UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

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:	5/31/2020

ITEM 1. REPORT TO STOCKHOLDERS

May 31, 2020

Annual 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	Portfolio Management Review
9	Performance Summary
11	Portfolio Summary
12	Investment Portfolio
37	Statement of Assets and Liabilities
39	Statement of Operations
40	Statements of Changes in Net Assets
41	Financial Highlights
45	Notes to Financial Statements

56	Report of Independent Registered Public Accounting Firm
58	Information About Your Fund’s Expenses
59	Tax Information
60	Liquidity Risk Management
61	Advisory Agreement Board Considerations and Fee Evaluation
66	Board Members and Officers
71	Account Management Resources

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. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. 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.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

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:

While the economy is not expected to shrug off the impacts of the COVID-19 pandemic easily, DWS’s CIO Office is cautiously optimistic. Our CIO Office anticipates the recession in the United States (“U.S.”) to be shallower than in the Eurozone, followed by a more robust U.S. recovery primarily benefiting from the outsized U.S. fiscal stimulus. Our CIO office sees long-lasting disruptions of supply chains and consumer spending, potentially derailing the current outlook.

What is already becoming clear is the current assessment of the situation by financial markets. U.S. markets have moved back to relatively high valuations. However, sentiment can quickly change and March lows may be tested again in the coming months. With respect to the bond markets, we think that accommodative central bank action will continue or even accelerate, with the interest rates set to remain low for the foreseeable future.

What may come next? In the short term, we expect markets to remain volatile. While our strategists forecast peaking uncertainty on stock markets, sharp setbacks could happen at any time. We believe stocks have become even more appealing for the medium- to long-term time horizons, due to the very accommodative monetary policy of the leading central banks and growing fiscal deficits.

As the U.S. and global economies forge a path to recovery, close monitoring of developments to assess potential opportunities and risks is critical. We believe the unique structure of our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — positions us to make timely strategic and tactical decisions. Those insights are updated frequently and are always available on the “Insights” section of dws.com.

As always, we appreciate your trust and welcome the opportunity to help you navigate these unusual times. We believe our decades of experience in managing assets through multiple market cycles and events can add significant value in times such as these.

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

Portfolio Management Review (Unaudited)

Overview of Market and Fund Performance

All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. 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 most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 9 through 10 for more complete performance information.

Investment Strategy

The Fund invests in a wide variety of municipal bonds. These include general obligation bonds, for which payments of principal and interest are secured by the full faith and credit of the issuer and usually supported by the issuer’s taxing power. In addition, securities held may include revenue bonds, for which principal and interest are secured by revenues from tolls, rents or other fees gained from the facility that was built with the bond issue proceeds.

The Fund’s management team seeks to hold municipal bonds that appear to offer the best opportunity to meet the Fund’s objective of providing income exempt from regular federal income tax. In selecting securities, the managers typically weigh a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal market. Although portfolio management may adjust the Fund’s duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Bloomberg Barclays Municipal Bond Index, generally between five and nine years.

DWS Managed Municipal Bond Fund posted a return of 0.64% over the 12 months ended May 31, 2020, while the overall municipal bond market, as measured by the unmanaged Bloomberg Barclays Municipal Bond Index, delivered a total return of 3.98% for the same period. The average fund in the Morningstar Muni National Long category returned 1.97% for the 12 months.

For much of the period, sentiment with respect to credit-sensitive areas of the bond market was supported by a strong fundamental backdrop. Municipals benefited from positive flows into tax-free mutual funds, while demand from separately managed accounts supported shorter-maturity

4 | DWS Managed Municipal Bond Fund

municipals. However, beginning in early March of 2020 the COVID-19 crisis led to steep outflows from the municipal asset class, with lower quality issues most impacted as investors fled risk-sensitive assets broadly.

Market sentiment began to recover entering April of 2020 as policy makers stepped in with extraordinary measures. The Federal Reserve (Fed) cut its benchmark overnight lending rate to zero and instituted lending facilities and bond purchase programs in support of a range of fixed income categories including municipals. A relative lack of tax-free new issue supply also supported municipal bond prices, although the rebound was largely concentrated among higher quality issues.

“Beginning in early March of 2020 the COVID-19 crisis led to steep outflows from the municipal asset class, with lower quality issues most impacted as investors fled risk-sensitive assets broadly.”

Yields declined along the length of the municipal curve over the 12 months ended May 31, 2020 and the curve steepened as declines were most significant for shorter maturities. Specifically, the two-year bond yield fell from 1.39% to 0.16%, the five-year from 1.42% to 0.38%, the 10-year from 1.65% to 0.84%, the 20-year from 2.14% to 1.44%, and the 30-year from 2.32% to 1.65%. (See the graph below for municipal bond yield changes from the beginning to the end of the period.) For the 12 months, municipal market credit spreads — the incremental yield offered by lower- quality issues vs. AAA-rated issues — generally widened.

Municipal Bond Yield Curve (as of 5/31/20 and 5/31/19)

Source: Municipal Market Data, AAA-rated universe, as of 5/31/20.

Chart is for illustrative purposes only and does not represent any DWS product.

DWS Managed Municipal Bond Fund | 5

Positive and Negative Contributors to Fund Performance

The Fund’s overall positioning with respect to credit quality was the most significant constraint on performance vs. the benchmark. During the period we were overweight issues in the single-A, BBB and below investment grade quality ranges, weighing on performance given the spike in risk aversion seen in the first quarter of 2020.

In sector terms, overweight exposure to health care led detractors from performance relative to the benchmark. In particular, holdings within the continuing care retirement community segment were heavily impacted by COVID-19 concerns. In a similar vein, exposure to airports detracted given pandemic-driven travel restrictions. Above-benchmark exposure to Illinois general obligations hurt performance as the pivot to a recessionary outlook weighed on sentiment with respect to the state’s efforts to address its pension funding challenges. Holdings of prepaid gas issues also detracted as these bonds are backed by the financial sector which saw declines due to the COVID-19 pandemic. On the positive side, an out-of-benchmark position in issues backed by the Tobacco Master Settlement had a marginally positive impact on performance. Above-benchmark positioning in pre-refunded issues also aided return as investors favored shorter-maturity, higher-quality assets.

The Fund’s positioning along the yield curve detracted slightly from performance relative to the benchmark over the 12 months. Specifically, the Fund was underweight the 5- to 10-year segment of the yield curve which benefited the most from declining yields as the curve steepened.

Outlook and Positioning

As of the end of May 2020, municipal yields on an absolute basis were at extraordinarily low levels by historical standards. The two-year municipal bond yield of 0.16% was 100% of the comparable-maturity U.S. Treasury bond yield before taking into account the tax advantage of municipals. The 10-year municipal bond yield of 0.84% was 129% of the comparable-maturity U.S. Treasury bond yield, while the 30-year municipal yield of 1.65% was 117% of the comparable U.S. Treasury yield.

While interest in municipals may be supported by the relative attractiveness of tax-free yield levels, the risk to investor flows from negative headlines around COVID-19 and the economy remains. In addition, certain segments of the municipal market may remain under

6 | DWS Managed Municipal Bond Fund

fundamental pressure for a considerable time. Against this backdrop, we continue to be vigilant in our credit evaluation of lower quality issues, particularly in the BBB range and below. We will seek to take advantage of opportunities to invest in issuers with the resources and liquidity to withstand the current economic environment and that offer value.

We continue to perform careful analysis of each security’s risk/reward profile, while also maintaining a focus on portfolio liquidity. We view the municipal curve between 10 and 30 years as reasonably steep and are comfortable with maintaining our overweight compared to the benchmark to longer maturities in the 25- to 30-year range.

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 Bond Department; Portfolio Manager, Municipal Bond Mutual Funds: Boston.

– 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.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

DWS Managed Municipal Bond Fund | 7

Terms to Know

The Bloomberg Barclays Municipal Bond Index is an unmanaged, market-value- weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

The Morningstar Muni National Long category consists of funds that invest in municipal bonds issued by various state and local governments to fund public projects and are free from federal taxes. These funds spread their assets across many states and sectors and focus on bond durations of seven years or more.

The yield curve is a graph with a left-to-right line that shows how high or low yields are, from the shortest to the longest maturities. Typically (and when the yield curve is characterized as “steep,” this is especially true), the line rises from left to right as investors who are willing to tie up their money for a longer period are rewarded with higher yields.

Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations, such as AAA, AA and so forth. The lower the rating the higher the probability of default. Credit quality does not remove market risk and is subject to change.

Credit spread is the additional yield provided by municipal bonds rated AA and below vs. municipals rated AAA with comparable effective maturity.

Overweight means the Fund holds a higher weighting in a given sector or security than the benchmark. Underweight means the Fund holds a lower weighting.

Contribution and detraction incorporate both an investment’s total return and its weighting in the Fund.

8 | DWS Managed Municipal Bond Fund

Performance Summary May 31, 2020 (Unaudited)

Class A	1-Year		5-Year		10-Year
Average Annual Total Returns as of 5/31/20
Unadjusted for Sales Charge		0.64%		2.75%		3.72%
Adjusted for the Maximum Sales Charge
(max 2.75% load)		–2.13%		2.18%		3.44%
Bloomberg Barclays Municipal Bond Index†		3.98%		3.74%		4.14%
Class C	1-Year		5-Year		10-Year
Average Annual Total Returns as of 5/31/20
Unadjusted for Sales Charge		–0.15%		1.95%		2.92%
Adjusted for the Maximum Sales Charge
(max 1.00% CDSC)		–0.15%		1.95%		2.92%
Bloomberg Barclays Municipal Bond Index†		3.98%		3.74%		4.14%
Class S	1-Year		5-Year		10-Year
Average Annual Total Returns as of 5/31/20
No Sales Charges		0.73%		2.96%		3.92%
Bloomberg Barclays Municipal Bond Index†		3.98%		3.74%		4.14%
Institutional Class	1-Year		5-Year		10-Year
Average Annual Total Returns as of 5/31/20
No Sales Charges		0.86%		3.01%		3.98%
Bloomberg Barclays Municipal Bond Index†		3.98%		3.74%		4.14%

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% and 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.

DWS Managed Municipal Bond Fund | 9

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.

	Class A		Class C		Class S		Institutional Class
Net Asset Value
5/31/20	$	8.98	$	8.98	$	8.99	$	8.99
5/31/19	$	9.21	$	9.21	$	9.23	$	9.22
Distribution Information as of 5/31/20
Income Dividends, Twelve Months	$	.28	$	.20	$	.29	$	.30
Capital Gain Distributions, Twelve Months	$	.0162	$	.0162	$	.0162	$	.0162
May Income Dividend	$	.0222	$	.0165	$	.0236	$	.0232
SEC 30-day Yield‡‡		1.81%		1.12%		2.05%		1.99%
Tax Equivalent Yield‡‡		3.06%		1.89%		3.46%		3.36%
Current Annualized Distribution Rate‡‡		2.91%		2.17%		3.11%		3.05%

^‡‡ The SEC yield is net investment income per share earned over the month ended May 31, 2020, 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 2.00% 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 May 31, 2020. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rate would have been 3.06% for Class S, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate.

10 | DWS Managed Municipal Bond Fund

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		5/31/19
Revenue Bonds		74%		74%
General Obligation Bonds		11%		13%
Lease Obligations		7%		8%
Escrow to Maturity/Prerefunded Bonds		8%		5%
		100%		100%
Interest Rate Sensitivity	5/31/20		5/31/19
Effective Maturity		6.9 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)	5/31/20		5/31/19
AAA		10%		5%
AA		37%		39%
A		33%		37%
BBB		12%		13%
BB		2%		2%
Not Rated		6%		4%
		100%		100%

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

Top Five State Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		5/31/19
New York		16%		12%
Texas		12%		12%
California		9%		15%
Illinois		8%		8%
Florida		7%		6%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 12. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 71 for contact information.

DWS Managed Municipal Bond Fund | 11

Investment Portfolio as of May 31, 2020

	Principal Amount ($)		Value ($)
Municipal Bonds and Notes 97.7%
Alaska 0.3%
Alaska, State Housing Finance Corp., Home Mortgage Revenue:
Series A, AMT, 0.13%*, 6/1/2032, SPA: Federal Home Loan Bank		535,000		535,000
Series D, 0.13%*, 12/01/2041, SPA: Federal Home Loan Bank		200,000		200,000
Alaska, State Industrial Development & Export Authority Revenue, Providence Health Services, Series A, 5.5%, 10/1/2041		11,000,000		11,358,270
				12,093,270
Arizona 0.8%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2032, GTY: Citigroup Global Markets		1,600,000		2,020,656
5.0%, 12/1/2037, GTY: Citigroup Global Markets		8,405,000		10,972,391
Arizona, State Industrial Development Authority, 2nd Tier Great Lakes Senior Living Revenue Communities Project, Series B, 5.0%, 1/1/2049		1,400,000		1,266,146
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049		5,490,000		5,464,746
Arizona, State Industrial Development Authority, Senior Living Revenue, Great Lakes Senior Living Communities, Series A, 4.5%, 1/1/2049		3,750,000		3,266,063
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049		4,560,000		4,545,955
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
144A, 5.0%, 6/15/2049		825,000		743,474
144A, 5.0%, 6/15/2052		1,410,000		1,259,736
				29,539,167
Arkansas 0.0%
Lowell, AR, Industrial Development Revenue, Little Rock Newspapers Project, AMT, 0.26%*, 6/1/2031, LOC: JPMorgan Chase Bank NA		700,000		700,000
California 9.3%
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049		9,500,000		9,896,435

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

12 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:
Series A, 5.0%, 6/1/2040		11,765,000		13,501,985
Series A-1, 5.0%, 6/1/2047		1,725,000		1,726,397
Series A-2, 5.0%, 6/1/2047		7,875,000		7,881,379
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets		15,315,000		22,465,573
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		2,395,000		2,156,602
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements:
3.875%, 9/1/2049		1,560,000		1,484,262
4.0%, 9/1/2046		2,905,000		2,858,113
California, State General Obligation:
5.0%, 2/1/2032		25,000,000		26,744,000
5.0%, 2/1/2033		8,000,000		8,555,360
5.25%, 4/1/2035		15,340,000		16,652,184
California, State General Obligation, Various Purposes:
5.25%, 9/1/2026		18,765,000		19,891,651
5.25%, 9/1/2030		5,000,000		5,292,400
5.25%, 10/1/2032		25,000,000		26,541,250
California, State Health Facilities Financing Authority Revenue, Sutter Health Obligated Group, Series A, 5.0%, 8/15/2043		10,000,000		11,339,600
California, State Municipal Finance Authority Revenue, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047		3,200,000		3,461,216
California, State University Revenue, Series A, 5.0%, 11/1/2038		7,410,000		8,896,816
California, Statewide Communities Development Authority Revenue, Kaiser Permanente, Kaiser Foundation, Series A, 5.0%, 4/1/2042		5,295,000		5,602,904
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center:
Series A, 144A, 5.0%, 12/1/2046		3,500,000		3,572,205
Series A, 5.25%, 12/1/2044		7,765,000		7,985,215
Series A, 144A, 5.5%, 12/1/2058		2,705,000		2,776,141
Los Angeles, CA, Department of Airports Revenue:
Series B, AMT, 5.0%, 5/15/2029		8,625,000		10,606,421
Series C, AMT, 5.0%, 5/15/2029		7,050,000		8,547,420
Series B, AMT, 5.0%, 5/15/2030		5,715,000		6,976,872
Series C, AMT, 5.0%, 5/15/2030		3,910,000		4,707,914
Series C, AMT, 5.0%, 5/15/2031		3,910,000		4,675,422

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

DWS Managed Municipal Bond Fund | 13

	Principal Amount ($)		Value ($)
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series D, AMT, 5.0%, 5/15/2048		15,000,000		17,452,650
Sacramento County, CA, Airport Systems Revenue:
Series C, AMT, 5.0%, 7/1/2029		9,455,000		11,477,141
Series C, AMT, 5.0%, 7/1/2030		13,690,000		16,483,992
Series C, AMT, 5.0%, 7/1/2031		3,500,000		4,182,815
Series C, AMT, 5.0%, 7/1/2032		3,000,000		3,557,730
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043		12,500,000		13,412,625
San Diego, CA, Housing Authority, Multi-Family Housing Revenue, Park & Market Apartments, Series A, 0.12%*, 6/1/2057, LOC: BK Tokyo-Mitsubishi UFJ		400,000		400,000
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
Series F, 5.0%, 5/1/2035		27,500,000		27,581,400
Series D, AMT, 5.0%, 5/1/2043		5,040,000		5,811,826
University of California, State Revenues:
Series O, 4.0%, 5/15/2029		4,165,000		5,126,240
Series O, 4.0%, 5/15/2030		5,000,000		6,094,900
Series O, 4.0%, 5/15/2031		3,335,000		4,026,179
				360,403,235
Colorado 6.2%
Colorado, Certificates of Participation, Series A, 4.0%, 12/15/2035		5,000,000		5,828,600
Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038, GTY: Merrill Lynch & Co., Inc.		30,000,000		44,995,200
Colorado, State Health Facilities Authority Revenue, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044		24,700,000		27,668,940
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035		16,250,000		18,289,700
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049		6,050,000		6,160,534
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
Series A, 5.0%, 12/1/2043		4,890,000		4,933,814
Series A, 5.0%, 12/1/2048		7,825,000		7,851,840
Colorado, State Health Facilities Authority, Hospital Revenue, SCL Health System, Series A, 4.0%, 1/1/2037		2,615,000		2,906,363
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049		1,000,000		903,220
Colorado, Transportation/Tolls Revenue, Series B, Zero Coupon, 9/1/2020, INS: NATL		7,000,000		6,992,230

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

14 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Denver City & County, CO, Airport Revenue:
Series A, AMT, 5.0%, 12/1/2032		14,335,000		17,262,350
Series A, AMT, 5.5%, 11/15/2028		15,000,000		16,990,650
Series A, AMT, 5.5%, 11/15/2029		14,705,000		16,608,856
Series A, AMT, 5.5%, 11/15/2030		15,080,000		16,989,128
Series A, AMT, 5.5%, 11/15/2031		5,000,000		5,616,850
Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040		2,770,000		2,878,723
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039		6,635,000		6,414,983
Fort Collins, CO, Economic Development Revenue, Oakridge Project, Series A, AMT, 0.22%*,12/31/2032, LOC: U.S. Bank NA		2,310,000		2,310,000
University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042		26,010,000		27,749,809
				239,351,790
Connecticut 1.9%
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, 144A, 5.0%, 4/1/2039		12,000,000		12,420,120
Connecticut, State General Obligation, Series C, 5.0%, 6/15/2029		14,690,000		18,150,670
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040		2,610,000		2,653,352
Connecticut, State Health & Educational Facilities Authority Revenue, Hartford Healthcare, Series A, Prerefunded, 5.0%, 7/1/2041		20,000,000		21,013,200
Connecticut, State Health & Educational Facilities Authority Revenue, Stamford Hospital, Series J, 5.125%, 7/1/2035		18,000,000		18,356,220
				72,593,562
Delaware 0.1%
Delaware, State Health Facilities Authority Revenue, BEEBE Medical Center, Inc., 5.0%, 6/1/2050		5,250,000		5,785,762
District of Columbia 1.2%
District of Columbia, General Obligation:
Series A, 0.12%*, 4/1/2038, LOC: PNC Bank NA		830,000		830,000
Series A, 5.0%, 6/1/2033		10,300,000		12,488,986
District of Columbia, International School Revenue:
5.0%, 7/1/2039		300,000		326,058
5.0%, 7/1/2049		1,275,000		1,362,172
5.0%, 7/1/2054		1,150,000		1,224,509

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

DWS Managed Municipal Bond Fund | 15

	Principal Amount ($)		Value ($)
Metropolitan Washington, DC, Airports Authority System Revenue:
Series A, AMT, 5.0%, 10/1/2031		5,355,000		6,280,451
Series A, AMT, 5.0%, 10/1/2032		5,000,000		5,828,850
AMT, 5.0%, 10/1/2042		10,805,000		12,485,826
Series A, AMT, 5.0%, 10/1/2044		3,890,000		4,280,089
Washington, DC, Convention & Sports Authority, Dedicated Tax Revenue:
Series A, 5.0%, 10/1/2029		1,455,000		1,569,625
Series A, 5.0%, 10/1/2030		1,455,000		1,561,069
				48,237,635
Florida 6.8%
Alachua County, FL, Housing Finance Authority, Multi-Family Revenue, Series A, AMT, 0.21%*, 9/15/2035, LIQ: Fannie Mae, LOC: Fannie Mae		295,000		295,000
Broward County, FL, Airport Systems Revenue:
Series A, AMT, 4.0%, 10/1/2044		2,140,000		2,280,363
Series A, AMT, 4.0%, 10/1/2049		3,425,000		3,628,890
Series Q-1, Prerefunded, 5.0%, 10/1/2037		29,000,000		32,256,410
AMT, 5.0%, 10/1/2042		10,000,000		11,398,300
AMT, 5.0%, 10/1/2047		8,950,000		10,137,665
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054		14,690,000		10,283,000
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project:
Series A, 144A, AMT, 6.375%**, 1/1/2049		3,105,000		2,648,565
Series A, 144A, AMT, 6.5%**, 1/1/2049		4,040,000		3,434,000
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036		2,110,000		2,402,530
Florida, Jacksonville Electric Authority, Electric System Revenue:
Series B, 4.0%, 10/1/2035		2,345,000		2,684,579
Series B, 4.0%, 10/1/2037		1,500,000		1,706,040
Florida, Keys Aqueduct Authority, Water Revenue, 0.13%*, 91/2035, LOC: TD Bank NA		2,930,000		2,930,000
Florida, Village Community Development District No. 12, Special Assessment Revenue:
144A, 4.25%, 5/1/2043		9,025,000		9,204,958
144A, 4.375%, 5/1/2050		7,545,000		7,714,536
Hillsborough County, FL, Aviation Authority Revenue, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2040		10,000,000		10,899,900
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032		1,750,000		1,823,063

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

16 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Manatee County, FL, Transportation Project, 4.0%, 10/1/2044		7,970,000		9,275,008
Marco Island, FL, Utility Systems Revenue, Series A, Prerefunded, 5.0%, 10/1/2040		1,000,000		1,016,090
Miami-Dade County, FL, Aviation Revenue:
Series A, AMT, Prerefunded, 5.0%, 10/1/2031		3,000,000		3,310,920
Series B, 5.0%, 10/1/2035, INS: AGMC		15,000,000		15,194,250
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
Series A-1, Prerefunded, 5.375%, 10/1/2035		210,000		213,639
Series A-1, Prerefunded, 5.375%, 10/1/2041		7,000,000		7,121,310
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2044		7,500,000		8,273,250
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2037		16,500,000		17,827,755
Miami-Dade County, FL, Water & Sewer System Revenue:
Series A, 4.0%, 10/1/2044		6,000,000		6,800,460
Series B, 4.0%, 10/1/2049		32,500,000		37,603,475
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, Series C, ETM, 6.25%, 10/1/2021, INS: NATL		2,630,000		2,754,899
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033		16,610,000		20,247,258
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc. Obligated Group, Series C, 5.0%, 5/15/2038		2,000,000		1,942,260
Pinellas County, FL, Industrial Development Authority Revenue, 2017 Foundation For Global Understanding, Inc. Project, 5.0%, 7/1/2039		1,565,000		1,537,002
Tampa, FL, Sports Authority Revenue, Sales Tax-Tampa Bay Arena Project, 5.75%, 10/1/2020, INS: NATL		235,000		239,061
Tampa-Hillsborough County, FL, Expressway Authority, Series A, 5.0%, 7/1/2037		10,000,000		10,915,400
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 (a)		1,615,000		1,710,140
				261,709,976
Georgia 2.6%
Atlanta, GA, Airport Revenue, Series B, 5.0%, 1/1/2037		720,000		756,900
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.25%, 11/1/2028		5,000,000		5,813,000
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047		18,135,000		20,128,943
DeKalb County, GA, Water & Sewer Revenue:
Series A, 5.25%, 10/1/2033		3,635,000		3,844,558

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

DWS Managed Municipal Bond Fund | 17

	Principal Amount ($)		Value ($)
Series A, 5.25%, 10/1/2036		11,115,000		11,729,882
Series A, 5.25%, 10/1/2041		5,000,000		5,270,450
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042		3,155,000		3,515,869
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047		2,035,000		2,250,099
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 5.0%, 3/15/2022, GTY: JPMorgan Chase & Co.		17,340,000		18,533,859
Series A, 5.5%, 9/15/2023, GTY: Merrill Lynch & Co.		5,000,000		5,636,050
Series A, 5.5%, 9/15/2027, GTY: Merrill Lynch & Co.		5,000,000		6,232,400
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.		5,000,000		6,370,550
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035		2,995,000		3,261,615
Georgia, State Municipal Electric Authority, Series GG, 5.0%, 1/1/2039		5,695,000		5,991,823
				99,335,998
Guam 0.0%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 (a)		1,090,000		1,207,393
Hawaii 0.7%
Hawaii, State Airports Systems Revenue:
Series A, 5.0%, 7/1/2039		16,800,000		16,845,360
Series A, AMT, 5.0%, 7/1/2041		8,930,000		10,010,441
				26,855,801
Illinois 7.6%
Chicago, IL, Board of Education:
Series A, Zero Coupon, 12/1/2026		1,390,000		1,002,162
Series A, 5.0%, 12/1/2034		810,000		808,404
Series H, 5.0%, 12/1/2046		3,470,000		3,282,620
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2044		4,500,000		4,395,735
Series A, 5.5%, 1/1/2049		2,535,000		2,590,314
Series A, 6.0%, 1/1/2038		2,290,000		2,456,735
Chicago, IL, O’Hare International Airport Revenue:
Series A, AMT, 5.0%, 1/1/2034		7,000,000		7,732,900
Series B, 5.0%, 1/1/2053		18,100,000		20,656,444
Chicago, IL, O’Hare International Airport Revenue, Senior Lien, Series B, 5.0%, 1/1/2035		4,250,000		4,786,095
Chicago, IL, O’Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039		2,190,000		2,240,611

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

18 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048		2,630,000		2,877,615
Chicago, IL, Waterworks Revenue, 5.0%, 11/1/2023, INS: AGMC		2,990,000		2,998,282
Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037		3,155,000		3,355,595
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:
Series B, 5.0%, 6/15/2052		11,700,000		11,262,654
Series A, 5.0%, 6/15/2057		6,000,000		5,741,460
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL		17,305,000		7,690,515
Illinois, Railsplitter Tobacco Settlement Authority:
5.0%, 6/1/2026		7,500,000		8,953,275
Prerefunded, 6.0%, 6/1/2028		17,315,000		18,311,305
Illinois, Regional Transportation Authority:
Series B, 5.75%, 6/1/2033, INS: NATL		7,000,000		9,062,060
Series A, 6.7%, 11/1/2021, INS: NATL		6,580,000		6,887,352
Illinois, Sales & Special Tax Revenue, 6.25%, 12/15/2020, INS: AMBAC		985,000		1,006,345
Illinois, State Educational Facilities Authority Revenue, The Adler Planetarium, 0.15%*, 4/1/2031, LOC: PNC Bank NA		1,100,000		1,100,000
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032		2,435,000		2,604,476
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group:
Series A, 5.0%, 1/1/2036		2,970,000		3,423,489
Series A, 5.0%, 1/1/2037		3,965,000		4,556,776
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045		9,825,000		7,191,311
Illinois, State Finance Authority Revenue, Lutheran Communities:
Series A, 5.0%, 11/1/2040		765,000		693,136
Series A, 5.0%, 11/1/2049		1,045,000		909,140
Illinois, State Finance Authority Revenue, North Park University Project, 0.13%*, 7/1/2035, LOC: U.S. Bank NA		1,000,000		1,000,000
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041		13,155,000		13,754,736
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038		12,000,000		13,673,880
Illinois, State General Obligation:
Series B, 5.0%, 10/1/2030		4,230,000		4,287,232
Series B, 5.0%, 10/1/2032		5,000,000		5,067,650
5.0%, 2/1/2028		3,660,000		3,711,496
5.0%, 2/1/2029		4,365,000		4,414,019

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

DWS Managed Municipal Bond Fund | 19

	Principal Amount ($)		Value ($)
Series C, 5.0%, 11/1/2029		9,425,000		9,541,022
5.0%, 11/1/2034		3,500,000		3,538,115
5.0%, 1/1/2035		7,575,000		7,629,691
Series A, 5.0%, 5/1/2035		11,000,000		11,106,920
Series A, 5.0%, 5/1/2036		7,480,000		7,528,246
Series A, 5.0%, 12/1/2038		4,760,000		4,768,854
5.0%, 5/1/2039		4,285,000		4,289,328
Series A, 5.0%, 5/1/2040		3,000,000		3,001,800
Series A, 5.0%, 12/1/2042		5,955,000		5,958,692
Series A, 5.0%, 5/1/2043		7,000,000		7,004,200
Series A, 5.25%, 12/1/2030		6,500,000		6,682,325
5.75%, 5/1/2045		2,205,000		2,354,256
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044		17,075,000		20,570,594
Morton Grove, IL, Cultural Facilities Revenue, Holocaust Museum & Education, 0.12%*, 12/1/2041, LOC: Bank of America NA		595,000		595,000
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC		5,805,000		6,753,305
				295,808,167
Indiana 1.5%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053		20,635,000		20,239,840
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041		17,395,000		18,844,178
Indiana, State Finance Authority Revenue, Stadium Project, Series A, 5.25%, 2/1/2031		2,595,000		3,053,043
Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039		2,665,000		2,249,260
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051		5,000,000		5,395,100
Indiana, State Finance Authority, Wastewater Utility Revenue, First Lien, Series A, 5.25%, 10/1/2038		8,000,000		8,502,000
				58,283,421
Iowa 0.5%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Obligated Group:
Series A, 5.0%, 5/15/2041		4,070,000		3,926,492
Series A, 5.0%, 5/15/2043		2,635,000		2,523,935
Series A, 5.0%, 5/15/2047		1,355,000		1,285,827
Series A, 5.0%, 5/15/2048		10,365,000		9,812,960
				17,549,214

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

20 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Kentucky 0.1%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
Series A, 5.0%, 6/1/2045		1,275,000		1,323,195
Series A, 5.25%, 6/1/2041		1,915,000		2,040,356
				3,363,551
Louisiana 0.5%
Calcasieu Parish, LA, Public Trust Authority, Solid Waste Disposal Revenue, WPT Corp., Project, AMT, 0.2%*, 12/1/2027, LOC: Bank of America NA		1,100,000		1,100,000
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		2,830,000		3,191,646
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040		5,000,000		5,010,350
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032		9,265,000		9,209,410
				18,511,406
Maine 0.3%
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.0%, 7/1/2040		9,650,000		9,687,149
Maryland 1.3%
Maryland, State Community Development Administration, Department of Housing & Community Development, Series C, 3.5%, 3/1/2050		3,570,000		3,866,381
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046		20,000,000		21,511,600
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group:
Series A, 5.0%, 5/15/2042		9,735,000		11,066,067
Series A, 5.0%, 5/15/2045		5,000,000		5,651,350
Maryland, State Industrial Development Financing Authority, Economic Development Revenue, Paul Reed Smith Guitars, AMT, 0.16%*, 7/1/2033, LOC: PNC Bank NA.		6,265,000		6,265,000
				48,360,398
Massachusetts 0.4%
Massachusetts, Bay Transportation Authority, Sales Tax Revenue, Series A-2, 0.12%*, 7/1/2026, SPA: State Street Bank & Trust Co.		100,000		100,000
Massachusetts, State Development Finance Agency Revenue, Lesley University, Series A, 5.0%, 7/1/2049		2,750,000		3,097,930

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

DWS Managed Municipal Bond Fund | 21

	Principal Amount ($)		Value ($)
Massachusetts, State Development Finance Agency Revenue, NewBridge Charles, Inc.:
144A, 5.0%, 10/1/2047		700,000		691,726
144A, 5.0%, 10/1/2057		1,700,000		1,649,561
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc.:
Series S-1, 5.0%, 7/1/2028		2,700,000		3,376,458
Series S-1, 5.0%, 7/1/2033		4,000,000		4,814,040
Series L, Prerefunded, 5.0%, 7/1/2036		70,000		73,625
Massachusetts, State Development Finance Agency Revenue, South Shore Hospital, Series I, 5.0%, 7/1/2041		1,825,000		2,021,698
Massachusetts, State Development Finance Agency Revenue, UMass Memorial Healthcare, Series I, 5.0%, 7/1/2036		1,000,000		1,095,800
				16,920,838
Michigan 0.8%
Michigan, State Finance Authority Revenue, Series A, 4.0%, 2/15/2050		15,000,000		16,424,250
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043		4,800,000		5,100,528
Wayne County, MI, Airport Authority Revenue, Detroit Metropolitan Airport, Series A, 5.0%, 12/1/2037		9,255,000		9,974,113
				31,498,891
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		5,584,550
Series A, 5.0%, 2/15/2053		14,060,000		15,653,139
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049		4,075,000		4,583,356
Minnesota, State Trunk Highway, Series B, 4.0%, 8/1/2032		5,000,000		6,030,750
				31,851,795
Missouri 0.6%
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046		2,460,000		2,360,272
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		3,285,000		3,151,826
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, First Homeownership loan Program, Series B, 4.0%, 5/1/2050		4,200,000		4,648,938

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

22 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village:
5.0%, 9/1/2048		3,255,000		2,870,454
Series A, 5.125%, 9/1/2048		4,000,000		3,596,080
Series A, 5.25%, 9/1/2053		8,500,000		7,664,110
				24,291,680
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		5,894,454
Nebraska, Central Plains Energy Project, Gas Project Revenue, Series A, 5.0%, 9/1/2033, GTY: Goldman Sachs Group, Inc.		3,815,000		4,810,601
				10,705,055
Nevada 0.1%
Clark County, NV, Airport Systems Revenue:
Series D-2A, 0.12%*, 7/1/2040, LOC: Wells Fargo Bank NA		375,000		375,000
Series D-3, 0.14%*, 7/1/2029, LOC: Bank of America NA		400,000		400,000
Series D-1, 0.15%*, 7/1/2036, LOC: Sumitomo Mitsui Banking		3,030,000		3,030,000
Reno, NV, Hospital Revenue, Reknown Regular Medical Center, Series A, 0.12%*, 6/1/2039, LOC: Wells Fargo Bank NA		240,000		240,000
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		9,000,000		975,240
				5,020,240
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		10,355,100
New Jersey 1.8%
New Jersey, State Economic Development Authority Revenue:
5.0%, 6/15/2028		1,050,000		1,109,535
Series DDD, 5.0%, 6/15/2042		2,775,000		2,856,918
Series BBB, 5.5%, 6/15/2030		22,440,000		24,594,913
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		4,398,200
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033		1,460,000		1,535,730

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

DWS Managed Municipal Bond Fund | 23

	Principal Amount ($)		Value ($)
New Jersey, State Economic Development Authority, State Government Buildings Project:
Series A, 5.0%, 6/15/2042		2,885,000		2,975,243
Series A, 5.0%, 6/15/2047		3,205,000		3,286,022
New Jersey, State Health Care Facilities Financing Authority Revenue, AHS Hospital Corp.:
Series B, 0.11%*, 7/1/2036, LOC: Bank of America NA		1,200,000		1,200,000
Series C, 0.11%*,7/1/2036, LOC: JPMorgan Chase Bank NA		2,000,000		2,000,000
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series A, 5.0%, 12/15/2034		9,280,000		9,780,656
Series A, 5.0%, 12/15/2036		2,385,000		2,491,943
Series A, Prerefunded, 6.0%, 6/15/2035		6,000,000		6,361,980
New Jersey, Tobacco Settlement Financing Corp.:
Series A, 5.0%, 6/1/2046		5,270,000		5,790,255
Series A, 5.25%, 6/1/2046		2,630,000		2,938,920
				71,320,315
New Mexico 0.6%
New Mexico, State Finance Authority Revenue, Public Project Revolving Fund:
Series A, 4.0%, 6/1/2029		5,765,000		7,051,402
Series A, 4.0%, 6/1/2030		5,795,000		7,019,599
New Mexico, State Mortgage Finance Authority, Series A, 3.5%, 1/1/2051		4,250,000		4,622,130
New Mexico, State Mortgage Finance Authority, Single Family Mortgage Revenue, “I”, Series D, 3.75%, 1/1/2050		4,300,000		4,690,784
				23,383,915
New York 15.8%
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Climate Board Certified Green Bond, Series B-2, 5.0%, 11/15/2034		10,940,000		12,711,952
New York, Metropolitan Transportation Authority Revenue:
Series A-1, 4.0%, 11/15/2041, INS: AGMC		12,000,000		12,929,640
Series D, 5.0%, 11/15/2027, INS: AGMC		16,500,000		17,614,575
Series D, 5.0%, 11/15/2028		9,715,000		9,996,832
Series D, 5.0%, 11/15/2038		13,635,000		13,981,874
Series A-1, 5.0%, 11/15/2047		5,000,000		5,416,950
Series C-1, 5.0%, 11/15/2050		3,470,000		3,749,578
Series B, 5.25%, 11/15/2044		25,000,000		26,068,750
Series C-1, 5.25%, 11/15/2055		10,415,000		11,475,039
New York, Senior Care Revenue, Dormitory Authority, City University, Series A, 5.25%, 5/15/2021		1,025,000		1,073,636

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

24 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
New York, State Dormitory Authority, Personal Income Tax Revenue:
Series A, Prerefunded, 5.0%, 2/15/2035		9,305,000		10,508,323
Series B, 5.0%, 2/15/2035		29,990,000		34,850,179
Series B, Prerefunded, 5.0%, 2/15/2035		10,000		12,141
Series A, 5.0%, 2/15/2039		3,950,000		4,688,808
Series C, 5.0%, 3/15/2041		10,000,000		10,316,300
Series C, 5.0%, 3/15/2042		14,750,000		16,589,178
New York, State Dormitory Authority, Sales Tax Revenue, Series B, 5.0%, 3/15/2036		5,000,000		6,164,000
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043		45,000,000		47,575,800
New York, State Power Authority Revenue, Series A, 4.0%, 11/15/2050		20,000,000		23,338,000
New York, State Thruway Authority General Revenue, Junior Indebtedness Obligation, Series B, 4.0%, 1/1/2040, INS: AGMC		40,000,000		44,187,600
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		2,057,802
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		6,988,937
Series A, AMT, 5.0%, 7/1/2046		14,190,000		14,822,448
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.0%, 3/15/2031		4,600,000		5,678,838
New York, Triborough Bridge & Tunnel Authority Revenues, MTA Bridges And Tunnels:
Series A, 5.0%, 11/15/2049		4,685,000		5,846,037
Series A, 5.0%, 11/15/2054		5,155,000		6,376,683
New York, TSASC, Inc.:
Series A, 5.0%, 6/1/2041		1,195,000		1,273,392
Series B, 5.0%, 6/1/2048		20,185,000		18,827,962
New York, Utility Debt Securitization Authority, Restructuring Revenue:
Series TE, 5.0%, 12/15/2034		3,200,000		3,650,272
Series TE, 5.0%, 12/15/2035		4,000,000		4,559,840
New York City, NY, Housing Development Corp., 89 Murray Street, Series A, AMT, 0.12%*, 6/15/2039, LOC: Fannie Mae		175,000		175,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue:
Series DD, 5.0%, 6/15/2036		6,000,000		6,905,400
Series BB-1, 5.0%, 6/15/2049		10,000,000		12,732,200

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

DWS Managed Municipal Bond Fund | 25

	Principal Amount ($)		Value ($)
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		3,899,916
New York City, NY, Transitional Finance Authority Revenue:
Series A-3, 4.0%, 5/1/2043		10,000,000		11,374,600
Series A-3, 4.0%, 5/1/2044		5,000,000		5,672,400
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
Series A-1, 4.0%, 5/1/2031		5,430,000		6,188,788
Series C-1, 4.0%, 5/1/2045		7,340,000		8,456,341
Series A, 5.0%, 2/1/2031		5,000,000		6,160,000
Series F-1, 5.0%, 5/1/2031		4,900,000		6,069,434
Series D-1, 5.0%, 2/1/2038		17,655,000		19,995,700
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S-3, 5.0%, 7/15/2031		4,000,000		5,094,240
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Fiscal 2018, Series S-1, 5.0%, 7/15/2035		2,800,000		3,397,520
New York, NY, General Obligation:
Series B-3, 0.44%*, 10/1/2046		1,080,000		1,080,000
Series B-1, 5.0%, 12/1/2031		2,000,000		2,431,920
Series D-1, 5.0%, 10/1/2033		16,765,000		17,824,213
Series D-1, Prerefunded, 5.0%, 10/1/2033		8,235,000		8,756,523
Port Authority of New York & New Jersey:
Series 214, AMT, 4.0%, 9/1/2037		4,000,000		4,431,880
Series 214, AMT, 4.0%, 9/1/2039		2,000,000		2,195,820
Series 207, AMT, 5.0%, 9/15/2031		5,000,000		6,001,300
Series 207, AMT, 5.0%, 9/15/2032		10,000,000		11,947,400
Port Authority of New York & New Jersey, One Hundred Ninety-Third:
AMT, 5.0%, 10/15/2029		10,000,000		11,492,900
AMT, 5.0%, 10/15/2034		5,775,000		6,552,200
AMT, 5.0%, 10/15/2035		2,865,000		3,245,930
Port Authority of New York & New Jersey, Two Hundred Eighteen, Series B, AMT, 4.0%, 11/1/2047		5,770,000		6,243,544
Port Authority of New York & New Jersey, Two Hundred Second:
AMT, 5.0%, 10/15/2033		6,560,000		7,676,643
AMT, 5.0%, 10/15/2034		5,250,000		6,114,570
Port Authority of New York & New Jersey, Two Hundred Seven:
AMT, 5.0%, 9/15/2029		8,000,000		9,705,600
AMT, 5.0%, 9/15/2030		20,000,000		24,138,000
Troy, NY, Capital Resource Corp. Revenue, Rensselaer Polytechnic Institute, Series A, 5.125%, 9/1/2040		2,000,000		2,021,740
				611,313,088

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

26 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
North Carolina 0.5%
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034		1,500,000		1,505,115
Charlotte-Mecklenberg, NC, Hospital Authority, Health Care System Revenue, Series A, 5.0%, 1/15/2039		9,540,000		10,251,398
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050		6,370,000		7,050,507
				18,807,020
North Dakota 0.3%
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031		9,260,000		9,781,523
Ohio 3.7%
Buckeye, OH, Tobacco Settlement Financing Authority, Series B-2, Class 2, 5.0%, 6/1/2055		9,415,000		9,515,458
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047		6,035,000		6,829,508
Cleveland, OH, Airport Systems Revenue, Series A, Prerefunded, 5.0%, 1/1/2030		1,000,000		1,076,200
Columbus, OH, Regional Airport Authority Capital Funding Revenue, Oasbo Expanded Asset Program, 0.13%*,12/1/2036, LOC: U.S. Bank NA		1,670,000		1,670,000
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
5.0%, 1/1/2036		975,000		953,297
5.0%, 1/1/2046		2,790,000		2,588,729
Hancock County, OH, Hospital Revenue, Blanchard Valley Regional Health Center, Prerefunded, 6.5%, 12/1/2030		14,425,000		15,296,847
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037		6,000,000		6,537,000
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		11,610,000		12,591,277
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, Children’s Hospital Medical Center of Akron, 5.0%, 11/15/2038		15,645,000		16,580,102
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037		13,090,000		13,961,663
Ohio, Higher Education Revenue, Case Western Reserve University, Series B, 6.5%, 10/1/2020		440,000		447,942
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems Project:
Series 2010, 5.25%, 11/15/2035, INS: AGMC		7,500,000		7,516,800
Series 2010, 5.5%, 11/15/2030, INS: AGMC		4,000,000		4,011,000
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048		7,500,000		7,815,675
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Series B, 4.5%, 3/1/2050		5,495,000		6,184,787

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

DWS Managed Municipal Bond Fund | 27

	Principal Amount ($)		Value ($)
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, First Time Homebuyer Program, Series A, 3.75%, 9/1/2050		4,000,000		4,423,560
Ohio, State Turnpike Commission, Infrastructure Projects:
Series A-1, 5.25%, 2/15/2030		4,620,000		5,143,954
Series A-1, 5.25%, 2/15/2031		9,375,000		10,416,938
Series A-1, 5.25%, 2/15/2032		7,500,000		8,312,325
				141,873,062
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.5%, 8/15/2052		2,185,000		2,390,128
Series B, 5.5%, 8/15/2057		9,385,000		10,247,106
Oklahoma, State Turnpike Authority Revenue, Series E, 4.0%, 1/1/2031		6,375,000		7,536,334
Oklahoma, Water & Sewer Revenue, McGee Creek Authority, 6.0%, 1/1/2023, INS: NATL		8,400,000		9,070,236
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045		1,575,000		1,568,385
				30,812,189
Other 0.0%
Federal Home Loan Mortgage Corp., Multi-Family Variable Rate Certificates, “A”, Series M-015, 144A, AMT, 0.17%*, 5/15/2046: Freddie Mac		960,000		960,000
Pennsylvania 3.5%
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project:
5.0%, 12/1/2043		665,000		588,658
5.0%, 12/1/2054		1,825,000		1,548,786
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042		2,100,000		2,428,944
Pennsylvania, Central Bradford Progress Authority Revenue, Guthrie Healthcare System, Prerefunded, 5.375%, 12/1/2041		12,550,000		13,500,788
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043		1,115,000		1,346,050
Pennsylvania, Commonwealth Financing Authority Revenue, Series A, 5.0%, 6/1/2033		5,000,000		5,899,850
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
5.0%, 6/1/2027		1,290,000		1,577,412
5.0%, 6/1/2028		1,290,000		1,606,411

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

28 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
5.0%, 6/1/2029		1,290,000		1,595,111
5.0%, 6/1/2030		855,000		1,049,461
5.0%, 6/1/2031		865,000		1,053,933
Pennsylvania, Geisinger Authority Health System Revenue, Series A-2, 5.0%, 2/15/2034		3,000,000		3,578,400
Pennsylvania, State General Obligation:
Series 2, 4.0%, 9/15/2032		10,000,000		11,463,100
Series D, 5.0%, 8/15/2032		5,000,000		5,922,700
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051 (a)		2,795,000		3,010,355
Pennsylvania, State Turnpike Commission Revenue:
Series B, 5.0%, 6/1/2033		12,000,000		13,748,400
Series A-1, 5.0%, 12/1/2040		15,000,000		16,908,000
Series B-1, 5.0%, 6/1/2042		6,950,000		7,924,251
Series A-1, 5.0%, 12/1/2042		5,000,000		5,751,950
Series A, 5.0%, 12/1/2044		20,335,000		23,940,192
Series A-1, 5.0%, 12/1/2047		3,335,000		3,812,506
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035		7,080,000		7,098,550
Philadelphia, PA, General Obligation, Series B, 0.13%*, 8/1/2031, LOC: Barclays Bank PLC		1,915,000		1,915,000
				137,268,808
Puerto Rico 0.3%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, 4.75%, 7/1/2053		8,755,000		8,540,678
Series A-1, 5.0%, 7/1/2058		4,485,000		4,499,621
				13,040,299
South Carolina 2.7%
Charleston County, SC, Airport District System Revenue, Series A, AMT, 5.75%, 7/1/2030		5,880,000		6,631,170
Lexington County, SC, Health Services District, Lexington Medical Center:
5.0%, 11/1/2041		2,500,000		2,811,650
5.0%, 11/1/2046		7,490,000		8,351,125
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047		4,715,000		5,334,881
South Carolina, State Jobs-Economic Development Authority, Residential Facility Revenue, Episcopal Home at Still Hopes:
5.0%, 4/1/2047		2,000,000		1,811,140
Series A, 5.25%, 4/1/2053		2,000,000		1,852,960
South Carolina, State Public Service Authority Revenue:
Series A, 5.0%, 12/1/2033		4,400,000		4,925,492
Series A, 5.0%, 12/1/2036		4,780,000		5,303,936

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

DWS Managed Municipal Bond Fund | 29

	Principal Amount ($)		Value ($)
Series C, 5.0%, 12/1/2046		6,850,000		7,335,254
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043		35,555,000		42,195,608
South Carolina, State Transportation Infrastructure Bank Revenue, 5.0%, 10/1/2038		15,130,000		17,793,939
				104,347,155
South Dakota 1.1%
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health:
5.0%, 7/1/2044		20,475,000		22,335,768
5.0%, 7/1/2046		16,140,000		18,551,800
				40,887,568
Tennessee 0.8%
Blount County, TN, Public Building Authority, Local Government Public Improvement:
Series E6A, 0.17%*, 6/1/2036, LOC: Branch Banking & Trust		3,210,000		3,210,000
Series E7A, 0.17%*, 6/1/2039, LOC: Branch Banking & Trust		2,275,000		2,275,000
Memphis, TN, Health Educational & Housing Facility Board, Multi-Family Housing Revenue, Ashland Lakes II Apartments Project, Series A, AMT, 0.17%*, 5/1/2043, LOC: U.S. Bank NA		2,000,000		2,000,000
Metropolitan Government of Nashville & Davidson County, TN, General Obligation, 4.0%, 7/1/2034		6,000,000		7,113,420
Metropolitan Nashville, TN, Airport Authority Revenue:
Series B, AMT, 4.0%, 7/1/2049		4,000,000		4,270,040
Series B, AMT, 4.0%, 7/1/2054		6,000,000		6,375,360
Sevier County, TN, Public Building Authority, Local Government Public Improvement, Series VVB1W, 0.17%*, 6/1/2035, LOC: Branch Banking & Trust		4,445,000		4,445,000
Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2021, GTY: Goldman Sachs Group, Inc.		2,000,000		2,079,660
				31,768,480
Texas 12.1%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040		4,730,000		5,091,609
Clifton, TX, Higher Education Finance Corp., Education Revenue, Series D, 6.125%, 8/15/2048		11,465,000		12,257,919
Harris County, TX, Port Houston Authority, Series D-1, 5.0%, 10/1/2035		18,290,000		18,526,855
Houston, TX, Utility Systems Revenue, First Lien:
Series A, 5.0%, 11/15/2032 (a)		2,320,000		3,174,688

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

30 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Series A, 5.0%, 11/15/2033 (a)		2,475,000		3,370,331
Series B, 5.0%, 11/15/2034		5,000,000		6,156,900
Lower Colorado River, TX, Transmission Contract Authority Revenue, LCRA Transmission Services Corp., Project:
5.0%, 5/15/2045 (a)		1,500,000		1,860,765
5.0%, 5/15/2050 (a)		2,500,000		3,087,775
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2040		8,825,000		9,506,290
First Tier, Prerefunded, 6.0%, 1/1/2043		30,000,000		31,005,300
North Texas, Tollway Authority Revenue, Second Tier:
Series B, 5.0%, 1/1/2043		3,075,000		3,509,190
Series B, 5.0%, 1/1/2048		8,615,000		9,798,959
Port Beaumont, TX, Navigation District Dock & Wharf Facility Revenue, Jefferson’s Gulf Coast Energy Project, Series A, 144A, AMT, 4.0%, 1/1/2050		1,730,000		1,459,532
San Antonio, TX, Electric & Gas Systems Revenue, 4.0%, 2/1/2032		7,000,000		8,025,570
Socorro, TX, Independent School District, 4.0%, 8/15/2045		3,920,000		4,670,445
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group:
Series C-2, 0.13%*, 7/1/2047, LOC: Bank of NY Mellon		1,030,000		1,030,000
Series B, 5.0%, 7/1/2048		25,000,000		28,465,250
Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement Services Revenue, 5.0%, 11/15/2046		4,410,000		4,783,351
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare:
5.0%, 8/15/2036		7,000,000		7,720,090
5.0%, 8/15/2043		9,900,000		10,850,301
Tarrant County, TX, Cultural Education Facilities Finance Corp., State Health Resources, Prerefunded, 5.0%, 11/15/2040		7,000,000		7,149,380
Tarrant County, TX, Housing Finance Corp., Multi-Family Housing Gateway Apartments, 0.12%*, 2/15/2036, LIQ: Fannie Mae, LOC: Fannie Mae		430,000		430,000
Texas, Dallas/Fort Worth International Airport Revenue, Series D, 5.0%, 11/1/2035		24,425,000		24,770,858
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B, Prerefunded, 5.25%, 10/1/2051		20,000,000		23,300,000
Texas, Love Field Airport Modernization Corp., General Airport Revenue:
AMT, 5.0%, 11/1/2033		1,250,000		1,415,275
AMT, 5.0%, 11/1/2034		1,000,000		1,129,010
Texas, Lower Colorado River Authority Revenue, Series A, Prerefunded, 5.0%, 5/15/2036		25,000		27,276

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

DWS Managed Municipal Bond Fund | 31

	Principal Amount ($)		Value ($)
Texas, Lower Colorado River Authority, Transmission Contract Revenue, LCRA Transmission Services, 5.0%, 5/15/2040		20,000,000		20,040,200
Texas, Municipal Gas Acquisition & Supply Corp., I, Gas Supply Revenue, Series B, 67% of 3-month USD-LIBOR + 0.700%, 1.196%**, 12/15/2026, GTY: Merrill Lynch & Co.		16,505,000		15,609,274
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053		4,605,000		4,000,962
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
5.5%, 8/1/2021, GTY: Goldman Sachs Group, Inc.		5,575,000		5,816,955
5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc.		2,750,000		3,222,450
Texas, State College Student Loan, AMT, 5.5%, 8/1/2028		5,620,000		7,251,542
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.		16,995,000		19,536,432
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue:
5.0%, 12/15/2030, GTY: Macquarie Group Ltd.		2,250,000		2,374,493
5.0%, 12/15/2031, GTY: Macquarie Group Ltd.		4,500,000		4,737,960
5.0%, 12/15/2032, GTY: Macquarie Group Ltd.		21,215,000		22,259,414
Texas, State Transportation Commission, Turnpike Systems Revenue:
Series C, 5.0%, 8/15/2034		14,410,000		15,439,306
Series C, 5.0%, 8/15/2042		5,085,000		5,347,945
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund:
4.0%, 10/15/2030		8,500,000		10,070,290
Series B, 4.0%, 10/15/2033		20,000,000		24,347,000
Series A, 4.0%, 10/15/2036		5,000,000		5,905,650
Series B, 4.0%, 10/15/2036		23,580,000		28,356,129
Series B, 4.0%, 10/15/2037		7,000,000		8,390,270
Series A, 4.0%, 10/15/2049		4,685,000		5,563,110
Series A, 5.0%, 10/15/2043		6,000,000		7,531,980
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049		12,750,000		20,895,975
				469,270,256
Utah 0.7%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2032		5,000,000		5,909,500
Series A, AMT, 5.0%, 7/1/2043		3,850,000		4,398,317
Series A, AMT, 5.0%, 7/1/2047		13,435,000		15,066,950
Series A, AMT, 5.0%, 7/1/2048		2,310,000		2,622,612
				27,997,379

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

32 | DWS Managed Municipal Bond Fund

	Principal Amount ($)		Value ($)
Virginia 1.9%
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052		19,655,000		20,571,709
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century, Series A, 4.0%, 2/1/2031		15,145,000		17,470,969
Virginia, State College Building Authority, Educational Facilities Revenue, Public Higher Education:
Series A, 4.0%, 9/1/2030		5,590,000		6,592,063
Series A, 4.0%, 9/1/2031		4,710,000		5,500,244
Virginia, State Commonwealth Transportation Board Revenue, Series A, 5.0%, 5/15/2031		5,120,000		6,547,661
Virginia, State Public Building Authority, Public Facility Revenue:
Series A, 4.0%, 8/1/2039		5,000,000		5,977,200
Series B, AMT, 4.0%, 8/1/2039		9,700,000		11,595,768
				74,255,614
Washington 4.6%
King County, WA, School District No. 412 Shoreline:
4.0%, 12/1/2035		5,505,000		6,557,391
4.0%, 12/1/2037		15,000,000		17,739,000
5.0%, 12/1/2031		14,345,000		18,817,197
Olympia, WA, Economic Development Corp., Spring Air Northwest Project, AMT, 0.22%*, 11/1/2023, LOC: U.S. Bank NA		760,000		760,000
Port of Seattle, WA, Revenue Bonds:
Series A, AMT, 5.0%, 5/1/2029		8,280,000		9,832,997
Series A, AMT, 5.0%, 5/1/2030		6,200,000		7,324,556
Series A, AMT, 5.0%, 5/1/2031		9,200,000		10,811,380
Port of Tacoma, WA, Subordinate Lien Revenue, AMT, 0.19%*, 12/1/2035, LOC: PNC Bank NA		2,100,000		2,100,000
Seattle, WA, Municipal Light & Power Revenue, Series A, 4.0%, 1/1/2038		6,875,000		7,922,131
Spokane County, WA, School District No. 81, Series B, 4.0%, 12/1/2030		18,800,000		22,618,468
Washington, Energy Northwest Electric Revenue, Series C, 5.0%, 7/1/2030		14,405,000		18,963,750
Washington, State Convention Center Public Facilities District:
5.0%, 7/1/2043		3,800,000		4,054,182
5.0%, 7/1/2048		5,000,000		5,301,750
Washington, State General Obligation, Series C, 5.0%, 2/1/2031		16,000,000		20,740,320
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041		11,260,000		11,614,578

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

DWS Managed Municipal Bond Fund | 33

	Principal Amount ($)		Value ($)
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation, Series A-2, 5.0%, 8/1/2044		3,500,000		3,920,700
Washington, State Housing Finance Commission, Non-profit Housing Revenue, Rockwood Retirement Communities Project, 144A, 5.0%, 1/1/2055		9,010,000		7,251,248
				176,329,648
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		22,540,436
Wisconsin 0.9%
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority:
Series B, ETM, 6.25%, 1/1/2022, INS: AMBAC		885,000		939,392
Series C, ETM, 6.25%, 1/1/2022, INS: AMBAC		1,540,000		1,634,648
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		835,000		743,968
144A, 5.75%, 5/1/2054		7,200,000		6,245,136
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.:
144A, 5.0%, 10/1/2043		1,560,000		1,467,820
144A, 5.0%, 10/1/2053		12,415,000		11,329,681
Wisconsin, State Health & Educational Facilities Authority Revenue, Agnesian Healthcare, Inc., Series B, Prerefunded, 5.0%, 7/1/2036		8,500,000		9,704,365
Wisconsin, State Health & Educational Facilities Authority, St. John’s Communities, Inc. Project:
Series A, 5.0%, 9/15/2040		335,000		317,788
Series A, 5.0%, 9/15/2045		445,000		411,910
Series A, 5.0%, 9/15/2050		1,780,000		1,624,944
				34,419,652
Total Municipal Bonds and Notes (Cost $3,571,149,981)				3,780,396,901
Underlying Municipal Bonds of Inverse Floaters (b) 0.3%
Texas
Dallas, TX, Water Works & Sewer Systems Revenue, 5.00%, 10/1/2035 (c) (Cost $10,043,714)		10,000,000		10,150,750
Trust: Texas, Water Works & Sewer Systems Revenue, Series 2016-XM0288, 144A, 9.21%, 10/1/2020, Leverage Factor at purchase date: 2 to 1

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

34 | DWS Managed Municipal Bond Fund

	Principal Amount ($)			Value ($)
Open-End Investment Companies 1.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.032%*** (Cost $38,825,428)		38,822,654			38,834,299
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $3,620,019,123)		99.0			3,829,381,950
Floating Rate Notes (b)		(0.1	)		(5,000,000	)
Other Assets and Liabilities, Net		1.1			43,591,189
Net Assets		100.0			3,867,973,139

* Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time and are shown at their current rates as of May 31, 2020. 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 May 31, 2020. 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.

(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

LIQ: Liquidity Facility

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.

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

DWS Managed Municipal Bond Fund | 35

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2020 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)	$	—	$	3,790,547,651	$	—	$	3,790,547,651
Open-End Investment Companies		38,834,299		—		—		38,834,299
Total	$	38,834,299	$	3,790,547,651	$	—	$	3,829,381,950

(d) See Investment Portfolio for additional detailed categorizations.

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

36 | DWS Managed Municipal Bond Fund

Statement of Assets and Liabilities

as of May 31, 2020
Assets
Investments in securities, at value (cost $3,620,019,123)	$	3,829,381,950
Receivable for investments sold		20,853,831
Receivable for Fund shares sold		5,430,366
Interest receivable		47,934,860
Other assets		77,247
Total assets		3,903,678,254
Liabilities
Payable for investments purchased		6,600,555
Payable for investments purchased — when-issued securities		16,773,811
Payable for Fund shares redeemed		2,395,297
Payable for floating rate notes issued		5,000,000
Distributions payable		1,910,865
Accrued management fee		967,763
Accrued Trustees’ fees		41,775
Other accrued expenses and payables		2,015,049
Total liabilities		35,705,115
Net assets, at value	$	3,867,973,139
Net Assets Consist of
Distributable earnings (loss)		194,182,684
Paid-in capital		3,673,790,455
Net assets, at value	$	3,867,973,139

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

DWS Managed Municipal Bond Fund | 37

Statement of Assets and Liabilities as of May 31, 2020 (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($1,219,838,563 ÷ 135,810,197 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	8.98
Maximum offering price per share (100 ÷ 97.25 of $8.98)	$	9.23
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($123,549,430 ÷ 13,755,689 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	8.98
Class S
Net Asset Value, offering and redemption price per share ($2,041,023,467 ÷ 226,927,198 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	8.99
Institutional Class
Net Asset Value, offering and redemption price per share ($483,561,679 ÷ 53,814,094 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$	8.99

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

38 | DWS Managed Municipal Bond Fund

Statement of Operations

for the year ended May 31, 2020
Investment Income
Income:
Interest	$	154,321,416
Expenses:
Management fee		13,367,742
Administration fee		4,056,025
Services to shareholders		5,184,722
Distribution and service fees		4,428,976
Custodian fee		36,181
Professional fees		142,842
Reports to shareholders		128,736
Registration fees		130,426
Trustees’ fees and expenses		164,915
Interest expense and fees on floating rate notes issued		100,788
Other		271,331
Total expenses before expense reductions		28,012,684
Expense reductions		(1,183,710	)
Total expenses after expense reductions		26,828,974
Net investment income		127,492,442
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(13,039,906	)
Change in net unrealized appreciation (depreciation) on investments		(82,468,144	)
Net gain (loss)		(95,508,050	)
Net increase (decrease) in net assets resulting from operations	$	31,984,392

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

DWS Managed Municipal Bond Fund | 39

Statements of Changes in Net Assets

	Years Ended May 31,
Increase (Decrease) in Net Assets	2020			2019
Operations:
Net investment income (loss)	$	127,492,442		$	139,027,427
Net realized gain (loss)		(13,039,906	)		(1,616,581	)
Change in net unrealized appreciation (depreciation)		(82,468,144	)		95,527,018
Net increase (decrease) in net assets resulting from operations		31,984,392			232,937,864
Distributions to shareholders:
Class A		(40,793,993	)		(43,515,689	)
Class C		(3,334,197	)		(4,068,918	)
Class S		(74,601,025	)		(80,554,972	)
Institutional Class		(15,212,672	)		(10,210,602	)
Total distributions		(133,941,887	)		(138,350,181	)
Fund share transactions:
Proceeds from shares sold		831,723,250			863,145,446
Reinvestment of distributions		116,659,374			121,434,618
Payments for shares redeemed		(1,067,112,666	)		(1,616,781,076	)
Net increase (decrease) in net assets from Fund share transactions		(118,730,042	)		(632,201,012	)
Increase (decrease) in net assets		(220,687,537	)		(537,613,329	)
Net assets at beginning of period		4,088,660,676			4,626,274,005
Net assets at end of period	$	3,867,973,139		$	4,088,660,676

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

40 | DWS Managed Municipal Bond Fund

Financial Highlights

	Years Ended May 31,
Class A	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$9.21			$8.98			$9.17			$9.42			$9.25
Income from investment operations:
Net investment income		.28			.28			.28			.31			.35
Net realized and unrealized gain (loss)		(.21	)		.23			(.19	)		(.25	)		.17
Total from investment operations		.07			.51			.09			.06			.52
Less distributions from:
Net investment income		(.28	)		(.28	)		(.28	)		(.31	)		(.35	)
Net realized gains		(.02	)		(.00	)*		(.00	)*		(.00	)*		(.00	)*
Total distributions		(.30	)		(.28	)		(.28	)		(.31	)		(.35	)
Net asset value, end of period		$8.98			$9.21			$8.98			$9.17			$9.42
Total Return (%)a		0.64			5.85			1.00			.71			5.70
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		1,220			1,315			1,507			1,693			2,031
Ratio of expenses (including interest expense) (%)b		.76			.77			.77			.79			.80
Ratio of expenses (excluding interest expense) (%)		.76			.77			.76			.76			.76
Ratio of net investment income (%)		3.02			3.18			3.08			3.40			3.73
Portfolio turnover rate (%)		35			39			42			38			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.

^*  Amount is less than $.005.

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

DWS Managed Municipal Bond Fund | 41

	Years Ended May 31,
Class C	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$9.21			$8.98			$9.17			$9.42			$9.25
Income from investment operations:
Net investment income		.20			.21			.21			.24			.27
Net realized and unrealized gain (loss)		(.21	)		.23			(.19	)		(.25	)		.17
Total from investment operations		(.01	)		.44			.02			(.01	)		.44
Less distributions from:
Net investment income		(.20	)		(.21	)		(.21	)		(.24	)		(.27	)
Net realized gains		(.02	)		(.00	)*		(.00	)*		(.00	)*		(.00	)*
Total distributions		(.22	)		(.21	)		(.21	)		(.24	)		(.27	)
Net asset value, end of period		$8.98			$9.21			$8.98			$9.17			$9.42
Total Return (%)a		(.15	)		5.02	b		.21			(.08	)		4.88	b
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		124			151			208			259			292
Ratio of expenses before expense reductions (including interest expense) (%)c		1.55			1.57			1.56			1.58			1.59
Ratio of expenses after expense reductions (including interest expense) (%)c		1.55			1.56			1.56			1.58			1.59
Ratio of expenses after expense reductions (excluding interest expense) (%)		1.55			1.56			1.55			1.55			1.55
Ratio of net investment income (%)		2.23			2.39			2.29			2.61			2.94
Portfolio turnover rate (%)		35			39			42			38			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.

^*  Amount is less than $.005.

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

42 | DWS Managed Municipal Bond Fund

	Years Ended May 31,
Class S	2020				2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$	9.23		$	9.00			$9.18			$9.44			$9.26
Income from investment operations:
Net investment income			.29			.30			.30			.33			.37
Net realized and unrealized gain (loss)			(.22	)		.23			(.18	)		(.26	)		.18
Total from investment operations			.07			.53			.12			.07			.55
Less distributions from:
Net investment income			(.29	)		(.30	)		(.30	)		(.33	)		(.37	)
Net realized gains			(.02	)		(.00	)*		(.00	)*		(.00	)*		(.00	)*
Total distributions			(.31	)		(.30	)		(.30	)		(.33	)		(.37	)
Net asset value, end of period		$	8.99		$	9.23			$9.00			$9.18			$9.44
Total Return (%)a			.73			6.07			1.32			.81			6.03
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			2,041			2,283			2,670			2,918			2,940
Ratio of expenses before expense reductions (including interest expense) (%)b			.62			.61			.62			.63			.64
Ratio of expenses after expense reductions (including interest expense) (%)b			.56			.56			.58			.60			.60
Ratio of expenses after expense reductions (excluding interest expense) (%)			.56			.56			.56			.57			.56
Ratio of net investment income (%)			3.22			3.39			3.27			3.59			3.93
Portfolio turnover rate (%)			35			39			42			38			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.

^*  Amount is less than $.005.

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

DWS Managed Municipal Bond Fund | 43

	Years Ended May 31,
Institutional Class	2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$9.22			$8.99			$9.17			$9.42			$9.25
Income from investment operations:
Net investment income		.30			.30			.30			.34			.37
Net realized and unrealized gain (loss)		(.21	)		.23			(.18	)		(.26	)		.17
Total from investment operations		.09			.53			.12			.08			.54
Less distributions from:
Net investment income		(.30	)		(.30	)		(.30	)		(.33	)		(.37	)
Net realized gains		(.02	)		(.00	)*		(.00	)*		(.00	)*		(.00	)*
Total distributions		(.32	)		(.30	)		(.30	)		(.33	)		(.37	)
Net asset value, end of period		$8.99			$9.22			$8.99			$9.17			$9.42
Total Return (%)		.86			6.09			1.33			.94	a		5.96
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		484			340			241			177			311
Ratio of expenses before expense reductions (including interest expense) (%)b		.55			.55			.56			.59			.56
Ratio of expenses after expense reductions (including interest expense) (%)b		.55			.55			.56			.56			.56
Ratio of expenses after expense reductions (excluding interest expense) (%)		.55			.55			.55			.53			.52
Ratio of net investment income (%)		3.22			3.41			3.29			3.63			3.93
Portfolio turnover rate (%)		35			39			42			38			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.

^*  Amount is less than $.005.

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

44 | DWS Managed Municipal Bond Fund

Notes to Financial Statements

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 | 45

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

46 | 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 year ended May 31, 2020 approximately $5,000,000, with a weighted average interest rate of 2.02%.

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 portfolio investments at inopportune times and prices. Investments in

DWS Managed Municipal Bond Fund | 47

inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

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.

From November 1, 2019 through May 31, 2020, the Fund elects to defer qualified late year losses of approximately $26,118,000 of realized capital losses and treat them as arising in the fiscal year ending May 31, 2021.

The Fund has reviewed the tax positions for the open tax years as of May 31, 2020 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.

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.

At May 31, 2020, the Fund’s components of distributable earnings

(accumulated losses) on a tax basis were as follows:

Undistributed tax-exempt income	$	5,159,471
Undistributed ordinary income*	$	1,530,862
Net unrealized appreciation (depreciation) on investments	$	215,520,719

At May 31, 2020, the aggregate cost of investments for federal income tax purposes was $3,608,807,609. The net unrealized appreciation for all investments based on tax cost was $215,520,719. This consisted of aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost of $252,248,726 and aggregate

48 | DWS Managed Municipal Bond Fund

gross unrealized depreciation for all investments in which there was an excess of tax cost over value of $36,728,007.

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

	Years Ended May 31,
	2020		2019
Distributions from tax-exempt income	$	126,719,527	$	137,978,108
Distributions from ordinary income*	$	224,893	$	372,073
Distributions from long-term capital gains	$	6,997,467	$	—

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

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

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

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from 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 year ended May 31, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $1,391,766,784 and $1,530,597,273, 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 restrictions. The Advisor determines the securities, instruments and other

DWS Managed Municipal Bond Fund | 49

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 year ended May 31, 2020, the fee pursuant to the Investment Management Agreement was equivalent to annual 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 year ended May 31, 2020, fees waived and/or expenses reimbursed for class S is $1,183,710.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. Prior to March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund paid the Advisor an annual fee (“Administration Fee”) of 0.10% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. Effective March 1, 2020, for all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual Administration Fee of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable

50 | DWS Managed Municipal Bond Fund

monthly. For the year ended May 31, 2020, the Administration Fee was $4,056,025, of which $311,840 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 year ended May 31, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at May 31, 2020
Class A	$	127,147	$	20,164
Class C		5,414		791
Class S		264,911		41,776
Institutional Class		12,366		2,247
	$	409,838	$	64,978

In addition, for the year ended May 31, 2020, 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	$	755,753
Class C		130,100
Class S		3,311,481
Institutional Class		414,105
	$	4,611,439

Distribution and Service Fees. Under the Fund’s Class C 12b-1 Plan, DWS Distributors, Inc. (“DDI”), an affiliate of the Advisor, receives a fee (“Distribution Fee”) of 0.75% of the average daily net assets of Class C shares. In accordance with the Fund’s Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended May 31, 2020, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at May 31, 2020
Class C	$	1,046,233	$	78,028

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

DWS Managed Municipal Bond Fund | 51

0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended May 31, 2020, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at May 31, 2020		Annual Rate
Class A	$	3,040,185	$	486,181		.24	%
Class C		342,558		50,163		.25	%
	$	3,382,743	$	536,344

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 year ended May 31, 2020 aggregated $25,188.

In addition, DDI receives any contingent deferred sales charge (“CDSC”) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended May 31, 2020, the CDSC for Class C shares aggregated $4,282. A deferred sales charge of up to 1.00% is assessed on certain redemptions of Class A shares. For the year ended May 31, 2020, DDI received $59,393 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 year ended May 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $18,565, of which $8,963 is unpaid.

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

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the year ended May 31, 2020, the Fund engaged in securities purchases of $289,960,000 and securities sales of $129,950,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

D. Line of Credit

The Fund and other affiliated funds (the “Participants”) share in a $350 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the

52 | DWS Managed Municipal Bond Fund

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 May 31, 2020.

E. Fund Share Transactions

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

	Year Ended May 31, 2020						Year Ended May 31, 2019
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		9,411,538		$	87,185,439			9,406,369		$	84,093,618
Class C		1,323,227			12,226,246			1,168,613			10,439,174
Class S		44,206,771			401,826,257			57,523,593			510,074,022
Institutional Class		35,888,360			330,485,308			28,883,513			258,538,632
				$	831,723,250					$	863,145,446
Shares issued to shareholders in reinvestment of distributions
Class A		3,886,973		$	35,751,195			4,333,283		$	38,742,246
Class C		314,090			2,890,290			401,147			3,585,143
Class S		6,971,265			64,227,622			7,695,155			68,889,694
Institutional Class		1,499,999			13,790,267			1,142,303			10,217,535
				$	116,659,374					$	121,434,618
Shares redeemed
Class A		(20,200,209	)	$	(185,995,111	)		(38,754,403	)	$	(346,140,282	)
Class C		(4,245,224	)		(39,061,897	)		(8,358,251	)		(74,554,826	)
Class S		(71,779,745	)		(656,703,760	)		(114,500,638	)		(1,018,422,284	)
Institutional Class		(20,437,413	)		(185,351,898	)		(19,985,283	)		(177,663,684	)
				$	(1,067,112,666	)				$	(1,616,781,076	)
Net increase (decrease)
Class A		(6,901,698	)	$	(63,058,477	)		(25,014,751	)	$	(223,304,418	)
Class C		(2,607,907	)		(23,945,361	)		(6,788,491	)		(60,530,509	)
Class S		(20,601,709	)		(190,649,881	)		(49,281,890	)		(439,458,568	)
Institutional Class		16,950,946			158,923,677			10,040,533			91,092,483
				$	(118,730,042	)				$	(632,201,012	)

DWS Managed Municipal Bond Fund | 53

F. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

G. Subsequent Event

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DIMA, DWS Distributors, Inc. or their advisory affiliates (the “DWS Service Providers”). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory and underwriting services to the Fund absent an order from the Securities and Exchange Commission (the “SEC”). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory and underwriting services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Fund, and in

54 | DWS Managed Municipal Bond Fund

accordance with the desire of the Board of the Fund, the DWS Service Providers continue to provide investment advisory and distribution services to the Fund. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Fund that they do not believe the Consent Order will have any material impact on the Fund or the ability of the Service Providers to provide services for the Fund.

H. Class A Shares NAV Sales - CDSC Update

Class A shares may be sold at net asset value without a sales charge to: (1) investors investing $250,000 or more, either as a lump sum or through the sales charge reduction features referred to as the Large Order NAV Purchase Privilege. The Large Order NAV Purchase Privilege is not available if another net asset value purchase privilege is available. Purchases pursuant to the Large Order NAV Purchase Privilege made on or after October 1, 2019 may be subject to a CDSC of 1.00% if redeemed within 12 months of the original purchase date. Purchases pursuant to the Large Order NAV Purchase Privilege made prior to October 1, 2019 may be subject to a CDSC of 1.00% if redeemed within 12 months of the original purchase date and 0.50% if redeemed within the following six months. The CDSC is waived under certain circumstances.

DWS Managed Municipal Bond Fund | 55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche DWS Municipal Trust and Shareholders of DWS Managed Municipal Bond Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DWS Managed Municipal Bond Fund (the “Fund”) (one of the funds constituting Deutsche DWS Municipal Trust) (the “Trust”), including the investment portfolio, as of May 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Deutsche DWS Municipal Trust) at May 31, 2020, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the years ended May 31, 2016, May 31, 2017 and May 31, 2018, were audited by another independent registered public accounting firm whose report, dated July 24, 2018, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not

56 | DWS Managed Municipal Bond Fund

required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts

July 27, 2020

DWS Managed Municipal Bond Fund | 57

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 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 (December 1, 2019 to May 31, 2020).

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.

58 | DWS Managed Municipal Bond Fund

Expenses and Value of a $1,000 Investment for the six months ended May 31, 2020 (Unaudited)
Actual Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 12/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 5/31/20	$	984.90	$	981.10	$	984.80	$	985.80
Expenses Paid per $1,000*	$	3.72	$	7.58	$	2.78	$	2.78
Hypothetical 5% Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 12/1/19	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 5/31/20	$	1,021.25	$	1,017.35	$	1,022.20	$	1,022.20
Expenses Paid per $1,000*	$	3.79	$	7.72	$	2.83	$	2.83

* 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		.75	%		1.53	%		.56	%		.56	%

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/.

Tax Information (Unaudited)

The Fund paid distributions of $0.02 per share from net long-term capital gains during its year ended May 31, 2020.

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates $7,698,000 as capital gain dividends for its year ended May 31, 2020.

Of the dividends paid from net investment income for the taxable year ended May 31, 2020, 100% are designated as exempt interest dividends for federal income tax purposes.

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

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Liquidity Risk Management

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DWS Investment Management Americas, Inc. (“DIMA”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). DIMA has designated a committee (the “Committee”) composed of personnel from multiple departments within DIMA and its affiliates that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2020, as required by the Program and the Liquidity Rule, DIMA provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2018 through November 30, 2019 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, DIMA stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. DIMA also reported on a material change made to the Program in May 2019 to address Securities and Exchange Commission guidance relating to extended foreign market holidays.

60 | 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 | 61

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

62 | 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.

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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

64 | 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.

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Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust/Corporation. Each Board Member’s year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the Trust/Corporation. Because the Fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period.

The Board Members may also serve in similar capacities with other funds in the fund complex. The number of funds in DWS fund complex shown in the table below includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor.

Independent Board Members
Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
Keith R. Fox, CFA (1954) Chairperson since 2017, and Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: ICI Mutual Insurance Company; Progressive International Corporation (kitchen goods importer and distributor); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)		74	—

66 | DWS Managed Municipal Bond Fund

Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and Chairman of the Board, Healthways, Inc.2 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc.; Oak Brook Bank; and Prisma Energy International. Not-for-Profit Director/Trustee: Palm Beach Civic Association; Window to the World Communications (public media); Life Director of Harris Theater for Music and Dance (Chicago); Life Director of Hubbard Street Dance Chicago; former Not-for-Profit Directorships: Public Radio International		74	Portland General Electric2 (utility company) (2003– present)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene’s (retail) (1978–1988). Directorships: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)		74	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor of Finance, The Wharton School, University of Pennsylvania (since July 1972); Director, The Wharton Financial Institutions Center (since 1994); formerly: Vice Dean and Director, Wharton Undergraduate Division (1995–2000) and Director, The Lauder Institute of International Management Studies (2000–2006); Member FDIC Systemic Risk Advisory Committee since 2011, member Systemic Risk Council since 2012 and member of the Advisory Board at the Yale Program on Financial Stability since 2013; Formerly Co-Chair of the Shadow Financial Regulatory Committee (2003–2015), Executive Director of The Financial Economists Roundtable (2008–2015), Director of The Thai Capital Fund (2007–2013), Director of The Aberdeen Singapore Fund (2007–2018), and Nonexecutive Director of Barclays Bank DE (2010–2018)		74	Director, Aberdeen Japan Fund (since 2007)

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Name, Year of Birth, Position with the Trust/ Corporation and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen		Other Directorships Held by Board Member
William McClayton (1944) Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival		74	—
Rebecca W. Rimel (1951) Board Member since 1995	Senior Advisor, The Pew Charitable Trusts (charitable organization) (since July 2020); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012); President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–2020)		74	Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)		74	—

68 | DWS Managed Municipal Bond Fund

Officers4
Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Hepsen Uzcan6 (1974) President and Chief Executive Officer, 2017–present	Managing Director,3 DWS; Secretary, DWS USA Corporation (2018–present); Assistant Secretary, DWS Distributors, Inc. (2018–present); Director and Vice President, DWS Service Company (2018–present); Assistant Secretary, DWS Investment Management Americas, Inc. (2018–present); Director and President, DB Investment Managers, Inc. (2018–present); President and Chief Executive Officer (2017–present), and Interested Director (since June 25, 2020), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.; formerly: Vice President for the Deutsche Funds (2016–2017); Assistant Secretary for the DWS funds (2013–2019); Assistant Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2013–2020)
John Millette7 (1962) Vice President and Secretary, 1999–present	Director,3 DWS; Chief Legal Officer, DWS Investment Management Americas, Inc. (2015–present); Director and Vice President, DWS Trust Company (2016–present); Secretary, DBX ETF Trust (2020–present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011–present); formerly: Secretary, Deutsche Investment Management Americas Inc. (2015–2017); Assistant Secretary, DBX ETF Trust (2019–2020); Assistant Secretary (July 14, 2006–December 31, 2010) and Secretary (January 31, 2006–July 13, 2006), The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc.
Ciara Crawford8 (1984) Assistant Secretary, (2019–present)	Associate, DWS (since 2015); previously, Legal Assistant at Accelerated Tax Solutions.
Diane Kenneally7 (1966) Chief Financial Officer and Treasurer, 2018–present	Director,3 DWS; Treasurer, Chief Financial Officer and Controller, DBX ETF Trust (2019–present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present); formerly: Assistant Treasurer for the DWS funds (2007–2018)
Paul Antosca7 (1957) Assistant Treasurer, 2007–present	Director,3 DWS; and Assistant Treasurer, DBX ETF Trust (2019–present)
Sheila Cadogan7 (1966) Assistant Treasurer, 2017–present	Director,3 DWS; Director and Vice President, DWS Trust Company (2018–present); Assistant Treasurer, DBX ETF Trust (2019–present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018–present)
Scott D. Hogan7 (1970) Chief Compliance Officer, 2016–present	Director,3 DWS; Chief Compliance Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2016–present)

DWS Managed Municipal Bond Fund | 69

Name, Year of Birth, Position with the Trust/Corporation and Length of Time Served5	Business Experience and Directorships During the Past Five Years
Caroline Pearson7 (1962) Chief Legal Officer, 2010–present	Managing Director,3 DWS; Assistant Secretary, DBX ETF Trust (2020–present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012–present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002–2017); and Secretary, Deutsche AM Service Company (2010–2017)
Michelle Goveia-Pine6 (1970) Interim Anti-Money Laundering Compliance Officer, since July 10, 2020	Director,3 DWS; Interim AML Officer, DWS Trust Company (since July 28, 2020); Interim AML Officer, DBX ETF Trust (since July 9, 2020); Interim AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since July 24, 2020)

¹  The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

²  A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³  Executive title, not a board directorship.

⁴  As a result of their respective positions held with the Advisor or its affiliates, these individuals are considered “interested persons” of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the Fund.

⁵  The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

⁶  Address: 875 Third Avenue, New York, NY 10022.

⁷  Address: One International Place, Boston, MA 02110.

⁸  Address: 5022 Gate Parkway, Suite 400, Jacksonville, FL 32256.

The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

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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-PORT. The Fund’s 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

DWS Managed Municipal Bond Fund | 71

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

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Notes

Notes

Notes

Notes

Notes

Notes

Notes

DMMBF-2

(R-027920-9 7/20)

ITEM 2.	CODE OF ETHICS
	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee.  An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

DWS Managed Municipal Bond fund

form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that Ernst & Young LLP (“EY”), the Fund’s Independent Registered Public Accounting Firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that EY provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended May 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2020	$55,933	$0	$8,565	$0
2019	$55,933	$0	$6,723	$0

The above “Tax Fees” were billed for professional services rendered for tax return preparation.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by EY to DWS Investment Management Americas, Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended May 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2020	$0	$625,431	$0
2019	$0	$1,545,773	$0

The above “Tax Fees” were billed in connection with tax compliance services and agreed upon procedures.

Non-Audit Services

The following table shows the amount of fees that EY billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating EY’s independence.

Fiscal Year Ended May 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2020	$8,565	$625,431	$0	$633,996
2019	$6,723	$1,545,773	$0	$1,552,496

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

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

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

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2019 and 2020 financial statements, the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by the Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or services provided thereunder.

***

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS Funds, including the Fund, or persons in financial reporting oversight roles at the DWS Funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for the Fund.

· EY advised the Fund’s Audit Committee that various covered persons within EY’s affiliates held investments in, or had other financial relationships with, entities within the DWS Funds “investment company complex” (as defined in Regulation S-X) (the “DWS Funds Complex”). EY informed the Audit Committee that these investments and financial relationships were inconsistent with Rule 2-01(c)(1) of Regulation S-X. EY reported that all breaches have been resolved and that none of the breaches involved any investments in the Fund or any professionals who were part of the audit engagement team for the Fund. In addition, EY noted that the independence breaches did not (i) create a mutual or conflicting interest with the Fund, (ii) place EY in the position of auditing its own work, (iii) result in EY acting as management or an employee of the Fund, or (iv) place EY in a position of being an advocate of the Fund.

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

SIGNATURES

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

Registrant:	DWS Managed Municipal Bond Fund, a series of Deutsche DWS Municipal Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	7/30/2020

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:	7/30/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	7/30/2020