UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03632

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:	5/31/2024

Item 1.	Reports to Stockholders.

	(a)

0000711600 dws:DWSIndexBloombergMunicipalBond1Minus15YearBlend1Minus17Index18704AdditionalIndexMember 2019-05-31

DWS Intermediate Tax-Free Fund

Class C: SZMCX

Annual Shareholder Report—May 31, 2024

This annual shareholder report contains important information about DWS Intermediate Tax-Free Fund ("the Fund") for the period June 1, 2023 to May 31, 2024. You can find additional information about the Fund on the Fund's website at www.dws.com/mutualreports. You can also request this information by contacting us at (800) 728-3337.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$151	1.49%

Gross expense ratio as of the latest prospectus: 1.56%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class C shares of the Fund returned 2.27% (unadjusted for sales charges) for the period ended May 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index, returned 2.67% for the same period, while the Fund's additional, more narrowly based index, the Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index, returned 2.15%.

Municipal market prices were pressured over the period by higher U.S. Treasury yields and greater-than-expected new issue supply. Lower quality issues in the BBB and high yield rating categories led municipal market performance as recession fears eased, supporting credit sentiment broadly. In addition, high yield prices benefited from very low new issuance. While yield increases were more muted than for U.S. Treasuries, the municipal curve finished higher along its length for the 12 months.

The Fund was overweight issues rated BBB and below investment grade, supporting returns as lower quality segments of the municipal market outperformed. In sector terms, overweight allocations to senior living, prepaid gas, single family housing and transportation bonds aided performance.

The Fund’s above benchmark stance with respect to duration and interest rate risk was the leading detractor from relative performance in a rising rate environment.

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

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

The Bloomberg Municipal Bond Index is a broad-based index that represents the Fund’s overall debt market. It replaces the Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index as the Fund’s broad-based index in compliance with updated regulatory requirements.

Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a sub-index of the Bloomberg 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.

The Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

	Class C	Bloomberg Municipal Bond Index	Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index
'14	$10,000	$10,000	$10,000
'14	$9,982	$10,009	$10,001
'14	$9,989	$10,026	$10,019
'14	$10,087	$10,148	$10,113
'14	$10,077	$10,158	$10,113
'14	$10,124	$10,228	$10,167
'14	$10,120	$10,245	$10,178
'14	$10,149	$10,297	$10,205
'15	$10,297	$10,480	$10,360
'15	$10,192	$10,371	$10,269
'15	$10,204	$10,401	$10,291
'15	$10,157	$10,347	$10,252
'15	$10,109	$10,318	$10,223
'15	$10,080	$10,309	$10,222
'15	$10,144	$10,384	$10,285
'15	$10,148	$10,404	$10,304
'15	$10,205	$10,479	$10,377
'15	$10,235	$10,521	$10,417
'15	$10,249	$10,563	$10,438
'15	$10,296	$10,637	$10,493
'16	$10,412	$10,764	$10,618
'16	$10,409	$10,781	$10,636
'16	$10,430	$10,815	$10,646
'16	$10,477	$10,894	$10,710
'16	$10,455	$10,924	$10,715
'16	$10,580	$11,098	$10,848
'16	$10,575	$11,105	$10,863
'16	$10,570	$11,120	$10,866
'16	$10,522	$11,064	$10,827
'16	$10,440	$10,948	$10,739
'16	$10,097	$10,540	$10,393
'16	$10,180	$10,663	$10,494
'17	$10,219	$10,734	$10,568
'17	$10,270	$10,808	$10,639
'17	$10,284	$10,832	$10,657
'17	$10,351	$10,910	$10,733
'17	$10,470	$11,083	$10,873
'17	$10,424	$11,044	$10,832
'17	$10,464	$11,133	$10,911
'17	$10,531	$11,218	$10,983
'17	$10,475	$11,161	$10,932
'17	$10,472	$11,188	$10,948
'17	$10,381	$11,128	$10,859
'17	$10,442	$11,244	$10,949
'18	$10,341	$11,112	$10,853
'18	$10,304	$11,079	$10,826
'18	$10,319	$11,120	$10,849
'18	$10,272	$11,080	$10,820
'18	$10,350	$11,207	$10,922
'18	$10,348	$11,216	$10,941
'18	$10,363	$11,244	$10,976
'18	$10,370	$11,273	$10,996
'18	$10,306	$11,200	$10,934
'18	$10,233	$11,131	$10,889
'18	$10,322	$11,254	$11,000
'18	$10,416	$11,388	$11,122
'19	$10,487	$11,475	$11,216
'19	$10,542	$11,536	$11,271
'19	$10,668	$11,718	$11,401
'19	$10,686	$11,762	$11,425
'19	$10,821	$11,925	$11,563
'19	$10,857	$11,969	$11,611
'19	$10,928	$12,065	$11,703
'19	$11,054	$12,255	$11,839
'19	$10,970	$12,157	$11,743
'19	$10,977	$12,179	$11,773
'19	$10,976	$12,209	$11,801
'19	$11,000	$12,247	$11,838
'20	$11,163	$12,467	$12,019
'20	$11,273	$12,627	$12,133
'20	$10,888	$12,169	$11,779
'20	$10,728	$12,017	$11,695
'20	$11,034	$12,399	$12,027
'20	$11,135	$12,501	$12,096
'20	$11,291	$12,712	$12,266
'20	$11,249	$12,652	$12,225
'20	$11,246	$12,655	$12,235
'20	$11,214	$12,617	$12,204
'20	$11,352	$12,807	$12,339
'20	$11,409	$12,885	$12,398
'21	$11,479	$12,967	$12,457
'21	$11,305	$12,761	$12,300
'21	$11,347	$12,840	$12,358
'21	$11,437	$12,947	$12,435
'21	$11,478	$12,986	$12,453
'21	$11,501	$13,022	$12,469
'21	$11,579	$13,130	$12,560
'21	$11,542	$13,082	$12,534
'21	$11,447	$12,987	$12,458
'21	$11,409	$12,949	$12,421
'21	$11,477	$13,059	$12,487
'21	$11,474	$13,081	$12,505
'22	$11,204	$12,722	$12,200
'22	$11,139	$12,677	$12,162
'22	$10,820	$12,266	$11,838
'22	$10,542	$11,927	$11,590
'22	$10,661	$12,104	$11,753
'22	$10,529	$11,906	$11,654
'22	$10,755	$12,220	$11,914
'22	$10,535	$11,952	$11,708
'22	$10,200	$11,494	$11,353
'22	$10,127	$11,398	$11,310
'22	$10,504	$11,931	$11,706
'22	$10,510	$11,965	$11,761
'23	$10,789	$12,309	$12,026
'23	$10,562	$12,031	$11,799
'23	$10,745	$12,298	$12,028
'23	$10,743	$12,270	$11,995
'23	$10,641	$12,163	$11,889
'23	$10,708	$12,285	$11,979
'23	$10,725	$12,334	$12,026
'23	$10,624	$12,156	$11,905
'23	$10,395	$11,800	$11,637
'23	$10,304	$11,699	$11,589
'23	$10,780	$12,442	$12,149
'23	$11,017	$12,731	$12,380
'24	$10,996	$12,666	$12,332
'24	$11,026	$12,683	$12,344
'24	$11,025	$12,682	$12,343
'24	$10,914	$12,525	$12,217
'24	$10,883	$12,488	$12,144

Yearly periods ended May 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class C Unadjusted for Sales Charge	2.27%	0.11%	0.85%
Class C Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	1.27%	0.11%	0.85%
Bloomberg Municipal Bond Index	2.67%	0.93%	2.25%
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index	2.15%	0.99%	1.96%

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

Key Fund Statistics

Net Assets ($)	734,108,435
Number of Portfolio Holdings	299
Portfolio Turnover Rate (%)	47
Total Net Advisory Fees Paid ($)	2,402,273
Modified Duration to Worst	4.7 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

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

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	9%
Lease Obligations	5%
Variable Rate Demand Notes	1%
Escrow To Maturity/prerefunded Bonds	0%
Other Assets and Liabilities, Net	(1%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	10%
AA	42%
A	28%
BBB	13%
BB	2%
Not Rated	5%
Total	100%

Additional Information

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

Householding

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

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

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

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

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

DITFF-TSRA-C

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Class S: SCMTX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$50	0.49%

Gross expense ratio as of the latest prospectus: 0.63%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class S shares of the Fund returned 3.30% for the period ended May 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index, returned 2.67% for the same period, while the Fund's additional, more narrowly based index, the Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index, returned 2.15%.

The Fund’s above benchmark stance with respect to duration and interest rate risk was the leading detractor from relative performance in a rising rate environment.

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

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

The Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

	Class S	Bloomberg Municipal Bond Index	Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index
'14	$10,000	$10,000	$10,000
'14	$9,990	$10,009	$10,001
'14	$10,005	$10,026	$10,019
'14	$10,113	$10,148	$10,113
'14	$10,110	$10,158	$10,113
'14	$10,158	$10,228	$10,167
'14	$10,162	$10,245	$10,178
'14	$10,200	$10,297	$10,205
'15	$10,357	$10,480	$10,360
'15	$10,268	$10,371	$10,269
'15	$10,280	$10,401	$10,291
'15	$10,250	$10,347	$10,252
'15	$10,211	$10,318	$10,223
'15	$10,190	$10,309	$10,222
'15	$10,254	$10,384	$10,285
'15	$10,276	$10,404	$10,304
'15	$10,342	$10,479	$10,377
'15	$10,381	$10,521	$10,417
'15	$10,404	$10,563	$10,438
'15	$10,452	$10,637	$10,493
'16	$10,587	$10,764	$10,618
'16	$10,593	$10,781	$10,636
'16	$10,613	$10,815	$10,646
'16	$10,679	$10,894	$10,710
'16	$10,666	$10,924	$10,715
'16	$10,802	$11,098	$10,848
'16	$10,806	$11,105	$10,863
'16	$10,810	$11,120	$10,866
'16	$10,770	$11,064	$10,827
'16	$10,695	$10,948	$10,739
'16	$10,353	$10,540	$10,393
'16	$10,447	$10,663	$10,494
'17	$10,496	$10,734	$10,568
'17	$10,556	$10,808	$10,639
'17	$10,579	$10,832	$10,657
'17	$10,657	$10,910	$10,733
'17	$10,779	$11,083	$10,873
'17	$10,740	$11,044	$10,832
'17	$10,800	$11,133	$10,911
'17	$10,878	$11,218	$10,983
'17	$10,821	$11,161	$10,932
'17	$10,826	$11,188	$10,948
'17	$10,750	$11,128	$10,859
'17	$10,823	$11,244	$10,949
'18	$10,727	$11,112	$10,853
'18	$10,698	$11,079	$10,826
'18	$10,713	$11,120	$10,849
'18	$10,682	$11,080	$10,820
'18	$10,772	$11,207	$10,922
'18	$10,779	$11,216	$10,941
'18	$10,804	$11,244	$10,976
'18	$10,810	$11,273	$10,996
'18	$10,752	$11,200	$10,934
'18	$10,686	$11,131	$10,889
'18	$10,788	$11,254	$11,000
'18	$10,894	$11,388	$11,122
'19	$10,988	$11,475	$11,216
'19	$11,044	$11,536	$11,271
'19	$11,186	$11,718	$11,401
'19	$11,224	$11,762	$11,425
'19	$11,366	$11,925	$11,563
'19	$11,422	$11,969	$11,611
'19	$11,507	$12,065	$11,703
'19	$11,649	$12,255	$11,839
'19	$11,561	$12,157	$11,743
'19	$11,578	$12,179	$11,773
'19	$11,586	$12,209	$11,801
'19	$11,621	$12,247	$11,838
'20	$11,804	$12,467	$12,019
'20	$11,938	$12,627	$12,133
'20	$11,532	$12,169	$11,779
'20	$11,381	$12,017	$11,695
'20	$11,706	$12,399	$12,027
'20	$11,832	$12,501	$12,096
'20	$11,997	$12,712	$12,266
'20	$11,974	$12,652	$12,225
'20	$11,970	$12,655	$12,235
'20	$11,956	$12,617	$12,204
'20	$12,103	$12,807	$12,339
'20	$12,184	$12,885	$12,398
'21	$12,260	$12,967	$12,457
'21	$12,093	$12,761	$12,300
'21	$12,148	$12,840	$12,358
'21	$12,255	$12,947	$12,435
'21	$12,310	$12,986	$12,453
'21	$12,344	$13,022	$12,469
'21	$12,428	$13,130	$12,560
'21	$12,399	$13,082	$12,534
'21	$12,307	$12,987	$12,458
'21	$12,287	$12,949	$12,421
'21	$12,360	$13,059	$12,487
'21	$12,378	$13,081	$12,505
'22	$12,086	$12,722	$12,200
'22	$12,025	$12,677	$12,162
'22	$11,692	$12,266	$11,838
'22	$11,401	$11,927	$11,590
'22	$11,539	$12,104	$11,753
'22	$11,405	$11,906	$11,654
'22	$11,660	$12,220	$11,914
'22	$11,442	$11,952	$11,708
'22	$11,077	$11,494	$11,353
'22	$11,018	$11,398	$11,310
'22	$11,427	$11,931	$11,706
'22	$11,453	$11,965	$11,761
'23	$11,757	$12,309	$12,026
'23	$11,529	$12,031	$11,799
'23	$11,738	$12,298	$12,028
'23	$11,745	$12,270	$11,995
'23	$11,645	$12,163	$11,889
'23	$11,717	$12,285	$11,979
'23	$11,756	$12,334	$12,026
'23	$11,655	$12,156	$11,905
'23	$11,402	$11,800	$11,637
'23	$11,312	$11,699	$11,589
'23	$11,844	$12,442	$12,149
'23	$12,126	$12,731	$12,380
'24	$12,113	$12,666	$12,332
'24	$12,144	$12,683	$12,344
'24	$12,153	$12,682	$12,343
'24	$12,041	$12,525	$12,217
'24	$12,029	$12,488	$12,144

Yearly periods ended May 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class S No Sales Charge	3.30%	1.14%	1.86%
Bloomberg Municipal Bond Index	2.67%	0.93%	2.25%
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index	2.15%	0.99%	1.96%

Key Fund Statistics

Net Assets ($)	734,108,435
Number of Portfolio Holdings	299
Portfolio Turnover Rate (%)	47
Total Net Advisory Fees Paid ($)	2,402,273
Modified Duration to Worst	4.7 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	9%
Lease Obligations	5%
Variable Rate Demand Notes	1%
Escrow To Maturity/prerefunded Bonds	0%
Other Assets and Liabilities, Net	(1%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	10%
AA	42%
A	28%
BBB	13%
BB	2%
Not Rated	5%
Total	100%

Additional Information

Householding

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

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

DITFF-TSRA-S

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Class A: SZMAX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$75	0.74%

Gross expense ratio as of the latest prospectus: 0.78%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Class A shares of the Fund returned 3.14% (unadjusted for sales charges) for the period ended May 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index, returned 2.67% for the same period, while the Fund's additional, more narrowly based index, the Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index, returned 2.15%.

The Fund’s above benchmark stance with respect to duration and interest rate risk was the leading detractor from relative performance in a rising rate environment.

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

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

The Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

	Class A	Bloomberg Municipal Bond Index	Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index
'14	$9,725	$10,000	$10,000
'14	$9,722	$10,009	$10,001
'14	$9,734	$10,026	$10,019
'14	$9,828	$10,148	$10,113
'14	$9,832	$10,158	$10,113
'14	$9,876	$10,228	$10,167
'14	$9,879	$10,245	$10,178
'14	$9,914	$10,297	$10,205
'15	$10,064	$10,480	$10,360
'15	$9,967	$10,371	$10,269
'15	$9,985	$10,401	$10,291
'15	$9,953	$10,347	$10,252
'15	$9,905	$10,318	$10,223
'15	$9,891	$10,309	$10,222
'15	$9,952	$10,384	$10,285
'15	$9,971	$10,404	$10,304
'15	$10,024	$10,479	$10,377
'15	$10,060	$10,521	$10,417
'15	$10,088	$10,563	$10,438
'15	$10,133	$10,637	$10,493
'16	$10,262	$10,764	$10,618
'16	$10,265	$10,781	$10,636
'16	$10,283	$10,815	$10,646
'16	$10,337	$10,894	$10,710
'16	$10,330	$10,924	$10,715
'16	$10,451	$11,098	$10,848
'16	$10,453	$11,105	$10,863
'16	$10,455	$11,120	$10,866
'16	$10,423	$11,064	$10,827
'16	$10,340	$10,948	$10,739
'16	$10,015	$10,540	$10,393
'16	$10,095	$10,663	$10,494
'17	$10,149	$10,734	$10,568
'17	$10,205	$10,808	$10,639
'17	$10,226	$10,832	$10,657
'17	$10,299	$10,910	$10,733
'17	$10,415	$11,083	$10,873
'17	$10,375	$11,044	$10,832
'17	$10,431	$11,133	$10,911
'17	$10,495	$11,218	$10,983
'17	$10,446	$11,161	$10,932
'17	$10,449	$11,188	$10,948
'17	$10,374	$11,128	$10,859
'17	$10,442	$11,244	$10,949
'18	$10,348	$11,112	$10,853
'18	$10,309	$11,079	$10,826
'18	$10,331	$11,120	$10,849
'18	$10,291	$11,080	$10,820
'18	$10,384	$11,207	$10,922
'18	$10,389	$11,216	$10,941
'18	$10,410	$11,244	$10,976
'18	$10,415	$11,273	$10,996
'18	$10,357	$11,200	$10,934
'18	$10,290	$11,131	$10,889
'18	$10,387	$11,254	$11,000
'18	$10,487	$11,388	$11,122
'19	$10,565	$11,475	$11,216
'19	$10,627	$11,536	$11,271
'19	$10,761	$11,718	$11,401
'19	$10,795	$11,762	$11,425
'19	$10,929	$11,925	$11,563
'19	$10,981	$11,969	$11,611
'19	$11,060	$12,065	$11,703
'19	$11,194	$12,255	$11,839
'19	$11,107	$12,157	$11,743
'19	$11,122	$12,179	$11,773
'19	$11,127	$12,209	$11,801
'19	$11,158	$12,247	$11,838
'20	$11,331	$12,467	$12,019
'20	$11,458	$12,627	$12,133
'20	$11,066	$12,169	$11,779
'20	$10,919	$12,017	$11,695
'20	$11,228	$12,399	$12,027
'20	$11,337	$12,501	$12,096
'20	$11,503	$12,712	$12,266
'20	$11,478	$12,652	$12,225
'20	$11,472	$12,655	$12,235
'20	$11,456	$12,617	$12,204
'20	$11,594	$12,807	$12,339
'20	$11,670	$12,885	$12,398
'21	$11,740	$12,967	$12,457
'21	$11,568	$12,761	$12,300
'21	$11,628	$12,840	$12,358
'21	$11,718	$12,947	$12,435
'21	$11,768	$12,986	$12,453
'21	$11,799	$13,022	$12,469
'21	$11,887	$13,130	$12,560
'21	$11,856	$13,082	$12,534
'21	$11,766	$12,987	$12,458
'21	$11,734	$12,949	$12,421
'21	$11,811	$13,059	$12,487
'21	$11,826	$13,081	$12,505
'22	$11,545	$12,722	$12,200
'22	$11,484	$12,677	$12,162
'22	$11,164	$12,266	$11,838
'22	$10,884	$11,927	$11,590
'22	$11,013	$12,104	$11,753
'22	$10,883	$11,906	$11,654
'22	$11,124	$12,220	$11,914
'22	$10,903	$11,952	$11,708
'22	$10,563	$11,494	$11,353
'22	$10,505	$11,398	$11,310
'22	$10,892	$11,931	$11,706
'22	$10,915	$11,965	$11,761
'23	$11,202	$12,309	$12,026
'23	$10,972	$12,031	$11,799
'23	$11,170	$12,298	$12,028
'23	$11,174	$12,270	$11,995
'23	$11,076	$12,163	$11,889
'23	$11,152	$12,285	$11,979
'23	$11,177	$12,334	$12,026
'23	$11,089	$12,156	$11,905
'23	$10,846	$11,800	$11,637
'23	$10,758	$11,699	$11,589
'23	$11,262	$12,442	$12,149
'23	$11,517	$12,731	$12,380
'24	$11,502	$12,666	$12,332
'24	$11,540	$12,683	$12,344
'24	$11,546	$12,682	$12,343
'24	$11,437	$12,525	$12,217
'24	$11,423	$12,488	$12,144

Yearly periods ended May 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial invesment of $9,725.

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Class A Unadjusted for Sales Charge	3.14%	0.89%	1.62%
Class A Adjusted for the Maximum Sales Charge (max 2.75% load)	0.30%	0.33%	1.34%
Bloomberg Municipal Bond Index	2.67%	0.93%	2.25%
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index	2.15%	0.99%	1.96%

Key Fund Statistics

Net Assets ($)	734,108,435
Number of Portfolio Holdings	299
Portfolio Turnover Rate (%)	47
Total Net Advisory Fees Paid ($)	2,402,273
Modified Duration to Worst	4.7 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	9%
Lease Obligations	5%
Variable Rate Demand Notes	1%
Escrow To Maturity/prerefunded Bonds	0%
Other Assets and Liabilities, Net	(1%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	10%
AA	42%
A	28%
BBB	13%
BB	2%
Not Rated	5%
Total	100%

Additional Information

Householding

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

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

DITFF-TSRA-A

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Institutional Class: SZMIX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$50	0.49%

Gross expense ratio as of the latest prospectus: 0.55%. See prospectus for any contractual or voluntary waivers; without a waiver, costs would have been higher.

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

Institutional Class shares of the Fund returned 3.30% for the period ended May 31, 2024. The Fund's broad-based index, the Bloomberg Municipal Bond Index, returned 2.67% for the same period, while the Fund's additional, more narrowly based index, the Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index, returned 2.15%.

The Fund’s above benchmark stance with respect to duration and interest rate risk was the leading detractor from relative performance in a rising rate environment.

Fund Performance

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

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

The Bloomberg Municipal Bond 1–15 Year Blend (1–17) Index is a more narrowly based index that reflects the market sector in which the Fund invests.

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

	Institutional Class	Bloomberg Municipal Bond Index	Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index
'14	$1,000,000	$1,000,000	$1,000,000
'14	$999,063	$1,000,866	$1,000,056
'14	$1,000,573	$1,002,631	$1,001,935
'14	$1,011,337	$1,014,769	$1,011,320
'14	$1,011,125	$1,015,801	$1,011,333
'14	$1,016,739	$1,022,766	$1,016,658
'14	$1,016,371	$1,024,535	$1,017,787
'14	$1,020,210	$1,029,704	$1,020,467
'15	$1,035,924	$1,047,954	$1,035,952
'15	$1,027,015	$1,037,144	$1,026,900
'15	$1,028,224	$1,040,139	$1,029,050
'15	$1,025,145	$1,034,682	$1,025,244
'15	$1,021,184	$1,031,824	$1,022,328
'15	$1,019,066	$1,030,884	$1,022,226
'15	$1,025,539	$1,038,351	$1,028,465
'15	$1,027,721	$1,040,390	$1,030,379
'15	$1,034,296	$1,047,927	$1,037,698
'15	$1,038,241	$1,052,093	$1,041,673
'15	$1,040,502	$1,056,276	$1,043,833
'15	$1,045,338	$1,063,697	$1,049,308
'16	$1,058,888	$1,076,389	$1,061,761
'16	$1,059,434	$1,078,082	$1,063,636
'16	$1,061,552	$1,081,497	$1,064,628
'16	$1,068,148	$1,089,449	$1,071,047
'16	$1,066,809	$1,092,396	$1,071,534
'16	$1,080,475	$1,109,774	$1,084,803
'16	$1,080,887	$1,110,452	$1,086,268
'16	$1,081,300	$1,111,950	$1,086,649
'16	$1,077,336	$1,106,400	$1,082,719
'16	$1,069,801	$1,094,793	$1,073,932
'16	$1,035,590	$1,053,962	$1,039,325
'16	$1,044,976	$1,066,336	$1,049,423
'17	$1,049,899	$1,073,366	$1,056,809
'17	$1,055,909	$1,080,819	$1,063,863
'17	$1,058,229	$1,083,165	$1,065,657
'17	$1,065,995	$1,091,024	$1,073,262
'17	$1,078,252	$1,108,339	$1,087,326
'17	$1,074,319	$1,104,364	$1,083,156
'17	$1,080,306	$1,113,299	$1,091,092
'17	$1,088,127	$1,121,771	$1,098,322
'17	$1,082,374	$1,116,068	$1,093,215
'17	$1,082,950	$1,118,792	$1,094,766
'17	$1,075,354	$1,112,801	$1,085,870
'17	$1,082,631	$1,124,432	$1,094,874
'18	$1,073,094	$1,111,194	$1,085,330
'18	$1,070,126	$1,107,874	$1,082,553
'18	$1,071,649	$1,111,963	$1,084,928
'18	$1,068,594	$1,107,995	$1,082,033
'18	$1,077,574	$1,120,683	$1,092,173
'18	$1,078,268	$1,121,640	$1,094,100
'18	$1,080,787	$1,124,362	$1,097,599
'18	$1,081,452	$1,127,250	$1,099,554
'18	$1,076,608	$1,119,952	$1,093,426
'18	$1,068,971	$1,113,055	$1,088,935
'18	$1,079,220	$1,125,375	$1,100,017
'18	$1,089,875	$1,138,849	$1,112,175
'19	$1,098,260	$1,147,458	$1,121,613
'19	$1,104,880	$1,153,602	$1,127,056
'19	$1,119,052	$1,171,838	$1,140,141
'19	$1,121,865	$1,176,242	$1,142,459
'19	$1,137,020	$1,192,458	$1,156,322
'19	$1,141,700	$1,196,861	$1,161,109
'19	$1,151,131	$1,206,507	$1,170,257
'19	$1,165,361	$1,225,538	$1,183,864
'19	$1,156,538	$1,215,714	$1,174,253
'19	$1,158,265	$1,217,893	$1,177,318
'19	$1,159,059	$1,220,939	$1,180,055
'19	$1,162,581	$1,224,667	$1,183,779
'20	$1,180,857	$1,246,670	$1,201,925
'20	$1,194,324	$1,262,746	$1,213,289
'20	$1,153,654	$1,216,943	$1,177,881
'20	$1,138,616	$1,201,670	$1,169,485
'20	$1,171,045	$1,239,897	$1,202,664
'20	$1,182,705	$1,250,102	$1,209,623
'20	$1,200,253	$1,271,157	$1,226,575
'20	$1,197,854	$1,265,193	$1,222,469
'20	$1,197,518	$1,265,461	$1,223,480
'20	$1,196,122	$1,261,660	$1,220,400
'20	$1,210,782	$1,280,699	$1,233,902
'20	$1,218,933	$1,288,501	$1,239,804
'21	$1,226,506	$1,296,712	$1,245,708
'21	$1,208,801	$1,276,109	$1,229,978
'21	$1,215,344	$1,283,979	$1,235,776
'21	$1,224,978	$1,294,749	$1,243,517
'21	$1,230,473	$1,298,612	$1,245,319
'21	$1,233,923	$1,302,178	$1,246,878
'21	$1,243,374	$1,312,978	$1,256,009
'21	$1,240,405	$1,308,160	$1,253,434
'21	$1,231,263	$1,298,719	$1,245,765
'21	$1,228,196	$1,294,922	$1,242,114
'21	$1,236,508	$1,305,946	$1,248,707
'21	$1,237,270	$1,308,053	$1,250,506
'22	$1,209,166	$1,272,248	$1,219,951
'22	$1,203,033	$1,267,690	$1,216,178
'22	$1,169,689	$1,226,595	$1,183,799
'22	$1,140,591	$1,192,668	$1,158,983
'22	$1,154,392	$1,210,385	$1,175,308
'22	$1,140,994	$1,190,561	$1,165,428
'22	$1,166,504	$1,222,018	$1,191,446
'22	$1,143,642	$1,195,236	$1,170,848
'22	$1,108,147	$1,149,362	$1,135,327
'22	$1,101,237	$1,139,803	$1,131,014
'22	$1,143,175	$1,193,116	$1,170,613
'22	$1,145,848	$1,196,532	$1,176,124
'23	$1,176,212	$1,230,903	$1,202,566
'23	$1,152,340	$1,203,070	$1,179,919
'23	$1,173,295	$1,229,763	$1,202,824
'23	$1,173,976	$1,226,954	$1,199,498
'23	$1,163,901	$1,216,322	$1,188,906
'23	$1,172,193	$1,228,506	$1,197,879
'23	$1,175,049	$1,233,366	$1,202,581
'23	$1,166,031	$1,215,610	$1,190,471
'23	$1,140,746	$1,179,982	$1,163,726
'23	$1,131,692	$1,169,941	$1,158,946
'23	$1,184,980	$1,244,210	$1,214,944
'23	$1,212,102	$1,273,128	$1,237,960
'24	$1,210,747	$1,266,626	$1,233,181
'24	$1,215,006	$1,268,253	$1,234,399
'24	$1,215,924	$1,268,213	$1,234,348
'24	$1,204,700	$1,252,506	$1,221,674
'24	$1,202,320	$1,248,832	$1,214,419

Yearly periods ended May 31

Average Annual Total Returns

Class/Index	1-Year	5-Year	10-Year
Institutional Class No Sales Charge	3.30%	1.12%	1.86%
Bloomberg Municipal Bond Index	2.67%	0.93%	2.25%
Bloomberg Municipal Bond 1-15 Year Blend (1-17) Index	2.15%	0.99%	1.96%

Key Fund Statistics

Net Assets ($)	734,108,435
Number of Portfolio Holdings	299
Portfolio Turnover Rate (%)	47
Total Net Advisory Fees Paid ($)	2,402,273
Modified Duration to Worst	4.7 years

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

What did the Fund invest in?

Holdings-based data is subject to change.

Asset Allocation

Asset Type	% of Net Assets
Revenue Bonds	86%
General Obligation Bonds	9%
Lease Obligations	5%
Variable Rate Demand Notes	1%
Escrow To Maturity/prerefunded Bonds	0%
Other Assets and Liabilities, Net	(1%)
Total	100%

Credit Quality

Credit Rating	% of Net Assets
AAA	10%
AA	42%
A	28%
BBB	13%
BB	2%
Not Rated	5%
Total	100%

Additional Information

Householding

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

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

DITFF-TSRA-I

R-101129-1 (7/24)


	(b) Not applicable

Item 2.	Code of Ethics.

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

Item 3.	Audit Committee Financial Expert.

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

Item 4.	Principal Accountant Fees and Services.

DWS 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
2024	$40,311	$0	$7,629	$0
2023	$40,311	$0	$7,880	$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
2024	$0	$0	$0
2023	$0	$572,355	$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)
2024	$7,629	$0	$0	$7,629
2023	$7,880	$572,355	$0	$580,235

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for DIMA and other related entities.

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm and (i) and (j) are not applicable.

***

In connection with the audit of the 2023 and 2024 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***


Item 5.	Audit Committee of Listed Registrants

	Not applicable

Item 6.	Investments.

	Not applicable

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

May 31, 2024

Annual Financial Statements and Other Information

DWS Intermediate Tax-Free Fund

Contents

3	Investment Portfolio
22	Statement of Assets and Liabilities
24	Statement of Operations
25	Statements of Changes in Net Assets
26	Financial Highlights
30	Notes to Financial Statements
39	Report of Independent Registered Public Accounting Firm
41	Tax Information
42	Advisory Agreement Board Considerations and Fee Evaluation

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

DWS Intermediate Tax-Free Fund

Investment Portfolioas of May 31, 2024

	Principal Amount ($)		Value ($)
Municipal Investments 101.3%
Alabama 4.3%
Alabama, Black Belt Energy Gas District Gas Project Revenue:
Series D-1, 4.0%, Mandatory Put 6/1/2027 @ 100, 7/1/2052, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada		1,335,000	1,336,644
Series C-1, 4.0%, Mandatory Put 12/1/2026 @ 100, 10/1/2052, GTY: Goldman Sachs Group, Inc.		7,000,000	6,987,504
Series B-1, 4.0%, Mandatory Put 10/1/2027 @ 100, 4/1/2053, GTY: Goldman Sachs Group, Inc.		2,615,000	2,610,520
Jefferson, AL, Sewer Revenue, 5.25%, 10/1/2041		1,500,000	1,643,607
Southeast Alabama, Energy Authority A Cooperative District:
Series B-1, 5.0%, Mandatory Put 8/1/2028 @ 100, 5/1/2053, GTY: Goldman Sachs Group, Inc.		3,635,000	3,751,194
Series B, 5.0%, Mandatory Put 6/1/2030 @ 100, 1/1/2054, LIQ: Royal Bank of Canada		8,490,000	8,935,144
Series A-1, 5.5%, Mandatory Put 1/1/2031 @ 100, 11/1/2053, GTY: Morgan Stanley		6,000,000	6,428,022
			31,692,635
Arizona 2.8%
Arizona, Chandler Industrial Development Authority, Intel Corp., 3.8%, Mandatory Put 6/15/2028 @ 100, 12/1/2035		3,000,000	2,978,187
Arizona, Industrial Development Authority, Authority Hospital Revenue Bond, Phoenix Childrens Hospital:
Series A, 5.0%, 2/1/2030		600,000	647,973
Series A, 5.0%, 2/1/2031		1,200,000	1,307,864
Arizona, Salt River Project Agricultural Improvement and Power District, Electric System Revenue:
Series A, 5.0%, 1/1/2028		1,160,000	1,227,169
Series A, 5.0%, 1/1/2029		1,605,000	1,723,743
Arizona, State Industrial Development Authority Revenue, “A” , Series 2019-2, 3.625%, 5/20/2033		4,582,489	4,147,769
Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project, 144A, 4.375%, 7/1/2039		1,500,000	1,342,719
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legency Traditional School Project, Series B, 144A, 5.0%, 7/1/2039		1,000,000	1,001,736

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue:
Series D, 5.0%, 12/1/2039 (a)		1,445,000	1,548,542
Series D, 5.0%, 12/1/2040 (a)		1,500,000	1,591,706
Series D, 5.0%, 12/1/2041 (a)		1,000,000	1,055,380
Yavapai County, AZ, Industrial Development Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, Series A-2, AMT, 4.25%, Mandatory Put 6/3/2024 @ 100, 3/1/2028		1,750,000	1,750,000
			20,322,788
California 7.2%
Anaheim, CA, Housing & Public Improvements Authority, Electric Utility Distribution System:
Series E, 5.0%, 10/1/2028		1,000,000	1,057,458
Series E, 5.0%, 10/1/2029		1,000,000	1,058,496
California, Bay Area Toll Authority, Toll Bridge Revenue:
Series D, MUNIPSA + 0.3%, 3.66% (b), Mandatory Put 4/1/2027 @ 100, 4/1/2056		3,000,000	2,941,866
Series C, MUNIPSA + 0.45%, 3.81% (b), Mandatory Put 4/1/2026 @ 100, 4/1/2056		1,000,000	989,972
California, Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A” , Series M-050, 144A, AMT, 3.05%, 6/15/2037		6,150,000	5,277,554
California, Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, Prerefunded, 5.0%, 6/1/2032		5,000,000	5,357,744
California, Municipal District Water & Waste Water Revenue, Series B, MUNIPSA + 0.1%, 3.46% (b), 7/1/2046		3,910,000	3,908,419
California, State Housing Finance Agency, Multi-Family Green Tax-Exempt Mortgage Backed Bonds, Noble Towers Apartment, Series N, 2.35%, 12/1/2035		9,271,138	7,522,505
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Foxwood Apartments Project, Series J, 3.13% (c), 6/7/2024, LOC: Wells Fargo Bank NA		200,000	200,000
California, University of California Revenue:
Series BS, 5.0%, 5/15/2041		2,000,000	2,246,824
Series Z-2, 5.37% (c), 6/7/2024		2,100,000	2,100,000
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport:
Series H, AMT, 5.5%, 5/15/2036		1,820,000	2,039,521
Series H, AMT, 5.5%, 5/15/2037		4,985,000	5,561,386

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series A, AMT, 5.0%, 5/1/2035		7,000,000	7,315,122
Santa Barbara County, CA, Solid Waste System Revenue, Certificates of Participation, Series B, AMT, 5.0%, 12/1/2035		5,000,000	5,226,857
			52,803,724
Colorado 3.2%
Colorado, Bridge & Tunnel Enterprise Revenue:
Series A, 5.0%, 12/1/2041, INS: AGMC		550,000	598,782
Series A, 5.0%, 12/1/2042, INS: AGMC		1,525,000	1,653,856
Colorado, General Obligation, Vauxmont Metropolitan District, 3.25%, 12/15/2050, INS: AGMC		1,605,000	1,256,759
Colorado, State Housing & Finance Authority, “III” , Series H, 4.25%, 11/1/2049		1,175,000	1,168,380
Colorado, State Housing & Finance Authority Revenue, “III” , Series L, 5.75%, 11/1/2053		4,935,000	5,186,585
Denver City & County, CO, Airport System Revenue:
Series A, AMT, 5.0%, 12/1/2035		10,000,000	10,386,862
Series D, AMT, 5.75%, 11/15/2037		1,375,000	1,575,619
Denver, CO, Convention Center Hotel Authority Revenue:
5.0%, 12/1/2027		500,000	508,020
5.0%, 12/1/2033		500,000	508,103
5.0%, 12/1/2034		1,000,000	1,015,912
			23,858,878
Connecticut 1.2%
Connecticut, State General Obligation, Series B, 3.0%, 6/1/2037		1,075,000	935,506
Connecticut, State Housing Finance Program Authority Revenue:
Series A-1, 4.0%, 11/15/2047		1,070,000	1,060,472
Series D, 6.25%, 5/15/2054		1,950,000	2,100,348
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure Purpose:
Series A, 5.0%, 7/1/2028		3,000,000	3,187,435
Series A, 5.0%, 7/1/2038		1,565,000	1,736,003
			9,019,764
District of Columbia 0.2%
District of Columbia, Income Tax Revenue, Series A, 5.0%, 10/1/2037		1,000,000	1,135,455

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Florida 6.3%
Broward County, FL, Airport System Revenue, Series A, AMT, 5.0%, 10/1/2037		2,365,000	2,454,261
Central Florida, Tourism Oversight District, Reedy Creek Improvement District, Series A, 4.0%, 6/1/2032		1,500,000	1,511,595
Escambia County, FL, Housing Finance Authority Single Family Mortgage Revenue, County Program, Series A, 4.75%, 4/1/2050		1,975,000	1,976,158
Florida, Capital Project Finance Authority, Student Housing Revenue, Series A-1, 5.0%, 10/1/2029		1,650,000	1,680,576
Florida, Capital Trust Agency, Educational Growth Fund, Charter Educational Foundation Project, Series A-1, 144A, 3.375%, 7/1/2031		2,100,000	1,991,112
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects:
Series A, 144A, 5.0%, 11/15/2030		1,000,000	929,920
Series A, 5.0%, 6/15/2035		1,000,000	1,018,190
Florida, Development Finance Corp., AAF Operations Holdings LLC, 144A, AMT, 12.0%, Mandatory Put 7/15/2028 @ 109, 7/15/2032		2,085,000	2,168,400
Florida, Development Finance Corp., Brightline Trains Florida LLC, AMT, 5.0%, 7/1/2041		6,000,000	6,168,788
Florida, Development Finance Corp., Health Sciences Center Inc. Obligated Group, Series A, 5.0%, 8/1/2041		1,000,000	1,049,978
Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032		2,145,000	2,150,174
Florida, Village Community Development District No. 15, Special Assessment Revenue, 144A, 4.85%, 5/1/2038		1,000,000	1,011,671
Jacksonville, FL, Special Revenue, Series C, 5.25%, 10/1/2036		5,000,000	5,655,499
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project, Series A, 144A, 5.0%, 1/15/2029		540,000	542,540
Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027		4,360,000	4,366,312
Miami-Dade County, FL, School Board, Certificates of Participation, Series D, 5.0%, 2/1/2029		7,000,000	7,141,661
Miami-Dade County, FL, Seaport Revenue, Series A, AMT, 5.0%, 10/1/2040		2,250,000	2,374,204
Miami-Dade County, FL, Water & Sewer System Revenue, Series A, 5.0%, 10/1/2048		750,000	803,562
Village, FL, Community Development District No. 13, Special Assessment Revenue, 3.0%, 5/1/2029		955,000	908,980
			45,903,581

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Georgia 6.4%
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.25%, 11/1/2027, INS: AGMC		10,000,000	10,422,017
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	8,707,857
Cobb County, GA, Kennestone Hospital Authority, Wellstar Health System, Inc. Project:
Series B, 4.0%, 4/1/2032		200,000	198,451
Series B, 4.0%, 4/1/2033		200,000	198,018
Series B, 4.0%, 4/1/2034		250,000	247,676
Series B, 4.0%, 4/1/2035		225,000	223,150
Series B, 4.0%, 4/1/2036		250,000	247,265
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	1,223,843
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series C, 4.0%, Mandatory Put 12/1/2028 @ 100, 5/1/2052, GTY: Citigroup Global Markets		10,000,000	9,989,428
Series C, 5.0%, Mandatory Put 9/1/2030 @ 100, 9/1/2053, GTY: Royal Bank of Canada		1,155,000	1,213,394
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.		1,705,000	1,707,230
Georgia, Main Street Natural Gas, Inc., Gas Supply Revenue:
Series B, 4.0%, Mandatory Put 12/2/2024 @ 100, 8/1/2049, GTY: TD Bank NA		5,000,000	4,998,387
Series A, 5.0%, 5/15/2035, GTY: Macquarie Group Ltd.		3,135,000	3,217,114
Georgia, Paulding County Hospital Authority Revenue, WellStar Health System Obligated Group, Series A, 5.0%, 4/1/2043		2,065,000	2,162,861
Monroe County, GA, Development Authority, Pollution Control Revenue, Georgia Power Co. Plant Scherer Project, Series 1st, 2.25%, 7/1/2025		2,295,000	2,234,171
			46,990,862
Hawaii 0.6%
Hawaii, State General Obligation, Series FK, 4.0%, 5/1/2032		4,400,000	4,428,400
Illinois 5.6%
Chicago, IL, Midway International Airport Revenue, Series A, AMT, 5.75%, 1/1/2041, INS: BAM		1,000,000	1,117,595
Chicago, IL, O’Hare International Airport Revenue:
Series C, AMT, 5.0%, 1/1/2035		715,000	765,651
Series C, AMT, 5.0%, 1/1/2036		500,000	534,655

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
5.25%, 1/1/2039, INS: BAM		825,000	904,005
5.25%, 1/1/2040, INS: BAM		1,130,000	1,231,244
Chicago, IL, O’Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2036		2,500,000	2,583,170
Illinois, Finance Authority Revenue, The Carle Foundation, Series C, 3.37% (c), 6/7/2024, LOC: Barclays Bank PLC		100,000	100,000
Illinois, Housing Development Authority Revenue, Series K, 6.25%, 10/1/2053		4,945,000	5,409,437
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL		5,000,000	5,004,980
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.25%, 4/1/2045		1,000,000	1,098,926
Illinois, State General Obligation:
5.0%, 11/1/2024		5,325,000	5,345,111
Series B, 5.0%, 5/1/2028		1,000,000	1,044,679
Series B, 5.25%, 10/1/2037		2,000,000	2,202,450
5.5%, 5/1/2025		1,500,000	1,521,517
Series C, 5.5%, 10/1/2039		2,000,000	2,226,835
Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028		6,500,000	6,567,504
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029		3,500,000	3,529,379
			41,187,138
Indiana 2.1%
Indiana, Finance Authority Revenue, Deaconess Health System, Series B, MUNIPSA + 0.3%, 3.66% (b), Mandatory Put 3/1/2027 @ 100, 3/1/2039		2,245,000	2,212,329
Indiana, Rockport Pollution Control Revenue, Michigan Power Co. Project, Series A, 3.05%, 6/1/2025		3,700,000	3,653,773
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2033		2,000,000	2,056,924
Indiana, State Finance Authority, CWA Authority Inc., Revenue:
Series A, 5.0%, 10/1/2040 (a)		1,000,000	1,096,093
Series A, 5.0%, 10/1/2041 (a)		1,000,000	1,091,324
Indianapolis, IN, Local Public Improvement Bond Bank, Airport Authority Project:
Series I2, AMT, 5.0%, 1/1/2030		1,500,000	1,578,465
Series G-2, AMT, 5.25%, 1/1/2037		1,700,000	1,856,077
Series E, 5.5%, 3/1/2038		2,000,000	2,184,477
			15,729,462

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Iowa 0.4%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated Group, Series B, 6.6%, 5/15/2028		2,000,000	2,069,445
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039		215,000	200,620
Iowa, Tobacco Settlement Authority Revenue, “2” , Series B1, 4.0%, 6/1/2049		510,000	496,376
			2,766,441
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	1,308,243
Maryland 0.2%
Maryland, State Community Development Administration, Series B, 5.35% (c), 6/7/2024, SPA: TD Bank NA		1,200,000	1,200,000
Massachusetts 2.0%
Massachusetts, Educational Financing Authority Education Loan Revenue, Series B, AMT, 2.0%, 7/1/2037		475,000	400,587
Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group:
Series J2, 5.0%, 7/1/2033		1,000,000	1,031,998
Series J2, 5.0%, 7/1/2034		2,000,000	2,064,545
Massachusetts, State Development Finance Agency Revenue, Northeastern University, 5.0%, 10/1/2037		1,250,000	1,393,847
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035		140,000	138,627
Massachusetts, State Port Authority:
Series A, AMT, 5.0%, 7/1/2035		5,000,000	5,275,905
Series A, AMT, 5.0%, 7/1/2036		4,000,000	4,213,109
			14,518,618
Michigan 2.8%
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2031		10,700,000	10,976,671
Michigan, State Strategic Fund Ltd., Obligation Revenue, Improvement Project:
AMT, 5.0%, 6/30/2032		1,320,000	1,351,106
AMT, 5.0%, 12/31/2032		700,000	716,472
AMT, 5.0%, 12/31/2033		1,600,000	1,638,161

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Michigan, Trunk Line Revenue, Rebuilding Michigan Program:
Series A, 4.0%, 11/15/2038		2,500,000	2,529,311
5.5%, 11/15/2044		3,000,000	3,393,573
			20,605,294
Minnesota 0.2%
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038		2,070,000	1,754,266
Mississippi 1.7%
Mississippi, State Gaming Tax Revenue:
Series E, 5.0%, 10/15/2028		4,755,000	4,802,897
Series A, 5.0%, 10/15/2036		4,000,000	4,093,231
Mississippi, State University Educational Building Corp. Revenue, Institutions of Higher Learning:
Series B, 5.0%, 8/1/2042		1,465,000	1,609,915
Series B, 5.0%, 8/1/2043		1,540,000	1,684,856
			12,190,899
Missouri 1.3%
Missouri, Higher Education Loan Authority Revenue, Taxable Student Loan Asset Back Notes, “A1A” , Series 2021-1, 1.53%, 1/25/2061		3,713,279	3,176,008
Missouri, Plaza At Noah’s Ark Community Improvement District, 3.0%, 5/1/2030		725,000	655,943
Missouri, State Health & Educational Facilities Authority Revenue, St Louis University, Series B, 4.1% (c), 6/3/2024, LOC: U.S. Bank NA		2,200,000	2,200,000
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership Loan Program, Series C, 6.0%, 5/1/2053		3,380,000	3,659,314
			9,691,265
Nebraska 0.8%
Nebraska, Public Power District Revenue:
Series A, 5.0%, 1/1/2037		2,750,000	2,983,416
Series A, 5.0%, 1/1/2038		3,000,000	3,238,834
			6,222,250
Nevada 0.1%
Sparks, NV, Tourism Improvement District #1 Revenue, Sales Tax, Series A, 144A, 2.75%, 6/15/2028		915,000	864,687

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
New Hampshire 0.9%
New Hampshire, Business Finance Authority Revenue:
“A", Series 2, 4.0%, 10/20/2036		2,936,042	2,723,376
Series 2022-1, 4.375%, 9/20/2036		3,901,926	3,740,359
			6,463,735
New Jersey 2.7%
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040* (d)		1,505,000	1,030,304
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 3.125%, 7/1/2029		915,000	862,691
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
Series B, AMT, 3.25%, 12/1/2039		780,000	715,612
Series B, AMT, 3.5%, 12/1/2039		1,310,000	1,237,008
Series B, AMT, 4.0%, 12/1/2041		5,000,000	4,743,547
New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A, 5.0%, 6/15/2029		970,000	992,129
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series CC, 5.0%, 6/15/2038		2,000,000	2,182,666
New Jersey, State Turnpike Authority Revenue:
Series A, 4.0%, 1/1/2035 (a)		2,000,000	2,083,611
Series C, 5.0%, 1/1/2045 (a)		3,000,000	3,189,020
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2030		3,000,000	3,159,528
			20,196,116
New Mexico 0.3%
New Mexico, State Mortgage Finance Authority, “I” , Series C, 4.0%, 1/1/2050		1,965,000	1,945,847
New York 10.2%
Broome County, NY, Local Development Corp., Revenue, United Health Services Hospitals, Inc., Project:
3.0%, 4/1/2035, INS: AGMC		1,820,000	1,532,818
3.0%, 4/1/2036, INS: AGMC		1,750,000	1,453,562
New York, Metropolitan Transportation Authority Revenue:
Series G-1, 3.41% (c), 6/7/2024, LOC: TD Bank NA		200,000	200,000
Series 2012-G1, 4.0% (c), 6/3/2024, LOC: Barclays Bank PLC		500,000	500,000
Series E-1, 4.0% (c), 6/3/2024, LOC: Barclays Bank PLC		1,250,000	1,250,000
Series B, 5.0%, 11/15/2028		3,170,000	3,373,412
Series C1, 5.0%, 11/15/2028		1,200,000	1,272,210

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Series A2, 5.0%, Mandatory Put 5/15/2030 @100, 11/15/2045		5,335,000	5,671,333
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	8,884,262
New York, State Liberty Development Corp. Revenue, A World Trade Center Project, Series A, 1.9%, 11/15/2031		800,000	652,913
New York, State Liberty Development Corp., Second Priority Liberty Revenue, “1” , 2.45%, 9/15/2069		5,000,000	4,518,058
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport Terminal, AMT, 6.0%, 4/1/2035		2,400,000	2,728,615
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	4,044,201
New York, State Transportation Development Corp., Special Facility Revenue, Terminal 4 John F. Kennedy International Airport Project, AMT, 5.0%, 12/1/2030		5,000,000	5,266,583
New York, Triborough Bridge & Tunnel Authority Revenue, MTA Bridges & Tunnels, Series B, 5.0%, 5/15/2046		1,000,000	1,079,258
New York, Utility Debt Securitization Authority, Restructuring Revenue, Series TE, 5.0%, 12/15/2038		7,000,000	7,893,361
New York City, NY, General Obligation, Series D, 5.0%, 4/1/2043		1,000,000	1,088,106
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue, Series A-2, 3.73%, Mandatory Put 12/29/2028 @ 100, 5/1/2063		4,000,000	3,961,137
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series CC-SUBSERIES CC-2, 5.0%, 6/15/2046		1,250,000	1,350,829
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series F-1, 5.0%, 2/1/2042		1,500,000	1,641,060
Series G-1, 5.25%, 5/1/2048		2,750,000	3,010,344
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S3A, 5.0%, 7/15/2035		5,000,000	5,222,899
New York, NY, General Obligation:
Series C, 4.0%, 8/1/2037		1,000,000	1,011,045
Series E1, 5.0%, 4/1/2038		900,000	995,711
Series E1, 5.0%, 4/1/2039		1,250,000	1,376,919
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute:
Series A, 5.0%, 9/1/2030		1,345,000	1,441,564
Series A, 5.0%, 9/1/2031		3,520,000	3,757,127
			75,177,327

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
North Carolina 0.6%
North Carolina, Greater Asheville Regional Airport Authority Revenue, AMT, 5.25%, 7/1/2042, INS: AGMC		1,150,000	1,239,794
North Carolina, State Education Assistance Authority Revenue, Series A, AMT, 5.0%, 6/1/2043		620,000	604,350
North Carolina, State Turnpike Authority, Monroe Expressway System:
5.0%, 7/1/2036		1,000,000	1,109,520
5.0%, 7/1/2037		1,000,000	1,104,546
5.0%, 7/1/2038		500,000	549,503
			4,607,713
North Dakota 1.1%
North Dakota, State Housing Finance Agency, Home Mortgage Housing Finance Program:
Series B, MUNIPSA + 0.2%, 3.56% (b), Mandatory Put 7/1/2024 @100, 1/1/2043		3,075,000	3,074,153
Series A, 6.0%, 7/1/2054		5,000,000	5,365,090
			8,439,243
Ohio 2.5%
Cincinnati, OH, University of Cincinnati, Revenue:
Series D, 5.0%, 6/1/2039 (a)		1,070,000	1,173,249
Series D, 5.0%, 6/1/2040 (a)		1,120,000	1,218,844
Series D, 5.0%, 6/1/2041 (a)		1,180,000	1,275,188
City of Akron, OH, City of Akron, Income Tax Revenue:
4.0%, 12/1/2029		1,500,000	1,527,588
4.0%, 12/1/2030		1,210,000	1,235,522
4.0%, 12/1/2031		1,105,000	1,126,666
Hamilton County, OH, Sewer System Revenue, Series B, 5.0%, 12/1/2030 (a)		1,180,000	1,286,851
Ohio, Air Quality Development Authority, Series A, AMT, 4.25%, Mandatory Put 6/1/2027 @ 100, 11/1/2039		1,000,000	996,747
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Summa Health System, 4.0%, 11/15/2035		1,665,000	1,585,622
Ohio, Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Series B, 5.0%, 1/1/2029		1,715,000	1,837,356
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2028		5,000,000	4,897,316
			18,160,949

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Oregon 0.3%
Oregon, State Facilities Authority Revenue, Peacehealth Systems, Series A, 4.1% (c), 6/3/2024, LOC: U.S. Bank NA		210,000	210,000
Oregon, State Housing & Community Services Department, Mortgage Revenue, Series A, 4.5%, 1/1/2049		1,875,000	1,870,354
			2,080,354
Pennsylvania 8.7%
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2034		5,000,000	5,174,590
Lancaster County, PA, Hospital Authority, Brethren Village Project, 5.125%, 7/1/2037		1,000,000	961,702
Montgomery County, PA, Higher Education & Health Authority, State Presbyterian Homes, Inc. Project:
5.0%, 12/1/2027		2,240,000	2,259,944
5.0%, 12/1/2032		2,745,000	2,787,144
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project, Series A, 5.0%, 12/1/2033		8,435,000	8,548,183
Pennsylvania, Bucks County Water and Sewer Authority, Sewer System Revenue:
Series A, 5.0%, 12/1/2038, INS: AGMC		1,025,000	1,123,639
Series A, 5.0%, 12/1/2040, INS: AGMC		1,625,000	1,762,104
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue:
Series A, AMT, 2.45%, 6/1/2041		2,700,000	2,224,146
Series A, 2.625%, 6/1/2042		510,000	417,756
Pennsylvania, State Certificates of Participation:
Series A, 5.0%, 7/1/2029		300,000	316,439
Series A, 5.0%, 7/1/2031		850,000	895,058
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, Series A-2, 5.0%, 5/15/2039		1,200,000	1,289,420
Pennsylvania, State Economic Development Financing Authority Tax-Exempt Private Activity Revenue, Major Bridges Package One Project:
AMT, 5.5%, 6/30/2037		2,400,000	2,653,213
AMT, 5.5%, 6/30/2038		3,000,000	3,297,385
AMT, 5.5%, 6/30/2039		4,000,000	4,378,153

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
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	1,246,640
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue:
Series 119, AMT, 3.5%, 10/1/2041		380,000	378,061
Series 122, AMT, 4.0%, 10/1/2046		1,935,000	1,922,109
Series 143A, 6.25%, 10/1/2053		2,000,000	2,155,881
Pennsylvania, State Turnpike Commission Revenue:
Series C, 5.0%, 12/1/2028		2,950,000	2,975,251
Series B, 5.0%, 6/1/2029		5,000,000	5,127,420
Series FIRST, 5.0%, 12/1/2039		860,000	942,820
Series FIRST, 5.0%, 12/1/2040		855,000	923,940
Series FIRST, 5.0%, 12/1/2041		855,000	942,301
Philadelphia, PA, School District:
Series F, 5.0%, 9/1/2030		8,970,000	9,153,782
Series F, Prerefunded, 5.0%, 9/1/2030		30,000	31,019
			63,888,100
Rhode Island 0.5%
Rhode Island, Health and Educational Building Corp. Revenue, Providence College, 5.0%, 11/1/2041		1,500,000	1,617,504
Rhode Island, Tobacco Settlement Financing Corp., Series B, 4.5%, 6/1/2045		1,880,000	1,842,453
			3,459,957
South Carolina 0.5%
South Carolina, State Housing Finance & Development Authority, Mortgage Revenue, Series A, 4.0%, 1/1/2050		220,000	216,874
South Carolina, State Jobs-Economic Development Authority Revenue, Novant Health Obligated Group, Series A, 5.5%, 11/1/2045		3,000,000	3,326,042
			3,542,916
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	2,581,152
Memphis & Shelby County, TN, New Memphis Arena Public Building Authority, City of Memphis Project:
0%–4.0% 4/1/2029 (e)		1,100,000	991,241
0%–4.0% 4/1/2030 (e)		750,000	672,703

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 5.5%, 7/1/2038		1,625,000	1,799,690
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Belmont University, 5.0%, 5/1/2039		500,000	535,687
			6,580,473
Texas 12.4%
Austin, TX, Airport System Revenue, AMT, 5.0%, 11/15/2033		1,250,000	1,347,442
Austin, TX, Independent School District, General Obligation, 5.0%, 8/1/2042		2,000,000	2,171,947
Austin, TX, Water & Wastewater System Revenue:
5.0%, 11/15/2038		3,500,000	3,881,038
5.0%, 11/15/2049 (a)		1,000,000	1,069,848
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series E, 4.0%, 1/1/2037		1,500,000	1,508,050
City of Corpus Christi, TX, Utility System Revenue, 5.0%, 7/15/2049 (a)		1,665,000	1,768,439
Conroe, TX, Independent School District, General Obligation, 5.0%, 2/15/2043		2,500,000	2,728,446
Dallas, TX, Fort Worth International Airport:
Series B, 5.0%, 11/1/2037		1,200,000	1,322,061
Series B, 5.0%, 11/1/2040		3,500,000	3,833,943
Dallas, TX, Kay Bailey Hutchison Convention Center Project, Senior Lien, Special Tax, 144A, 6.0%, Mandatory Put 8/15/2028 @ 100, 8/15/2053		3,015,000	3,039,867
Harris County, TX, Industrial Development Corp. Revenue, Energy Transfer LP, 4.05%, Mandatory Put 6/1/2033 @ 100, 11/1/2050		1,275,000	1,271,189
Harris County, TX, Toll Road Revenue, Series A, 5.25%, 8/15/2049 (a)		2,400,000	2,634,844
Houston, TX, Airport System Revenue, Series A, AMT, 4.0%, 7/1/2038		2,000,000	1,944,665
Houston, TX, Hotel Occupancy Tax And Special Revenue, Convention And Entertainment Facilities Department:
5.0%, 9/1/2027		1,590,000	1,650,790
5.0%, 9/1/2028		1,350,000	1,415,717
Lower Colorado, TX, State Transmission Contract Authority Revenue, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2041, INS: AGMC		5,000,000	5,377,294
North Texas, Tollway Authority Revenue, Series A, 5.25%, 1/1/2038		2,500,000	2,777,259
Northside, TX, Independent School District, 1.6%, 8/1/2049		2,915,000	2,904,008

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Prosper, TX, Independent School District, General Obligation, 5.0%, 2/15/2041		4,000,000	4,386,553
Texas, Aldine Independent School District:
4.0%, 2/15/2032		3,000,000	3,018,991
5.0%, 2/15/2044		2,750,000	2,980,224
Texas, Hurst-Euless-Bedford Independent School District, General Obligation, 5.0%, 8/15/2043		1,500,000	1,650,828
Texas, Lamar Consolidated Independent School District:
5.0%, 2/15/2041		2,530,000	2,730,336
5.0%, 2/15/2042		3,045,000	3,273,750
5.0%, 2/15/2043		2,625,000	2,808,840
Texas, New Hope Cultural Education Facilities Finance Corp., Education Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2040		6,000,000	5,946,981
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments 3 LLC, AMT, 5.5%, 6/30/2040		1,000,000	1,077,253
Texas, State Department of Housing & Community Affairs, 2.17%, 5/1/2038		5,716,641	4,157,577
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.		4,500,000	4,624,095
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue:
Series A, 4.0%, 12/31/2035		500,000	500,765
Series A, 4.0%, 12/31/2036		2,000,000	1,989,871
Texas, State Water Development Board, Series A, 4.0%, 10/15/2032		5,000,000	5,006,592
Texas, Transmission Contract Authority Revenue, LCRA Transmission Services Corp. Project, 5.0%, 5/15/2043, INS: AGMC		3,790,000	4,075,389
			90,874,892
Utah 0.9%
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2035		5,000,000	5,156,950
Utah, State Housing Corp. Revenue, Series A, 6.5%, 1/1/2054		840,000	915,447
Utah, State Telecommunication Open Infrastructure Agency Sales Tax and Telecommunications Revenue, 5.25%, 6/1/2037		250,000	278,206
			6,350,603
Vermont 0.2%
Vermont, State Educational & Health Buildings Financing Agency Revenue, St. Michael’s College, 144A, 5.0%, 10/1/2033		1,500,000	1,500,201

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
Virginia 2.9%
Hampton Roads, VA, Transportation Accountability Commission Revenue, Senior Lien Revenue:
Series A, 4.0%, 7/1/2036		2,070,000	2,128,877
Series A, 4.0%, 7/1/2038		4,370,000	4,429,962
Virginia, Small Business Financing Authority:
AMT, 4.0%, 1/1/2030		1,500,000	1,494,370
AMT, 4.0%, 7/1/2030		1,000,000	996,630
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series B, 4.0%, 2/1/2029		5,005,000	5,010,005
Virginia, State Public School Authority, School Financing, Series B, 4.0%, 8/1/2029		7,060,000	7,134,749
			21,194,593
Washington 3.9%
Port of Seattle, WA, Revenue Bonds:
Series B, AMT, 5.0%, 8/1/2036		3,570,000	3,809,276
Series B, AMT, 5.0%, 8/1/2038		5,000,000	5,284,722
Seattle, WA, Seattle Municipal Light & Power Revenue, Series B, MUNIPSA + 0.25%, 3.61% (b), Mandatory Put 11/1/2026 @ 100, 5/1/2045		895,000	874,231
Washington, Central Puget Sound Regional Transit Authority Sales & Use Taxes Revenue, Motor Vehicle Excise Tax Improvement, Green Bond, Series 2015-S-2A, MUNIPSA + 0.2%, 3.56% (b), Mandatory Put 11/1/2026 @ 100, 11/1/2045		5,385,000	5,315,105
Washington, State Convention Center Public Facilities District:
Series B, 3.0%, 7/1/2036		5,185,000	4,459,867
4.0%, 7/1/2031		3,000,000	2,925,420
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, 5.0%, 8/15/2029		2,300,000	2,335,407
Washington, State Housing Finance Commission, Horizon House Project:
144A, 5.0%, 1/1/2028		750,000	749,970
144A, 5.0%, 1/1/2029		840,000	839,626
144A, 5.0%, 1/1/2031		1,030,000	1,023,695
144A, 5.0%, 1/1/2033		1,050,000	1,034,858
Washington, State Housing Finance Commission, Panorama Project, 3.35% (c), 6/7/2024, LOC: Wells Fargo Bank NA		155,000	155,000
			28,807,177

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

DWS Intermediate Tax-Free Fund

	Principal Amount ($)		Value ($)
West Virginia 0.5%
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, AMT, 4.125%, Mandatory Put 7/1/2025 @ 100, 7/1/2045		1,250,000	1,244,824
West Virginia, State Hospital Finance Authority Revenue, State University Health System Obligated Group, Series A, 5.0%, 6/1/2032		2,400,000	2,477,027
			3,721,851
Wisconsin 0.1%
Wisconsin, State General Obligation, Series 1, 5.0%, 5/1/2036 (a)		650,000	723,490
Puerto Rico 0.7%
Puerto Rico, General Obligation:
Series A1, 4.0%, 7/1/2033		1,000,000	999,974
Series A1, 5.75%, 7/1/2031		1,910,000	2,129,145
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, Zero Coupon, 7/1/2031		3,000,000	2,286,084
			5,415,203
Other 0.9%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A” , Series M-051, 144A, 2.65%, 6/15/2035		7,525,000	6,130,380
Freddie Mac Multi-Family ML Certificates, “A-CA” , Series 2019-ML05, 3.35%, 11/25/2033		569,979	527,444
			6,657,824
Total Municipal Investments (Cost $762,319,421)			743,983,214

	Shares		Value ($)
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 3.23% (f) (Cost $13,340)		13,338	13,340

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $762,332,761)	101.3	743,996,554
Other Assets and Liabilities, Net	(1.3 )	(9,888,119 )
Net Assets	100.0	734,108,435

*	Non-income producing security.
(a)	When-issued security.

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

DWS Intermediate Tax-Free Fund

(b)	Variable or floating rate security. These securities are shown at their current rate as of May 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable.
(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 May 31, 2024. Date shown reflects the earlier of demand date or stated maturity date.
(d)	Defaulted security or security for which income has been deemed uncollectible.
(e)	Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date.
(f)	Current yield; not a coupon rate.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933.

These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.

AGMC: Assured Guaranty Municipal Corp.

AMT: Subject to alternative minimum tax.

BAM: Build America Mutual

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

MUNIPSA: SIFMA Municipal Swap Index Yield

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

SPA: Standby Bond Purchase Agreement

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

DWS Intermediate Tax-Free Fund

Fair Value Measurements

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

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

Assets	Level 1	Level 2	Level 3	Total
Municipal Investments (a)	$—	$743,983,214	$—	$743,983,214
Open-End Investment Companies	13,340	—	—	13,340
Total	$13,340	$743,983,214	$—	$743,996,554

(a)	See Investment Portfolio for additional detailed categorizations.

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

DWS Intermediate Tax-Free Fund

Statement of Assets and Liabilities

as of May 31, 2024

Assets
Investment in securities, at value (cost $762,332,761)	$743,996,554
Receivable for investments sold	4,390,000
Receivable for Fund shares sold	712,075
Interest receivable	9,015,979
Other assets	46,486
Total assets	758,161,094
Liabilities
Payable for investments purchased — when-issued securities	22,974,864
Payable for Fund shares redeemed	335,244
Distributions payable	246,673
Accrued management fee	159,765
Accrued Trustees' fees	8,516
Other accrued expenses and payables	327,597
Total liabilities	24,052,659
Net assets, at value	$734,108,435
Net Assets Consist of
Distributable earnings (loss)	(32,576,469 )
Paid-in capital	766,684,904
Net assets, at value	$734,108,435

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

DWS Intermediate Tax-Free Fund

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

Net Asset Value
Class A
Net Asset Value and redemption price per share ($99,227,329 ÷ 9,174,697 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$10.82
Maximum offering price per share (100 ÷ 97.25 of $10.82)	$11.13
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,597,659 ÷ 240,221 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$10.81
Class S
Net Asset Value, offering and redemption price per share ($217,566,905 ÷ 20,112,939 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$10.82
Institutional Class
Net Asset Value, offering and redemption price per share ($414,716,542 ÷ 38,348,187 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$10.81

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

DWS Intermediate Tax-Free Fund

Statement of Operations

for the year ended May 31, 2024

Investment Income
Income:
Interest	$27,228,390
Expenses:
Management fee	2,402,273
Administration fee	739,747
Services to shareholders	917,230
Distribution and service fees	279,630
Custodian fee	3,764
Professional fees	73,298
Reports to shareholders	49,818
Registration fees	99,854
Trustees' fees and expenses	34,333
Other	53,675
Total expenses before expense reductions	4,653,622
Expense reductions	(631,936 )
Total expenses after expense reductions	4,021,686
Net investment income	23,206,704
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(4,557,773 )
Change in net unrealized appreciation (depreciation) on investments	6,144,269
Net gain (loss)	1,586,496
Net increase (decrease) in net assets resulting from operations	$24,793,200

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

DWS Intermediate Tax-Free Fund

Statements of Changes in Net Assets

	Years Ended May 31,
Increase (Decrease) in Net Assets	2024	2023
Operations:
Net investment income	$23,206,704	$21,983,478
Net realized gain (loss)	(4,557,773 )	(9,232,307 )
Change in net unrealized appreciation (depreciation)	6,144,269	(8,443,642 )
Net increase (decrease) in net assets resulting from operations	24,793,200	4,307,529
Distributions to shareholders:
Class A	(2,882,807 )	(2,841,602 )
Class C	(53,830 )	(45,920 )
Class S	(7,468,252 )	(7,559,115 )
Institutional Class	(12,666,651 )	(11,452,072 )
Total distributions	(23,071,540 )	(21,898,709 )
Fund share transactions:
Proceeds from shares sold	232,766,102	274,897,639
Reinvestment of distributions	17,885,859	17,052,725
Payments for shares redeemed	(280,129,585 )	(399,063,289 )
Net increase (decrease) in net assets from Fund share transactions	(29,477,624 )	(107,112,925 )
Increase (decrease) in net assets	(27,755,964 )	(124,704,105 )
Net assets at beginning of period	761,864,399	886,568,504
Net assets at end of period	$734,108,435	$761,864,399

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

DWS Intermediate Tax-Free Fund

Financial Highlights

DWS Intermediate Tax-Free Fund — Class A
	Years Ended May 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$10.79	$11.00	$12.02	$11.80	$11.88
Income (loss) from investment operations:
Net investment income	.30	.27	.22	.28	.30
Net realized and unrealized gain (loss)	.03	(.21 )	(.98 )	.29	.02
Total from investment operations	.33	.06	(.76 )	.57	.32
Less distributions from:
Net investment income	(.30 )	(.27 )	(.22 )	(.28 )	(.30 )
Net realized gains	—	—	(.04 )	(.07 )	(.10 )
Total distributions	(.30 )	(.27 )	(.26 )	(.35 )	(.40 )
Net asset value, end of period	$10.82	$10.79	$11.00	$12.02	$11.80
Total Return (%)a,b	3.14	.57	(6.42 )	4.81	2.73
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	99	107	123	155	144
Ratio of expenses before expense reductions (%)	.79	.78	.78	.78	.78
Ratio of expenses after expense reductions (%)	.74	.74	.73	.72	.77
Ratio of net investment income (%)	2.83	2.50	1.92	2.33	2.55
Portfolio turnover rate (%)	47	47	47	38	41

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.

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

DWS Intermediate Tax-Free Fund

DWS Intermediate Tax-Free Fund — Class C
	Years Ended May 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$10.79	$11.00	$12.02	$11.80	$11.88
Income (loss) from investment operations:
Net investment income	.22	.19	.14	.19	.21
Net realized and unrealized gain (loss)	.02	(.21 )	(.98 )	.29	.02
Total from investment operations	.24	(.02 )	(.84 )	.48	.23
Less distributions from:
Net investment income	(.22 )	(.19 )	(.14 )	(.19 )	(.21 )
Net realized gains	—	—	(.04 )	(.07 )	(.10 )
Total distributions	(.22 )	(.19 )	(.18 )	(.26 )	(.31 )
Net asset value, end of period	$10.81	$10.79	$11.00	$12.02	$11.80
Total Return (%)a,b	2.27	(.18 )	(7.12 )	4.03	1.97
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	2	4	7	20
Ratio of expenses before expense reductions (%)	1.57	1.56	1.53	1.53	1.54
Ratio of expenses after expense reductions (%)	1.49	1.49	1.48	1.48	1.52
Ratio of net investment income (%)	2.09	1.72	1.17	1.60	1.80
Portfolio turnover rate (%)	47	47	47	38	41

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.

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

DWS Intermediate Tax-Free Fund

DWS Intermediate Tax-Free Fund — Class S
	Years Ended May 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$10.80	$11.00	$12.03	$11.80	$11.88
Income (loss) from investment operations:
Net investment income	.33	.30	.25	.31	.33
Net realized and unrealized gain (loss)	.02	(.20 )	(.99 )	.30	.02
Total from investment operations	.35	.10	(.74 )	.61	.35
Less distributions from:
Net investment income	(.33 )	(.30 )	(.25 )	(.31 )	(.33 )
Net realized gains	—	—	(.04 )	(.07 )	(.10 )
Total distributions	(.33 )	(.30 )	(.29 )	(.38 )	(.43 )
Net asset value, end of period	$10.82	$10.80	$11.00	$12.03	$11.80
Total Return (%)a	3.30	.92	(6.26 )	5.16	2.99
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	218	248	320	362	443
Ratio of expenses before expense reductions (%)	.63	.63	.64	.61	.62
Ratio of expenses after expense reductions (%)	.49	.49	.48	.48	.52
Ratio of net investment income (%)	3.08	2.74	2.17	2.58	2.80
Portfolio turnover rate (%)	47	47	47	38	41

a	Total return would have been lower had certain expenses not been reduced.

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

DWS Intermediate Tax-Free Fund

DWS Intermediate Tax-Free Fund — Institutional Class
	Years Ended May 31,
	2024	2023	2022	2021	2020
Selected Per Share Data
Net asset value, beginning of period	$10.79	$11.00	$12.02	$11.80	$11.88
Income (loss) from investment operations:
Net investment income	.33	.30	.25	.31	.33
Net realized and unrealized gain (loss)	.02	(.21 )	(.98 )	.29	.02
Total from investment operations	.35	.09	(.73 )	.60	.35
Less distributions from:
Net investment income	(.33 )	(.30 )	(.25 )	(.31 )	(.33 )
Net realized gains	—	—	(.04 )	(.07 )	(.10 )
Total distributions	(.33 )	(.30 )	(.29 )	(.38 )	(.43 )
Net asset value, end of period	$10.81	$10.79	$11.00	$12.02	$11.80
Total Return (%)a	3.30	.82	(6.18 )	5.07	2.99
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	415	404	440	453	356
Ratio of expenses before expense reductions (%)	.55	.55	.55	.54	.55
Ratio of expenses after expense reductions (%)	.49	.49	.48	.47	.52
Ratio of net investment income (%)	3.08	2.75	2.17	2.57	2.80
Portfolio turnover rate (%)	47	47	47	38	41

a	Total return would have been lower had certain expenses not been reduced.

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

DWS Intermediate Tax-Free Fund

Notes to Financial Statements

Organization and Significant Accounting Policies

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

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

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

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

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

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

DWS Intermediate Tax-Free Fund

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any

DWS Intermediate Tax-Free Fund

contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

At May 31, 2024, the Fund had net tax basis capital loss carryforwards of $15,804,643, including short-term losses ($3,666,548) and long-term losses ($12,138,095), which may be applied against realized net taxable capital gains indefinitely.

The Fund has reviewed the tax positions for the open tax years as of May 31, 2024 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and,

DWS Intermediate Tax-Free Fund

therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to premium amortization on debt securities, interest income on defaulted securities and income related to restructuring of certain securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

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

Undistributed tax-exempt income	$1,175,023
Undistributed ordinary income*	$5,607
Capital loss carryforwards	$(15,804,643 )
Net unrealized appreciation (depreciation) on investments	$(17,657,672 )

At May 31, 2024, the aggregate cost of investments for federal income tax purposes was $761,654,226. The net unrealized depreciation for all investments based on tax cost was $17,657,672. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $6,823,379 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $24,481,051.

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

	Years Ended May 31,
	2024	2023
Distributions from tax-exempt income	$23,011,137	$21,790,678
Distributions from ordinary income*	$60,403	$108,031

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

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

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification

DWS Intermediate Tax-Free Fund

clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

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

Purchases and Sales of Securities

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

	Purchases	Sales
Non-U.S. Treasury Obligations	$357,959,972	$361,204,579
U.S. Treasury Obligations	$—	$2,906,391

Related Parties

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

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly at the annual rate (exclusive of any applicable waivers/reimbursements) of 0.315%.

For the period from June 1, 2023 through September 30, 2024, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses

DWS Intermediate Tax-Free Fund

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

Class A		.74%
Class C		1.49%
Class S		.49%
Institutional Class		.49%

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

Class A	$48,417
Class C	2,018
Class S	338,116
Institutional Class	243,385
	$631,936

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee” ) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the year ended May 31, 2024, the Administration Fee was $739,747, of which $60,747 is unpaid.

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

Services to Shareholders	Total Aggregated	Unpaid at May 31, 2024
Class A	$2,431	$406
Class C	305	48
Class S	29,120	4,827
Institutional Class	1,188	180
	$33,044	$5,461

In addition, for the year ended May 31, 2024, the amounts charged to the Fund for recordkeeping and other administrative services provided by

DWS Intermediate Tax-Free Fund

unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$85,021
Class C	2,642
Class S	395,920
Institutional Class	388,439
	$872,022

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

Distribution Fee	Total Aggregated	Unpaid at May 31, 2024
Class C	$19,522	$1,688

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

Service Fee	Total Aggregated	Unpaid at May 31, 2024	Annual Rate
Class A	$253,600	$41,642	.25%
Class C	6,508	513	.25%
	$260,108	$42,155

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended May 31, 2024 aggregated $1,564.

In addition, DDI receives any contingent deferred sales charge (“CDSC” ) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended May 31, 2024, there was no

DWS Intermediate Tax-Free Fund

CDSC for Class C Shares. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the year ended May 31, 2024, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $1,385, of which $343 is unpaid.

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

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the year ended May 31, 2024, the Fund engaged in securities purchases of $103,055,000 and securities sales of $130,595,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.

Line of Credit

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

Fund Share Transactions

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

	Year Ended May 31, 2024		Year Ended May 31, 2023
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	1,356,060	$14,656,162	2,277,483	$24,496,713
Class C	134,794	1,435,775	56,361	609,534
Class S	5,133,832	55,475,963	6,422,018	69,375,774
Institutional Class	14,878,083	161,198,202	16,719,046	180,415,618
		$232,766,102		$274,897,639

DWS Intermediate Tax-Free Fund

	Year Ended May 31, 2024		Year Ended May 31, 2023
	Shares	Dollars	Shares	Dollars
Shares issued to shareholders in reinvestment of distributions
Class A	229,984	$2,485,530	222,135	$2,393,793
Class C	4,307	46,606	3,724	40,104
Class S	638,564	6,901,337	645,546	6,954,046
Institutional Class	781,930	8,452,386	711,306	7,664,782
		$17,885,859		$17,052,725
Shares redeemed
Class A	(2,340,025 )	$(25,283,116 )	(3,751,421 )	$(40,232,732 )
Class C	(108,261 )	(1,172,049 )	(205,359 )	(2,221,907 )
Class S	(8,623,753 )	(93,812,143 )	(13,203,574 )	(142,152,555 )
Institutional Class	(14,786,173 )	(159,862,277 )	(19,920,782 )	(214,456,095 )
		$(280,129,585 )		$(399,063,289 )
Net increase (decrease)
Class A	(753,981 )	$(8,141,424 )	(1,251,803 )	$(13,342,226 )
Class C	30,840	310,332	(145,274 )	(1,572,269 )
Class S	(2,851,357 )	(31,434,843 )	(6,136,010 )	(65,822,735 )
Institutional Class	873,840	9,788,311	(2,490,430 )	(26,375,695 )
		$(29,477,624 )		$(107,112,925 )

DWS Intermediate Tax-Free Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Tax Free Trust and Shareholders of DWS Intermediate Tax-Free Fund:

Opinion on the Financial Statements

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

Basis for Opinion

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

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

DWS Intermediate Tax-Free Fund

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

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

Boston, Massachusetts

July 23, 2024

DWS Intermediate Tax-Free Fund

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended May 31, 2024, 100% are designated as exempt interest dividends for federal income tax purposes.

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

DWS Intermediate Tax-Free Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees” ) approved the renewal of DWS Intermediate Tax-Free Fund’s (the “Fund” ) investment management agreement (the “Agreement” ) with DWS Investment Management Americas, Inc. (“DIMA” ) in September 2023.

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

—

During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the “Independent Trustees” ).

—

The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, profitability, economies of scale, and fall-out benefits 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 as part 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.

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

DWS Intermediate Tax-Free Fund

throughout the world. DWS Group is majority-owned by Deutsche Bank AG, with approximately 20% of its shares publicly traded.

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

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar” ), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2022, the Fund’s performance (Class A shares) was in the 2nd quartile, 1st quartile and 2nd quartile, respectively, of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one-, three- and five-year periods ended December 31, 2022.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. (“Broadridge” ) and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds

DWS Intermediate Tax-Free Fund

(1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.097% fee paid to DIMA under the Fund’s administrative services agreement, were lower than the median (2nd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2022). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2022, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) (“Broadridge Universe Expenses” ). The Board also reviewed data comparing each other operational share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable DWS U.S. registered funds (“DWS Funds” ) and considered differences between the Fund and the comparable DWS Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors (“DWS Europe Funds” ) managed by DWS Group. The Board noted that DIMA indicated that DWS Group does not manage any institutional accounts or DWS Europe Funds comparable to the Fund.

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

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs to DIMA, and pre-tax profits realized by DIMA, from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that, while information regarding the profitability of such firms is limited (and in some cases is not necessarily

DWS Intermediate Tax-Free Fund

prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the DWS Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

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

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

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

DWS Intermediate Tax-Free Fund

DITFF-NCSRA


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

	Not applicable

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

	Not applicable

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

	See Item 7

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

	See Item 7

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

	Not applicable

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

	Not applicable

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

	Not applicable

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

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

Item 16.	Controls and Procedures.

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

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


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

	Not applicable


Item 18.	Recovery of Erroneously Awarded Compensation.

	Not applicable

Item 19.	Exhibits

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

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	DWS Intermediate Tax-Free Fund, a series of Deutsche DWS Tax Free Trust


By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	7/30/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Hepsen Uzcan Hepsen Uzcan Principal Executive Officer

Date:	7/30/2024



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

Date:	7/30/2024

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

DWS Intermediate Tax-Free Fund

Class C: SZMCX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Additional Information

Householding

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

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

DITFF-TSRA-C

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Class S: SCMTX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Additional Information

Householding

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

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

DITFF-TSRA-S

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Class A: SZMAX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

Cumulative Growth of an Assumed $10,000Investment

(Adjusted for Maximum Sales Charge)

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Additional Information

Householding

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

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

DITFF-TSRA-A

R-101129-1 (7/24)

DWS Intermediate Tax-Free Fund

Institutional Class: SZMIX

Annual Shareholder Report—May 31, 2024

What were the Fund costs for the last year?

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

Fund Performance

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

Average Annual Total Returns

Key Fund Statistics

What did the Fund invest in?

Asset Allocation

Credit Quality

Additional Information

Householding

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

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

DITFF-TSRA-I

R-101129-1 (7/24)