N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-02671

Deutsche DWS Municipal Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	5/31
Date of reporting period:	11/30/2020

ITEM 1.	REPORT TO STOCKHOLDERS
	(a)

November 30, 2020

Semiannual Report

to Shareholders

DWS Strategic High Yield Tax-Free Fund

Contents

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

34	Financial Highlights
38	Notes to Financial Statements
49	Information About Your Fund’s Expenses
51	Advisory Agreement Board Considerations and Fee Evaluation
56	Account Management Resources
58	Privacy Statement

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

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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 Strategic High Yield Tax-Free Fund

Letter to Shareholders

Dear Shareholder:

The outlook for economic recovery remains positive overall, buoyed by progress in the approval and distribution of coronavirus vaccines and a resolution of the 2020 elections. We still, however, have a long road ahead.

Restrictive measures are likely to remain in place, at least to some degree, until broad vaccine distribution is achieved. This suggests that full recovery might take some time. This view appears to be shared by the U.S. Federal Reserve (Fed). Despite more optimism on growth and employment, inflation is expected to remain below the 2% target. Only by 2023 are inflation and unemployment forecasts at levels that would reflect what the Fed would currently see as a full recovery.

The coming months should bring clarity regarding the Biden administration’s domestic and foreign policies. The first priority is likely to be another tranche of COVID-related fiscal support. In the first quarter, we anticipate passage of a bill built around further stimulus checks, funds for state and local governments, and enhancements to unemployment benefits, among other provisions.

Recovery suggests that long-term interest rates climb, at least modestly, and S&P earnings per share (EPS) could return to its prior peak in the second quarter of this year. That is a reasonable and constructive outlook, but it provides little help in forecasting equity returns for 2021. Fair or sustainable price-to-earnings ratios (PEs) on mid-cycle earnings remains uncertain.

As we move forward, not all sectors will benefit equally. For this reason, we believe that active management, with its close monitoring of developments, is critical. We believe that the close interaction between our portfolio managers and our CIO Office — which synthesizes the views of more than 900 DWS economists, analysts and investment professionals around the world — positions us to make strategic and tactical decisions.

We appreciate your trust and welcome the opportunity to help you navigate these unusual times. For ongoing updates to our market and economic outlook, please visit the ‘Insights’ section of dws.com.

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 Strategic High Yield Tax-Free Fund | 3

Performance Summary November 30, 2020 (Unaudited)

Class A	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/20
Unadjusted for Sales Charge		8.12%		2.51%		3.47%		4.40%
Adjusted for the Maximum Sales Charge (max 2.75% load)		5.15%		–0.31%		2.90%		4.11%
Bloomberg Barclays Municipal Bond Index†		3.29%		4.89%		3.93%		4.36%
Average Annual Total Returns as of 9/30/20 (most recent calendar quarter end)
Unadjusted for Sales Charge				0.41%		3.21%		3.84%
Adjusted for the Maximum Sales Charge (max 2.75% load)				–2.35%		2.64%		3.55%
Bloomberg Barclays Municipal Bond Index†				4.09%		3.84%		3.99%
Class C	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/20
Unadjusted for Sales Charge		7.71%		1.74%		2.71%		3.63%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		6.71%		1.74%		2.71%		3.63%
Bloomberg Barclays Municipal Bond Index†		3.29%		4.89%		3.93%		4.36%
Average Annual Total Returns as of 9/30/20 (most recent calendar quarter end)
Unadjusted for Sales Charge				–0.35%		2.44%		3.07%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)				–0.35%		2.44%		3.07%
Bloomberg Barclays Municipal Bond Index†				4.09%		3.84%		3.99%
Class S	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/20
No Sales Charges		8.24%		2.68%		3.73%		4.67%
Bloomberg Barclays Municipal Bond Index†		3.29%		4.89%		3.93%		4.36%
Average Annual Total Returns as of 9/30/20 (most recent calendar quarter end)
No Sales Charges				0.67%		3.47%		4.10%
Bloomberg Barclays Municipal Bond Index†				4.09%		3.84%		3.99%
Institutional Class	6-Month‡		1-Year		5-Year		10-Year
Average Annual Total Returns as of 11/30/20
No Sales Charges		8.24%		2.77%		3.75%		4.68%
Bloomberg Barclays Municipal Bond Index†		3.29%		4.89%		3.93%		4.36%
Average Annual Total Returns as of 9/30/20 (most recent calendar quarter end)
No Sales Charges				0.67%		3.47%		4.10%
Bloomberg Barclays Municipal Bond Index†				4.09%		3.84%		3.99%

4 | DWS Strategic High Yield Tax-Free Fund

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

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated October 1, 2020 are 0.93%, 1.69%, 0.78% and 0.72% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

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

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

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

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

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

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

The growth of $10,000 is cumulative.

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

DWS Strategic High Yield Tax-Free Fund | 5

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

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

	Class A			Class C			Class S			Institutional Class
Net Asset Value
11/30/20	$	12.08		$	12.09		$	12.09		$	12.10
5/31/20	$	11.37		$	11.38		$	11.38		$	11.39
Distribution Information as of 11/30/20
Income Dividends, Six Months	$	.21		$	.16		$	.22		$	.22
November Income Dividend	$	.0345		$	.0275		$	.0368		$	.0368
SEC 30-day Yield‡‡		2.71	%		2.04	%		3.03	%		3.03	%
Tax Equivalent Yield‡‡		4.58	%		3.45	%		5.12	%		5.12	%
Current Annualized Distribution Rate‡‡		3.47	%		2.77	%		3.70	%		3.70	%

^‡‡  The SEC yield is net investment income per share earned over the month ended November 30, 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 2.68%, 1.98%, 2.88% and 2.96% for Class A, C, S and Institutional shares, respectively, had certain expenses not been reduced. Tax equivalent yield is based on the Fund’s yield and a marginal federal income rate of 40.8%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on November 30, 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 3.44%, 2.71%, 3.55% and 3.63% for Class A, C, S and Institutional shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate.

6 | DWS Strategic High Yield Tax-Free Fund

Portfolio Management Team

Ashton P. Goodfield, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2014.

– Joined DWS in 1986.

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

– BA, Duke University.

Chad H. 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 2018.

– Joined DWS in 1999.

– BS, Bryant College; MBA, Suffolk University.

DWS Strategic High Yield Tax-Free Fund | 7

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/20		5/31/20
Revenue Bonds		87%		87%
General Obligation Bonds		7%		8%
Lease Obligations		3%		3%
Escrow to Maturity/Prerefunded Bonds		3%		2%
		100%		100%
Interest Rate Sensitivity	11/30/20		5/31/20
Effective Maturity		7.6 years		10.0 years
Modified Duration		6.1 years		6.7 years

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

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

Quality (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/20		5/31/20
AAA		1%		1%
AA		7%		11%
A		23%		24%
BBB		27%		26%
BB		10%		9%
B		1%		0%
CCC		1%		—
CC		—		1%
D		1%		1%
Not Rated		29%		27%
		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/Territory Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies)	11/30/20		5/31/20
Florida		9%		9%
New York		9%		8%
Texas		8%		8%
Illinois		8%		9%
California		6%		6%

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Account Management Resources section on page 56 for contact information.

8 | DWS Strategic High Yield Tax-Free Fund

Investment Portfolio as of November 30, 2020 (Unaudited)

	Principal Amount ($)		Value ($)
Municipal Bonds and Notes 96.1%
Alabama 0.5%
Jefferson County, AL, Sewer Revenue, Series C, Step-up Coupon, 0% to 10/1/2023, 6.9% to 10/1/2050, INS: AGMC		5,000,000		4,951,200
Arizona 3.3%
Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project:
Series C, 144A, 5.0%, 1/1/2049		1,300,000		997,854
Series C, 144A, 5.5%, 1/1/2054		2,700,000		2,201,202
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049		2,760,000		2,974,480
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects:
Series G, 144A, 5.0%, 7/1/2047		1,000,000		1,105,399
Series D, 144A, 5.0%, 7/1/2051		1,035,000		1,141,501
Series G, 144A, 5.0%, 7/1/2051		550,000		606,595
Series A, 144A, 5.25%, 7/1/2047		1,000,000		1,103,440
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Benjamin Franklin Charter School Project, Series A, 144A, 6.0%, 7/1/2052		1,000,000		1,160,830
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049		1,490,000		1,659,055
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Charge Revenue, Series A, 4.0%, 7/1/2045		5,000,000		5,251,950
Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project:
Series A, 144A, 5.0%, 7/1/2038		1,380,000		1,419,634
Series A, 144A, 5.25%, 7/1/2048		1,750,000		1,799,560
Phoenix, AZ, Industrial Development Authority, Student Housing Revenue, Downtown Phoenix Student Housing LLC:
Series A, 5.0%, 7/1/2037		2,000,000		2,162,200
Series A, 5.0%, 7/1/2042		2,000,000		2,134,960
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project:
144A, 5.0%, 6/15/2049		1,030,000		1,072,972
144A, 5.0%, 6/15/2052		2,285,000		2,338,668
144A, 5.0%, 6/15/2047		655,000		665,925

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

DWS Strategic High Yield Tax-Free Fund | 9

	Principal Amount ($)		Value ($)
Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.:
Series A, 6.25%, 12/1/2042		1,535,000		1,568,125
Series A, 6.25%, 12/1/2046		1,400,000		1,428,840
				32,793,190
Arkansas 0.4%
Arkansas, State Development Finance Authority Industrial Development Revenue, Big River Steel Project, 144A, AMT, 4.75%, 9/1/2049		4,000,000		4,327,240
California 6.4%
California, Community Housing Agency, Essential Housing Revenue, Verdant at Green Valley Project, Series A, 144A, 5.0%, 8/1/2049		4,800,000		5,330,112
California, County Tobacco Securitization Agency, Tobacco Settle Revenue, Series B-2, Zero Coupon, 6/1/2055		15,000,000		2,761,350
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:
Series A-1, 5.0%, 6/1/2047		1,125,000		1,161,124
Series A-2, 5.0%, 6/1/2047		5,075,000		5,237,958
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets		8,750,000		13,976,763
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		1,145,000		1,264,172
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2019-1, Phase 2 Public Improvements:
3.875%, 9/1/2049		2,630,000		2,697,328
4.0%, 9/1/2046		4,895,000		5,140,827
California, State General Obligation:
Series B6, 0.05%***, 12/1/2020, LOC: U.S. Bank NA		1,200,000		1,200,000
Series B2, 0.1%***, 12/1/2020, LOC: Citibank NA		600,000		600,000
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project, Series A, AMT, 5.0%, 12/31/2047		2,075,000		2,421,151
California, State Municipal Finance Authority Revenue, NorthBay Healthcare, Series A, 5.25%, 11/1/2047		2,135,000		2,433,089
California, State School Finance Authority, Educational Facilities Revenue, River Springs Charter School Project, Series A, 144A, 6.375%, 7/1/2046		2,000,000		2,258,500
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056		5,515,000		6,147,295
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co.		620,000		704,184

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

10 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048		2,850,000		3,094,501
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041		3,250,000		3,440,970
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050		3,555,000		3,931,830
				63,801,154
Colorado 3.3%
Colorado, Broadway Park North Metropolitan District No. 2:
144A, 5.0%, 12/1/2040		1,100,000		1,156,958
144A, 5.0%, 12/1/2049		1,275,000		1,326,982
Colorado, Broadway Station Metropolitan District No. 3, Zero Coupon, 12/1/2049		2,000,000		1,242,800
Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056		2,275,000		2,475,837
Colorado, North Range Metropolitan District No. 3, 5.25%, 12/1/2050		1,667,000		1,722,711
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.		6,365,000		8,125,113
Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041		2,000,000		2,006,760
Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041		1,615,000		1,669,151
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049		2,000,000		2,215,860
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2043		1,630,000		1,884,720
Colorado, Trails At Crowfoot Metropolitan District No. 3, Series A, 5.0%, 12/1/2049		1,000,000		1,026,990
Denver, CO, Convention Center Hotel Authority Revenue:
5.0%, 12/1/2033		500,000		563,420
5.0%, 12/1/2034		1,000,000		1,124,970
5.0%, 12/1/2040		2,060,000		2,287,754
Denver, CO, Health & Hospital Authority, Certificate of Participation, 550 Acoma, Inc., 5.0%, 12/1/2048		1,170,000		1,371,696
Denver, CO, Urban Renewal Authority, Tax Increment Revenue, 9th Urban Redevelopment Area, Series A, 144A, 5.25%, 12/1/2039		2,365,000		2,504,423
				32,706,145
Connecticut 0.4%
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031* PIK (a)		19,814,420		1,287,937

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

DWS Strategic High Yield Tax-Free Fund | 11

	Principal Amount ($)		Value ($)
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040		870,000		1,016,056
Connecticut, State Health & Educational Facilities Authority Revenue, Sacred Heart University, Series K, 4.0%, 7/1/2045		1,030,000		1,157,102
				3,461,095
District of Columbia 1.7%
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050		4,870,000		5,497,938
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049		3,090,000		3,451,746
District of Columbia, Two Rivers Public Charter School, Inc.:
5.0%, 6/1/2050		1,825,000		2,118,971
5.0%, 6/1/2055		1,530,000		1,762,285
District of Columbia, Water & Sewer Authority, Public Utility Revenue, Green Bond, Series A, 4.0%, 10/1/2049		3,375,000		3,968,662
				16,799,602
Florida 7.1%
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (a)		2,310,000		1,787,363
Florida, Capital Project Finance Authority, Student Housing Revenue, Loan Program:
Series A-1, 5.0%, 10/1/2032		230,000		262,172
Series A-1, 5.0%, 10/1/2033		230,000		261,140
Series A-1, 5.0%, 10/1/2034		230,000		260,112
Series A-1, 5.0%, 10/1/2035		115,000		129,544
Florida, Capital Projects Finance Authority, Student Housing Revenue, Capital Projects Loan Program, Series A-2, 4.0%, 10/1/2024		3,700,000		3,696,559
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048		1,840,000		1,962,489
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054* (a)		5,755,000		4,028,500
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects:
Series A, 5.0%, 6/15/2050		1,105,000		1,249,567
Series A, 5.0%, 6/15/2055		960,000		1,078,675
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project:
Series A, 144A, AMT, 6.375%**, 1/1/2049		1,740,000		1,535,080
Series A, 144A, AMT, 6.5%**, 1/1/2049		2,260,000		1,998,631

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

12 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Florida, Higher Educational Facilities Financing Authority Revenue, Ringling College Project:
5.0%, 3/1/2029		980,000		1,093,660
5.0%, 3/1/2032		1,110,000		1,223,198
5.0%, 3/1/2034		1,195,000		1,309,433
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044		8,555,000		9,431,716
Florida, State Development Finance Corp., Learning Gate Community School Project:
Series A, 5.0%, 2/15/2038		500,000		551,280
Series A, 5.0%, 2/15/2048		1,150,000		1,259,710
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, 4.0%, 10/1/2049		1,905,000		1,934,699
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044		1,395,000		1,424,114
Florida, State Higher Educational Facilities Financial Authority Revenue, Jacksonville University Project, Series A-1, 144A, 4.75%, 6/1/2038		1,750,000		1,802,273
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035		1,030,000		1,171,810
Florida, Village Community Development District No. 12, Special Assessment Revenue:
144A, 4.25%, 5/1/2043		2,425,000		2,641,940
144A, 4.375%, 5/1/2050		2,035,000		2,216,888
Florida, Village Community Development District No. 9, Special Assessment Revenue:
5.5%, 5/1/2042		1,240,000		1,288,695
7.0%, 5/1/2041		1,375,000		1,408,743
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, JetBlue Airways Corp. Project, AMT, 5.0%, 11/15/2026		3,500,000		3,646,965
Jacksonville, FL, Educational Facilities Revenue, Jacksonville University Project, Series B, 144A, 5.0%, 6/1/2053		3,250,000		3,350,360
Lake County, FL, Educational Facilities Revenue, Imagine South Lake Charter School Project:
Series A, 144A, 5.0%, 1/15/2049		825,000		874,731
Series A, 144A, 5.0%, 1/15/2054		850,000		898,085
Lake County, FL, Senior Living Revenue, Village Veranda at Lady Lake Project, Series A-1, 144A, 7.125%, 1/1/2052		2,700,000		2,455,839
Osceola County, FL, Transportation Revenue:
Series A-2, Zero Coupon, 10/1/2049		3,400,000		1,258,578
Series A-2, Zero Coupon, 10/1/2051		4,775,000		1,627,129
Series A-2, Zero Coupon, 10/1/2054		4,570,000		1,378,723

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

DWS Strategic High Yield Tax-Free Fund | 13

	Principal Amount ($)		Value ($)
Palm Beach County, FL, Health Facilities Authority Revenue, Lifespace Communities, Inc., Series B, 4.0%, 5/15/2053		3,000,000		3,015,660
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:
Series A, 5.25%, 11/15/2039		445,000		419,506
Series A, 5.5%, 11/15/2049		3,635,000		3,386,657
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050		1,210,000		1,350,360
				70,670,584
Georgia 2.0%
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, Prerefunded, 6.375%, 5/15/2043		4,000,000		4,588,080
Atlanta, GA, Development Authority Revenue Bonds:
Series A-1, 5.0%, 7/1/2032		1,650,000		1,832,342
Series A-1, 5.0%, 7/1/2033		2,595,000		2,873,729
Series A-1, 5.0%, 7/1/2034		2,320,000		2,565,479
Atlanta, GA, Tax Allocation, Beltline Project:
Series B, 5.0%, 1/1/2029		3,450,000		4,134,790
Series B, 5.0%, 1/1/2030		1,715,000		2,044,160
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, 5.5%, 8/15/2054		1,820,000		2,120,173
				20,158,753
Guam 0.7%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue:
5.0%, 7/1/2040		1,040,000		1,218,953
Series A, 5.0%, 1/1/2050		655,000		805,801
Guam, International Airport Authority Revenue:
Series C, AMT, 6.25%, 10/1/2034		500,000		542,720
Series C, AMT, 6.375%, 10/1/2043		1,610,000		1,742,245
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048		800,000		948,128
Guam, Power Authority Revenue, Series A, 5.0%, 10/1/2034		1,200,000		1,261,620
				6,519,467
Illinois 7.9%
Chicago, IL, Board of Education:
Series B, 4.0%, 12/1/2035		2,500,000		2,506,225
Series A, 5.0%, 12/1/2033		740,000		803,973
Series A, 5.0%, 12/1/2041		3,930,000		3,966,156
Series H, 5.0%, 12/1/2046		1,690,000		1,784,285
Series A, 5.5%, 12/1/2039		2,900,000		2,942,108

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

14 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Chicago, IL, General Obligation:
Series B, 6.314%, 1/1/2044		2,500,000		2,655,725
Series A, 5.0%, 1/1/2036		1,000,000		1,039,830
Series A, 5.0%, 1/1/2044		4,000,000		4,260,200
Series B, 5.432%, 1/1/2042		3,885,000		3,768,916
Series A, 5.5%, 1/1/2049		2,425,000		2,651,204
Series A, 6.0%, 1/1/2038		2,180,000		2,462,092
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048		1,185,000		1,360,025
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue:
Series A, 4.0%, 12/1/2050		1,400,000		1,539,356
Series A, 4.0%, 12/1/2055		1,390,000		1,520,243
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:
Series A, Zero Coupon, 12/15/2052, INS: AGMC		7,000,000		2,221,940
Series B, 5.0%, 6/15/2042		1,500,000		1,718,850
Series A, 5.0%, 6/15/2050		1,365,000		1,528,391
Series B, 5.0%, 6/15/2052		4,435,000		4,544,190
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.125%, 2/15/2045		7,935,000		6,899,086
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, Prerefunded, 5.0%, 5/15/2041		4,265,000		4,559,882
Illinois, State General Obligation:
Series A, 5.0%, 10/1/2033		4,970,000		5,433,502
Series B, 5.0%, 10/1/2033		3,150,000		3,443,170
5.0%, 11/1/2034		1,500,000		1,610,970
5.0%, 1/1/2035		300,000		319,260
Series A, 5.0%, 5/1/2035		4,295,000		4,662,566
5.0%, 5/1/2039		2,600,000		2,700,932
Series A, 5.0%, 12/1/2042		3,610,000		3,826,058
5.75%, 5/1/2045		1,470,000		1,671,140
				78,400,275
Indiana 1.6%
Indiana, State Finance Authority Revenue, Educational Facilities, Rock Creek Community Academy Inc., Project:
Series A, 144A, 5.875%, 7/1/2038		1,340,000		1,468,895
Series A, 144A, 6.125%, 7/1/2048		3,660,000		4,009,969
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043		2,290,000		2,453,781
Indiana, State Finance Authority, Exempt Facilities Revenue, Green Bond, RES Plyflow Indiana LLC, Project, 144A, AMT, 7.0%, 3/1/2039		2,335,000		2,253,228
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051		5,000,000		5,753,200
				15,939,073

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

DWS Strategic High Yield Tax-Free Fund | 15

	Principal Amount ($)		Value ($)
Iowa 1.5%
Iowa, Higher Education Loan Authority Revenue, Loras College, 0.09%***, 12/1/2020, LOC: Bank of America NA		400,000		400,000
Iowa, Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project:
4.0%, 10/1/2045		2,135,000		2,365,729
4.0%, 10/1/2050		3,075,000		3,375,981
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc,.Obligated Group:
Series A, 5.0%, 5/15/2041		1,600,000		1,714,064
Series A, 5.0%, 5/15/2047		350,000		371,035
Series A, 5.0%, 5/15/2048		3,850,000		4,116,651
Iowa, State Student Loan Liquidity Corp., Senior Revenue, Series B, AMT, 3.0%, 12/1/2039		2,500,000		2,522,025
				14,865,485
Kansas 0.2%
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040		1,520,000		1,535,914
Kentucky 1.5%
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033		2,560,000		2,846,822
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053		7,195,000		7,941,985
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
Series A, 5.0%, 6/1/2045		1,275,000		1,391,637
Series A, 5.25%, 6/1/2041		1,915,000		2,162,054
				14,342,498
Louisiana 0.2%
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		710,000		823,714
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 5.0%, 5/15/2047		10,000		12,405
Shreveport, LA, Water & Sewer Revenue, Junior Lien, Series B, 4.0%, 12/1/2044, INS: AGMC		1,000,000		1,156,520
				1,992,639
Maine 0.9%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036		9,000,000		9,191,430
Maryland 1.6%
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 6.125%, 1/1/2036		3,250,000		3,378,407

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

16 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046		11,080,000		12,625,771
				16,004,178
Massachusetts 0.4%
Massachusetts, Development Finance Agency Revenue, 5.0%, 7/1/2047		1,250,000		1,366,800
Massachusetts, State Development Finance Agency Revenue, Boston University Issue, Series U-6C, 0.1%***, 12/1/2020, LOC: TD Bank NA		200,000		200,000
Massachusetts, State Educational Financing Authority, Series B, AMT, 3.0%, 7/1/2035		2,000,000		2,060,300
				3,627,100
Michigan 2.8%
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village:
7.0%, 11/15/2038* (a)		3,500,000		2,275,000
7.125%, 11/15/2043* (a)		1,500,000		975,000
144A, 7.5%, 11/15/2044* (a)		1,480,000		962,000
Detroit, MI, Water Supply Systems Revenue, Series A, Prerefunded, 5.75%, 7/1/2037		7,590,000		7,836,979
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041		3,750,000		3,850,050
Michigan, Finance Authority Higher Facilities, Ltd. Obligation Revenue, Kettering University Project:
4.0%, 9/1/2045		1,775,000		1,954,151
4.0%, 9/1/2050		1,660,000		1,815,658
Michigan, Finance Authority Revenue, Tobacco Settlement Asset Backed Senior Capital Appreciation Bonds, Series B-2, Zero Coupon, 6/1/2065		40,000,000		4,796,400
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department:
Series C-3, 5.0%, 7/1/2033, INS: AGMC		1,820,000		2,081,079
Series C, 5.0%, 7/1/2035		910,000		1,063,153
				27,609,470
Minnesota 0.9%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
Series A, 5.0%, 2/15/2048		1,000,000		1,174,940
Series A, 5.0%, 2/15/2053		2,815,000		3,293,128
Minnesota, State Housing Finance Agency, Series E, 3.5%, 7/1/2050		1,620,000		1,805,960
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038		2,940,000		2,964,137
				9,238,165

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

DWS Strategic High Yield Tax-Free Fund | 17

	Principal Amount ($)		Value ($)
Mississippi 0.7%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022		5,500,000		5,939,670
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 5.375%, 12/1/2035		1,000,000		1,040,860
				6,980,530
Missouri 2.0%
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project:
Series B, 144A, 5.0%, 2/1/2040		1,300,000		1,353,898
Series B, 144A, 5.0%, 2/1/2050		3,605,000		3,731,968
Series A, 144A, 6.25%, 4/15/2049		3,750,000		3,309,337
Lee’s Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project:
Series A, 5.0%, 8/15/2042		1,000,000		1,040,100
Series A, 5.0%, 8/15/2046		2,500,000		2,564,625
Series A, 5.0%, 8/15/2051		1,000,000		1,023,320
Series A, 5.25%, 8/15/2039		1,710,000		1,767,319
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		665,000		730,496
Missouri, State Health & Educational Facilities Authority, Lutheran Senior Services, 6.0%, 2/1/2041		2,250,000		2,263,613
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047		2,275,000		2,016,196
				19,800,872
Nevada 0.4%
Nevada, Tahoe Douglas Visitors Authority, Stateline Revenue:
5.0%, 7/1/2040		1,000,000		1,103,190
5.0%, 7/1/2045		1,000,000		1,086,370
5.0%, 7/1/2051		1,000,000		1,082,220
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		4,500,000		649,665
				3,921,445
New Hampshire 0.2%
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village:
Series A, 144A, 6.125%, 7/1/2037		900,000		773,109
Series A, 144A, 6.25%, 7/1/2042		1,090,000		913,006
				1,686,115

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

18 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
New Jersey 3.3%
New Jersey, State Covid-19 General Obligation Emergency Bonds:
Series A, 4.0%, 6/1/2030		860,000		1,039,989
Series A, 4.0%, 6/1/2031		860,000		1,049,406
Series A, 4.0%, 6/1/2032		415,000		509,060
New Jersey, State Economic Development Authority Revenue:
5.0%, 6/15/2028		450,000		460,085
Series BBB, 5.5%, 6/15/2030		8,975,000		10,730,420
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039		3,645,000		3,570,715
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040		1,625,000		1,581,320
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033		880,000		997,559
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030		2,500,000		2,653,975
New Jersey, State Health Care Facilities Financing Authority, 5.0%, 10/1/2038		4,000,000		4,523,600
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC		1,820,000		2,037,945
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue:
Series B, AMT, 3.25%, 12/1/2039		1,500,000		1,523,835
Series B, AMT, 3.5%, 12/1/2039		1,800,000		1,853,712
				32,531,621
New Mexico 0.3%
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044		2,740,000		2,950,569
New York 7.7%
Buffalo & Erie County, NY, Industrial Land Development Corp., D’Youville College Project, Series A, 4.0%, 11/1/2050		2,500,000		2,607,625
Hudson, NY, Yards Infrastructure Corp. Revenue, Fiscal 2012:
Series A, Prerefunded, 5.25%, 2/15/2047		220,000		222,284
Series A, Prerefunded, 5.75%, 2/15/2047		125,000		126,424
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann’s Community Project, 5.0%, 1/1/2050		3,750,000		3,896,325

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

DWS Strategic High Yield Tax-Free Fund | 19

	Principal Amount ($)		Value ($)
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC		455,000		503,130
New York, Metropolitan Transportation Authority Revenue:
Series E-1, 0.1%***, 12/1/2020, LOC: U.S. Bank NA		100,000		100,000
Series D, 5.0%, 11/15/2033		1,500,000		1,706,505
Series C-1, 5.0%, 11/15/2050		1,320,000		1,515,954
Series A-1, 5.0%, 11/15/2051		8,150,000		9,004,038
Series C-1, 5.25%, 11/15/2055		3,960,000		4,649,396
New York, Metropolitan Transportation Authority Revenue, Green Bond:
Series D, 4.0%, 11/15/2048		3,500,000		3,712,450
Series D, 4.0%, 11/15/2049		1,000,000		1,059,830
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 144A, 5.0%, 12/1/2045		1,000,000		1,112,320
New York, State Housing Finance Agency Revenue, 160 Madison Avenue LLC, Series B, 0.08%***, 12/1/2020, LOC: Landesbank Hessen-Thuringen		200,000		200,000
New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 144A, 5.0%, 11/15/2044		3,000,000		3,109,740
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project:
AMT, 5.25%, 8/1/2031		2,800,000		3,056,984
AMT, 5.375%, 8/1/2036		900,000		987,732
New York, Transportation Development Corp., Special Facilities Revenue, Laguardia Airport Terminal C & D Redevelopment Project, AMT, 4.375%, 10/1/2045		1,500,000		1,667,655
New York, TSASC, Inc.:
Series A, 5.0%, 6/1/2041		595,000		678,717
Series B, 5.0%, 6/1/2048		8,800,000		9,227,240
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042		5,795,000		5,832,667
New York City, NY, Housing Development Corp., Multi-Family Housing Revenue:
Series E-1, 2.8%, 11/1/2034		5,000,000		5,304,700
Series E-1, 3.0%, 11/1/2039		3,000,000		3,172,410
New York Counties, NY, Tobacco Trust IV, Series F, Zero Coupon, 6/1/2060		150,000,000		5,751,000
New York, NY, General Obligation:
Series D-4, 0.04%**, 8/1/2040, LOC: TD Bank NA		800,000		800,000
Series I-4, 0.09%***, 12/1/2020, LOC: TD Bank NA		1,500,000		1,500,000
Series A-3, 0.1%***, 12/1/2020, LOC: Mizuho Bank Ltd.		100,000		100,000
Series D-4, 0.11%**, 8/1/2040, LOC: TD Bank NA		3,200,000		3,200,000

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

20 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028		1,940,000		1,573,612
				76,378,738
North Carolina 0.2%
North Carolina, State Housing Finance Agency, Series 42, 4.0%, 1/1/2050		2,095,000		2,339,570
North Dakota 0.2%
Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032		2,000,000		2,046,720
Ohio 4.4%
Buckeye, OH, Tobacco Settlement Financing Authority:
Series B-3, Class 2, Zero Coupon, 6/1/2057		20,000,000		2,980,400
Series B-2, Class 2, 5.0%, 6/1/2055		4,625,000		5,201,368
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047		2,480,000		2,567,023
Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053		7,140,000		7,654,723
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
5.0%, 1/1/2051		1,270,000		1,356,106
Series A, 5.0%, 1/1/2052		1,000,000		1,076,380
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		10,345,000		12,162,306
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project:
AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.		725,000		795,847
AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.		3,115,000		3,427,123
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048		6,000,000		6,395,040
				43,616,316
Oklahoma 0.8%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.5%, 8/15/2052		1,635,000		1,938,767
Series B, 5.5%, 8/15/2057		4,235,000		5,004,796
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045		1,175,000		1,250,928
				8,194,491

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

DWS Strategic High Yield Tax-Free Fund | 21

	Principal Amount ($)		Value ($)
Oregon 0.0%
Clackamas County, OR, Hospital Facilities Authority Revenue, Mary’s Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038		195,000		206,642
Pennsylvania 2.7%
Chester County, PA, Industrial Development Authority, Special Obligation Revenue, Woodlands at Graystone Neighborhood Improvement Project, 144A, 5.125%, 3/1/2048		500,000		507,670
Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049		2,235,000		2,540,323
Lancaster County, PA, Hospital Authority, Brethren Village Project:
5.125%, 7/1/2037		900,000		959,112
5.25%, 7/1/2041		900,000		956,466
Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc.		985,000		988,842
Pennsylvania, Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply LLC, Series A, 6.4%, 12/1/2038		5,000,000		4,255,250
Pennsylvania, Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.45%, 6/1/2041		5,150,000		4,990,762
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP, AMT, 5.0%, 12/31/2034		8,005,000		9,270,591
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 132A, 3.5%, 4/1/2051		1,705,000		1,859,285
Pennsylvania, State Turnpike Commission Revenue, Series A-1, 5.0%, 12/1/2041		20,000		23,212
				26,351,513
Puerto Rico 4.7%
Puerto Rico, Aqueduct & Sewer Authority Revenue:
Series A, 5.25%, 7/1/2029		1,000,000		1,043,750
Series A, 5.25%, 7/1/2042		6,500,000		6,760,000
Puerto Rico, Commonwealth Aqueduct & Sewer Authority Revenue, Series A, 5.0%, 7/1/2033		1,720,000		1,784,500
Puerto Rico, Commonwealth of Public Improvement, Series A, 5.0%, 7/1/2041* (a)		1,955,000		1,270,750
Puerto Rico, Electric Power Authority Revenue:
Series TT, 5.0%, 7/1/2025* (a)		920,000		690,000
Series XX, 5.25%, 7/1/2040* (a)		4,000,000		3,010,000
Series WW, 5.5%, 7/1/2038* (a)		2,900,000		2,189,500
Puerto Rico, GDB Debt Recovery Authority, 7.5%, 8/20/2040		9,079,542		6,605,367
Puerto Rico, General Obligation, Series A, 8.0%, 7/1/2035* (a)		5,000,000		3,275,000

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

22 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
Series A-1, Zero Coupon, 7/1/2046		20,000,000		6,003,200
Series A-1, 4.75%, 7/1/2053		6,800,000		7,387,724
Series A-1, 5.0%, 7/1/2058		6,183,000		6,819,663
				46,839,454
South Carolina 2.9%
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039		3,703,000		3,706,259
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047		2,290,000		2,658,072
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055		10,360,000		12,276,496
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043		8,890,000		10,340,403
				28,981,230
Tennessee 1.1%
Metropolitan Nashville, TN, Airport Authority Revenue, Series B, AMT, 4.0%, 7/1/2054		1,500,000		1,669,020
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036		900,000		959,121
Nashville & Davidson County, TN, Metropolitan Governement Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055		8,000,000		7,895,680
				10,523,821
Texas 8.7%
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:
Zero Coupon, 1/1/2030		5,000,000		4,151,900
Zero Coupon, 1/1/2032		3,500,000		2,731,050
Clifton, TX, Higher Education Finance Corp., Education Revenue:
Series A, 5.75%, 8/15/2038		2,810,000		3,223,463
Series D, 6.125%, 8/15/2048		4,485,000		5,165,375
Houston, TX, Airport System Revenue, Special Facilities United Airlines, Inc., Airport Improvement Projects, Series C, AMT, 5.0%, 7/15/2027		3,000,000		3,282,600
Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038		2,000,000		2,087,500

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

DWS Strategic High Yield Tax-Free Fund | 23

	Principal Amount ($)		Value ($)
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC		7,000,000		8,543,150
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048		1,440,000		1,465,373
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC		8,000,000		8,003,920
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044		1,575,000		1,650,285
Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038		2,830,000		3,115,858
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040		7,445,000		7,476,195
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050		3,550,000		3,728,565
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Legacy Midtown Park, Inc. Project, Series A, 5.5%, 7/1/2054		2,250,000		2,270,880
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project:
5.0%, 10/1/2039		1,820,000		1,856,509
Series A, 5.25%, 10/1/2055		8,000,000		8,085,120
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053		6,605,000		5,823,166
Texas, Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien Revenue, Infrastructure Group LLC, I-635 Managed Lanes Project:
Series A, 4.0%, 6/30/2038		380,000		440,500
Series A, 4.0%, 12/31/2038		380,000		439,497
Series A, 4.0%, 6/30/2039		290,000		335,046
Series A, 4.0%, 12/31/2039		335,000		386,593
Series A, 4.0%, 6/30/2040		275,000		316,610
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.		7,615,000		8,935,898
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043		2,220,000		2,532,465
				86,047,518

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

24 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Utah 1.0%
Utah, Infrastructure Agency Telecommunication Revenue, Series 2019, 4.0%, 10/15/2042		2,350,000		2,469,779
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048		6,490,000		7,161,845
				9,631,624
Virginia 2.3%
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge:
5.0%, 1/1/2037		1,000,000		1,011,980
5.0%, 1/1/2046		1,530,000		1,525,594
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living:
Series 2020, 5.0%, 9/1/2050		1,740,000		1,639,393
Series A, 5.375%, 9/1/2054		1,500,000		1,452,630
Virginia, Marquis Community Development Authority Revenue:
Series C, Zero Coupon, 9/1/2041		7,906,000		393,956
144A, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045		1,640,000		835,629
Series B, 5.625%, 9/1/2041		5,332,000		2,701,885
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation:
144A, 5.0%, 9/1/2037		1,400,000		1,481,228
144A, 5.0%, 9/1/2045		4,100,000		4,327,591
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2052		5,250,000		5,996,970
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037		1,640,000		1,748,699
				23,115,555
Washington 3.9%
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital:
5.0%, 12/1/2037		1,025,000		1,081,467
5.0%, 12/1/2046		2,000,000		2,076,960
Washington, Port of Seattle Revenue, AMT, 5.0%, 4/1/2044		4,000,000		4,832,400
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030		2,000,000		2,125,280
Washington, State Convention Center Public Facilities District:
5.0%, 7/1/2043		3,835,000		4,317,750
5.0%, 7/1/2048		5,000,000		5,604,350

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

DWS Strategic High Yield Tax-Free Fund | 25

	Principal Amount ($)		Value ($)
Washington, State Higher Education Facilities Authority, Seattle University Project, 4.0%, 5/1/2045		3,950,000		4,362,024
Washington, State Higher Educational Facilities Authority, Seattle University Project, 4.0%, 5/1/2050		1,020,000		1,118,583
Washington, State Housing Finance Commission, Non Profit Housing Revenue, Rockwood Retirement Communities Project, Series A, 144A, 5.0%, 1/1/2051		2,500,000		2,518,075
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044		6,000,000		6,423,060
Washington, State Housing Finance Commission, The Hearthstone Project:
Series A, 144A, 5.0%, 7/1/2038		775,000		798,118
Series A, 144A, 5.0%, 7/1/2048		1,735,000		1,756,757
Series A, 144A, 5.0%, 7/1/2053		1,125,000		1,135,553
				38,150,377
Wisconsin 3.3%
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
Series A-1, 5.0%, 7/1/2043		4,000,000		4,231,840
Series B, 5.0%, 7/1/2048		910,000		919,673
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042		3,500,000		3,642,975
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.:
5.0%, 7/1/2047		2,000,000		2,144,960
5.0%, 7/1/2052		910,000		973,573
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Leadership Academy, 144A, 5.0%, 6/15/2049		520,000		542,438
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 4.0%, 10/1/2049		5,000,000		5,535,700
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		135,000		134,683
144A, 5.75%, 5/1/2054		5,620,000		5,562,001
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary’s Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047		4,545,000		4,814,337
Wisconsin, State Health & Educational Facilities Authority Revenue, Benevolent Corp. Cedar Community Project:
5.0%, 6/1/2037		1,970,000		2,105,733
5.0%, 6/1/2041		1,910,000		2,014,935
				32,622,848
Total Municipal Bonds and Notes (Cost $907,708,002)				951,852,226

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

26 | DWS Strategic High Yield Tax-Free Fund

	Principal Amount ($)		Value ($)
Underlying Municipal Bonds of Inverse Floaters (b) 6.5%
Florida 2.3%
Florida, Airport Facilities Revenue, Series B, 4.0%, 9/1/2044 (c)		10,000,000		10,854,475
Trust: Airport Facilities Revenue, Series XM0780, 144A, 13.510%, 9/1/2027, Leverage Factor at purchase date: 4 to 1
Miami-Dade County, FL, Transit Sales Surtax Revenue, Series A, 4.0%, 7/1/2049 (c)		10,000,000		11,822,900
Trust: Transit Sales Surtax Revenue, Series XM0901, 144A, 14.050%, 7/1/2028, Leverage Factor at purchase date: 4 to 1
				22,677,375
Michigan 1.2%
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (c)		10,000,000		11,944,587
Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 13.227%, 10/15/2023, Leverage Factor at purchase date: 3 to 1
New York 1.2%
New York, State Thruway Authority General Revenue, Series B, 4.0%, 1/1/2053 (c)		10,000,000		11,307,300
Trust: State Thruway Authority General Revenue, Series XM0880, 144A, 13.480%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
Washington 1.8%
Washington, State General Obligation, Series A-1, 5.0%, 8/1/2037 (c)		15,000,000		17,841,488
Trust: State General Obligation, Series XM0127, 144A, 17.660%, 8/1/2023, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $61,340,185)				63,770,750
Other Municipal Related 0.0%
Illinois
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055* (Cost $7,707)		900,000		45,000
Open-End Investment Companies 0.1%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01%**** (Cost $1,094,551)		1,093,739		1,093,848

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

DWS Strategic High Yield Tax-Free Fund | 27

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $970,150,445)		102.7			1,016,761,824
Floating Rate Notes (b)		(4.1	)		(40,420,000	)
Other Assets and Liabilities, Net		1.4			14,081,212
Net Assets		100.0			990,423,036

* Non-income producing security.

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

*** Variable rate demand notes are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder at any time, and are shown at their current rates as of November 30, 2020. Date shown reflects the earlier of demand date or stated maturity date.

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

(a) Defaulted security or security for which income has been deemed uncollectible.

(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.

GTY: Guaranty Agreement

INS: Insured

LOC: Letter of Credit

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

Fair Value Measurements

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

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

28 | DWS Strategic High Yield Tax-Free Fund

The following is a summary of the inputs used as of November 30, 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)	$	—	$	1,015,667,976	$	—	$	1,015,667,976
Open-End Investment Companies		1,093,848		—		—		1,093,848
Total	$	1,093,848	$	1,015,667,976	$	—	$	1,016,761,824

(d) See Investment Portfolio for additional detailed categorizations.

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

DWS Strategic High Yield Tax-Free Fund | 29

Statement of Assets and Liabilities

as of November 30, 2020 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $970,150,445)	$	1,016,761,824
Receivable for investments sold		1,215,000
Receivable for investments sold — when-issued securities		505,998
Receivable for Fund shares sold		1,289,201
Interest receivable		13,744,431
Other assets		42,588
Total assets		1,033,559,042
Liabilities
Payable for investments purchased — when-issued securities		499,572
Payable for Fund shares redeemed		678,167
Payable for floating rate notes issued		40,420,000
Distributions payable		703,464
Accrued management fee		246,091
Accrued Trustees’ fees		18,462
Other accrued expenses and payables		570,250
Total liabilities		43,136,006
Net assets, at value	$	990,423,036
Net Assets Consist of
Distributable earnings (loss)		(32,553,773	)
Paid-in capital		1,022,976,809
Net assets, at value	$	990,423,036

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

30 | DWS Strategic High Yield Tax-Free Fund

Statement of Assets and Liabilities as of November 30, 2020 (Unaudited) (continued)

Net Asset Value
Class A
Net Asset Value and redemption price per share ($197,003,261 ÷ 16,308,809 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	12.08
Maximum offering price per share (100 ÷ 97.25 of $12.08)	$	12.42
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($26,214,451 ÷ 2,168,707 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	12.09
Class S
Net Asset Value, offering and redemption price per share ($536,379,873 ÷ 44,363,571 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	12.09
Institutional Class
Net Asset Value, offering and redemption price per share ($230,825,451 ÷ 19,083,469 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	12.10

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

DWS Strategic High Yield Tax-Free Fund | 31

Statement of Operations

for the six months ended November 30, 2020 (Unaudited)
Investment Income
Income:
Interest	$	22,591,248
Expenses:
Management fee		2,079,310
Administration fee		496,182
Services to shareholders		682,157
Distribution and service fees		382,163
Custodian fee		6,893
Professional fees		46,787
Reports to shareholders		38,247
Registration fees		47,186
Trustees’ fees and expenses		20,557
Interest expense and fees on floating rate notes issued		166,362
Other		30,638
Total expenses before expense reductions		3,996,482
Expense reductions		(407,622	)
Total expenses after expense reductions		3,588,860
Net investment income		19,002,388
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		2,235,838
Change in net unrealized appreciation (depreciation) on investments		58,056,909
Net gain (loss)		60,292,747
Net increase (decrease) in net assets resulting from operations	$	79,295,135

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

32 | DWS Strategic High Yield Tax-Free Fund

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended November 30, 2020 (Unaudited)			Year Ended May 31, 2020
Operations:
Net investment income (loss)	$	19,002,388		$	42,713,965
Net realized gain (loss)		2,235,838			902,349
Change in net unrealized appreciation (depreciation)		58,056,909			(70,228,793	)
Net increase (decrease) in net assets resulting from operations		79,295,135			(26,612,479	)
Distributions to shareholders:
Class A		(3,385,809	)		(7,243,884	)
Class C		(399,865	)		(1,196,641	)
Class S		(10,800,086	)		(25,982,423	)
Institutional Class		(4,228,555	)		(7,930,714	)
Total distributions		(18,814,315	)		(42,353,662	)
Fund share transactions:
Proceeds from shares sold		188,530,499			397,606,177
Reinvestment of distributions		15,807,198			36,106,905
Payments for shares redeemed		(270,742,174	)		(456,815,594	)
Net increase (decrease) in net assets from Fund share transactions		(66,404,477	)		(23,102,512	)
Increase (decrease) in net assets		(5,923,657	)		(92,068,653	)
Net assets at beginning of period		996,346,693			1,088,415,346
Net assets at end of period	$	990,423,036		$	996,346,693

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

DWS Strategic High Yield Tax-Free Fund | 33

Financial Highlights

DWS Strategic High Yield Tax-Free Fund — Class A

	Six Months Ended 11/30/20			Years Ended May 31,
	(Unaudited)			2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$11.37			$12.13			$12.08			$12.27			$12.59			$12.39
Income from investment operations:
Net investment income		.21			.45			.46			.44			.49			.56
Net realized and unrealized gain (loss)		.71			(.77	)		.08			(.19	)		(.33	)		.20
Total from investment operations		.92			(.32	)		.54			.25			.16			.76
Less distributions from:
Net investment income		(.21	)		(.44	)		(.46	)		(.43	)		(.47	)		(.55	)
Net realized gains		—			(.00	)***		(.03	)		(.01	)		(.01	)		(.01	)
Total distributions		(.21	)		(.44	)		(.49	)		(.44	)		(.48	)		(.56	)
Net asset value, end of period		$12.08			$11.37			$12.13			$12.08			$12.27			$12.59
Total Return (%)a,b		8.12	**		(2.74	)		4.62			2.11			1.29			6.27
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		197			181			195			225			264			361
Ratio of expenses before expense reductions (including interest expense) (%)c		.89	*		.95			.98			.95			.95			.97
Ratio of expenses after expense reductions (including interest expense) (%)c		.88	*		.91			.91			.91			.93			.91
Ratio of expenses after expense reductions (excluding interest expense) (%)		.84	*		.85			.86			.87			.88			.87
Ratio of net investment income (%)		3.54	*		3.72			3.87			3.61			3.93			4.54
Portfolio turnover rate (%)		35	**		52			47			34			54			36

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

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

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

^*  Annualized

^** Not annualized

^***  Amount is less than $.005

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

34 | DWS Strategic High Yield Tax-Free Fund

DWS Strategic High Yield Tax-Free Fund — Class C

	Six Months Ended 11/30/20			Years Ended May 31,
	(Unaudited)			2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$11.38			$12.13			$12.09			$12.28			$12.59			$12.40
Income from investment operations:
Net investment income		.16			.36			.37			.35			.39			.47
Net realized and unrealized gain (loss)		.71			(.76	)		.07			(.19	)		(.31	)		.19
Total from investment operations		.87			(.40	)		.44			.16			.08			.66
Less distributions from:
Net investment income		(.16	)		(.35	)		(.37	)		(.34	)		(.38	)		(.46	)
Net realized gains		—			(.00	)***		(.03	)		(.01	)		(.01	)		(.01	)
Total distributions		(.16	)		(.35	)		(.40	)		(.35	)		(.39	)		(.47	)
Net asset value, end of period		$12.09			$11.38			$12.13			$12.09			$12.28			$12.59
Total Return (%)a,b		7.71	**		(3.39	)		3.75			1.35			.61			5.40
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		26			33			52			88			109			138
Ratio of expenses before expense reductions (including interest expense) (%)c		1.67	*		1.71			1.75			1.71			1.72			1.73
Ratio of expenses after expense reductions (including interest expense) (%)c		1.63	*		1.66			1.66			1.66			1.68			1.66
Ratio of expenses after expense reductions (excluding interest expense) (%)		1.59	*		1.60			1.61			1.62			1.63			1.62
Ratio of net investment income (%)		2.79	*		2.97			3.10			2.86			3.18			3.79
Portfolio turnover rate (%)		35	**		52			47			34			54			36

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

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

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

^*  Annualized

^** Not annualized

^*** Amount is less than $.005

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

DWS Strategic High Yield Tax-Free Fund | 35

DWS Strategic High Yield Tax-Free Fund — Class S

	Six Months Ended 11/30/20			Years Ended May 31,
	(Unaudited)			2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$11.38			$12.14			$12.09			$12.28			$12.60			$12.40
Income from investment operations:
Net investment income		.22			.47			.49			.47			.51			.59
Net realized and unrealized gain (loss)		.71			(.76	)		.08			(.18	)		(.32	)		.20
Total from investment operations		.93			(.29	)		.57			.29			.19			.79
Less distributions from:
Net investment income		(.22	)		(.47	)		(.49	)		(.47	)		(.50	)		(.58	)
Net realized gains		—			(.00	)***		(.03	)		(.01	)		(.01	)		(.01	)
Total distributions		(.22	)		(.47	)		(.52	)		(.48	)		(.51	)		(.59	)
Net asset value, end of period		$12.09			$11.38			$12.14			$12.09			$12.28			$12.60
Total Return (%)a		8.24	**		(2.49	)		4.88			2.37			1.55			6.54
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		536			576			661			1,204			1,336			873
Ratio of expenses before expense reductions (including interest expense) (%)b		.74	*		.80			.84			.81			.82			.78
Ratio of expenses after expense reductions (including interest expense) (%)b		.63	*		.66			.66			.66			.68			.66
Ratio of expenses after expense reductions (excluding interest expense) (%)		.59	*		.60			.61			.62			.63			.62
Ratio of net investment income (%)		3.79	*		3.97			4.07			3.86			4.16			4.79
Portfolio turnover rate (%)		35	**		52			47			34			54			36

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

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

^*  Annualized

^** Not annualized

^*** Amount is less than $.005

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

36 | DWS Strategic High Yield Tax-Free Fund

DWS Strategic High Yield Tax-Free Fund — Institutional Class

	Six Months Ended 11/30/20			Years Ended May 31,
	(Unaudited)			2020			2019			2018			2017			2016
Selected Per Share Data
Net asset value, beginning of period		$11.39			$12.14			$12.10			$12.29			$12.60			$12.40
Income from investment operations:
Net investment income		.22			.49			.49			.47			.51			.59
Net realized and unrealized gain (loss)		.71			(.77	)		.07			(.18	)		(.31	)		.20
Total from investment operations		.93			(.28	)		.56			.29			.20			.79
Less distributions from:
Net investment income		(.22	)		(.47	)		(.49	)		(.47	)		(.50	)		(.58	)
Net realized gains		—			(.00	)***		(.03	)		(.01	)		(.01	)		(.01	)
Total distributions		(.22	)		(.47	)		(.52	)		(.48	)		(.51	)		(.59	)
Net asset value, end of period		$12.10			$11.39			$12.14			$12.10			$12.29			$12.60
Total Return (%)a		8.24	**		(2.41	)		4.80			2.37			1.64			6.51
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		231			207			181			159			250			189
Ratio of expenses before expense reductions (including interest expense) (%)b		.68	*		.74			.70			.70			.69			.75
Ratio of expenses after expense reductions (including interest expense) (%)b		.63	*		.66			.66			.66			.67			.66
Ratio of expenses after expense reductions (excluding interest expense) (%)		.59	*		.60			.61			.62			.62			.62
Ratio of net investment income (%)		3.79	*		3.97			4.13			3.86			4.17			4.80
Portfolio turnover rate (%)		35	**		52			47			34			54			36

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

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

^*  Annualized

^** Not annualized

^***  Amount is less than $.005

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

DWS Strategic High Yield Tax-Free Fund | 37

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Strategic High Yield Tax-Free 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 available through certain intermediary relationships with financial services firms, or can be purchased by establishing an account directly with the Fund’s transfer agent. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

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

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

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

38 | DWS Strategic High Yield Tax-Free Fund

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.

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 mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from one or more 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.

DWS Strategic High Yield Tax-Free Fund | 39

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

By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption “Payable for floating rate notes issued” in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense and fees on floating rate notes issued” in the Statement of Operations. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended November 30, 2020 was approximately $35,656,000, with a weighted average interest rate of 0.93%.

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

40 | DWS Strategic High Yield Tax-Free Fund

Fund’s control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

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

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

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

At May 31, 2020, the Fund had net tax basis capital loss carryforwards of approximately $87,976,000 of short term-losses, which may be applied against realized net taxable capital gains indefinitely.

At November 30, 2020, the aggregate cost of investments for federal income tax purposes was $926,603,022. The net unrealized appreciation for all investments based on tax cost was $49,738,802. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $74,486,032 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $24,747,230.

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,

DWS Strategic High Yield Tax-Free Fund | 41

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

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

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

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

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

B. Purchases and Sales of Securities

During the six months ended November 30, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $356,439,032 and $392,219,499, 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

42 | DWS Strategic High Yield Tax-Free Fund

of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $300 million of the Fund’s average daily net assets	.455%
Next $200 million of such net assets	.405%
Next $500 million of such net assets	.380%
Next $500 million of such net assets	.360%
Next $500 million of such net assets	.350%
Over $2 billion of such net assets	.340%

Accordingly, for the six months ended November 30, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.41% of the Fund’s average daily net assets.

For the period from June 1, 2020 through September 30, 2020, the Advisor had 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	.85%
Class C	1.60%
Class S	.60%
Institutional Class	.60%

Effective October 1, 2020 through September 30, 2021, 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	.83%
Class C	1.58%
Class S	.58%
Institutional Class	.58%

DWS Strategic High Yield Tax-Free Fund | 43

For the six months ended November 30, 2020, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$	14,978
Class C		5,646
Class S		322,829
Institutional Class		64,169
	$	407,622

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee (“Administration Fee”) of 0.097% of the Fund’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended November 30, 2020, the Administration Fee was $496,182, of which $78,426 is unpaid.

Service Provider Fees. DWS Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended November 30, 2020, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated		Unpaid at November 30, 2020
Class A	$	3,734	$	991
Class C		386		132
Class S		28,117		7,934
Institutional Class		730		127
	$	32,967	$	9,184

In addition, for the six months ended November 30, 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	$	61,850
Class C		12,381
Class S		434,957
Institutional Class		118,042
	$	627,230

44 | DWS Strategic High Yield Tax-Free Fund

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 six months ended November 30, 2020, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated		Unpaid at November 30, 2020
Class C	$	108,440	$	16,146

In addition, DDI provides information and administrative services for a fee (“Service Fee”) to Class A and C shareholders at an annual rate of up to 0.25% of the average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pay these fees based upon the assets of shareholder accounts the firms service. For the six months ended November 30, 2020, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at November 30, 2020		Annualized Rate
Class A	$	237,612	$	79,620		.25	%
Class C		36,111		10,645		.25	%
	$	273,723	$	90,265

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended November 30, 2020 aggregated $2,170.

In addition, DDI receives any contingent deferred sales charge (“CDSC”) from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the six months ended November 30, 2020, the CDSC for Class C shares aggregated $121. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended November 30, 2020, DDI received $5,501 for Class A shares.

Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended November 30, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $9,821, of which $8,835 is unpaid.

DWS Strategic High Yield Tax-Free Fund | 45

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

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended November 30, 2020, the Fund engaged in securities purchases of $47,742,000 and securities sales of $61,967,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

D. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, and/or result in increased portfolio turnover, which could result in a decline in net asset value of the fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

E. 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 meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at November 30, 2020.

46 | DWS Strategic High Yield Tax-Free Fund

F. Fund Share Transactions

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

	Six Months Ended November 30, 2020						Year Ended May 31, 2020
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		1,654,662		$	19,575,148			3,349,029		$	40,589,341
Class C		106,752			1,267,926			308,202			3,712,529
Class S		10,775,398			127,967,922			19,782,231			231,962,939
Institutional Class		3,366,693			39,719,503			10,203,041			121,341,368
				$	188,530,499					$	397,606,177
Shares issued to shareholders in reinvestment of distributions
Class A		247,466		$	2,941,077			541,994		$	6,504,435
Class C		29,753			353,771			80,431			967,648
Class S		807,339			9,600,719			1,912,717			23,004,338
Institutional Class		244,646			2,911,631			469,051			5,630,484
				$	15,807,198					$	36,106,905
Shares redeemed
Class A		(1,479,764	)	$	(17,519,279	)		(4,083,826	)	$	(48,841,422	)
Class C		(843,466	)		(10,013,760	)		(1,766,242	)		(21,374,138	)
Class S		(17,797,620	)		(210,984,941	)		(25,576,804	)		(299,895,328	)
Institutional Class		(2,730,343	)		(32,224,194	)		(7,368,477	)		(86,704,706	)
				$	(270,742,174	)				$	(456,815,594	)
Net increase (decrease)
Class A		422,364		$	4,996,946			(192,803	)	$	(1,747,646	)
Class C		(706,961	)		(8,392,063	)		(1,377,609	)		(16,693,961	)
Class S		(6,214,883	)		(73,416,300	)		(3,881,856	)		(44,928,051	)
Institutional Class		880,996			10,406,940			3,303,615			40,267,146
				$	(66,404,477	)				$	(23,102,512	)

G. Other — COVID-19 Pandemic

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in

DWS Strategic High Yield Tax-Free Fund | 47

place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

48 | DWS Strategic High Yield Tax-Free Fund

Information About Your Fund’s Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020 to November 30, 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.

DWS Strategic High Yield Tax-Free Fund | 49

Expenses and Value of a $1,000 Investment for the six months ended November 30, 2020 (Unaudited)
Actual Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 6/1/20	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 11/30/20	$	1,081.20	$	1,077.10	$	1,082.40	$	1,082.40
Expenses Paid per $1,000*	$	4.59	$	8.49	$	3.29	$	3.29
Hypothetical 5% Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 6/1/20	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 11/30/20	$	1,020.66	$	1,016.90	$	1,021.91	$	1,021.91
Expenses Paid per $1,000*	$	4.46	$	8.24	$	3.19	$	3.19

* Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A			Class C			Class S			Institutional Class
DWS Strategic High Yield Tax-Free Fund†		.88	%		1.63	%		.63	%		.63	%

^†  Includes interest expense and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities of 0.04% for each class.

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/.

50 | DWS Strategic High Yield Tax-Free Fund

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the “Board” or “Trustees”) approved the renewal of DWS Strategic High Yield Tax-Free Fund’s (the “Fund”) investment management agreement (the “Agreement”) with DWS Investment Management Americas, Inc. (“DIMA”) in September 2020.

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

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

– The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the “Fee Consultant”).

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

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

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

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

DWS Strategic High Yield Tax-Free Fund | 51

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.

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

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board also considered the risks to DIMA in sponsoring or managing the Fund, including financial, operational and reputational risks, the potential economic impact to DIMA from such risks and DIMA’s approach to addressing such risks. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct (“Morningstar”), an independent fund data service. The Board also noted that it has put into place a process of identifying “Funds in Review” (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that, for the one-, three- and five-year periods ended December 31, 2019, the Fund’s performance (Class A shares) was in the 3rd quartile, 4th quartile and 4th 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 outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2019. The 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

52 | DWS Strategic High Yield Tax-Free Fund

underperformance and actions being taken to improve performance. The Board noted certain changes in the Fund’s portfolio management team that took effect on December 10, 2018, and that further changes to the portfolio management team were made effective June 27, 2019. The Board observed that the Fund had experienced improved relative performance during the first eight months of 2020. 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 equal to the median of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2019). The Board noted that, effective March 1, 2020, the fee paid to DIMA under the Fund’s administrative services agreement was reduced to 0.097%. The Board also noted that, effective October 1, 2019, in connection with the 2019 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee at each breakpoint by 0.06%. 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, 2019, 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.

DWS Strategic High Yield Tax-Free Fund | 53

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

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

54 | DWS Strategic High Yield Tax-Free Fund

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

The Board also considered that on September 24, 2020, the SEC granted a temporary order permitting DIMA and its affiliates to continue providing investment advisory and underwriting services to the DWS Funds notwithstanding a consent order entered into by Deutsche Bank AG on June 17, 2020 (the “Consent Order”). The Board noted that the temporary order was granted effective as of the date of the Consent Order. The Board also noted various representations by DIMA to the Board relating to the Consent Order, including that the conduct giving rise to the Consent Order (unintentional conduct that resulted from a system outage that prevented Deutsche Bank AG from reporting data in accordance with applicable CFTC requirements for five days in April 2016) did not involve any DWS Fund or services DIMA and its affiliates provide to the DWS Funds, that DIMA and its personnel had no involvement in the alleged conduct giving rise to the Consent Order, and that the DWS Funds would not bear any financial impact or costs relating to the Consent Order.

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

DWS Strategic High Yield Tax-Free Fund | 55

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 posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. Please see the Fund’s current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

56 | DWS Strategic High Yield Tax-Free Fund

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This wellresourced 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	NOTAX	NOTCX	SHYTX	NOTIX
CUSIP Number	25158T 103	25158T 301	25158T 400	25158T 509
Fund Number	152	352	2008	512

DWS Strategic High Yield Tax-Free Fund | 57

Privacy Statement

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

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

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

58 | DWS Strategic High Yield Tax-Free Fund

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

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

Rev. 12/2020

DWS Strategic High Yield Tax-Free Fund | 59

DSHYTFF-3

(R-025438-10 1/21)

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

SIGNATURES

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

Registrant:	DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	1/29/2021

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

By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	1/29/2021
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	1/29/2021

EX-99.CERT

President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1)	I have reviewed this report, filed on behalf of DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust, on Form N-CSRS;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change 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 control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

1/29/2021	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1)	I have reviewed this report, filed on behalf of DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust, on Form N-CSRS;
2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
	d)	Disclosed in this report any change 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 control over financial reporting; and
5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting

1/29/2021	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Hepsen Uzcan, certify that:

1.	I have reviewed this report, filed on behalf of DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust, on Form N-CSRS;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

1/29/2021	/s/Hepsen Uzcan
	Hepsen Uzcan
	President

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Diane Kenneally, certify that:

1.	I have reviewed this report, filed on behalf of DWS Strategic High Yield Tax-Free Fund, a series of Deutsche DWS Municipal Trust, on Form N-CSRS;
2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

1/29/2021	/s/Diane Kenneally
	Diane Kenneally
	Chief Financial Officer and Treasurer