UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-02671

Deutsche DWS Municipal Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	5/31
Date of reporting period:	11/30/19

ITEM 1. REPORT TO STOCKHOLDERS

November 30, 2019

Semiannual Report

to Shareholders

DWS Managed Municipal Bond Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

3	Letter to Shareholders
4	Performance Summary
7	Portfolio Management Team
8	Portfolio Summary
9	Investment Portfolio
33	Statement of Assets and Liabilities
35	Statement of Operations
36	Statements of Changes in Net Assets

37	Financial Highlights
41	Notes to Financial Statements
51	Information About Your Fund’s Expenses
53	Advisory Agreement Board Considerations and Fee Evaluation
58	Account Management Resources
60	Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the Fund’s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the Fund. Please read the prospectus carefully before you invest.

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. The Fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the Fund’s gains or losses. 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.

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.

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS Managed Municipal Bond Fund

Letter to Shareholders

Dear Shareholder:

Following a very strong year for investors, the outlook remains generally positive for 2020. Continued economic growth along with other healthy macroeconomic conditions, such as employment levels, provide reasons to be confident despite certain potential risks for short-term setbacks. We however do not see greater than usual risk probabilities for a recession or bear-market losses.

Our Americas Chief Investment Officer (“CIO”), David Bianco, says that an economic or a market slump, while not expected, cannot be completely ruled out. We expect monetary policy to remain on hold in both the Eurozone and the U.S., with no further interest rate cuts by either the European Central Bank or the U.S. Federal Reserve. Concerns about economic slowing, soft capital expenditures and manufacturing, excess oil production, technological and geopolitical conflicts, and low interest rates are likely to remain in 2020, with the potential for unexpected flare-ups. Election concerns and political uncertainty will rise in 2020, in our opinion, but will likely be relieved post elections.

Basically, while it would be hard to match the strong returns seen in 2019, our economists are cautiously optimistic. The current cycle has demonstrated unusual staying power.

As always, we encourage you to visit the “Insights” section of our Web site, dws.com. There you will find our Global CIO View and Americas CIO View, which integrate the on-the-ground views of our worldwide network of economists, research analysts and investment professionals. This global perspective guides our strategic investment approach.

Thank you for trusting DWS to help serve your investment needs.

Best regards,

Hepsen Uzcan   President, DWS Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

DWS Managed Municipal Bond Fund | 3

Performance Summary November 30, 2019 (Unaudited)

Class A	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/19
Unadjusted for Sales Charge		2.19%		8.43%		3.17%		4.35%
Adjusted for the Maximum Sales Charge
(max 2.75% load)		–0.62%		5.44%		2.59%		4.05%
Bloomberg Barclays Municipal Bond Index†		2.39%		8.49%		3.57%		4.34%
Average Annual Total Returns as of 9/30/19 (most recent calendar quarter end)
Unadjusted for Sales Charge				8.32%		3.33%		4.06%
Adjusted for the Maximum Sales Charge
(max 2.75% load)				5.34%		2.75%		3.77%
Bloomberg Barclays Municipal Bond Index†				8.55%		3.66%		4.16%
Class C	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/19
Unadjusted for Sales Charge		1.78%		7.69%		2.38%		3.53%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)		0.78%		7.69%		2.38%		3.53%
Bloomberg Barclays Municipal Bond Index†		2.39%		8.49%		3.57%		4.34%
Average Annual Total Returns as of 9/30/19 (most recent calendar quarter end)
Unadjusted for Sales Charge				7.47%		2.52%		3.26%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)				7.47%		2.52%		3.26%
Bloomberg Barclays Municipal Bond Index†				8.55%		3.66%		4.16%
Class S	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/19
No Sales Charges		2.29%		8.75%		3.40%		4.54%
Bloomberg Barclays Municipal Bond Index†		2.39%		8.49%		3.57%		4.34%
Average Annual Total Returns as of 9/30/19 (most recent calendar quarter end)
No Sales Charges				8.65%		3.54%		4.26%
Bloomberg Barclays Municipal Bond Index†				8.55%		3.66%		4.16%
Institutional Class	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/19
No Sales Charges		2.31%		8.78%		3.42%		4.59%
Bloomberg Barclays Municipal Bond Index†		2.39%		8.49%		3.57%		4.34%
Average Annual Total Returns as of 9/30/19 (most recent calendar quarter end)
No Sales Charges				8.67%		3.58%		4.32%
Bloomberg Barclays Municipal Bond Index†				8.55%		3.66%		4.16%

4 | DWS Managed Municipal Bond Fund

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit dws.com for the Fund’s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated October 1, 2019 are 0.77%; 1.57%; 0.61%; 0.55% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

A portion of the Fund’s distributions may be subject to federal, state and local taxes and the alternative minimum tax.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment
(Adjusted for Maximum Sales Charge)

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 investment of $9,725.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

^†  Bloomberg Barclays Municipal Bond Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.

^‡  Total returns shown for periods less than one year are not annualized.

DWS Managed Municipal Bond Fund | 5

	Class A		Class C		Class S		Institutional Class
Net Asset Value
11/30/19	$	9.27	$	9.27	$	9.29	$	9.28
5/31/19	$	9.21	$	9.21	$	9.23	$	9.22
Distribution Information as of 11/30/19
Income Dividends, Six Months	$	.14	$	.10	$	.15	$	.15
November Income Dividend	$	.0231	$	.0170	$	.0246	$	.0251
SEC 30-day Yield‡‡		1.52%		.76%		1.75%		1.79%
Tax Equivalent Yield‡‡		2.57%		1.28%		2.96%		3.02%
Current Annualized Distribution Rate‡‡		3.04%		2.24%		3.23%		3.30%

^‡‡ The SEC yield is net investment income per share earned over the month ended November 30, 2019, shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yield would have been 1.69% for Class S shares, had certain expenses not been reduced. Tax equivalent yield is based on the Fund’s yield and a marginal federal income rate of 40.8%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on November 30, 2019. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rate would have been 3.17% for Class S, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate.

6 | DWS Managed Municipal Bond Fund

Portfolio Management Team

Ashton P. Goodfield, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 1998.

– Joined DWS in 1986.

– Head of Municipal Bonds.

– BA, Duke University.

Matthew J. Caggiano, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 1999.

– Joined DWS in 1989.

– BS, Pennsylvania State University; MS, Boston College.

Chad Farrington, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2018.

– Joined DWS in 2018 with 20 years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.

– BS, Montana State University.

Michael J. Generazo, Director

Portfolio Manager of the Fund. Began managing the Fund in 2010.

– Joined DWS in 1999.

– BS, Bryant College; MBA, Suffolk University.

DWS Managed Municipal Bond Fund | 7

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/19		5/31/19
Revenue Bonds		74%		74%
General Obligation Bonds		12%		13%
Lease Obligations		8%		8%
Escrow to Maturity/Prerefunded Bonds		6%		5%
		100%		100%
Interest Rate Sensitivity	11/30/19		5/31/19
Effective Maturity		6.3 years		6.0 years
Modified Duration		5.2 years		4.9 years

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current interest rate environment.

Quality (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/19		5/31/19
AAA		8%		5%
AA		41%		39%
A		31%		37%
BBB		12%		13%
BB		3%		2%
Not Rated		5%		4%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“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.

Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/19		5/31/19
New York		14%		12%
California		13%		15%
Texas		12%		12%
Illinois		8%		8%
Florida		6%		6%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 58 for contact information.

8 | DWS Managed Municipal Bond Fund

Investment Portfolio as of November 30, 2019 (Unaudited)

	Principal Amount ($)		Value ($)
Municipal Bonds and Notes 99.0%
Alaska 0.3%
Alaska, State Industrial Development & Export Authority Revenue, Series A, 1.18%**, 12/2/2019, LOC: BK Tokyo-Mitsubishi UFJ		1,000,000		1,000,000
Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041		11,000,000		11,704,330
				12,704,330
Arizona 0.9%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2032		1,600,000		2,061,952
5.0%, 12/1/2037		8,405,000		11,221,600
Arizona, State Industrial Development Authority, 2nd Tier Great Lakes Senior Living Revenue Communities Project:
Series B, 5.0%, 1/1/2049		1,400,000		1,527,148
Series B, 5.125%, 1/1/2054		1,250,000		1,365,075
Arizona, State Industrial Development Authority, Education Revenue, Odyssey Preparatory Academy Project:
144A, 5.0%, 7/1/2049		2,000,000		2,097,560
144A, 5.0%, 7/1/2054		3,490,000		3,648,760
Arizona, State Industrial Development Authority, Senior Living Revenue, Great Lakes Senior Living Revenue Communities:
Series A, 4.5%, 1/1/2049		3,750,000		4,031,812
Series A, 5.0%, 1/1/2054		3,355,000		3,741,127
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project:
Series B, 144A, 5.0%, 7/1/2049 (a)		2,575,000		2,845,993
Series B, 144A, 5.0%, 7/1/2054 (a)		1,840,000		2,018,075
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
144A, 5.0%, 6/15/2049		825,000		873,972
144A, 5.0%, 6/15/2052		1,410,000		1,486,507
				36,919,581
California 13.2%
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049		9,500,000		10,750,675

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

DWS Managed Municipal Bond Fund | 9

	Principal Amount ($)		Value ($)
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:
Series A, 5.0%, 6/1/2040		11,765,000		13,621,046
Series A-1, 5.0%, 6/1/2047		5,900,000		6,070,569
Series A-1, 5.25%, 6/1/2047		3,700,000		3,829,759
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034		15,315,000		23,286,457
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		2,395,000		2,751,951
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements:
3.875%, 9/1/2049		1,845,000		1,831,568
4.0%, 9/1/2046		2,905,000		2,931,639
California, State General Obligation:
5.0%, 2/1/2032		35,000,000		37,882,600
5.0%, 2/1/2033		8,000,000		8,657,120
5.0%, 8/1/2035		13,210,000		15,650,415
5.0%, 2/1/2043		20,000,000		22,166,600
5.0%, 5/1/2044		11,200,000		12,726,448
5.25%, 4/1/2035		15,340,000		16,779,045
California, State General Obligation, Various Purposes:
5.25%, 9/1/2026		18,765,000		20,124,900
5.25%, 9/1/2030		5,000,000		5,359,650
5.25%, 10/1/2032		25,000,000		26,864,000
California, State Health Facilities Financing Authority Revenue, Sutter Health Obligated Group, Series A, 5.0%, 8/15/2043		10,000,000		11,614,600
California, State Municipal Finance Authority Revenue, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047		3,200,000		3,732,992
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Rialto Bioenergy Facility LLC Project, Green Bonds Revenue, AMT, 144A, 7.5%, 12/1/2040		7,000,000		7,306,530
California, State Public Works Board, Lease Revenue, Series A, 5.0%, 9/1/2039		25,000,000		28,777,250
California, State University Revenue, Series A, 5.0%, 11/1/2038		7,410,000		8,767,364
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Kaiser Foundation, Series A, 5.0%, 4/1/2042		5,295,000		5,752,488
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center:
Series A, 144A, 5.0%, 12/1/2041		7,000,000		7,843,920
Series A, 144A, 5.0%, 12/1/2046		3,500,000		3,900,400
Series A, 144A, 5.5%, 12/1/2058		2,705,000		3,166,879

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

10 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Series F, AMT, 1.12%**, 12/6/2019, LOC: Citibank NA		700,000		700,000
Los Angeles, CA, Department of Airports Revenue:
Series B, AMT, 5.0%, 5/15/2029		8,625,000		10,755,892
Series C, AMT, 5.0%, 5/15/2029		7,050,000		8,713,659
Series B, AMT, 5.0%, 5/15/2030		5,715,000		7,091,229
Series C, AMT, 5.0%, 5/15/2030		3,910,000		4,809,652
Series B, AMT, 5.0%, 5/15/2031		8,350,000		10,305,320
Series C, AMT, 5.0%, 5/15/2031		3,910,000		4,791,666
Series C, AMT, 5.0%, 5/15/2044		4,000,000		4,759,920
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series D, AMT, 5.0%, 5/15/2048		15,000,000		18,142,950
Sacramento County, CA, Airport Systems Revenue:
Series C, AMT, 5.0%, 7/1/2029		9,455,000		11,833,027
Series C, AMT, 5.0%, 7/1/2030		13,690,000		16,996,956
Series C, AMT, 5.0%, 7/1/2031		3,500,000		4,313,995
Series C, AMT, 5.0%, 7/1/2032		3,000,000		3,684,270
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043		12,500,000		13,850,875
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
Series F, 5.0%, 5/1/2035		27,500,000		27,930,375
Series A, AMT, 5.0%, 5/1/2040		14,000,000		15,836,520
Series D, AMT, 5.0%, 5/1/2043		28,800,000		34,443,648
Series D, AMT, 5.0%, 5/1/2048		8,000,000		9,510,880
University of California, State Revenues, Limited Project:
Series O, 4.0%, 5/15/2029		4,165,000		4,988,171
Series O, 4.0%, 5/15/2030		5,000,000		5,926,850
Series O, 4.0%, 5/15/2031		3,335,000		3,928,597
Walnut, CA, Energy Center Authority Revenue, Series A, 5.0%, 1/1/2040		10,000,000		10,031,800
				545,493,117
Colorado 5.6%
Colorado, Certificate of Participations, Series A, 4.0%, 12/15/2035		5,000,000		5,746,900
Colorado, Health Facilities Authority, Hospital Revenue, Series A, 4.0%, 11/15/2043		16,000,000		17,899,680
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038		30,000,000		45,556,800
Colorado, State Health Facilities Authority Revenue, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044		3,000,000		3,544,560
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035		16,250,000		18,614,863

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

DWS Managed Municipal Bond Fund | 11

	Principal Amount ($)		Value ($)
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
Series A, 5.0%, 12/1/2043		4,890,000		5,691,569
Series A, 5.0%, 12/1/2048		7,825,000		9,080,991
Colorado, State Health Facilities Authority, Hospital Revenue, SCL Health System, Series A, 4.0%, 1/1/2038		3,000,000		3,401,580
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049		1,000,000		1,027,710
Colorado, Transportation/Tolls Revenue, Series B, Zero Coupon, 9/1/2020, INS: NATL		7,000,000		6,933,850
Denver City & County, CO, Airport Revenue:
Series A, AMT, 5.0%, 12/1/2032		14,335,000		17,515,220
Series A, AMT, 5.5%, 11/15/2028		15,000,000		17,214,600
Series A, AMT, 5.5%, 11/15/2029		14,705,000		16,845,607
Series A, AMT, 5.5%, 11/15/2030		15,080,000		17,237,948
Series A, AMT, 5.5%, 11/15/2031		5,000,000		5,711,400
Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040		2,770,000		3,146,415
Denver, CO, International Business Center Metropolitan District No.1, Series B, 6.0%, 12/1/2048		1,515,000		1,591,432
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039		6,635,000		7,098,056
University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042		26,010,000		28,357,142
				232,216,323
Connecticut 1.8%
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, 144A, 5.0%, 4/1/2039		12,000,000		13,539,960
Connecticut, State General Obligation, Series C, 5.0%, 6/15/2029		14,690,000		18,305,209
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040		2,610,000		3,054,796
Connecticut, State Health & Educational Facilities Authority Revenue, Hartford Healthcare, Series A, 5.0%, 7/1/2041		20,000,000		20,900,000
Connecticut, State Health & Educational Facilities Authority Revenue, Stamford Hospital, Series J, 5.125%, 7/1/2035		18,000,000		19,313,460
				75,113,425
Delaware 0.1%
Delaware, State Health Facilities Authority Revenue, BEEBE Medical Center, Inc., 5.0%, 6/1/2050		5,250,000		6,106,328

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

12 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
District of Columbia 1.9%
District of Columbia, General Obligation:
Series A, 5.0%, 6/1/2032		9,000,000		10,604,070
Series A, 5.0%, 6/1/2033		10,300,000		12,252,582
District of Columbia, International School Revenue:
5.0%, 7/1/2039		300,000		361,029
5.0%, 7/1/2049		1,275,000		1,507,598
5.0%, 7/1/2054		1,150,000		1,349,077
District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049		10,125,000		11,396,599
Metropolitan Washington, DC, Airports Authority System Revenue:
Series A, AMT, 5.0%, 10/1/2030		7,750,000		8,908,703
Series A, AMT, 5.0%, 10/1/2031		5,355,000		6,378,822
Series A, AMT, 5.0%, 10/1/2032		5,000,000		5,941,100
Series A, AMT, 5.0%, 10/1/2044		3,890,000		4,398,384
Metropolitan Washington, DC, Airports Authority Systems Revenue, AMT, 5.0%, 10/1/2042		10,805,000		12,750,548
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue:
Series A, 5.0%, 10/1/2029		1,455,000		1,809,467
Series A, 5.0%, 10/1/2030		1,455,000		1,798,453
				79,456,432
Florida 6.4%
Broward County, FL, Airport Systems Revenue:
Series A, AMT, 4.0%, 10/1/2044		2,140,000		2,368,745
Series A, AMT, 4.0%, 10/1/2049		3,425,000		3,773,665
Series Q-1, Prerefunded, 5.0%, 10/1/2037		29,000,000		32,028,760
AMT, 5.0%, 10/1/2042		10,000,000		11,769,400
AMT, 5.0%, 10/1/2047		8,950,000		10,469,710
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054		19,135,000		20,589,643
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project, Series A, 144A, AMT, 6.5%, 1/1/2049		7,145,000		6,760,813
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036		2,110,000		2,445,490
Florida, Jacksonville Electric Authority, Electric System Revenue:
Series B, 4.0%, 10/1/2035		2,345,000		2,635,780
Series B, 4.0%, 10/1/2037		1,500,000		1,676,190
Florida, Village Community Development District No. 12, Special Assessment Revenue:
144A, 4.25%, 5/1/2043		9,065,000		9,669,635
144A, 4.375%, 5/1/2050		7,575,000		8,099,720

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

DWS Managed Municipal Bond Fund | 13

	Principal Amount ($)		Value ($)
Greater Orlando, FL, Aviation Authority, Airport Facilities Revenue, Series A, AMT, 4.0%, 10/1/2044		12,000,000		13,293,600
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2040		10,000,000		11,292,200
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032		1,750,000		1,858,308
Manatee County, FL, Transportation Project, 4.0%, 10/1/2044		7,970,000		8,990,240
Marco Island, FL, Utility Systems Revenue, Series A, Prerefunded, 5.0%, 10/1/2040		1,000,000		1,032,370
Miami-Dade County, FL, Aviation Revenue:
Series A, AMT, Prerefunded, 5.0%, 10/1/2031		3,000,000		3,308,910
Series B, 5.0%, 10/1/2035, INS: AGMC		15,000,000		15,441,300
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
Series A-1, Prerefunded, 5.375%, 10/1/2035		210,000		217,356
Series A-1, Prerefunded, 5.375%, 10/1/2041		7,000,000		7,245,210
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2044		7,500,000		8,352,000
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2037		16,500,000		17,974,440
Miami-Dade County, FL, Water & Sewer System Revenue, Series B, 4.0%, 10/1/2049		20,000,000		22,272,400
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series C, ETM, 6.25%, 10/1/2021, INS: NATL		2,630,000		2,797,768
Orange County, FL, School Board, Certificate of Participations, Series C, 5.0%, 8/1/2033		16,610,000		19,898,780
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group, Series C, 5.0%, 5/15/2038		2,000,000		2,212,220
Pinellas County, FL, Industrial Development Authority Revenue, 2017 Foundation For Global Understanding, Inc. Project, 5.0%, 7/1/2039		1,565,000		1,821,018
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055		2,985,000		3,334,693
Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL		465,000		477,034
Tampa-Hillsborough County, FL, Expressway Authority, Series A, 5.0%, 7/1/2037		10,000,000		10,845,900
				264,953,298
Georgia 3.3%
Atlanta, GA, Airport Revenue, Series B, 5.0%, 1/1/2037		720,000		771,365
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.25%, 11/1/2028		5,000,000		5,753,950

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

14 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Brookhaven, GA, Development Authority Revenue, Children’s Healthcare, Inc., Series A, 4.0%, 7/1/2044		5,860,000		6,542,748
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047		18,135,000		21,051,833
DeKalb County, GA, Water & Sewer Revenue:
Series A, 5.25%, 10/1/2033		3,635,000		3,893,667
Series A, 5.25%, 10/1/2036		11,115,000		11,901,831
Series A, 5.25%, 10/1/2041		5,000,000		5,351,100
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042		3,155,000		3,685,829
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Healthcare:
Series A, 5.375%, 2/15/2040		1,940,000		1,955,772
Series A, 5.5%, 2/15/2045		4,720,000		4,759,129
Georgia, Brooklyn Development Authority Revenue, Children’s Healthcare, Series A, 4.0%, 7/1/2049		8,000,000		8,877,040
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047		2,035,000		2,348,024
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 5.0%, 3/15/2020		2,700,000		2,727,000
Series B, 5.0%, 3/15/2020		5,000,000		5,049,450
Series A, 5.0%, 3/15/2022		17,340,000		18,687,838
Series A, 5.5%, 9/15/2023		5,000,000		5,697,150
Series A, 5.5%, 9/15/2024		4,635,000		5,430,273
Series A, 5.5%, 9/15/2027		5,000,000		6,244,100
Series A, 5.5%, 9/15/2028		5,000,000		6,363,900
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035		2,995,000		3,376,803
Georgia, State Municipal Electric Authority, Series GG, 5.0%, 1/1/2039		5,695,000		6,187,845
				136,656,647
Hawaii 0.7%
Hawaii, State Airports Systems Revenue:
Series A, 5.0%, 7/1/2039		16,800,000		17,114,160
Series A, AMT, 5.0%, 7/1/2041		8,930,000		10,198,774
				27,312,934
Illinois 8.2%
Chicago, IL, Board of Education:
Series A, Zero Coupon, 12/1/2026		1,390,000		1,143,011
Series A, 5.0%, 12/1/2030		1,395,000		1,630,616
Series A, 5.0%, 12/1/2032		2,680,000		3,112,713

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

DWS Managed Municipal Bond Fund | 15

	Principal Amount ($)		Value ($)
Series A, 5.0%, 12/1/2033		2,060,000		2,387,169
Series A, 5.0%, 12/1/2034		810,000		936,214
Series H, 5.0%, 12/1/2036		6,075,000		6,910,920
Series H, 5.0%, 12/1/2046		3,470,000		3,874,082
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2044		4,500,000		5,069,430
Series A, 5.5%, 1/1/2049		4,825,000		5,701,509
Chicago, IL, O’Hare International Airport Revenue, Series A, AMT, 5.0%, 1/1/2034		7,000,000		7,950,810
Chicago, IL, O’Hare International Airport Revenue, Senior Lien:
Series B, 5.0%, 1/1/2035		4,250,000		4,980,533
Series D, AMT, 5.0%, 1/1/2047		5,735,000		6,597,200
Series A, AMT, 5.0%, 1/1/2048		18,635,000		22,013,525
Chicago, IL, O’Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039		2,190,000		2,290,543
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048		2,630,000		3,057,770
Chicago, IL, Waterworks Revenue, 5.0%, 11/1/2023, INS: AGMC		2,990,000		2,998,940
Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037		3,155,000		3,330,039
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:
Series B, 5.0%, 6/15/2052		11,700,000		12,233,988
Series A, 5.0%, 6/15/2057		6,000,000		6,643,140
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL		17,305,000		9,273,403
Illinois, Railsplitter Tobacco Settlement Authority:
5.0%, 6/1/2026		7,500,000		9,060,450
Prerefunded, 6.0%, 6/1/2028		17,315,000		18,547,655
Illinois, Regional Transportation Authority:
Series B, 5.75%, 6/1/2033, INS: NATL		7,000,000		9,342,760
Series A, 6.7%, 11/1/2021, INS: NATL		6,580,000		7,065,341
Illinois, Sales & Special Tax Revenue, 6.25%, 12/15/2020, INS: AMBAC		985,000		1,001,528
Illinois, State Development Finance Authority, North Park University Project, Series 1999, 1.07%**, 12/6/2019, LOC: U.S. Bank NA		825,000		825,000
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032		2,435,000		2,616,724
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group:
Series A, 5.0%, 1/1/2036		2,970,000		3,438,131
Series A, 5.0%, 1/1/2037		3,965,000		4,574,222

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

16 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045		9,825,000		9,467,566
Illinois, State Finance Authority Revenue, Lutheran Communities:
Series A, 5.0%, 11/1/2040 (a)		765,000		817,900
Series A, 5.0%, 11/1/2049 (a)		1,045,000		1,099,915
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041		13,155,000		13,926,804
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038		12,000,000		13,777,320
Illinois, State General Obligation:
5.0%, 2/1/2027		8,075,000		9,278,094
Series B, 5.0%, 10/1/2030		4,230,000		4,889,288
Series B, 5.0%, 10/1/2031		6,500,000		7,484,620
Series B, 5.0%, 10/1/2032		5,000,000		5,739,700
Series D, 5.0%, 11/1/2028		9,425,000		10,783,991
5.0%, 1/1/2035		4,200,000		4,650,240
Series A, 5.0%, 5/1/2035		11,000,000		12,487,640
Series A, 5.0%, 5/1/2036		14,355,000		16,254,597
Series A, 5.0%, 12/1/2038		4,760,000		5,342,529
Series A, 5.0%, 12/1/2039		10,240,000		11,468,698
Series A, 5.0%, 5/1/2040		3,000,000		3,370,680
Series A, 5.0%, 5/1/2043		7,000,000		7,817,670
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044		17,075,000		20,661,433
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC		5,805,000		6,578,226
Springfield, IL, Water Revenue, 5.0%, 3/1/2037		5,000,000		5,342,600
				339,846,877
Indiana 1.5%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group:
5.0%, 11/15/2043		1,725,000		1,949,405
5.0%, 11/15/2048		3,410,000		3,841,774
5.0%, 11/15/2053		15,400,000		17,256,162
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041		17,395,000		18,862,269
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031		2,595,000		3,106,189
Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC Project, 144A, AMT, 7.0%, 3/1/2039		2,665,000		2,691,650
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051		5,000,000		5,713,600

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

DWS Managed Municipal Bond Fund | 17

	Principal Amount ($)		Value ($)
Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038		8,000,000		8,528,720
				61,949,769
Iowa 0.5%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc. Obligated group:
Series A, 5.0%, 5/15/2043		6,705,000		7,531,056
Series A, 5.0%, 5/15/2047		3,500,000		3,880,100
Series A, 5.0%, 5/15/2048		8,220,000		9,201,221
				20,612,377
Kentucky 0.4%
Kentucky, State Economic Development Finance Authority, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044		6,000,000		7,089,120
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
Series A, 5.0%, 6/1/2045		1,275,000		1,435,586
Series A, 5.25%, 6/1/2041		1,915,000		2,220,328
Louisville & Jefferson County, KY, Regional Airport Authority, UPS Worldwide Forwarding, Series B, AMT, 1.28%**, 12/2/2019		4,000,000		4,000,000
				14,745,034
Louisiana 0.4%
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		2,830,000		3,240,605
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040		5,000,000		5,069,500
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032		9,265,000		9,764,754
				18,074,859
Maine 0.2%
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040		9,650,000		9,839,526
Maryland 1.1%
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050		3,570,000		3,850,495
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 5.5%, 1/1/2046		20,000,000		23,354,000

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

18 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group:
Series A, 5.0%, 5/15/2042		9,735,000		11,475,618
Series A, 5.0%, 5/15/2045		5,000,000		5,869,800
				44,549,913
Massachusetts 0.7%
Massachusetts, State Department of Transportation, Metropolitan Highway Systems Revenue, Series B, 5.0%, 1/1/2032		13,800,000		13,841,676
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility:
Series B, 11/15/2056*		314,524		89,555
144A, 5.0%, 11/15/2038		1,175,000		1,329,618
144A, 5.125%, 11/15/2046		1,175,000		1,328,573
Massachusetts, State Development Finance Agency Revenue, NewBridge Charles, Inc.:
144A, 5.0%, 10/1/2047		700,000		769,832
144A, 5.0%, 10/1/2057		1,700,000		1,864,645
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc.:
Series S-1, 5.0%, 7/1/2028		2,700,000		3,413,880
Series S-1, 5.0%, 7/1/2033		4,000,000		4,925,600
Series L, 5.0%, 7/1/2036		70,000		73,800
Massachusetts, State Development Finance Agency Revenue, South Shore Hospital, Series I, 5.0%, 7/1/2041		1,825,000		2,085,482
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, Series I, 5.0%, 7/1/2036		1,000,000		1,168,650
				30,891,311
Michigan 0.4%
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043		4,800,000		5,709,840
Wayne County, MI, Airport Authority Revenue, Detroit Metropolitan Airport, Series A, 5.0%, 12/1/2037		9,255,000		10,144,868
				15,854,708
Minnesota 0.8%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
Series A, 5.0%, 2/15/2048		5,000,000		5,936,400
Series A, 5.0%, 2/15/2053		14,060,000		16,580,677
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049		4,075,000		4,858,989
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032		5,000,000		5,845,250
				33,221,316

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

DWS Managed Municipal Bond Fund | 19

	Principal Amount ($)		Value ($)
Mississippi 0.1%
Mississippi, State Business Finance Corp., Solid Waste Disposal Revenue, Waste Pro U.S.A., Inc. Project, AMT, 144A, 5.0%, Mandatory Put 8/1/2022 @ 100, 2/1/2036		2,710,000		2,868,914
Missouri 0.8%
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046		2,460,000		2,760,268
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		3,285,000		3,685,967
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership loan Program, Series B, 4.0%, 5/1/2050		4,340,000		4,775,996
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village:
5.0%, 9/1/2048		3,255,000		3,644,461
Series A, 5.125%, 9/1/2048		7,500,000		8,447,700
Series A, 5.125%, 9/1/2049		7,975,000		8,978,255
				32,292,647
Nebraska 0.3%
Douglas County, NE, Hospital Authority No.2, Health Facilities, Children’s Hospital Obligated Group, 5.0%, 11/15/2047		5,205,000		6,034,677
Nebraska, Central Plains Energy Project, Gas Project Revenue, Series A, 5.0%, 9/1/2033		3,815,000		4,917,878
				10,952,555
Nevada 0.1%
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		15,000,000		2,169,900
New Hampshire 0.3%
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, Prerefunded, 6.5%, 1/1/2031		10,000,000		10,566,800
New Jersey 2.2%
New Jersey, State Economic Development Authority Revenue:
5.0%, 6/15/2028		1,050,000		1,121,032
Series DDD, 5.0%, 6/15/2042		2,775,000		3,107,029
Series BBB, 5.5%, 6/15/2030		22,440,000		26,744,890
New Jersey, State Economic Development Authority Revenue, Private Activity, The Goethals Bridge Replacement Project, AMT, 5.0%, 1/1/2031, INS: AGMC		4,000,000		4,470,560

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

20 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033		1,460,000		1,681,511
New Jersey, State Economic Development Authority, State Government Buildings Project:
Series A, 5.0%, 6/15/2042		2,885,000		3,248,135
Series A, 5.0%, 6/15/2047		3,205,000		3,592,036
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series A, 5.0%, 12/15/2033		3,570,000		4,171,438
Series A, 5.0%, 12/15/2034		5,710,000		6,655,919
Series A, 5.0%, 12/15/2036		2,385,000		2,768,985
Series A, 6.0%, 6/15/2035		6,000,000		6,360,480
New Jersey, Tobacco Settlement Financing Corp.:
Series A, 5.0%, 6/1/2046		5,270,000		5,987,405
Series B, 5.0%, 6/1/2046		16,500,000		18,242,730
Series A, 5.25%, 6/1/2046		2,630,000		3,051,431
				91,203,581
New Mexico 0.4%
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund:
Series A, 4.0%, 6/1/2029		5,765,000		6,792,784
Series A, 4.0%, 6/1/2030		5,795,000		6,767,922
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I”, Series D, 3.75%, 1/1/2050		4,335,000		4,722,636
				18,283,342
New York 13.9%
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond:
Series B-2, 5.0%, 11/15/2034		10,940,000		13,504,883
Series A-2, 5.0%, 11/15/2045		5,000,000		5,960,450
New York, Metropolitan Transportation Authority Revenue:
Series D, 5.0%, 11/15/2027, INS: AGMC		16,500,000		18,186,300
Series D, 5.0%, 11/15/2038		13,635,000		15,264,792
Series B, 5.25%, 11/15/2044		25,000,000		28,439,000
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series A2, 5.0%, 11/15/2027		9,000,000		10,953,270
New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021		2,000,000		2,077,180
New York, State Agency General Obligation Lease, Urban Development Corp., 5.7%, 4/1/2020		800,000		812,016
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Montefiore Obligated Group:
Series A, 5.0%, 8/1/2034		545,000		659,483
Series A, 5.0%, 8/1/2035		780,000		940,033

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

DWS Managed Municipal Bond Fund | 21

	Principal Amount ($)		Value ($)
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A, 5.0%, 2/15/2035		9,305,000		10,319,059
Series B, 5.0%, 2/15/2035		30,000,000		34,860,000
Series A, 5.0%, 2/15/2039		3,950,000		4,724,397
Series C, 5.0%, 3/15/2041		10,000,000		10,481,900
Series C, 5.0%, 3/15/2042		14,750,000		16,736,677
New York, State Dormitory Authority, Sales Tax Revenue, Series B, 5.0%, 3/15/2036		5,000,000		6,165,950
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043		45,000,000		48,519,900
New York, State Thruway Authority General Revenue, Junior Indebtedness Obligations, Series B, 4.0%, 1/1/2050, INS: AGMC		40,000,000		44,672,000
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment:
AMT, 5.0%, 1/1/2033		2,045,000		2,432,834
AMT, 5.0%, 1/1/2034		2,045,000		2,428,192
AMT, 5.0%, 1/1/2036		2,045,000		2,416,577
New York, State Transportation Development Corp., Special Facilities Revenue, Laguardia Gateway Partners LLC, Redevelopment Project:
Series A, AMT, 5.0%, 7/1/2041		6,660,000		7,384,075
Series A, AMT, 5.0%, 7/1/2046		14,190,000		15,672,571
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.0%, 3/15/2031		4,600,000		5,624,742
New York, TSASC, Inc.:
Series A, 5.0%, 6/1/2041		1,195,000		1,339,834
Series B, 5.0%, 6/1/2045		12,800,000		12,741,504
Series B, 5.0%, 6/1/2048		7,385,000		7,329,539
New York, Utility Debt Securitization Authority, Restructuring Revenue:
Series TE, 5.0%, 12/15/2034		3,200,000		3,643,200
Series TE, 5.0%, 12/15/2035		4,000,000		4,545,920
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue:
Series DD, 5.0%, 6/15/2036		6,000,000		6,869,460
Series AA, 5.0%, 6/15/2040		24,000,000		30,195,360
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution, Series EE, 5.375%, 6/15/2043		3,810,000		3,972,420
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series A-1, 4.0%, 5/1/2031		5,430,000		6,158,815

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

22 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Series A, 5.0%, 2/1/2031		5,000,000		6,101,750
Series F-1, 5.0%, 5/1/2031		4,900,000		6,011,614
Series D-1, 5.0%, 2/1/2038		17,655,000		19,991,463
New York City, NY, Transitional Finance Authority, Building Aid Revenue:
Series S-2A, 4.0%, 7/15/2037		5,000,000		5,674,650
Series S-2A, 4.0%, 7/15/2038		8,500,000		9,611,290
Series S-3, 5.0%, 7/15/2031		4,000,000		5,016,200
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S-1, 5.0%, 7/15/2035		2,800,000		3,405,192
New York, NY, General Obligation:
Series B-1, 5.0%, 12/1/2031		2,000,000		2,438,380
Series D-1, 5.0%, 10/1/2033		25,000,000		26,696,250
Port Authority of New York & New Jersey:
Series 214, AMT, 4.0%, 9/1/2037		2,000,000		2,257,260
Series 214, AMT, 4.0%, 9/1/2038		2,000,000		2,250,360
Series 214, AMT, 4.0%, 9/1/2039		2,000,000		2,244,460
Series 207, AMT, 5.0%, 9/15/2031		5,000,000		6,139,950
Series 207, AMT, 5.0%, 9/15/2032		10,000,000		12,184,300
Port Authority of New York & New Jersey, One Hundred Ninety-Third:
AMT, 5.0%, 10/15/2029		10,000,000		11,828,900
AMT, 5.0%, 10/15/2034		5,775,000		6,758,598
AMT, 5.0%, 10/15/2035		2,865,000		3,346,492
Port Authority of New York & New Jersey, Two Hundred Eighteen, Series B, AMT, 4.0%, 11/1/2047 (a)		5,770,000		6,386,871
Port Authority of New York & New Jersey, Two Hundred Second:
AMT, 5.0%, 10/15/2033		6,560,000		7,869,507
AMT, 5.0%, 10/15/2034		5,250,000		6,269,602
Port Authority of New York & New Jersey, Two Hundred Seven:
AMT, 5.0%, 9/15/2029		8,000,000		9,930,960
AMT, 5.0%, 9/15/2030		20,000,000		24,669,200
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040		2,000,000		2,058,420
				575,174,002
North Carolina 0.5%
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034		1,500,000		1,536,930
Charlotte-Mecklenburg, NC, Hospital Authority, Health Care System Revenue, Series A, 5.0%, 1/15/2039		9,540,000		10,349,851
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050		6,375,000		7,026,716
				18,913,497

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

DWS Managed Municipal Bond Fund | 23

	Principal Amount ($)		Value ($)
North Dakota 0.2%
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031		9,260,000		10,135,718
Ohio 3.3%
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047		6,035,000		7,093,479
Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded, 5.0%, 1/1/2030		1,000,000		1,079,240
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
5.0%, 1/1/2036		975,000		1,099,322
5.0%, 1/1/2046		2,790,000		3,101,113
Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, Prerefunded, 6.5%, 12/1/2030		14,425,000		15,556,208
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037		6,000,000		6,612,240
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		11,610,000		13,567,098
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Children’s Hospital Medical Center of Akron, 5.0%, 11/15/2038		15,645,000		17,147,859
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037		13,090,000		14,009,441
Ohio, Higher Education Revenue, Case Western Reserve University, Series B, 6.5%, 10/1/2020		440,000		459,290
Ohio, School District General Obligation, 6.0%, 12/1/2019, INS: AMBAC		80,000		80,000
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project:
AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.		1,205,000		1,300,147
AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.		5,010,000		5,416,311
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project:
Series 2010, 5.25%, 11/15/2035, INS: AGMC		7,500,000		7,620,825
Series 2010, 5.5%, 11/15/2030, INS: AGMC		4,000,000		4,072,160
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048		7,500,000		8,035,350
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050		5,540,000		6,206,684
Ohio, State Turnpike Commission, Infrastructure Projects:
Series A-1, 5.25%, 2/15/2030		4,620,000		5,163,774
Series A-1, 5.25%, 2/15/2031		9,375,000		10,469,062
Series A-1, 5.25%, 2/15/2032		7,500,000		8,372,700
				136,462,303

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

24 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.5%, 8/15/2052		2,185,000		2,615,904
Series B, 5.5%, 8/15/2057		9,385,000		11,164,302
Oklahoma, State Turnpike Authority Revenue, Series E, 4.0%, 1/1/2031		6,375,000		7,324,365
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL		8,400,000		8,982,288
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045		1,575,000		1,782,065
				31,868,924
Pennsylvania 3.4%
Cumberland County, PA, Municipal Authority, Asbury Pennsylvania Obligated Group, 5.0%, 1/1/2045 (a)		1,055,000		1,146,310
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project:
5.0%, 12/1/2043		665,000		726,353
5.0%, 12/1/2048		720,000		784,390
5.0%, 12/1/2053		1,055,000		1,145,171
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042		2,100,000		2,470,986
Montgomery County, PA, Industrial Development Authority, Meadowood Senior Living Project:
Series A, 5.0%, 12/1/2038		1,665,000		1,887,161
Series A, 5.0%, 12/1/2048		4,335,000		4,845,576
Pennsylvania, Central Bradford Progress Authority Revenue, Guthrie Healthcare System, Prerefunded, 5.375%, 12/1/2041		12,550,000		13,574,331
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043		1,115,000		1,322,613
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033		5,000,000		5,767,200
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
5.0%, 6/1/2027		1,290,000		1,583,385
5.0%, 6/1/2028		1,290,000		1,609,778
5.0%, 6/1/2029		1,290,000		1,599,613
5.0%, 6/1/2030		855,000		1,053,369
5.0%, 6/1/2031		865,000		1,061,597
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034		3,000,000		3,599,520

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

DWS Managed Municipal Bond Fund | 25

	Principal Amount ($)		Value ($)
Pennsylvania, State General Obligation:
Series 2, 4.0%, 9/15/2032		10,000,000		11,207,700
Series D, 5.0%, 8/15/2032		5,000,000		5,845,900
Pennsylvania, State Turnpike Commission Revenue:
Series B, 5.0%, 6/1/2033		12,000,000		14,115,000
Series A-1, 5.0%, 12/1/2040		15,000,000		17,234,700
Series B-1, 5.0%, 6/1/2042		6,950,000		8,183,277
Series A-1, 5.0%, 12/1/2042		5,000,000		5,976,300
Series A, 5.0%, 12/1/2044		20,335,000		24,439,823
Series A-1, 5.0%, 12/1/2047		3,335,000		3,962,347
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035		7,080,000		7,202,696
				142,345,096
Puerto Rico 0.3%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, 5.0%, 7/1/2058		12,933,000		13,589,350
South Carolina 2.6%
Charleston County, SC, Airport District System Revenue, Series A, AMT, 5.75%, 7/1/2030		5,880,000		6,706,846
Lexington County, SC, Health Services District, Lexington Medical Center:
5.0%, 11/1/2041		2,500,000		2,878,600
5.0%, 11/1/2046		7,490,000		8,572,005
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047		4,715,000		5,420,364
South Carolina, State Jobs-Economic Development Authority, Residential Facility Revenue, Episcopal Home at Still Hopes:
Series A, 5.0%, 4/1/2048		3,085,000		3,342,320
Series A, 5.25%, 4/1/2053		4,000,000		4,364,920
South Carolina, State Public Service Authority Revenue:
Series A, 5.0%, 12/1/2033		4,400,000		5,186,060
Series A, 5.0%, 12/1/2036		4,780,000		5,600,439
Series C, 5.0%, 12/1/2046		6,850,000		7,702,346
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043		35,555,000		41,846,102
South Carolina, State Transportation Infrastructure Bank Revenue, 5.0%, 10/1/2038		15,130,000		18,288,841
				109,908,843
South Dakota 1.0%
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health:
5.0%, 7/1/2044		20,475,000		22,819,592
5.0%, 7/1/2046		16,140,000		18,865,723
				41,685,315

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

26 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Tennessee 0.2%
Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 1.16%**, 5/1/2043, LOC: U.S. Bank NA		620,000		620,000
Metropolitan Government of Nashville & Davidson County, TN, General Obligation, 4.0%, 7/1/2034		6,000,000		6,917,520
Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2021		2,000,000		2,125,180
				9,662,700
Texas 11.2%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040		4,730,000		5,420,438
Clifton, TX, Higher Education Finance Corp., Education Revenue, International Leadership, Series D, 6.125%, 8/15/2048		11,465,000		12,818,787
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035		18,290,000		18,849,674
Houston, TX, Utility Systems Revenue, First Lien:
Series A, 5.0%, 11/15/2032 (a)		2,320,000		2,957,188
Series A, 5.0%, 11/15/2033 (a)		2,475,000		3,146,913
Series B, 5.0%, 11/15/2034		5,000,000		6,019,400
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2040		8,825,000		9,682,261
First Tier, Prerefunded, 6.0%, 1/1/2043		30,000,000		31,543,800
North Texas, Tollway Authority Revenue, Second Tier:
Series B, 5.0%, 1/1/2043		3,075,000		3,620,290
Series B, 5.0%, 1/1/2048		8,615,000		10,088,596
San Antonio, TX, Electric & Gas Systems Revenue, 4.0%, 2/1/2032		7,000,000		7,899,570
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048		25,000,000		29,736,750
Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement Services Revenue, 5.0%, 11/15/2046		4,410,000		5,041,644
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare:
5.0%, 8/15/2036		7,000,000		7,774,970
5.0%, 8/15/2043		9,900,000		10,936,233
Tarrant County, TX, Cultural Education Facilities Finance Corp., State Health Resources, Prerefunded, 5.0%, 11/15/2040		7,000,000		7,252,490
Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035		24,425,000		25,215,637

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

DWS Managed Municipal Bond Fund | 27

	Principal Amount ($)		Value ($)
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B, 5.25%, 10/1/2051		20,000,000		22,558,200
Texas, Love Field Airport Modernization Corp., General Airport Revenue:
AMT, 5.0%, 11/1/2033		1,250,000		1,480,650
AMT, 5.0%, 11/1/2034		1,000,000		1,182,270
Texas, Lower Colorado River Authority Revenue, Series A, Prerefunded, 5.0%, 5/15/2036		25,000		27,268
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040		20,000,000		20,324,400
Texas, Municipal Gas Acquisition & Supply Corp., I, Gas Supply Revenue, Series B, 67% of 3-month USD-LIBOR + 0.700% , 2.119%***, 12/15/2026		16,505,000		16,499,553
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Manor Project:
5.0%, 11/1/2031		1,000,000		1,127,880
5.0%, 11/1/2040		1,070,000		1,188,577
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053		4,000,000		4,235,360
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
5.5%, 8/1/2021		5,575,000		5,929,347
5.5%, 8/1/2025		2,750,000		3,269,860
Texas, State College Student Loan, AMT, 5.5%, 8/1/2028		5,620,000		6,980,939
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026		16,995,000		19,778,781
Texas, State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue:
5.0%, 12/15/2030		2,250,000		2,440,643
5.0%, 12/15/2031		4,500,000		4,876,200
5.0%, 12/15/2032		21,215,000		22,954,206
Texas, State Transportation Commission, Turnpike Systems Revenue:
Series C, 5.0%, 8/15/2034		14,410,000		16,457,229
Series C, 5.0%, 8/15/2042		5,085,000		5,750,321
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund:
4.0%, 10/15/2030		8,500,000		9,743,210
Series B, 4.0%, 10/15/2033		20,000,000		23,244,400
Series A, 4.0%, 10/15/2036		5,000,000		5,670,250
Series B, 4.0%, 10/15/2036		23,580,000		27,106,153
Series B, 4.0%, 10/15/2037		7,000,000		8,015,630
Series A, 4.0%, 10/15/2044		14,165,000		16,076,425

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

28 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049		12,750,000		19,562,325
				464,484,718
Utah 0.7%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2032		5,000,000		6,114,100
Series A, AMT, 5.0%, 7/1/2043		3,850,000		4,583,656
Series A, AMT, 5.0%, 7/1/2047		13,435,000		15,671,793
Series A, AMT, 5.0%, 7/1/2048		2,310,000		2,733,954
				29,103,503
Virginia 1.8%
Fairfax County, VA, Economic Development Authority, Residential Care Facility Revenue, Goodwin House, Inc., Series A, 5.0%, 10/1/2036		1,750,000		1,961,068
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project:
AMT, 5.0%, 12/31/2049		14,865,000		17,017,006
AMT, 5.0%, 12/31/2052		4,655,000		5,318,803
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031		15,145,000		17,082,954
Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education:
Series A, 4.0%, 9/1/2030		5,590,000		6,426,096
Series A, 4.0%, 9/1/2031		4,710,000		5,330,731
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031		5,120,000		6,394,266
Virginia, State Public Building Authority, Public Facility Revenue, Series A, 4.0%, 8/1/2039		5,000,000		5,746,150
Virginia, State Public Building Authority, Public Facility Revenue, Series B, AMT, 4.0%, 8/1/2039		9,700,000		10,994,465
				76,271,539
Washington 4.4%
King County, WA, School District No. 412 Shoreline:
4.0%, 12/1/2035		5,505,000		6,324,860
4.0%, 12/1/2037		15,000,000		17,052,000
King County, WA, School District No. 412, Shoreline, 5.0%, 12/1/2031		14,345,000		18,199,788
Port of Seattle, WA, Revenue Bonds:
Series A, AMT, 5.0%, 5/1/2029		8,280,000		10,060,531
Series A, AMT, 5.0%, 5/1/2030		6,200,000		7,499,582
Series A, AMT, 5.0%, 5/1/2031		9,200,000		11,053,156
Seattle, WA, Municipal Light & Power Revenue, Series A, 4.0%, 1/1/2038		6,875,000		7,726,744

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

DWS Managed Municipal Bond Fund | 29

	Principal Amount ($)		Value ($)
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030		18,800,000		21,805,556
Washington, Energy Northwest Electric Revenue:
Series C, 5.0%, 7/1/2030		14,405,000		18,196,396
Series C, 5.0%, 7/1/2031		10,675,000		13,435,128
Washington, State General Obligation, Series C, 5.0%, 2/1/2031		16,000,000		20,012,160
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041		11,260,000		11,749,022
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation, Series A-2, 5.0%, 8/1/2044		3,500,000		4,135,320
Washington, State Health Care Facilities Authority, Virginia Mason Medical Center:
5.0%, 8/15/2034		1,715,000		1,984,804
5.0%, 8/15/2035		1,470,000		1,697,247
5.0%, 8/15/2036		980,000		1,128,852
Washington, State Housing Finance Commission, Non-profit Housing Revenue, Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055		9,010,000		9,521,227
				181,582,373
West Virginia 0.6%
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047		20,120,000		23,392,518
Wisconsin 1.5%
Milwaukee County, WI, Airport Revenue, Series A, 5.0%, 12/1/2034		7,000,000		7,000,000
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority:
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC		1,285,000		1,354,429
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC		2,245,000		2,365,983
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		835,000		848,443
144A, 5.75%, 5/1/2054		8,100,000		8,240,778
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.:
144A, 5.0%, 10/1/2043		1,560,000		1,728,449
144A, 5.0%, 10/1/2048		4,315,000		4,768,809
144A, 5.0%, 10/1/2053		8,100,000		8,929,116
Wisconsin, State Health & Educational Facilities Authority Revenue, Agnesian Healthcare, Inc., Series B, Prerefunded, 5.0%, 7/1/2036		8,500,000		9,611,800

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

30 | DWS Managed Municipal Bond Fund

	Principal Amount ($)			Value ($)
Wisconsin, State Health & Educational Facilities Authority Revenue, ThedaCare, Inc., Series A, 5.5%, 12/15/2038		13,235,000			13,262,396
Wisconsin, State Health & Educational Facilities Authority, St. John’s Communities, Inc. Project:
Series A, 5.0%, 9/15/2040		335,000			352,524
Series A, 5.0%, 9/15/2045		445,000			466,667
Series A, 5.0%, 9/15/2050		1,780,000			1,863,464
					60,792,858
Total Municipal Bonds and Notes (Cost $3,795,953,051)					4,100,229,101
Underlying Municipal Bonds of Inverse Floaters (b) 0.2%
Texas 0.3%
Dallas, TX, Water Works & Sewer Systems Revenue, 5.0%, 10/1/2035 (c) (Cost $10,130,450)		10,000,000			10,297,800
Trust: Texas, Water Works & Sewer Systems Revenue, Series 2016-XM0288, 144A, 8.23%, 10/1/2035, Leverage Factor at purchase date: 2 to 1
Open-End Investment Companies 0.1%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.947%**** (Cost $2,804,412)		2,803,617			2,803,967
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $3,808,887,913)		99.3			4,113,330,868
Floating Rate Notes (b)		(0.1	)		(5,000,000	)
Other Assets and Liabilities, Net		0.8			32,156,291
Net Assets		100.0			4,140,487,159

* Non-income producing security.

** Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of November 30, 2019. Date shown reflects the earlier of demand date or stated maturity date.

*** Variable or floating rate security. These securities are shown at their current rate as of November 30, 2019. 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.

**** Current yield; not a coupon rate.

(a) When-issued security.

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

DWS Managed Municipal Bond Fund | 31

(b) Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.

(c) Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.

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.

AMBAC: Ambac Financial Group, Inc.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

GTY: Guaranty Agreement

INS: Insured

LIBOR: London Interbank Offered Rate

LOC: Letter of Credit

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.

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 November 30, 2019 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 (d)	$	—	$	4,110,526,901	$	—	$	4,110,526,901
Open-End Investment Companies		2,803,967		—		—		2,803,967
Total	$	2,803,967	$	4,110,526,901	$	—	$	4,113,330,868

(d) See Investment Portfolio for additional detailed categorizations.

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

32 | DWS Managed Municipal Bond Fund

Statement of Assets and Liabilities

as of November 30, 2019 (Unaudited)
Assets
Investments in securities, at value (cost $3,808,887,913)	$	4,113,330,868
Receivable for investments sold		6,730,000
Receivable for Fund shares sold		1,581,645
Interest receivable		50,939,799
Other assets		160,074
Total assets		4,172,742,386
Liabilities
Payable for investments purchased — when-issued securities		20,363,127
Payable for Fund shares redeemed		1,244,766
Payable for floating rate notes issued		5,000,000
Distributions payable		2,130,829
Accrued management fee		996,373
Accrued Trustees’ fees		54,725
Other accrued expenses and payables		2,465,407
Total liabilities		32,255,227
Net assets, at value	$	4,140,487,159
Net Assets Consist of
Distributable earnings (loss)		324,265,629
Paid-in capital		3,816,221,530
Net assets, at value	$	4,140,487,159

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

DWS Managed Municipal Bond Fund | 33

Statement of Assets and Liabilities as of November 30, 2019 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($1,292,943,937 ÷ 139,413,898 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.27
Maximum offering price per share (100 ÷ 97.25 of $9.27)	$	9.53
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($141,340,937 ÷ 15,240,972 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.27
Class S
Net Asset Value, offering and redemption price per share ($2,178,891,844 ÷ 234,624,734 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.29
Institutional Class
Net Asset Value, offering and redemption price per share ($527,310,441 ÷ 56,833,987 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	9.28

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

34 | DWS Managed Municipal Bond Fund

Statement of Operations

for the six months ended November 30, 2019 (Unaudited)
Investment Income
Income:
Interest	$	79,622,744
Expenses:
Management fee		6,816,333
Administration fee		2,084,550
Services to shareholders		2,613,850
Distribution and service fees		2,291,945
Custodian fee		19,764
Professional fees		79,544
Reports to shareholders		68,076
Registration fees		61,671
Trustees’ fees and expenses		102,724
Interest expense and fees on floating rate notes issued		50,707
Other		135,130
Total expenses before expense reductions		14,324,294
Expense reductions		(601,210	)
Total expenses after expense reductions		13,723,084
Net investment income		65,899,660
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		15,020,719
Change in net unrealized appreciation (depreciation) on investments		12,611,984
Net gain (loss)		27,632,703
Net increase (decrease) in net assets resulting from operations	$	93,532,363

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

DWS Managed Municipal Bond Fund | 35

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended November 30, 2019 (Unaudited)			Year Ended May 31, 2019
Operations:
Net investment income (loss)	$	65,899,660		$	139,027,427
Net realized gain (loss)		15,020,719			(1,616,581	)
Change in net unrealized appreciation (depreciation)		12,611,984			95,527,018
Net increase (decrease) in net assets resulting from operations		93,532,363			232,937,864
Distributions to shareholders:
Class A		(19,836,989	)		(43,515,689	)
Class C		(1,632,858	)		(4,068,918	)
Class S		(37,673,311	)		(80,554,972	)
Institutional Class		(6,263,755	)		(10,210,602	)
Total distributions		(65,406,913	)		(138,350,181	)
Fund share transactions:
Proceeds from shares sold		460,438,085			863,145,446
Reinvestment of distributions		56,440,719			121,434,618
Payments for shares redeemed		(493,177,771	)		(1,616,781,076	)
Net increase (decrease) in net assets from Fund share transactions		23,701,033			(632,201,012	)
Increase (decrease) in net assets		51,826,483			(537,613,329	)
Net assets at beginning of period		4,088,660,676			4,626,274,005
Net assets at end of period	$	4,140,487,159		$	4,088,660,676

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

36 | DWS Managed Municipal Bond Fund

Financial Highlights

	Six Months Ended 11/30/19			Years Ended May 31,
Class A	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.21			$8.98			$9.17			$9.42			$9.25			$9.30
Income from investment operations:
Net investment income		.14			.28			.28			.31			.35			.36
Net realized and unrealized gain (loss)		.06			.23			(.19	)		(.25	)		.17			(.06	)
Total from investment operations		.20			.51			.09			.06			.52			.30
Less distributions from:
Net investment income		(.14	)		(.28	)		(.28	)		(.31	)		(.35	)		(.35	)
Net realized gains		—			(.00	)***		(.00	)***		(.00	)***		(.00	)***		(.00	)***
Total distributions		(.14	)		(.28	)		(.28	)		(.31	)		(.35	)		(.35	)
Net asset value, end of period		$9.27			$9.21			$8.98			$9.17			$9.42			$9.25
Total Return (%)a		2.19	**		5.85			1.00			.71			5.70			3.34
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,293			1,315			1,507			1,693			2,031			1,941
Ratio of expenses (including interest expense) (%)b		.77	*		.77			.77			.79			.80			.81
Ratio of expenses (excluding interest expense) (%)		.77	*		.77			.76			.76			.76			.76
Ratio of net investment income (%)		3.05	*		3.18			3.08			3.40			3.73			3.84
Portfolio turnover rate (%)		14	**		39			42			38			29			29

^a  Total return does not reflect the effect of any sales charges.

^b  Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Managed Municipal Bond Fund | 37

	Six Months Ended 11/30/19			Years Ended May 31,
Class C	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.21			$8.98			$9.17			$9.42			$9.25			$9.30
Income from investment operations:
Net investment income		.10			.21			.21			.24			.27			.29
Net realized and unrealized gain (loss)		.06			.23			(.19	)		(.25	)		.17			(.06	)
Total from investment operations		.16			.44			.02			(.01	)		.44			.23
Less distributions from:
Net investment income		(.10	)		(.21	)		(.21	)		(.24	)		(.27	)		(.28	)
Net realized gains		—			(.00	)***		(.00	)***		(.00	)***		(.00	)***		(.00	)***
Total distributions		(.10	)		(.21	)		(.21	)		(.24	)		(.27	)		(.28	)
Net asset value, end of period		$9.27			$9.21			$8.98			$9.17			$9.42			$9.25
Total Return (%)a		1.78	b**		5.02	b		.21			(.08	)		4.88	b		2.53	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		141			151			208			259			292			256
Ratio of expenses before expense reductions (including interest expense) (%)c		1.57	*		1.57			1.56			1.58			1.59			1.61
Ratio of expenses after expense reductions (including interest expense) (%)c		1.56	*		1.56			1.56			1.58			1.59			1.60
Ratio of expenses after expense reductions (excluding interest expense) (%)		1.56	*		1.56			1.55			1.55			1.55			1.55
Ratio of net investment income (%)		2.26	*		2.39			2.29			2.61			2.94			3.05
Portfolio turnover rate (%)		14	**		39			42			38			29			29

^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.

^c  Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

38 | DWS Managed Municipal Bond Fund

	Six Months Ended 11/30/19				Years Ended May 31,
Class S	(Unaudited)				2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$	9.23		$	9.00			$9.18			$9.44			$9.26			$9.31
Income from investment operations:
Net investment income			.15			.30			.30			.33			.37			.38
Net realized and unrealized gain (loss)			.06			.23			(.18	)		(.26	)		.18			(.06	)
Total from investment operations			.21			.53			.12			.07			.55			.32
Less distributions from:
Net investment income			(.15	)		(.30	)		(.30	)		(.33	)		(.37	)		(.37	)
Net realized gains			—			(.00	)***		(.00	)***		(.00	)***		(.00	)***		(.00	)***
Total distributions			(.15	)		(.30	)		(.30	)		(.33	)		(.37	)		(.37	)
Net asset value, end of period		$	9.29		$	9.23			$9.00			$9.18			$9.44			$9.26
Total Return (%)a			2.29	**		6.07			1.32			.81			6.03			3.55
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			2,179			2,283			2,670			2,918			2,940			2,873
Ratio of expenses before expense reductions (including interest expense) (%)b			.61	*		.61			.62			.63			.64			.64
Ratio of expenses after expense reductions (including interest expense) (%)b			.56	*		.56			.58			.60			.60			.60
Ratio of expenses after expense reductions (excluding interest expense) (%)			.56	*		.56			.56			.57			.56			.55
Ratio of net investment income (%)			3.26	*		3.39			3.27			3.59			3.93			4.04
Portfolio turnover rate (%)			14	**		39			42			38			29			29

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

^b  Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

DWS Managed Municipal Bond Fund | 39

	Six Months Ended 11/30/19			Years Ended May 31,
Institutional Class	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data
Net asset value, beginning of period		$9.22			$8.99			$9.17			$9.42			$9.25			$9.30
Income from investment operations:
Net investment income		.15			.30			.30			.34			.37			.38
Net realized and unrealized gain (loss)		.06			.23			(.18	)		(.26	)		.17			(.06	)
Total from investment operations		.21			.53			.12			.08			.54			.32
Less distributions from:
Net investment income		(.15	)		(.30	)		(.30	)		(.33	)		(.37	)		(.37	)
Net realized gains		—			(.00	)***		(.00	)***		(.00	)***		(.00	)***		(.00	)***
Total distributions		(.15	)		(.30	)		(.30	)		(.33	)		(.37	)		(.37	)
Net asset value, end of period		$9.28			$9.22			$8.99			$9.17			$9.42			$9.25
Total Return (%)		2.31	**		6.09			1.33			.94	a		5.96			3.57
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		527			340			241			177			311			100
Ratio of expenses before expense reductions (including interest expense) (%)b		.53	*		.55			.56			.59			.56			.58
Ratio of expenses after expense reductions (including interest expense) (%)b		.53	*		.55			.56			.56			.56			.58
Ratio of expenses after expense reductions (excluding interest expense) (%)		.53	*		.55			.55			.53			.52			.53
Ratio of net investment income (%)		3.29	*		3.41			3.29			3.63			3.93			4.06
Portfolio turnover rate (%)		14	**		39			42			38			29			29

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

^b  Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

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

40 | DWS Managed Municipal Bond Fund

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

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

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares automatically convert to Class A shares in the same fund after 10 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 10 years. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. 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 services 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.

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

DWS Managed Municipal Bond Fund | 41

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.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board 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 average of the most recent reliable bid and 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 Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of 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.

Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an

42 | DWS Managed Municipal Bond Fund

inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Offer Bond trust (the “TOB Trust”). In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond’s par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying long-term fixed-rate bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.

By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption “Payable for floating rate notes issued” in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense and fees on floating rate notes issued” in the Statement of Operations. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended November 30, 2019 was approximately $5,000,000, with a weighted average interest rate of 2.03%.

The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund’s inverse floater investments. In addition, the value of inverse floaters may decrease significantly when interest rates increase. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund’s control, resulting in a reduction of leverage and disposal of

DWS Managed Municipal Bond Fund | 43

portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

The final rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) preclude banking entities from sponsoring and/or providing services to existing TOB Trusts. In response to these rules, investment market participants have, developed TOB Trust structures that are designed to ensure that banking entities do not sponsor TOB Trusts in violation of the Volcker Rule. All Fund TOB Trusts are structured to be in compliance with the Volcker Rule. A Volcker-compliant TOB Trust structure is similar to pre-Volker TOB Trust structures. The ultimate impact of the Volker Rule on the inverse floater market and the municipal market generally is not yet certain. Such changes could make early unwinds of TOB Trusts more likely, may make the use of TOB Trusts more expensive, and may make it more difficult to use TOB Trusts in general. The new rules may also expose the Fund to additional risks, including, but not limited to, compliance, securities law and operational risks.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, 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, 2019, the Fund had a net tax basis capital loss carryforward of approximately $6,435,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.

At November 30, 2019, the aggregate cost of investments for federal income tax purposes was $3,797,406,340. The net unrealized appreciation for all investments based on tax cost was $310,829,733. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $313,106,282 and aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $2,276,549.

The Fund has reviewed the tax positions for the open tax years as of May 31, 2019 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 is distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

44 | DWS Managed Municipal Bond Fund

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 investments in inverse floater transactions, certain securities sold at a loss and accretion of market discount on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

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

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

B. Purchases and Sales of Securities

During the six months ended November 30, 2019, purchases and sales of investment securities (excluding short-term investments) aggregated $604,152,321 and $559,924,868, respectively.

C. 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

DWS Managed Municipal Bond Fund | 45

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 Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $250 million of the Fund’s average daily net assets	.365%
Next $750 million of such net assets	.345%
Next $1.5 billion of such net assets	.325%
Next $2.5 billion of such net assets	.315%
Next $2.5 billion of such net assets	.295%
Next $2.5 billion of such net assets	.275%
Next $2.5 billion of such net assets	.255%
Over $12.5 billion of such net assets	.235%

Accordingly, for six months ended November 30, 2019, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.33% of the Fund’s average daily net assets.

For the period from June 1, 2019 through September 30, 2020, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.81%
Class C	1.56%
Class S	.56%
Institutional Class	.56%

For the six months ended November 30, 2019, fees waived and/or expenses reimbursed for certain class are as follows:

Class C	$	2,419
Class S		598,791
	$	601,210

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 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable

46 | DWS Managed Municipal Bond Fund

monthly. For the six months ended November 30, 2019, the Administration Fee was $2,084,550, of which $338,830 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 of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended November 30, 2019, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at November 30, 2019
Class A	$	65,270	$	19,788
Class C		2,806		616
Class S		137,006		42,001
Institutional Class		4,453		770
	$	209,535	$	63,175

In addition, for the six months ended November 30, 2019, the amounts charged to the Fund for recordkeeping and other administrative services provided by unaffiliated third parties, included in the Statement of Operations under “Services to shareholders,” were as follows:

Sub-Recordkeeping	Total Aggregated
Class A	$	396,622
Class C		77,775
Class S		1,704,584
Institutional Class		141,947
	$	2,320,928

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 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 six months ended November 30, 2019, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at November 30, 2019
Class C	$	547,931	$	87,014

DWS Managed Municipal Bond Fund | 47

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 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 six months ended November 30, 2019, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at November 30, 2019		Annualized Rate
Class A	$	1,561,610	$	793,499		.24	%
Class C		182,404		90,909		.25	%
	$	1,744,014	$	884,408

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid to DDI in connection with the distribution of Class A shares for the six months ended November 30, 2019 aggregated $12,819.

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 six months ended November 30, 2019, the CDSC for Class C shares aggregated $2,628. A deferred sales charge of up to 0.50% is assessed on certain redemptions of Class A shares. For the six months ended November 30, 2019, DDI received $38,708 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended November 30, 2019, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $10,553, all of which 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 six months ended November 30, 2019, the Fund engaged in securities purchases of $123,760,000 and securities sales of $64,245,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

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D. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $400 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 rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus, if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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 November 30, 2019.

E. Fund Share Transactions

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

	Six Months Ended November 30, 2019						Year Ended May 31, 2019
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		4,885,555		$	45,365,799			9,406,369		$	84,093,618
Class C		794,470			7,384,312			1,168,613			10,439,174
Class S		19,635,823			181,858,623			57,523,593			510,074,022
Institutional Class		24,347,861			225,829,351			28,883,513			258,538,632
				$	460,438,085					$	863,145,446
Shares issued to shareholders in reinvestment of distributions
Class A		1,857,892		$	17,247,844			4,333,283		$	38,742,246
Class C		151,464			1,406,038			401,147			3,585,143
Class S		3,431,675			31,900,712			7,695,155			68,889,694
Institutional Class		633,771			5,886,125			1,142,303			10,217,535
				$	56,440,719					$	121,434,618
Shares redeemed
Class A		(10,041,444	)	$	(93,218,986	)		(38,754,403	)	$	(346,140,282	)
Class C		(2,068,558	)		(19,190,334	)		(8,358,251	)		(74,554,826	)
Class S		(35,971,671	)		(334,196,294	)		(114,500,638	)		(1,018,422,284	)
Institutional Class		(5,010,793	)		(46,572,157	)		(19,985,283	)		(177,663,684	)
				$	(493,177,771	)				$	(1,616,781,076	)

DWS Managed Municipal Bond Fund | 49

	Six Months Ended November 30, 2019						Year Ended May 31, 2019
	Shares			Dollars			Shares			Dollars
Net increase (decrease)
Class A		(3,297,997	)	$	(30,605,343	)		(25,014,751	)	$	(223,304,418	)
Class C		(1,122,624	)		(10,399,984	)		(6,788,491	)		(60,530,509	)
Class S		(12,904,173	)		(120,436,959	)		(49,281,890	)		(439,458,568	)
Institutional Class		19,970,839			185,143,319			10,040,533			91,092,483
				$	23,701,033					$	(632,201,012	)

50 | DWS Managed Municipal Bond Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, Class C and Class S shares limited these expenses; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2019 to November 30, 2019).

The tables illustrate your Fund’s expenses in two ways:

– Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

– Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The “Expenses Paid per $1,000” line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

DWS Managed Municipal Bond Fund | 51

Expenses and Value of a $1,000 Investment for the six months ended November 30, 2019 (Unaudited)
Actual Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 6/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 11/30/19	$	1,021.90	$	1,017.80	$	1,022.90	$	1,023.10
Expenses Paid per $1,000*	$	3.89	$	7.87	$	2.83	$	2.68
Hypothetical 5% Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 6/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 11/30/19	$	1,021.15	$	1,017.20	$	1,022.20	$	1,022.35
Expenses Paid per $1,000*	$	3.89	$	7.87	$	2.83	$	2.68

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

Annualized Expense Ratios	Class A			Class C			Class S			Institutional Class
DWS Managed Municipal Bond Fund		.77	%		1.56	%		.56	%		.53	%

For more information, please refer to the Fund’s prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to tools.finra.org/fund_analyzer/.

52 | DWS Managed Municipal Bond Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Managed Municipal Bond Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2019.

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’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”). Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

– The Board also received extensive information throughout the year regarding performance of the Fund.

– The Independent Trustees regularly met privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

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

In connection with the contract review process, the Contract Committee and 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

DWS Managed Municipal Bond Fund | 53

invest or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. In 2018, approximately 20% of DWS Group’s shares were sold in an initial public offering, with Deutsche Bank AG owning the remaining shares.

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. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

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 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, 2018, the Fund’s performance (Class A shares) was in the 4th quartile, 4th quartile and 3rd 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, 2018. The

54 | DWS Managed Municipal Bond Fund

Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board noted certain changes in the Fund’s portfolio management team that were made effective December 10, 2018. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the DWS fund complex.

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 (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 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (3rd quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2018). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be lower than the median (2nd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2018, 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.

DWS Managed Municipal Bond Fund | 55

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

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

Compliance. The Board considered the significant attention and resources dedicated by DIMA to its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time

56 | DWS Managed Municipal Bond Fund

commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers and (ii) the substantial commitment of resources by DIMA and its affiliates to compliance matters, including the retention of compliance personnel.

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 Managed Municipal Bond Fund | 57

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial representative. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	dws.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, news about DWS funds, insight from DWS economists and investment specialists and access to DWS fund account information.
Written Correspondence	DWS PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

58 | DWS Managed Municipal Bond Fund

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	SMLAX	SMLCX	SCMBX	SMLIX
CUSIP Number	25158T 608	25158T 822	25158T 848	25158T 855
Fund Number	466	766	2066	544

DWS Managed Municipal Bond Fund | 59

Privacy Statement

FACTS	What Does DWS Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions? Call (800) 728-3337 or e-mail us at service@dws.com

60 | DWS Managed Municipal Bond Fund

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
How does DWS collect my personal information?	We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments
Why can’t I limit all sharing?	Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Rev. 12/2019

DWS Managed Municipal Bond Fund | 61

Notes

Notes

DMMBF-3

(R-025437-9 1/20)

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable
ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable
ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not applicable
ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board.  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
ITEM 12.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)	Not applicable
	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Registrant:	DWS Managed Municipal Bond Fund, a series of Deutsche DWS Municipal Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	1/29/2020

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

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	1/29/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	1/29/2020