in 2018 with 20 years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle. |
— | Co-Head of Municipal Bond Department. |
— | BS, Montana State University. |
— | Joined DWS in 2003. Prior to his current role, he served as an Insurance Reporting Supervisor in the Insurance Asset Management business and as Investment Accountant in the Private Wealth Management Division. |
8 | | | DWS Intermediate Tax-Free Fund |
Portfolio Summary | (Unaudited) |
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies) | 11/30/21 | 5/31/21 |
Revenue Bonds | 71% | 66% |
General Obligation Bonds | 13% | 12% |
Lease Obligations | 9% | 11% |
Variable Rate Demand Notes | 4% | 5% |
Escrow to Maturity/Prerefunded Bonds | 2% | 5% |
Other | 1% | 1% |
100% | 100% |
Interest Rate Sensitivity | 11/30/21 | 5/31/21 |
Effective Maturity | 5.2 years | 5.2 years |
Modified Duration | 4.5 years | 4.5 years |
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies) | 11/30/21 | 5/31/21 |
AAA | 12% | 12% |
AA | 41% | 37% |
A | 30% | 33% |
BBB | 12% | 12% |
BB | 1% | 2% |
B | 0% | 0% |
Not Rated | 4% | 4% |
100% | 100% |
Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies) | 11/30/21 | 5/31/21 |
New York | 15% | 17% |
California | 13% | 10% |
Texas | 10% | 9% |
Pennsylvania | 7% | 8% |
Georgia | 6% | 6% |
DWS Intermediate Tax-Free Fund | | | 9 |
Investment Portfolio | as of November 30, 2021 (Unaudited) |
Principal Amount ($) | Value ($) | ||
Municipal Investments 102.8% | |||
Arizona 2.7% | |||
Arizona, Industrial Development Authority, Authority Hospital Revenue Bond, Phoenix Childrens Hospital: | |||
Series A, 5.0%, 2/1/2030 | 600,000 | 778,393 | |
Series A, 5.0%, 2/1/2031 | 1,200,000 | 1,583,604 | |
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue: | |||
Series A, 5.0%, 1/1/2028 | 1,160,000 | 1,449,079 | |
Series A, 5.0%, 1/1/2029 | 1,605,000 | 2,055,792 | |
Arizona, State Health Facilities Authority Revenue, Banner Health, Series B, MUNIPSA + 0.25%, 0.3% (a), Mandatory Put 11/4/2026 @ 100, 1/1/2046 | 2,690,000 | 2,691,031 | |
Arizona, State Industrial Development Authority Revenue, “A” , Series 2019-2, 3.625%, 5/20/2033 | 4,820,901 | 5,404,341 | |
Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project, 144A, 4.375%, 7/1/2039 | 1,500,000 | 1,625,277 | |
Chandler, AZ, Industrial Development Authority, AMT, 5.0%, Mandatory Put 6/3/2024 @ 100, 6/1/2049 | 7,235,000 | 7,998,473 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legency Traditional School Project, Series B, 144A, 5.0%, 7/1/2039 | 1,000,000 | 1,179,965 | |
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 | 1,816,343 | |
26,582,298 | |||
California 13.1% | |||
California, Bay Area Toll Authority, Toll Bridge Revenue, Series C, MUNIPSA + 0.45%, 0.5% (a), Mandatory Put 4/1/2026 @ 100, 4/1/2056 | 1,000,000 | 1,011,712 | |
California, Bay Area Water Supply & Conservation Agency, Capital Cost Recovery Preparation: | |||
Series A, 5.0%, 10/1/2029 (b) | 1,250,000 | 1,516,024 | |
Series A, 5.0%, 10/1/2030 (b) | 1,285,000 | 1,588,067 | |
California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
Series M-049, 3.05%, 4/15/2034 | 2,455,000 | 2,690,837 | |
Series M-050, 144A, AMT, 3.05%, 6/15/2037 | 7,060,000 | 7,828,875 | |
Series M-050, “A” , 3.35%, 11/25/2033, GTY: Freddie Mac | 594,978 | 676,361 |
10 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
California, Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, 5.0%, 6/1/2032 | 5,000,000 | 6,113,611 | |
California, Infrastructure & Economic Development Bank Revenue, Brightline West Passenger Rail Project, Series A, 144A, AMT, 0.2%, Mandatory Put 2/1/2022 @ 100, 1/1/2050 | 4,690,000 | 4,689,764 | |
California, Infrastructure & Economic Development Bank, California Academy of Science, Series A, MUNIPSA + 0.35%, 0.4% (a), Mandatory Put 8/1/2024 @ 100, 8/1/2047 | 1,430,000 | 1,434,954 | |
California, Metropolitan Water District of Southern California, Series E, MUNIPSA + 0.14%, 0.19% (a), Mandatory Put 5/21/2024 @100, 7/1/2037 | 2,120,000 | 2,120,705 | |
California, Municipal Finance Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project: | |||
Series A, AMT, 0.3%, Mandatory Put 4/1/2022 @ 100, 7/1/2041 | 5,250,000 | 5,251,942 | |
Series B, AMT, 0.3%, Mandatory Put 1/18/2022 @ 100, 7/1/2051 | 1,940,000 | 1,940,325 | |
California, Municiple District Water & Waste Water Revenue, Series B, MUNIPSA + 0.1%, 0.15% (a), Mandatory Put 7/1/2024 @ 100, 7/1/2046 | 3,910,000 | 3,910,919 | |
California, Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Project: | |||
Series A-1, 144A, AMT, 0.18%, Mandatory Put 1/18/2022 @ 100, 11/1/2042 | 3,335,000 | 3,335,047 | |
Series A, 144A, AMT, 0.2%, Mandatory Put 2/1/2022 @ 100, 8/1/2023 | 5,500,000 | 5,500,271 | |
California, Public Finance Authority Revenue, Enso VIillage Project, Series A, 144A, 5.0%, 11/15/2036 | 1,000,000 | 1,177,398 | |
California, Public Finance Authority Revenue, Sharp Healthcare Obligated Group: | |||
Series B, 0.03% (c), 12/1/2021, LOC: Barclays Bank PLC | 1,050,000 | 1,050,000 | |
Series C, 0.03% (c), 12/1/2021, LOC: Barclays Bank PLC | 200,000 | 200,000 | |
California, State General Obligation, Various Purposes: | |||
5.0%, 9/1/2031 | 2,800,000 | 3,792,639 | |
5.0%, 4/1/2036 | 7,000,000 | 8,888,028 | |
California, State Housing Finance Agency, Multi-Family Green Tax-Exempt Mortgage Backed Bonds, Noble Towers Apartment, Series N, 2.35%, 12/1/2035 | 9,696,936 | 10,000,023 | |
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 | 5,752,752 |
DWS Intermediate Tax-Free Fund | | | 11 |
Principal Amount ($) | Value ($) | ||
California, State Public Works Board Lease Revenue, A Various Captial Projects: | |||
Series C, 5.0%, 8/1/2029 (b) | 2,400,000 | 2,949,020 | |
Series A, 5.0%, 8/1/2031 (b) | 3,500,000 | 4,613,167 | |
California, University Revenues, Limited Project: | |||
Series S, 5.0%, 5/15/2031 (b) | 2,000,000 | 2,656,741 | |
Series S, 5.0%, 5/15/2032 (b) | 2,000,000 | 2,712,784 | |
Los Angeles County, CA, Los Angeles County Public Works Financing Authority, Lease Revenue, Series G, 5.0%, 12/1/2031 (b) | 1,500,000 | 1,954,394 | |
Mount Diablo, CA, Mount Diablo Unified School District, General Obligation: | |||
Series B, 4.0%, 8/1/2028 (b) | 2,000,000 | 2,344,348 | |
Series B, 4.0%, 8/1/2029 (b) | 2,000,000 | 2,379,291 | |
Riverside, CA, Water Revenue, Series A, MUNIPSA + 0.13%, 0.18% (a), Mandatory Put 1/18/2023 @ 100, 10/1/2035 | 3,000,000 | 2,999,153 | |
San Diego County, CA, Regional Airport Authority, Subordinate Airport Revenue, Series B, 5.0%, 7/1/2037 | 1,800,000 | 2,318,384 | |
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series A, AMT, 5.0%, 5/1/2035 | 7,000,000 | 8,722,867 | |
Santa Barbara County, CA, Solid Waste System Revenue, Certificates of Participation: | |||
Series B, AMT, 5.0%, 12/1/2034 | 5,000,000 | 6,163,984 | |
Series B, AMT, 5.0%, 12/1/2035 | 5,000,000 | 6,168,739 | |
Turlock, CA, Irrigation District Revenue, 5.0%, 1/1/2033 | 2,620,000 | 3,397,273 | |
129,850,399 | |||
Colorado 2.4% | |||
Colorado, General Obligation, Vauxmont Metropolitan District, 3.25%, 12/15/2050, INS: AGMC | 1,918,000 | 2,073,083 | |
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 | 2,826,072 | |
Colorado, State Housing & Finance Authority, Series H, 4.25%, 11/1/2049 | 2,060,000 | 2,279,042 | |
Denver City & County, CO, Airport Revenue System: | |||
Series B, 5.0%, 11/15/2022 | 1,500,000 | 1,569,036 | |
Series A, AMT, 5.0%, 12/1/2034 | 10,000,000 | 12,298,111 | |
Denver, CO, Convention Center Hotel Authority Revenue: | |||
5.0%, 12/1/2027 | 500,000 | 591,753 |
12 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
5.0%, 12/1/2033 | 500,000 | 580,400 | |
5.0%, 12/1/2034 | 1,000,000 | 1,158,244 | |
23,375,741 | |||
Connecticut 2.7% | |||
Connecticut, State General Obligation, Series B, 3.0%, 6/1/2037 | 1,075,000 | 1,194,832 | |
Connecticut, State Housing Finance Program Authority Revenue, Series A-1, 4.0%, 11/15/2047 | 2,660,000 | 2,860,518 | |
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose: | |||
Series A, 5.0%, 1/1/2027 | 8,000,000 | 9,697,142 | |
Series A, 5.0%, 10/1/2027 | 8,000,000 | 8,681,544 | |
Seies C, 5.0%, 1/1/2030 | 1,000,000 | 1,300,361 | |
Seies C, 5.0%, 1/1/2031 | 1,000,000 | 1,324,343 | |
Seies C, 5.0%, 1/1/2032 | 835,000 | 1,128,000 | |
26,186,740 | |||
Florida 4.3% | |||
Escambia County, FL, Housing Finance Authority Single Family Mortgage Revenue, County Program, Series A, 4.75%, 4/1/2050 | 3,140,000 | 3,467,526 | |
Florida, Capital Project Finance Authority, Student Housing Revenue, Series A-1, 5.0%, 10/1/2029 | 1,650,000 | 2,031,281 | |
Florida, Capital Trust Agency, Educational Growth Fund, Charter Educational Foundation Project, Seies A-1, 144A, 3.375%, 7/1/2031 | 2,100,000 | 2,253,941 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects, Series A, 144A, 5.0%, 6/15/2035 | 1,000,000 | 1,167,074 | |
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 | 2,045,749 | |
Series A, 144A, AMT, 6.5%, Mandatory Put 1/1/2029 @ 100, 1/1/2049 | 1,685,000 | 1,721,050 | |
Florida, Reedy Creek Improvement District, Series A, 4.0%, 6/1/2032 | 1,500,000 | 1,719,343 | |
Florida, State Department of Transportation, Florida Right-of-Way Acquisition & Bridge Construction, Series A, 4.0%, 7/1/2034 | 5,000,000 | 5,948,496 | |
Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032 | 2,145,000 | 2,466,391 | |
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2029 | 750,000 | 837,435 |
DWS Intermediate Tax-Free Fund | | | 13 |
Principal Amount ($) | Value ($) | ||
Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027 | 4,360,000 | 4,860,018 | |
Miami-dade County, FL, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management Inc., Project: | |||
0.32%, Mandatory Put 11/1/2022 @ 100, 9/1/2027 | 1,925,000 | 1,925,507 | |
0.4%, Mandatory Put 11/1/2022 @ 100, 11/1/2041 | 3,075,000 | 3,075,218 | |
Miami-Dade County, FL, School Board, Certificates of Participation, Series D, 5.0%, 2/1/2029 | 7,000,000 | 8,156,887 | |
Village, FL, Community Development District No. 13, Special Assessment Revenue, 3.0%, 5/1/2029 | 980,000 | 1,043,382 | |
42,719,298 | |||
Georgia 6.4% | |||
Atlanta, GA, Water & Wastewater Revenue: | |||
Series B, 5.0%, 11/1/2022 | 3,000,000 | 3,132,794 | |
Series B, 5.25%, 11/1/2027, INS: AGMC | 10,000,000 | 12,164,488 | |
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 | 1,027,145 | |
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 | 9,516,880 | |
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project: | |||
Series B, 4.0%, 4/1/2032 | 200,000 | 239,612 | |
Series B, 4.0%, 4/1/2033 | 200,000 | 239,171 | |
Series B, 4.0%, 4/1/2034 | 250,000 | 298,434 | |
Series B, 4.0%, 4/1/2035 | 225,000 | 268,103 | |
Series B, 4.0%, 4/1/2036 | 250,000 | 297,212 | |
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2029 | 10,300,000 | 10,342,480 | |
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 | 1,494,332 | |
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 1,705,000 | 1,933,914 | |
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 | 8,793,963 | |
Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, 8/1/2049, GTY: TD Bank NA | 5,000,000 | 5,498,473 | |
Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd. | 1,135,000 | 1,552,115 |
14 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Series A, 5.0%, 5/15/2036, GTY: Macquarie Group Ltd. | 2,000,000 | 2,773,516 | |
Georgia, Municipal Electric Authority, Combined Cycle Project, Series A, 5.0%, 11/1/2022 | 1,000,000 | 1,042,754 | |
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 1st, 2.25%, 7/1/2025 | 2,295,000 | 2,390,456 | |
63,005,842 | |||
Hawaii 0.8% | |||
Hawaii, State General Obligation, Series FK, 4.0%, 5/1/2032 | 4,400,000 | 5,114,658 | |
Honolulu County, HI, General Obligation, Series A, 5.0%, 11/1/2029 (b) | 2,000,000 | 2,491,205 | |
7,605,863 | |||
Illinois 5.3% | |||
Chicago, IL, O’Hare International Airport Revenue, Series D, 5.0%, 1/1/2023 | 6,540,000 | 6,873,212 | |
Chicago, IL, O’Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2036 | 2,500,000 | 3,064,539 | |
Chicago, IL, Waterworks Revenue: | |||
Series 2017-2, 5.0%, 11/1/2023 | 650,000 | 706,998 | |
Series 2017-2, 5.0%, 11/1/2024 | 1,000,000 | 1,126,868 | |
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL | 5,000,000 | 5,659,082 | |
Illinois, State Development Finance Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A, AMT, 0.4%, Mandatory Put 11/1/2022 @ 100, 11/1/2044, GTY: Waste Management Holdings | 3,845,000 | 3,844,960 | |
Illinois, State Finance Authority Revenue: | |||
Series A, 5.0%, 10/1/2031 | 1,000,000 | 1,348,151 | |
Series A, 5.0%, 10/1/2032 | 1,000,000 | 1,375,192 | |
Illinois, State General Obligation: | |||
5.0%, 8/1/2023 | 7,150,000 | 7,686,771 | |
5.0%, 11/1/2024 | 5,325,000 | 5,985,427 | |
5.5%, 5/1/2024 | 500,000 | 558,723 | |
5.5%, 5/1/2025 | 1,500,000 | 1,739,180 | |
Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028 | 6,500,000 | 7,506,151 | |
Illinois, State Toll Highway Authority Revenue, Series A, 5.0%, 1/1/2028 | 1,250,000 | 1,313,827 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029 | 3,500,000 | 3,976,309 | |
52,765,390 |
DWS Intermediate Tax-Free Fund | | | 15 |
Principal Amount ($) | Value ($) | ||
Indiana 1.8% | |||
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA + 0.3%, 0.35% (a), Mandatory Put 3/1/2027 @ 100, 3/1/2039 | 2,545,000 | 2,545,000 | |
Indiana, Rockport Pollution Control Revenue, Michigan Power Co. Project, Series A, 3.05%, 6/1/2025 | 3,700,000 | 3,982,409 | |
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2033 | 2,000,000 | 2,306,469 | |
Indiana, State Finance Authority, Economic Development Revenue, Republic Sevices, Inc., Project: | |||
Series B, 0.15%, Mandatory Put 12/1/2021 @ 100, 5/1/2028 | 2,180,000 | 2,180,000 | |
Series A, AMT, 0.15%, Mandatory Put 12/1/2021 @ 100, 5/1/2034 | 2,365,000 | 2,365,000 | |
Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022 | 2,705,000 | 2,804,746 | |
Indiana, Wastewater Utility Revenue, CWA Authority Project, Series A, 5.0%, 10/1/2027 | 1,565,000 | 1,625,075 | |
17,808,699 | |||
Iowa 0.3% | |||
Iowa, State Higher Education Loan Authority, Loras College, 0.02% (c), 12/1/2021, LOC: Bank of America NA | 225,000 | 225,000 | |
Iowa, State Higher Education Loan Authority, Private College, Loras College, 0.02% (c), 12/1/2021, LOC: Bank of America NA | 300,000 | 300,000 | |
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039 | 2,500,000 | 2,636,010 | |
3,161,010 | |||
Kansas 0.2% | |||
Kansas, State Development Finance Authority, Health Facilities Revenue, Kansas University Health System, Series J, 0.02% (c), 12/1/2021, LOC: U.S. Bank NA | 2,055,000 | 2,055,000 | |
Kentucky 0.6% | |||
Kentucky, Kentucky Turnpike Authority, Economic Development Road Revenue, Revitalization Project, Series A, 5.0%, 7/1/2032 (b) | 3,375,000 | 4,356,038 | |
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., Series B, 0.04% (c), 12/1/2021, LOC: PNC Bank NA | 1,300,000 | 1,300,000 | |
5,656,038 |
16 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
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 | 1,558,808 | |
Maryland 1.7% | |||
Maryland, State Economic Development Corp. Special Obligation Bonds, Port Covington Project, 4.0%, 9/1/2040 | 250,000 | 286,050 | |
Maryland, State General Obligation: | |||
Series D, 4.0%, 8/1/2029 (b) | 1,250,000 | 1,492,963 | |
Series A, 5.0%, 8/1/2032 | 10,000,000 | 13,582,946 | |
Maryland, State of Maryland Department of Transportation, 5.0%, 12/1/2029 (b) | 1,000,000 | 1,229,806 | |
16,591,765 | |||
Massachusetts 2.1% | |||
City of Lynn, MA, General Obligation, 1.25%, 9/1/2022 | 3,169,000 | 3,192,424 | |
Massachusetts, State Development Finance Agency Revenue, Boston University, Series U-6C, 0.04% (c), 12/1/2021, LOC: TD Bank NA | 100,000 | 100,000 | |
Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group: | |||
Series J-2, 5.0%, 7/1/2033 | 1,000,000 | 1,231,451 | |
Series J-2, 5.0%, 7/1/2034 | 2,000,000 | 2,459,186 | |
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035 | 2,420,000 | 2,479,952 | |
Massachusetts, State Educational Financing Authority, Educational Loan Revenue Bonds, Issue M, Series B, AMT, 2.0%, 7/1/2037 | 545,000 | 544,870 | |
Massachusetts, State Port Authority: | |||
Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 6,231,249 | |
Series A, AMT, 5.0%, 7/1/2036 | 4,000,000 | 4,976,163 | |
21,215,295 | |||
Michigan 3.0% | |||
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2031 | 10,700,000 | 12,778,827 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Graphic International LLC, Coated Recycled Board Machine Project, AMT, 4.0%, Mandatory Put 10/1/2026 @ 100, 10/1/2061 | 265,000 | 296,146 | |
Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project: | |||
Series I-75, AMT, 5.0%, 6/30/2032 | 1,320,000 | 1,624,026 | |
Series I-75, AMT, 5.0%, 12/31/2032 | 700,000 | 860,532 |
DWS Intermediate Tax-Free Fund | | | 17 |
Principal Amount ($) | Value ($) | ||
Series I-75, AMT, 5.0%, 12/31/2033 | 1,600,000 | 1,961,790 | |
Michigan, Trunk Line Revenue, Rebuilding Michigan Program: | |||
Series A, 4.0%, 11/15/2036 | 2,500,000 | 3,117,086 | |
Series A, 4.0%, 11/15/2037 | 7,000,000 | 8,668,764 | |
29,307,171 | |||
Minnesota 0.3% | |||
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038 | 2,835,000 | 2,898,303 | |
Mississippi 1.1% | |||
Mississippi, State Gaming Tax Revenue: | |||
Series E, 5.0%, 10/15/2028 | 4,755,000 | 5,483,946 | |
Series A, 5.0%, 10/15/2036 | 4,000,000 | 4,951,080 | |
10,435,026 | |||
Missouri 1.4% | |||
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, Series 2021-1, 1.53%, 1/25/2061 | 7,238,069 | 7,186,745 | |
Missouri, Plaza At Noah’s Ark Community Improvement District, 3.0%, 5/1/2030 | 725,000 | 736,528 | |
Missouri, State Public Utilities Commission Revenue, 0.5%, 3/1/2022 | 5,600,000 | 5,601,051 | |
13,524,324 | |||
Montana 0.4% | |||
Montana, Montana Facility Finance Authority, Billings Clinic Obligated Group: | |||
Series A, 5.0%, 8/15/2029 (b) | 1,200,000 | 1,484,877 | |
Series A, 5.0%, 8/15/2030 (b) | 1,275,000 | 1,607,331 | |
Montana, Montana Facility Finance Authority, Billings Clinic Obligated Group, Series A, 5.0%, 8/15/2031 (b) | 1,000,000 | 1,282,788 | |
4,374,996 | |||
Nebraska 0.9% | |||
Nebraska, Public Power District Revenue: | |||
5.0%, 1/1/2035 | 1,410,000 | 1,844,725 | |
5.0%, 1/1/2037 | 2,750,000 | 3,579,779 | |
5.0%, 1/1/2038 | 3,000,000 | 3,898,014 | |
9,322,518 | |||
Nevada 0.7% | |||
Clark County, NV, General Obligation, 4.0%, 12/1/2035 | 3,000,000 | 3,530,835 |
18 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Nevada, Director of the State of Department of Business & Industry Solid Waster Disposal Revenue, Republic Services, Inc. Project, 144A, AMT, 0.25%, Mandatory Put 12/1/2021 @ 100, 12/1/2026 | 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 | 1,557,846 | |
6,588,681 | |||
New Jersey 2.3% | |||
New Jersey, State Covid-19 General Obligation Emergency Bonds: | |||
Series A, 4.0%, 6/1/2030 | 1,035,000 | 1,258,621 | |
Series A, 4.0%, 6/1/2031 | 1,035,000 | 1,274,091 | |
Series A, 4.0%, 6/1/2032 | 495,000 | 615,864 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 1,505,000 | 1,542,126 | |
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029 | 915,000 | 927,990 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 830,000 | 848,903 | |
Series B, AMT, 3.25%, 12/1/2039 | 1,500,000 | 1,588,677 | |
Series B, AMT, 3.5%, 12/1/2039 | 2,000,000 | 2,123,893 | |
New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2029 | 970,000 | 1,140,818 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems: | |||
Series A, 5.0%, 6/15/2033 (b) | 2,500,000 | 3,238,735 | |
Series A, 5.0%, 6/15/2034 (b) | 1,700,000 | 2,190,157 | |
5.0%, 6/15/2036 | 2,000,000 | 2,543,550 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2029 | 3,000,000 | 3,710,496 | |
23,003,921 | |||
New Mexico 0.3% | |||
New Mexico, State Mortgage Finance Authority, Series C, 4.0%, 1/1/2050 | 3,125,000 | 3,417,171 | |
New York 15.7% | |||
Broome County, NY, Local Development Corp., Revenue, United Health Services Hospitals, Inc., Project: | |||
3.0%, 4/1/2035, INS: AGMC | 1,820,000 | 1,954,559 | |
3.0%, 4/1/2036, INS: AGMC | 1,750,000 | 1,874,993 |
DWS Intermediate Tax-Free Fund | | | 19 |
Principal Amount ($) | Value ($) | ||
Monroe County, NY, Industrial Development Corp. Revenue, State Ann’s Community Project, 4.0%, 1/1/2030 | 3,295,000 | 3,619,728 | |
New York, Housing Development Corp., Multi-Family Housing Revenue, Series H, 0.12%, Mandatory Put 3/15/2022 @100, 11/1/2051 | 2,180,000 | 2,177,161 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series E-1, 0.05% (c), 12/1/2021, LOC: Barclays Bank PLC | 4,390,000 | 4,390,000 | |
Series B, 5.0%, 11/15/2028 | 3,170,000 | 3,927,207 | |
Series C-1, 5.0%, 11/15/2028 | 1,200,000 | 1,466,574 | |
Series A-2, 5.0%, Mandatory Put 5/15/2030 @ 100, 11/15/2045 | 5,335,000 | 6,796,523 | |
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.03% (c), 12/1/2021, LOC: TD Bank NA | 6,865,000 | 6,865,000 | |
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 | 10,068,020 | |
New York, State Liberty Development Corp. Revenue, A World Trade Center Project, Series A, 1.9%, 11/15/2031 | 800,000 | 805,619 | |
New York, State Liberty Development Corporation, Second Priority Liberty Revenue, “1” , 2.45%, 9/15/2069 | 5,000,000 | 5,245,113 | |
New York, State Thruway Authority, Series J, 5.0%, 1/1/2028 | 10,000,000 | 10,927,726 | |
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 | 4,626,482 | |
New York, State Urban Development Corp., Personal Income Tax Revenue, Series C, 5.0%, 3/15/2036 | 5,000,000 | 6,491,638 | |
New York, Triborough Bridge & Tunnel Authority, Series 4-C, 0.02% (c), 12/1/2021, LOC: U.S. Bank NA | 100,000 | 100,000 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2022 | 1,000,000 | 1,023,627 | |
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series FF-2, 4.0%, 6/15/2036 | 3,000,000 | 3,564,925 | |
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured: | |||
Series A, 4.0%, 11/1/2034 | 2,500,000 | 3,030,669 | |
Series B1, 5.0%, 11/1/2027 | 750,000 | 830,507 | |
Series B1, 5.0%, 11/1/2028 | 1,175,000 | 1,300,828 | |
Series E-1, 5.0%, 2/1/2029 | 2,830,000 | 2,852,333 |
20 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Series E-1, Prerefunded 2/1/2022 @ 100, 5.0%, 2/1/2029 | 225,000 | 226,761 | |
Series B1, 5.0%, 11/1/2029 | 935,000 | 1,034,888 | |
New York City, NY, Transitional Finance Authority, Building Aid Revenue: | |||
Series S-2, 5.0%, 7/15/2028 | 6,750,000 | 7,833,737 | |
Series S-3, 5.0%, 7/15/2035 | 5,000,000 | 6,228,690 | |
New York, NY, General Obligation: | |||
Series A-3, 0.03% (c), 12/1/2021, LOC: Mizuho Bank Ltd. | 200,000 | 200,000 | |
Series D-4, 0.03% (c), 12/1/2021, LOC: TD Bank NA | 4,400,000 | 4,400,000 | |
Series I-4, 0.03% (c), 12/1/2021, LOC: TD Bank NA | 11,565,000 | 11,565,000 | |
Series G-6, 0.04% (c), 12/1/2021, LOC: Mizuho Bank Ltd. | 4,470,000 | 4,470,000 | |
Series 3, 0.1% (c), 12/1/2021 | 2,040,000 | 2,040,000 | |
Series B-3, 0.1% (c), 12/1/2021 | 2,220,000 | 2,220,000 | |
Series C, 4.0%, 8/1/2037 | 1,000,000 | 1,195,873 | |
Series F, 5.0%, 8/1/2024 | 9,000,000 | 9,072,840 | |
Series D-1, 5.0%, 8/1/2029 | 8,620,000 | 9,284,130 | |
Triborough, NY, Bridge & Tunnel Authority Revenues, Series A, 5.0%, 11/15/2028 | 4,975,000 | 5,307,588 | |
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute: | |||
Series A, 5.0%, 9/1/2030 | 1,345,000 | 1,741,777 | |
Series A, 5.0%, 9/1/2031 | 2,020,000 | 2,609,856 | |
Series A, 5.0%, 9/1/2032 | 1,250,000 | 1,611,293 | |
154,981,665 | |||
North Carolina 0.5% | |||
North Carolina, State Turnpike Authority, Monroe Expressway System: | |||
5.0%, 7/1/2035 | 820,000 | 1,100,772 | |
5.0%, 7/1/2036 | 1,000,000 | 1,339,484 | |
5.0%, 7/1/2037 | 1,000,000 | 1,336,246 | |
5.0%, 7/1/2038 | 500,000 | 666,831 | |
4,443,333 | |||
North Dakota 0.3% | |||
North Dakota, State Housing Finance Agency, Home Mortgage Program, Series B, MUNIPSA + 0.2%, 0.45% (a), Mandatory Put 7/1/2024 @100, 1/1/2043 | 3,075,000 | 3,075,654 | |
Ohio 1.9% | |||
City of Akron, OH, City of Akron, Income Tax Revenue: | |||
4.0%, 12/1/2029 (b) | 1,500,000 | 1,787,932 |
DWS Intermediate Tax-Free Fund | | | 21 |
Principal Amount ($) | Value ($) | ||
4.0%, 12/1/2030 (b) | 1,210,000 | 1,434,975 | |
4.0%, 12/1/2031 (b) | 1,105,000 | 1,302,145 | |
Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded 1/1/2022 @ 100, 5.0%, 1/1/2027 | 3,000,000 | 3,011,831 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Summa Health System, 4.0%, 11/15/2035 | 1,665,000 | 1,960,382 | |
Ohio, Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Series B, 5.0%, 1/1/2029 | 1,715,000 | 2,185,886 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2028 | 5,000,000 | 5,544,438 | |
Ohio, State Turnpike Commission, Infrastructure Projects, Series A-1, 5.25%, 2/15/2029 | 1,310,000 | 1,387,183 | |
18,614,772 | |||
Oregon 1.5% | |||
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 4.5%, 1/1/2049 | 3,510,000 | 3,780,869 | |
Port of Portland, OR, Airport Revenue, Passenger Facility Charge, Portland International Airport: | |||
Series A, 5.5%, 7/1/2026 | 4,025,000 | 4,088,416 | |
Series A, 5.5%, 7/1/2029 | 7,000,000 | 7,110,289 | |
14,979,574 | |||
Pennsylvania 7.0% | |||
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2034 | 5,000,000 | 6,108,608 | |
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project, 5.0%, 12/1/2038 | 1,000,000 | 1,102,245 | |
Montgomery County, PA, Higher Education & Health Authority, State Presbyterian Homes, Inc. Project: | |||
5.0%, 12/1/2027 | 2,735,000 | 3,106,948 | |
5.0%, 12/1/2032 | 2,745,000 | 3,080,821 | |
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project, Series A, 5.0%, 12/1/2033 | 8,435,000 | 9,621,515 | |
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue: | |||
Series A, AMT, 2.45%, 6/1/2041 | 4,710,000 | 4,759,613 | |
Series A, AMT, 2.625%, 6/1/2042 | 680,000 | 685,670 | |
Pennsylvania, State Certificates of Participation: | |||
Series A, 5.0%, 7/1/2029 | 300,000 | 369,063 | |
Series A, 5.0%, 7/1/2031 | 850,000 | 1,040,229 |
22 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, Series A, 5.0%, 2/1/2028 | 3,000,000 | 3,349,975 | |
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 | 1,297,249 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue: | |||
Series 119, 3.5%, 10/1/2041 | 1,595,000 | 1,659,647 | |
Series 122, 4.0%, 10/1/2046 | 3,900,000 | 4,152,560 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series C, 5.0%, 12/1/2028 | 2,950,000 | 3,347,473 | |
Series B, 5.0%, 6/1/2029 | 5,000,000 | 5,905,667 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2026 | 2,120,000 | 2,340,505 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2027 | 2,820,000 | 3,113,313 | |
Series C, Prerefunded 12/1/2023 @ 100, 5.5%, 12/1/2028 | 1,000,000 | 1,104,012 | |
Philadelphia, PA, Authority for Industrial Development Charter School Revenue Bond, 144A, 5.0%, 6/15/2040 | 900,000 | 1,054,421 | |
Philadelphia, PA, School District: | |||
Series F, 5.0%, 9/1/2030 | 8,970,000 | 10,648,194 | |
Series F, Prerefunded 9/1/2026 @ 100, 5.0%, 9/1/2030 | 30,000 | 36,183 | |
Pittsburgh, PA, Water & Sewer System Revenue, First Lien, Series C, MUNIPSA + 0.65%, 0.7% (a), Mandatory Put 12/1/2023 @ 100, 9/1/2040, INS: AGMC | 1,000,000 | 1,007,321 | |
68,891,232 | |||
South Carolina 0.3% | |||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2025 | 2,755,000 | 2,798,784 | |
South Carolina, State Housing Finance & Development Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050 | 325,000 | 359,094 | |
3,157,878 | |||
Tennessee 1.0% | |||
Greeneville, TN, Health & Educational Facilities Board, Hospital Revenue, Ballad Health Obligation Group, Series A, 5.0%, 7/1/2035 | 2,500,000 | 3,045,452 | |
Memphis & Shelby County, TN, New Memphis Arena Public Building Authority, City of Memphis Project: | |||
Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2029 | 1,100,000 | 1,132,439 |
DWS Intermediate Tax-Free Fund | | | 23 |
Principal Amount ($) | Value ($) | ||
Step-up Coupon, 0% to 4/1/2026, 4.0% to 4/1/2030 | 750,000 | 782,647 | |
Shelby County, TN, State General Obligation, Series B, 4.0%, 4/1/2034 | 3,330,000 | 3,986,137 | |
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038 | 720,000 | 731,634 | |
Tennessee, State Housing Development Agency, Homeownership Program: | |||
Series 2C, 4.0%, 7/1/2038 | 15,000 | 15,046 | |
Series 1C, 4.5%, 7/1/2037 | 40,000 | 40,139 | |
9,733,494 | |||
Texas 9.9% | |||
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series E, 4.0%, 1/1/2037 | 1,500,000 | 1,766,546 | |
El Paso, TX, Independent School District, 4.0%, 8/15/2035 | 5,000,000 | 5,851,639 | |
Houston, TX, Airport Systems Revenue, Series B, Prerefunded 7/1/2022 @ 100, 5.0%, 7/1/2027 | 9,600,000 | 9,869,922 | |
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention And Entertainment Facilities Department: | |||
5.0%, 9/1/2027 | 1,590,000 | 1,946,008 | |
5.0%, 9/1/2028 | 1,350,000 | 1,687,260 | |
Houston, TX, Utility Systems Revenue, First Lien, Series A, 5.0%, 11/15/2033 | 1,525,000 | 2,020,858 | |
Lower Colorado, TX, Lower Colorado River Authority, 5.0%, 5/15/2032, INS: AGMC (b) | 2,685,000 | 3,456,169 | |
Northside, TX, Independent School District: | |||
1.6%, Mandatory Put 8/1/2024 @ 100, 8/1/2049 | 2,960,000 | 3,042,852 | |
2.75%, Mandatory Put 8/1/2023 @ 100, 8/1/2048 | 1,540,000 | 1,597,556 | |
San Antonio, TX, Water Systems Revenue, Junior Lien, Series E, 5.0%, 5/15/2027 | 1,900,000 | 2,026,156 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Baylor Health Care System Project, Series C, 0.03% (c), 12/1/2021, LOC: TD Bank NA | 400,000 | 400,000 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Methodist Hospitals of Dallas Project, Series A, 0.03% (c), 12/1/2021, LOC: TD Bank NA | 295,000 | 295,000 | |
Texas, Aldine Independent School District, 4.0%, 2/15/2032 | 3,000,000 | 3,444,928 | |
Texas, Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Waste Treatment Facility Revenue, Jefferson Enterprise Energy LLC Project, Series B, AMT, 0.45%, Mandatory Put 6/30/2022 @ 100, 12/1/2045 | 2,665,000 | 2,665,921 |
24 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
Texas, Clifton Higher Education Finance Corp. Revenue, Taxable Variable Rate, Idea Public Schools, Series T, 144A, 0.75%, Mandatory Put 2/15/2022 @ 100, 8/15/2050 | 13,000,000 | 12,995,547 | |
Texas, Deer Park Independent School District, 0.16%, Mandatory Put 10/3/2022 @ 100, 10/1/2042 | 2,325,000 | 2,323,704 | |
Texas, Grand Parkway Transportation Corp., 5.0%, 2/1/2023 | 6,460,000 | 6,802,920 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2040 | 6,000,000 | 6,573,903 | |
Texas, State Department of Housing & Community Affairs, 2.17%, 5/1/2038 | 5,955,387 | 6,158,710 | |
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co. | 6,900,000 | 7,960,449 | |
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 12/31/2035 | 500,000 | 595,741 | |
Series A, 4.0%, 12/31/2036 | 2,000,000 | 2,377,705 | |
Texas, State Water Development Board, Series A, 4.0%, 10/15/2032 | 5,000,000 | 5,906,078 | |
Texas, State Water Development Board, State Water Implementation Fund, Series A, 4.0%, 10/15/2034 | 4,900,000 | 5,772,259 | |
97,537,831 | |||
Utah 0.6% | |||
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2035 | 5,000,000 | 6,080,416 | |
Virginia 3.8% | |||
Hampton Roads, VA, Transportation Accountability Commission Revenue, Senior Lien Revenue: | |||
Series A, 4.0%, 7/1/2036 | 2,070,000 | 2,505,143 | |
Series A, 4.0%, 7/1/2038 | 4,370,000 | 5,267,206 | |
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series B, 4.0%, 2/1/2029 | 18,755,000 | 21,252,240 | |
Virginia, State Public School Authority, School Financing, Series B, 4.0%, 8/1/2029 | 7,060,000 | 8,081,235 | |
37,105,824 | |||
Washington 3.1% | |||
Washington, Central Puget Sound Regional Transit Authority Sales & Use Taxes Revenue, Motor Vehicle Excise Tax Improvement, Green Bond, Series 2A, MUNIPSA + 0.2%, 0.24% (a), Mandatory Put 11/1/2026 @ 100, 11/1/2045 | 5,385,000 | 5,439,424 |
DWS Intermediate Tax-Free Fund | | | 25 |
Principal Amount ($) | Value ($) | ||
Washington, Seattle Municipal Light & Power Revenue, Series B, MUNIPSA + 0.25%, 0.3% (a), Mandatory Put 11/1/2021 @ 100, 5/1/2045 | 895,000 | 903,058 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2036 | 5,185,000 | 5,444,238 | |
4.0%, 7/1/2031 | 3,000,000 | 3,484,321 | |
Washington, State General Obligation: | |||
Series R-2021A, 5.0%, 6/1/2030 | 1,000,000 | 1,321,692 | |
Series R-2021A, 5.0%, 6/1/2031 | 750,000 | 985,626 | |
Series R-2021A, 5.0%, 6/1/2032 | 1,000,000 | 1,311,760 | |
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, 5.0%, 8/15/2029 | 2,300,000 | 2,741,721 | |
Washington, State Housing Finance Commission, Horizon House Project: | |||
144A, 5.0%, 1/1/2028 | 750,000 | 875,797 | |
144A, 5.0%, 1/1/2029 | 840,000 | 977,588 | |
144A, 5.0%, 1/1/2031 | 1,030,000 | 1,190,207 | |
144A, 5.0%, 1/1/2033 | 1,050,000 | 1,209,237 | |
Washington, University of Washington Revenue: | |||
Series C, 5.0%, 4/1/2030 | 2,000,000 | 2,627,999 | |
Series C, 5.0%, 4/1/2031 | 1,750,000 | 2,290,660 | |
30,803,328 | |||
West Virginia 0.4% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, Series A, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045 | 1,250,000 | 1,318,977 | |
West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group, Series A, 5.0%, 6/1/2032 | 2,400,000 | 2,871,053 | |
4,190,030 | |||
Wisconsin 0.1% | |||
City of Racine County, WI, General Obligation, 2.0%, 4/1/2022 | 845,000 | 845,631 | |
Puerto Rico 0.2% | |||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2031 | 3,000,000 | 2,410,738 | |
Other 1.5% | |||
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates: | |||
“A” , Series M-024, AMT, 2.304%, 5/15/2027 | 1,860,000 | 1,914,959 |
26 | | | DWS Intermediate Tax-Free Fund |
Principal Amount ($) | Value ($) | ||
“A” , Series M-051, 144A, 2.65%, 6/15/2035 | 7,825,000 | 8,426,037 | |
Freddie Mac, Multi-Family: | |||
“A-CA” , Series 2020-ML08, 144A, 1.896%, 11/25/2037, GTY: Freddie Mac | 2,789,177 | 2,801,626 | |
“Class A” , 3.4%, 1/25/2036, GTY: Freddie Mac | 1,437,934 | 1,660,550 | |
14,803,172 | |||
Total Municipal Investments (Cost $958,280,283) | 1,014,664,869 | ||
Government & Agency Obligations 0.8% | |||
U.S. Treasury Obligations | |||
U.S. Treasury Note, 0.875%, 11/15/2030 (Cost $8,583,816) | 8,800,000 | 8,413,281 |
Shares | Value ($) | ||
Open-End Investment Companies 0.0% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (d) (Cost $20,874) | 20,869 | 20,871 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $966,884,973) | 103.6 | 1,023,099,021 | |
Other Assets and Liabilities, Net | (3.6) | (35,609,923) | |
Net Assets | 100.0 | 987,489,098 |
(a) | Variable or floating rate security. These securities are shown at their current rate as of November 30, 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. |
(b) | When-issued security. |
(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 through a put or tender feature, and are shown at their current rates as of November 30, 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. |
DWS Intermediate Tax-Free Fund | | | 27 |
AMT: Subject to alternative minimum tax. |
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 |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $ — | $1,014,664,869 | $— | $1,014,664,869 |
Government & Agency Obligations | — | 8,413,281 | — | 8,413,281 |
Open-End Investment Companies | 20,871 | — | — | 20,871 |
Total | $20,871 | $1,023,078,150 | $ — | $1,023,099,021 |
(a) | See Investment Portfolio for additional detailed categorizations. |
28 | | | DWS Intermediate Tax-Free Fund |
Assets | |
Investment in securities, at value (cost $966,884,973) | $ 1,023,099,021 |
Receivable for investments sold | 4,053,892 |
Receivable for Fund shares sold | 1,457,261 |
Interest receivable | 9,762,547 |
Other assets | 64,286 |
Total assets | 1,038,437,007 |
Liabilities | |
Payable for investments purchased — when-issued securities | 49,287,988 |
Payable for Fund shares redeemed | 670,400 |
Distributions payable | 386,072 |
Accrued management fee | 195,069 |
Accrued Trustees' fees | 10,773 |
Other accrued expenses and payables | 397,607 |
Total liabilities | 50,947,909 |
Net assets, at value | $ 987,489,098 |
Net Assets Consist of | |
Distributable earnings (loss) | 60,983,225 |
Paid-in capital | 926,505,873 |
Net assets, at value | $ 987,489,098 |
DWS Intermediate Tax-Free Fund | | | 29 |
Net Asset Value | |
Class A | |
Net Asset Value and redemption price per share ($148,801,840 ÷ 12,450,966 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.95 |
Maximum offering price per share (100 ÷ 97.25 of $11.95) | $ 12.29 |
Class C | |
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($4,939,574 ÷ 413,369 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.95 |
Class S | |
Net Asset Value, offering and redemption price per share ($368,060,912 ÷ 30,791,333 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.95 |
Institutional Class | |
Net Asset Value, offering and redemption price per share ($465,686,772 ÷ 38,969,283 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 11.95 |
30 | | | DWS Intermediate Tax-Free Fund |
Investment Income | |
Income: | |
Interest | $ 13,001,133 |
Expenses: | |
Management fee | 1,566,957 |
Administration fee | 482,523 |
Services to shareholders | 630,677 |
Distribution and service fees | 219,073 |
Custodian fee | 5,246 |
Professional fees | 37,820 |
Reports to shareholders | 23,241 |
Registration fees | 38,125 |
Trustees' fees and expenses | 16,897 |
Other | 23,803 |
Total expenses before expense reductions | 3,044,362 |
Expense reductions | (501,521) |
Total expenses after expense reductions | 2,542,841 |
Net investment income | 10,458,292 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | 1,540,582 |
Change in net unrealized appreciation (depreciation) on investments | (7,776,797) |
Net gain (loss) | (6,236,215) |
Net increase (decrease) in net assets resulting from operations | $ 4,222,077 |
DWS Intermediate Tax-Free Fund | | | 31 |
Six Months Ended November 30, 2021 | Year Ended May 31, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2021 |
Operations: | ||
Net investment income | $ 10,458,292 | $ 24,215,579 |
Net realized gain (loss) | 1,540,582 | 4,710,558 |
Change in net unrealized appreciation (depreciation) | (7,776,797) | 18,256,113 |
Net increase (decrease) in net assets resulting from operations | 4,222,077 | 47,182,250 |
Distributions to shareholders: | ||
Class A | (1,448,187) | (4,416,236) |
Class C | (34,785) | (290,831) |
Class S | (3,918,017) | (12,310,970) |
Institutional Class | (5,016,762) | (12,209,026) |
Total distributions | (10,417,751) | (29,227,063) |
Fund share transactions: | ||
Proceeds from shares sold | 90,718,298 | 256,623,089 |
Reinvestment of distributions | 8,132,130 | 22,696,992 |
Payments for shares redeemed | (82,087,463) | (282,470,044) |
Net increase (decrease) in net assets from Fund share transactions | 16,762,965 | (3,149,963) |
Increase (decrease) in net assets | 10,567,291 | 14,805,224 |
Net assets at beginning of period | 976,921,807 | 962,116,583 |
Net assets at end of period | $987,489,098 | $ 976,921,807 |
32 | | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund — Class A | ||||||
Six Months Ended 11/30/21 | Years Ended May 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | ||||||
Net investment income | .11 | .28 | .30 | .31 | .29 | .28 |
Net realized and unrealized gain (loss) | (.07) | .29 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .04 | .57 | .32 | .59 | (.04) | .10 |
Less distributions from: | ||||||
Net investment income | (.11) | (.28) | (.30) | (.31) | (.29) | (.28) |
Net realized gains | — | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.11) | (.35) | (.40) | (.31) | (.29) | (.28) |
Net asset value, end of period | $11.95 | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%)a | .36 b** | 4.81 b | 2.73 b | 5.25 b | (.30) | .83 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 149 | 155 | 144 | 154 | 174 | 207 |
Ratio of expenses before expense reductions (%) | .78 *** | .78 | .78 | .79 | .78 | .79 |
Ratio of expenses after expense reductions (%) | .72 *** | .72 | .77 | .78 | .78 | .79 |
Ratio of net investment income (%) | 1.90 *** | 2.33 | 2.55 | 2.70 | 2.47 | 2.33 |
Portfolio turnover rate (%) | 21 ** | 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. |
** | Not annualized |
*** | Annualized |
DWS Intermediate Tax-Free Fund | | | 33 |
DWS Intermediate Tax-Free Fund — Class C | ||||||
Six Months Ended 11/30/21 | Years Ended May 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.02 | $11.80 | $11.88 | $11.59 | $11.93 | $12.10 |
Income (loss) from investment operations: | ||||||
Net investment income | .07 | .19 | .21 | .23 | .20 | .19 |
Net realized and unrealized gain (loss) | (.07) | .29 | .02 | .29 | (.34) | (.17) |
Total from investment operations | .00 * | .48 | .23 | .52 | (.14) | .02 |
Less distributions from: | ||||||
Net investment income | (.07) | (.19) | (.21) | (.23) | (.20) | (.19) |
Net realized gains | — | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.07) | (.26) | (.31) | (.23) | (.20) | (.19) |
Net asset value, end of period | $11.95 | $12.02 | $11.80 | $11.88 | $11.59 | $11.93 |
Total Return (%)a | (.01) b** | 4.03 b | 1.97 b | 4.56 b | (1.15) b | .15 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 5 | 7 | 20 | 28 | 36 | 47 |
Ratio of expenses before expense reductions (%) | 1.54 *** | 1.53 | 1.54 | 1.56 | 1.56 | 1.55 |
Ratio of expenses after expense reductions (%) | 1.46 *** | 1.48 | 1.52 | 1.53 | 1.55 | 1.55 |
Ratio of net investment income (%) | 1.16 *** | 1.60 | 1.80 | 1.95 | 1.70 | 1.57 |
Portfolio turnover rate (%) | 21 ** | 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. |
** | Not annualized |
*** | Annualized |
34 | | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund — Class S | ||||||
Six Months Ended 11/30/21 | Years Ended May 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.03 | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | ||||||
Net investment income | .13 | .31 | .33 | .34 | .32 | .31 |
Net realized and unrealized gain (loss) | (.08) | .30 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .05 | .61 | .35 | .62 | (.01) | .13 |
Less distributions from: | ||||||
Net investment income | (.13) | (.31) | (.33) | (.34) | (.32) | (.31) |
Net realized gains | — | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.13) | (.38) | (.43) | (.34) | (.32) | (.31) |
Net asset value, end of period | $11.95 | $12.03 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%)a | .41 ** | 5.16 | 2.99 | 5.51 | (.07) | 1.07 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 368 | 362 | 443 | 543 | 629 | 679 |
Ratio of expenses before expense reductions (%) | .62 *** | .61 | .62 | .63 | .62 | .62 |
Ratio of expenses after expense reductions (%) | .47 *** | .48 | .52 | .53 | .55 | .55 |
Ratio of net investment income (%) | 2.15 *** | 2.58 | 2.80 | 2.95 | 2.71 | 2.57 |
Portfolio turnover rate (%) | 21 ** | 38 | 41 | 61 | 44 | 36 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
DWS Intermediate Tax-Free Fund | | | 35 |
DWS Intermediate Tax-Free Fund — Institutional Class | ||||||
Six Months Ended 11/30/21 | Years Ended May 31, | |||||
(Unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 | $12.11 |
Income (loss) from investment operations: | ||||||
Net investment income | .13 | .31 | .33 | .34 | .32 | .31 |
Net realized and unrealized gain (loss) | (.07) | .29 | .02 | .28 | (.33) | (.18) |
Total from investment operations | .06 | .60 | .35 | .62 | (.01) | .13 |
Less distributions from: | ||||||
Net investment income | (.13) | (.31) | (.33) | (.34) | (.32) | (.31) |
Net realized gains | — | (.07) | (.10) | (.00) * | (.00) * | — |
Total distributions | (.13) | (.38) | (.43) | (.34) | (.32) | (.31) |
Net asset value, end of period | $11.95 | $12.02 | $11.80 | $11.88 | $11.60 | $11.93 |
Total Return (%) | .49 a** | 5.07 a | 2.99 a | 5.52 a | (.06) | 1.07 |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 466 | 453 | 356 | 327 | 680 | 870 |
Ratio of expenses before expense reductions (%) | .54 *** | .54 | .55 | .55 | .54 | .55 |
Ratio of expenses after expense reductions (%) | .47 *** | .47 | .52 | .53 | .54 | .55 |
Ratio of net investment income (%) | 2.15 *** | 2.57 | 2.80 | 2.93 | 2.71 | 2.57 |
Portfolio turnover rate (%) | 21 ** | 38 | 41 | 61 | 44 | 36 |
a | Total return would have been lower had certain expenses not been reduced. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
36 | | | DWS Intermediate Tax-Free Fund |
Notes to Financial Statements | (Unaudited) |
A. | Organization and Significant Accounting Policies |
DWS Intermediate Tax-Free Fund | | | 37 |
38 | | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | | 39 |
B. | Purchases and Sales of Securities |
C. | Related Parties |
40 | | | DWS Intermediate Tax-Free Fund |
Class A | .70% |
Class C | 1.45% |
Class S | .45% |
Institutional Class | .45% |
Class A | .75% | |
Class C | 1.50% | |
Class S | .50% | |
Institutional Class | .50% |
Class A | $ 47,098 |
Class C | 2,415 |
Class S | 287,588 |
Institutional Class | 164,420 |
$ 501,521 |
DWS Intermediate Tax-Free Fund | | | 41 |
Services to Shareholders | Total Aggregated | Unpaid at November 30, 2021 |
Class A | $ 1,499 | $ 455 |
Class C | 287 | 156 |
Class S | 17,324 | 6,058 |
Institutional Class | 741 | 230 |
$ 19,851 | $ 6,899 |
Sub-Recordkeeping | Total Aggregated |
Class A | $ 66,218 |
Class C | 2,806 |
Class S | 313,906 |
Institutional Class | 219,356 |
$ 602,286 |
42 | | | DWS Intermediate Tax-Free Fund |
Distribution Fee | Total Aggregated | Unpaid at November 30, 2021 |
Class C | $ 22,737 | $ 3,100 |
Service Fee | Total Aggregated | Unpaid at November 30, 2021 | Annualized Rate |
Class A | $ 188,787 | $ 59,766 | .25% |
Class C | 7,549 | 1,684 | .25% |
$ 196,336 | $ 61,450 |
DWS Intermediate Tax-Free Fund | | | 43 |
D. | Line of Credit |
E. | Fund Share Transactions |
Six Months Ended November 30, 2021 | Year Ended May 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares sold | ||||
Class A | 195,559 | $ 2,351,167 | 2,640,505 | $ 31,657,787 |
Class C | 60,840 | 727,893 | 121,763 | 1,457,367 |
Class S | 2,293,501 | 27,534,527 | 5,315,761 | 63,651,428 |
Institutional Class | 4,992,866 | 60,104,711 | 13,331,288 | 159,856,507 |
$ 90,718,298 | $ 256,623,089 | |||
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 103,237 | $ 1,239,073 | 311,062 | $ 3,728,202 |
Class C | 2,647 | 31,780 | 21,837 | ��� 261,625 |
Class S | 300,183 | 3,602,893 | 847,215 | 10,156,777 |
Institutional Class | 271,525 | 3,258,384 | 713,512 | 8,550,388 |
$ 8,132,130 | $ 22,696,992 |
44 | | | DWS Intermediate Tax-Free Fund |
Six Months Ended November 30, 2021 | Year Ended May 31, 2021 | |||
Shares | Dollars | Shares | Dollars | |
Shares redeemed | ||||
Class A | (780,591) | $ (9,367,314) | (2,219,487) | $ (26,572,157) |
Class C | (218,266) | (2,616,316) | (1,249,635) | (14,994,157) |
Class S | (1,908,711) | (22,915,730) | (13,567,024) | (162,556,150) |
Institutional Class | (3,937,777) | (47,188,103) | (6,551,209) | (78,347,580) |
$ (82,087,463) | $ (282,470,044) | |||
Net increase (decrease) | ||||
Class A | (481,795) | $ (5,777,074) | 732,080 | $ 8,813,832 |
Class C | (154,779) | (1,856,643) | (1,106,035) | (13,275,165) |
Class S | 684,973 | 8,221,690 | (7,404,048) | (88,747,945) |
Institutional Class | 1,326,614 | 16,174,992 | 7,493,591 | 90,059,315 |
$ 16,762,965 | $ (3,149,963) |
F. | Other — COVID-19 Pandemic |
DWS Intermediate Tax-Free Fund | | | 45 |
— | 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. |
46 | | | DWS Intermediate Tax-Free Fund |
Actual Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 6/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 11/30/21 | $1,003.60 | $ 999.90 | $1,004.10 | $1,004.90 |
Expenses Paid per $1,000* | $ 3.62 | $ 7.32 | $ 2.36 | $ 2.36 |
Hypothetical 5% Fund Return | Class A | Class C | Class S | Institutional Class |
Beginning Account Value 6/1/21 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value 11/30/21 | $1,021.46 | $1,017.75 | $1,022.71 | $1,022.71 |
Expenses Paid per $1,000* | $ 3.65 | $ 7.39 | $ 2.38 | $ 2.38 |
* | 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 183 (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 | .72% | 1.46% | .47% | .47% |
DWS Intermediate Tax-Free Fund | | | 47 |
— | 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. |
48 | | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | | 49 |
50 | | | DWS Intermediate Tax-Free Fund |
DWS Intermediate Tax-Free Fund | | | 51 |
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 |
52 | | | 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 | | | 53 |
FACTS | What Does DWS Do With Your Personal Information? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing. |
Reasons we can share your personal information | Does DWS share? | Can you limit this sharing? |
For our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We do not share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We do not share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We do not share |
For non-affiliates to market to you | No | We do not share |
Questions? | Call (800) 728-3337 or e-mail us at service@dws.com |
54 | | | DWS Intermediate Tax-Free Fund |
Who we are | |
Who is providing this notice? | DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds |
What we do | |
How does DWS protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings. |
How does DWS collect my personal information? | We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments |
Why can’t I limit all sharing? | Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB” ) name, such as DB AG Frankfurt. |
Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud. |
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market. |
DWS Intermediate Tax-Free Fund | | | 55 |
(b) Not applicable | ||
ITEM 2. | CODE OF ETHICS | |
Not applicable. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT | |
Not applicable | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | |
Not applicable | ||
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) | Not applicable | |
(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: | 1/28/2022 |
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: | 1/28/2022 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 1/28/2022 |